{ "schema_version": 1, "description": "Dated, sourced history of PrefWatch coverage inputs. Each point = one filing's as-of date: holdings, preferred shares outstanding, debt principal (and cash/reserve in cash_points), with source URLs. 'calc' fields are derived: treasury = holdings x that UTC day's close; coverage_yrs = treasury / annual preferred dividends (shares x stated x rate in effect that day); amp_pct = (preferred notional + debt) / treasury. No interpolation; points with no close yet are not charted.", "price_source": "Yahoo Finance chart API daily closes (BTC-USD, ETH-USD, SOL-USD: UTC-day close; EURUSD=X for STRE), free, no key; cached in history_prices.json", "note": "Coverage measures are gross: treasury value vs preferred dividends only (interest excluded), matching the PrefWatch coverage card.", "created": "2026-10-20", "companies": [ { "issuer": "Strategy (MSTR)", "key": "MSTR", "asset": "BTC", "debt_note": "Debt = convertible notes principal (excludes ~$40M other secured debt), stepped at filed events.", "shares_method": { "text": "Preferred shares at each date = IPO closings + ATM sales - repurchases reported in each weekly 8-K (trade-date basis). Reconciles exactly to the share counts in the 10-Qs/10-K at Jun 30 2025, Sep 30 2025, Dec 31 2025 and Jun 30 2026; at Mar 31 2026 it is 2,275,972 STRC higher because shares sold Mar 30-31 had not yet settled.", "checks": [ "https://www.sec.gov/Archives/edgar/data/1050446/000095017025102209/mstr-20250630.htm", "https://www.sec.gov/Archives/edgar/data/1050446/000119312525262568/mstr-20250930.htm", "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000031/mstr-20260331.htm", "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm" ] }, "launches": [ { "t": "STRK", "date": "2025-02-05", "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525023183/d914889d8k.htm" }, { "t": "STRF", "date": "2025-03-25", "src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025047219/mstr-20250331.htm" }, { "t": "STRD", "date": "2025-06-10", "src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025094137/mstr-20250707.htm" }, { "t": "STRC", "date": "2025-07-29", "src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm" }, { "t": "STRE", "date": "2025-11-13", "src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm" } ], "points": [ { "date": "2025-02-02", "held": 471107, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525018889/d752096d8k.htm", "held_filed": "2025-02-03", "prefs": {}, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525018889/d752096d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 7263750000, "debt_basis": "Convertible notes principal at Dec 31, 2024 (FY2025 10-K comparative table)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 97688.98, "treasury": 46021960681, "annual_divs": 0, "prefs_notional": 0, "coverage_yrs": null, "amp_pct": 15.78, "amp_prefs_pct": 0.0 } }, { "date": "2025-02-09", "held": 478740, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525023183/d914889d8k.htm", "held_filed": "2025-02-10", "prefs": { "STRK": 7300000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525023183/d914889d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 7263750000, "debt_basis": "Convertible notes principal at Dec 31, 2024 (FY2025 10-K comparative table)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 96500.09, "treasury": 46198454882, "annual_divs": 58400000, "prefs_notional": 730000000, "coverage_yrs": 791.07, "amp_pct": 17.3, "amp_prefs_pct": 1.58 } }, { "date": "2025-02-17", "held": 478740, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525028184/d914761d8k.htm", "held_filed": "2025-02-18", "prefs": { "STRK": 7300000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525028184/d914761d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 7263750000, "debt_basis": "Convertible notes principal at Dec 31, 2024 (FY2025 10-K comparative table)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 95773.38, "treasury": 45850549287, "annual_divs": 58400000, "prefs_notional": 730000000, "coverage_yrs": 785.11, "amp_pct": 17.43, "amp_prefs_pct": 1.59 } }, { "date": "2025-02-23", "held": 499096, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025025233/mstr-20250224.htm", "held_filed": "2025-02-24", "prefs": { "STRK": 7300000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025025233/mstr-20250224.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 9263750000, "debt_basis": "Dec 31, 2024 principal + $2.0B 2030B notes issued Feb 21, 2025 (8-K Feb 24, 2025); 2027 notes still outstanding until Feb 24 redemption date", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025025233/mstr-20250224.htm", "calc": { "px": 96273.92, "treasury": 48049929312, "annual_divs": 58400000, "prefs_notional": 730000000, "coverage_yrs": 822.77, "amp_pct": 20.8, "amp_prefs_pct": 1.52 } }, { "date": "2025-03-02", "held": 499096, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025030406/mstr-20250303.htm", "held_filed": "2025-03-03", "prefs": { "STRK": 7300000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025030406/mstr-20250303.