These bonds can be repaid in shares instead of cash, but only above a set conversion price. Every one of those sits far above the share price, so no lender will take stock. They take 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 funded by selling common stock.
Each convertible carries a holder put: a date when investors can demand their money back in full, years before the loan is officially due. With no conversion price within reach of the share price, assume every one of them does. The teal band underneath is the $1.70B/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 |
|---|
MSTR trades at $119.25. Every "converts above" price is well clear of it, so each note is repaid in cash rather than shares.
The preferreds cost $1.73B/yr against $34.6M of cash interest on the notes. STRC alone carries $1.26B of annual dividends at a 12% rate Strategy resets monthly at its discretion. Seniority runs debt → STRF → STRC → STRE / STRK / STRD → MSTR common.
| Series | Rate | Notional | Div/yr | Paid | Cumulative | Since |
|---|
The stock is worth barely more than the bitcoin behind it. Below 1.0×, selling new shares to buy BTC destroys value rather than adding it, so the company stops doing it. That share-sale program is what currently pays the dividends; close it and the bill moves to BTC sales.
$77,004 market vs $75,385 average cost, and below it for most of 2026. Every sale realizes a capital loss against a $4.60B valuation allowance.
Policy is not to issue STRC below $100, so the largest preferred share-sale program ($17.5B of capacity) is shut while it trades at a discount.
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 $6.69B of USD assets that $1.70B/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.