MSTR
USD Reserve $4,880M + other USD cash $640.5M (11 Oct). Pooling assumes the reserve may be repurposed with no retained minimum. Holdings/cash 11 Oct 2026; preferred notionals from issuer pages 12 Oct (rounded, not reconciled); debt schedule carried from 30 Jun 2026.
Annual buffer denominator: coupons + all preferred dividends + operating use ($0.00) − crossholding income ($0.00). Net operating use assumed $0 — an assumption, not measured recurring free cash flow.
Preferreds: STRF $1.28bn · STRC $8.79bn · STRE $867.30m · STRK $1.40bn · STRD $1.40bn.
First known material holder put: 15 Sep 2027 on $1,010m 2028 notes. Other secured month 1 is a conservative sample repayment, not contractual maturity.
- Other secured · $40.04m · coupon 0.00% · put not specified · maturity not specified · Coupon omitted; repaid in month 1 as a conservative simplification, not a contractual put.
- 2028 notes · $1.01bn · coupon 0.63% · put 2027-09-15 · maturity 2028-09-15
- 2030B notes · $2.00bn · coupon 0.00% · put 2028-03-01 · maturity 2030-03-01
- 2029 notes · $1.50bn · coupon 0.00% · put 2028-06-01 · maturity 2029-12-01
- 2030A notes · $800.00m · coupon 0.63% · put 2028-09-15 · maturity 2030-03-15
- 2031 notes · $603.66m · coupon 0.88% · put 2028-09-15 · maturity 2031-03-15
- 2032 notes · $800.00m · coupon 2.25% · put 2029-06-15 · maturity 2032-06-15
Issuer table is in thousands; basic share count is approximate and includes pending trade-date issuances. ADSO includes all converts and awards; FDSO is in-money-only, not the same count.
Prior interval 2026-09-30: 421,978,000 basic shares, 847,666 BTC; gross BTC/basic share change to the model 0.02%. Dates/issuances differ; not a comparable headline yield ranking.
Issuer ADSO: 451,797,000; not used in this basic model. Debt principal remains a claim; no converted-share double-count.
30 Jun: basic 371,604,000, ADSO 401,283,000, BTC 846,000.
ASST
Cash and equivalents (9 Oct, reported 13 Oct). 505,000 STRC shares ($50.328M) are not cash. STRC shares held, 50% haircut in stress pool. Holdings/cash/investment/common and SATA shares 9 Oct 2026, reported 13 Oct (14,030,176 SATA shares); $100 notional and 13% dividend rate retained from old terms. Zero debt carried from preliminary 30 Sep disclosure; H1 operating proxy retained.
Annual buffer denominator: coupons + all preferred dividends + operating use ($78.80m) − crossholding income ($6.06m). Operating use proxy $78.8M/yr = 2 × H1 reported $39.4M; historical proxy, not a forecast.
Preferreds: SATA $1.40bn.
Debt-free is carried from preliminary 30 Sep disclosure; not proof of no liabilities or a fresh 9 Oct debt status.
Assumed diluted 113,116,098 excludes 15,255,900 traditional warrants (9 Oct, 13 Oct filing). No warrant shares added without exercise proceeds. All share counts reflect the 1-for-20 reverse split on 6 Feb 2026.
Prior interval 2026-09-25: 97,651,721 basic shares, 27,462 BTC; gross BTC/basic share change to the model 5.57%. Dates/issuances differ; not a comparable headline yield ranking.
Issuer assumed diluted: 113,116,098; not used in this basic model. Debt principal remains a claim; no converted-share double-count.