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 94248.35, "treasury": 47038975271, "annual_divs": 58400000, "prefs_notional": 730000000, "coverage_yrs": 805.46, "amp_pct": 19.01, "amp_prefs_pct": 1.55 } }, { "date": "2025-03-09", "held": 499096, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525050411/d872184d8k.htm", "held_filed": "2025-03-10", "prefs": { "STRK": 7300000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525050411/d872184d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 80601.04, "treasury": 40227656192, "annual_divs": 58400000, "prefs_notional": 730000000, "coverage_yrs": 688.83, "amp_pct": 22.23, "amp_prefs_pct": 1.81 } }, { "date": "2025-03-16", "held": 499226, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025039835/mstr-20250317.htm", "held_filed": "2025-03-17", "prefs": { "STRK": 7423000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025039835/mstr-20250317.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 82579.69, "treasury": 41225927072, "annual_divs": 59384000, "prefs_notional": 742300000, "coverage_yrs": 694.23, "amp_pct": 21.72, "amp_prefs_pct": 1.8 } }, { "date": "2025-03-23", "held": 506137, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025043494/mstr-20250324.htm", "held_filed": "2025-03-24", "prefs": { "STRK": 7436100 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025043494/mstr-20250324.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 86054.38, "treasury": 43555303199, "annual_divs": 59488800, "prefs_notional": 743610000, "coverage_yrs": 732.16, "amp_pct": 20.57, "amp_prefs_pct": 1.71 } }, { "date": "2025-03-30", "held": 528185, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025047219/mstr-20250331.htm", "held_filed": "2025-03-31", "prefs": { "STRK": 7649907, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025047219/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 82334.52, "treasury": 43487860262, "annual_divs": 146199256, "prefs_notional": 1614990700, "coverage_yrs": 297.46, "amp_pct": 22.6, "amp_prefs_pct": 3.71 } }, { "date": "2025-03-31", "held": 528185, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525073989/d938485d8k.htm", "held_filed": "2025-04-07", "prefs": { "STRK": 7649907, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525073989/d938485d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 82548.91, "treasury": 43601098174, "annual_divs": 146199256, "prefs_notional": 1614990700, "coverage_yrs": 298.23, "amp_pct": 22.54, "amp_prefs_pct": 3.7 } }, { "date": "2025-04-06", "held": 528185, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525073989/d938485d8k.htm", "held_filed": "2025-04-07", "prefs": { "STRK": 7649907, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525073989/d938485d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 78214.48, "treasury": 41311717430, "annual_divs": 146199256, "prefs_notional": 1614990700, "coverage_yrs": 282.57, "amp_pct": 23.79, "amp_prefs_pct": 3.91 } }, { "date": "2025-04-13", "held": 531644, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025053501/mstr-20250331.htm", "held_filed": "2025-04-14", "prefs": { "STRK": 7649907, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025053501/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 83684.98, "treasury": 44490615679, "annual_divs": 146199256, "prefs_notional": 1614990700, "coverage_yrs": 304.31, "amp_pct": 22.09, "amp_prefs_pct": 3.63 } }, { "date": "2025-04-20", "held": 538200, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025056007/mstr-20250331.htm", "held_filed": "2025-04-21", "prefs": { "STRK": 7741120, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025056007/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 85174.3, "treasury": 45840810783, "annual_divs": 146928960, "prefs_notional": 1624112000, "coverage_yrs": 311.99, "amp_pct": 21.46, "amp_prefs_pct": 3.54 } }, { "date": "2025-04-27", "held": 553555, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025058962/mstr-20250331.htm", "held_filed": "2025-04-28", "prefs": { "STRK": 8176189, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025058962/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 93754.84, "treasury": 51898462532, "annual_divs": 150409512, "prefs_notional": 1667618900, "coverage_yrs": 345.05, "amp_pct": 19.04, "amp_prefs_pct": 3.21 } }, { "date": "2025-05-04", "held": 555450, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025063168/mstr-20250331.htm", "held_filed": "2025-05-05", "prefs": { "STRK": 8751581, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025063168/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 94315.98, "treasury": 52387809181, "annual_divs": 