These bonds can be repaid in shares instead of cash, but only above a set conversion price, and the lowest of the six is $149.77. Below that the lender takes cash at face value, on a put date years before the loan is officially due. The preferreds have no maturity. They are serviced indefinitely, and that service is now paid from the USD Reserve.
Each convertible carries a holder put: a date when investors can demand their money back in full, years before the loan is officially due. The chart assumes every holder takes the cash. The teal band underneath is the $1.56B/yr dividend-and-interest drain.
Bars within six months of each other are nudged apart so their amounts stay readable; exact dates are in the tooltip and the table below.
| Issue | Principal | Interest | Cash/yr | Holder put | Maturity | Converts above |
|---|
The preferreds cost $1.52B/yr against $34.6M of cash interest on the notes. STRC alone carries $1.06B of annual dividends at a 12% rate Strategy reviews monthly and can change at its discretion. It pays semi-monthly. Seniority runs debt → STRF → STRC → STRE / STRK / STRD → MSTR common.
| Series | Rate | Notional | Div/yr | Paid | Cumulative | Since |
|---|
Once the stock is worth no more than the bitcoin behind it, issuing shares to buy BTC stops adding value and the company stops doing it. Share sales are the main way to refill the USD Reserve; close them and the refill comes from BTC sales.
Management will hold the STRC dividend at 12.00% until the stock trades near $100, and policy is not to issue below that. A discount shuts the largest preferred share-sale program, $17.5B of capacity, for as long as it lasts.
The USD Reserve must hold a year of dividends and interest. A breach forces a top-up, and the only sources are share issuance or BTC.
Four put dates in twelve months, every one repaid in full cash. Against $5.52B of USD assets that $1.56B/yr is already draining.
The one dividend that can be skipped without accruing arrears. Missing STRF or STRK four times instead hands preferred holders board seats.