155012648, "prefs_notional": 1725158100, "coverage_yrs": 337.96, "amp_pct": 18.97, "amp_prefs_pct": 3.29 } }, { "date": "2025-05-11", "held": 568840, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025068580/mstr-20250331.htm", "held_filed": "2025-05-12", "prefs": { "STRK": 9025568, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025068580/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 104106.36, "treasury": 59219861467, "annual_divs": 157204544, "prefs_notional": 1752556800, "coverage_yrs": 376.71, "amp_pct": 16.83, "amp_prefs_pct": 2.96 } }, { "date": "2025-05-18", "held": 576230, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025073962/mstr-20250331.htm", "held_filed": "2025-05-19", "prefs": { "STRK": 9647123, "STRF": 8500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025073962/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 106446.01, "treasury": 61337383082, "annual_divs": 162176984, "prefs_notional": 1814712300, "coverage_yrs": 378.21, "amp_pct": 16.35, "amp_prefs_pct": 2.96 } }, { "date": "2025-05-25", "held": 580250, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025077387/mstr-ex99_1.htm", "held_filed": "2025-05-27", "prefs": { "STRK": 10326093, "STRF": 8604423 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025077387/mstr-ex99_1.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 109035.39, "treasury": 63267785410, "annual_divs": 168652974, "prefs_notional": 1893051600, "coverage_yrs": 375.14, "amp_pct": 15.97, "amp_prefs_pct": 2.99 } }, { "date": "2025-06-01", "held": 580955, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025080022/mstr-20250331.htm", "held_filed": "2025-06-02", "prefs": { "STRK": 10679604, "STRF": 8979391 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025080022/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 105652.1, "treasury": 61379116663, "annual_divs": 175230742, "prefs_notional": 1965899500, "coverage_yrs": 350.28, "amp_pct": 16.58, "amp_prefs_pct": 3.2 } }, { "date": "2025-06-08", "held": 582000, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025083448/mstr-20250331.htm", "held_filed": "2025-06-09", "prefs": { "STRK": 11306243, "STRF": 9412070 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025083448/mstr-20250331.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 105793.65, "treasury": 61571903391, "annual_divs": 184570644, "prefs_notional": 2071831300, "coverage_yrs": 333.6, "amp_pct": 16.7, "amp_prefs_pct": 3.36 } }, { "date": "2025-06-15", "held": 592100, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025086545/mstr-20250616.htm", "held_filed": "2025-06-16", "prefs": { "STRK": 11758730, "STRF": 9698171, "STRD": 11764700 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025086545/mstr-20250616.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 105552.02, "treasury": 62497353078, "annual_divs": 308698550, "prefs_notional": 3322160100, "coverage_yrs": 202.45, "amp_pct": 18.46, "amp_prefs_pct": 5.32 } }, { "date": "2025-06-22", "held": 592345, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025088711/mstr-20250616.htm", "held_filed": "2025-06-23", "prefs": { "STRK": 11925296, "STRF": 9782525, "STRD": 11764700 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025088711/mstr-20250616.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 100987.14, "treasury": 59819227814, "annual_divs": 310874618, "prefs_notional": 3347252100, "coverage_yrs": 192.42, "amp_pct": 19.33, "amp_prefs_pct": 5.6 } }, { "date": "2025-06-29", "held": 597325, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025091211/mstr-20250616.htm", "held_filed": "2025-06-30", "prefs": { "STRK": 12201367, "STRF": 10066750, "STRD": 11764700 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025091211/mstr-20250616.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 108385.57, "treasury": 64741410787, "annual_divs": 315925436, "prefs_notional": 3403281700, "coverage_yrs": 204.93, "amp_pct": 17.94, "amp_prefs_pct": 5.26 } }, { "date": "2025-06-30", "held": 597325, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025094137/mstr-20250707.htm", "held_filed": "2025-07-07", "prefs": { "STRK": 12201367, "STRF": 10066750, "STRD": 11764700 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025094137/mstr-20250707.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 107135.34, "treasury": 63994614539, "annual_divs": 315925436, "prefs_notional": 3403281700, "coverage_yrs": 202.56, "amp_pct": 18.15, "amp_prefs_pct": 5.32 } }, { "date": "2025-07-06", "held": 597325, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025094137/mstr-20250707.htm", "held_filed": "2025-07-07", "prefs": { "STRK": 12201367, "STRF": 10066750, "STRD": 11764700 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025094137/mstr-20250707.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 109232.07, "treasury": 65247046399, "annual_divs": 315925436, "prefs_notional": 3403281700, "coverage_yrs": 206.53, "amp_pct": 17.8, "amp_prefs_pct": 5.22 } }, { "date": "2025-07-13", "held": 601550, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025095461/mstr-20250714.htm", "held_filed": "2025-07-14", "prefs": { "STRK": 12775343, "STRF": 10510755, "STRD": 11922978 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025095461/mstr-20250714.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 119116.12, "treasury": 71654300294, "annual_divs": 326540074, "prefs_notional": 3520907600, "coverage_yrs": 219.43, "amp_pct": 16.38, "amp_prefs_pct": 4.91 } }, { "date": "2025-07-20", "held": 607770, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025097081/mstr-20250616.htm", "held_filed": "2025-07-21", "prefs": { "STRK": 12780784, "STRF": 10512755, "STRD": 11954260 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025097081/mstr-20250616.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 117300.79, "treasury": 71291900568, "annual_divs": 326916422, "prefs_notional": 3524779900, "coverage_yrs": 218.07, "amp_pct": 16.47, "amp_prefs_pct": 4.94 } }, { "date": "2025-07-27", "held": 607770, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025098938/mstr-20250616.htm", "held_filed": "2025-07-28", "prefs": { "STRK": 12780784, "STRF": 10512755, "STRD": 11954260 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025098938/mstr-20250616.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 119448.49, "treasury": 72597210097, "annual_divs": 326916422, "prefs_notional": 3524779900, "coverage_yrs": 222.07, "amp_pct": 16.17, "amp_prefs_pct": 4.86 } }, { "date": "2025-08-03", "held": 628791, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025101634/mstr-20250804.htm", "held_filed": "2025-08-04", "prefs": { "STRK": 12780784, "STRF": 10512755, "STRD": 11954260, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025101634/mstr-20250804.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 114217.67, "treasury": 71819044116, "annual_divs": 579016421, "prefs_notional": 6325891000, "coverage_yrs": 124.04, "amp_pct": 20.24, "amp_prefs_pct": 8.81 } }, { "date": "2025-08-10", "held": 628946, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025106241/mstr-20250804.htm", "held_filed": "2025-08-11", "prefs": { "STRK": 12780784, "STRF": 10627924, "STRD": 11954260, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025106241/mstr-20250804.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 119306.76, "treasury": 75037508099, "annual_divs": 580168111, "prefs_notional": 6337407900, "coverage_yrs": 129.34, "amp_pct": 19.39, "amp_prefs_pct": 8.45 } }, { "date": "2025-08-17", "held": 629376, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025109566/mstr-20250818.htm", "held_filed": "2025-08-18", "prefs": { "STRK": 12960471, "STRF": 10790594, "STRD": 12095049, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025109566/mstr-20250818.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 117453.06, "treasury": 73922138664, "annual_divs": 584640197, "prefs_notional": 6385722500, "coverage_yrs": 126.44, "amp_pct": 19.75, "amp_prefs_pct": 8.64 } }, { "date": "2025-08-24", "held": 632457, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025111093/mstr-20250818.htm", "held_filed": "2025-08-25", "prefs": { "STRK": 13170571, "STRF": 11027930, "STRD": 12095993, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025111093/mstr-20250818.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 113458.43, "treasury": 71757578065, "annual_divs": 588703797, "prefs_notional": 6430560500, "coverage_yrs": 121.89, "amp_pct": 20.41, "amp_prefs_pct": 8.96 } }, { "date": "2025-09-01", "held": 636505, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044625000008/mstr-20250902.htm", "held_filed": "2025-09-02", "prefs": { "STRK": 13370080, "STRF": 11265861, "STRD": 12108966, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044625000008/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 109250.59, "treasury": 69538549175, "annual_divs": 620820020, "prefs_notional": 6475601800, "coverage_yrs": 112.01, "amp_pct": 21.12, "amp_prefs_pct": 9.31 } }, { "date": "2025-09-07", "held": 638460, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025113360/mstr-20250902.htm", "held_filed": "2025-09-08", "prefs": { "STRK": 13424638, "STRF": 11370242, "STRD": 12108966, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000095017025113360/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 111167.62, "treasury": 70976076870, "annual_divs": 622300294, "prefs_notional": 6491495700, "coverage_yrs": 114.05, "amp_pct": 20.72, "amp_prefs_pct": 9.15 } }, { "date": "2025-09-14", "held": 638985, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525202827/mstr-20250902.htm", "held_filed": "2025-09-15", "prefs": { "STRK": 13605866, "STRF": 11672745, "STRD": 12317141, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525202827/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 115407.66, "treasury": 73743761229, "annual_divs": 628856898, "prefs_notional": 6560686300, "coverage_yrs": 117.27, "amp_pct": 20.03, "amp_prefs_pct": 8.9 } }, { "date": "2025-09-21", "held": 639835, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525210048/mstr-20250902.htm", "held_filed": "2025-09-22", "prefs": { "STRK": 13605866, "STRF": 11846579, "STRD": 12317141, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525210048/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 115306.09, "treasury": 73776874495, "annual_divs": 630595238, "prefs_notional": 6578069700, "coverage_yrs": 117.0, "amp_pct": 20.05, "amp_prefs_pct": 8.92 } }, { "date": "2025-09-28", "held": 640031, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525221772/mstr-20250902.htm", "held_filed": "2025-09-29", "prefs": { "STRK": 13605866, "STRF": 11948292, "STRD": 12322141, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525221772/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 112122.64, "treasury": 71761965802, "annual_divs": 631662368, "prefs_notional": 6588741000, "coverage_yrs": 113.61, "amp_pct": 20.63, "amp_prefs_pct": 9.18 } }, { "date": "2025-09-30", "held": 640031, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525230977/d49048d8k.htm", "held_filed": "2025-10-06", "prefs": { "STRK": 13605866, "STRF": 11948292, "STRD": 12322141, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525230977/d49048d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 114056.09, "treasury": 72999430739, "annual_divs": 631662368, "prefs_notional": 6588741000, "coverage_yrs": 115.57, "amp_pct": 20.28, "amp_prefs_pct": 9.03 } }, { "date": "2025-10-05", "held": 640031, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525230977/d49048d8k.htm", "held_filed": "2025-10-06", "prefs": { "STRK": 13605866, "STRF": 11948292, "STRD": 12322141, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525230977/d49048d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 123513.48, "treasury": 79052453917, "annual_divs": 638665146, "prefs_notional": 6588741000, "coverage_yrs": 123.78, "amp_pct": 18.72, "amp_prefs_pct": 8.33 } }, { "date": "2025-10-12", "held": 640250, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525238132/mstr-ex99_1.htm", "held_filed": "2025-10-14", "prefs": { "STRK": 13622739, "STRF": 12118955, "STRD": 12390916, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525238132/mstr-ex99_1.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 115169.77, "treasury": 73737442441, "annual_divs": 641194510, "prefs_notional": 6614372100, "coverage_yrs": 115.0, "amp_pct": 20.11, "amp_prefs_pct": 8.97 } }, { "date": "2025-10-19", "held": 640418, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525243049/mstr-20250902.htm", "held_filed": "2025-10-20", "prefs": { "STRK": 13677740, "STRF": 12219161, "STRD": 12423156, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525243049/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 108666.71, "treasury": 69592117685, "annual_divs": 642958978, "prefs_notional": 6633116800, "coverage_yrs": 108.24, "amp_pct": 21.33, "amp_prefs_pct": 9.53 } }, { "date": "2025-10-26", "held": 640808, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525250751/mstr-20250902.htm", "held_filed": "2025-10-27", "prefs": { "STRK": 13869144, "STRF": 12394795, "STRD": 12510618, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525250751/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 114472.45, "treasury": 73354858735, "annual_divs": 647121170, "prefs_notional": 6678566800, "coverage_yrs": 113.36, "amp_pct": 20.3, "amp_prefs_pct": 9.1 } }, { "date": "2025-11-02", "held": 641205, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525261714/mstr-20250902.htm", "held_filed": "2025-11-03", "prefs": { "STRK": 13918518, "STRF": 12470812, "STRD": 12539683, "STRC": 28011111 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525261714/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 110639.62, "treasury": 70942680748, "annual_divs": 655569760, "prefs_notional": 6694012400, "coverage_yrs": 108.22, "amp_pct": 21.01, "amp_prefs_pct": 9.44 } }, { "date": "2025-11-09", "held": 641692, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525273310/mstr-20250902.htm", "held_filed": "2025-11-10", "prefs": { "STRK": 13969399, "STRF": 12636426, "STRD": 12552483, "STRC": 28273422 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525273310/mstr-20250902.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 104719.64, "treasury": 67197755632, "annual_divs": 660515213, "prefs_notional": 6743173000, "coverage_yrs": 101.74, "amp_pct": 22.26, "amp_prefs_pct": 10.03 } }, { "date": "2025-11-16", "held": 649870, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525283991/mstr-20251117.htm", "held_filed": "2025-11-17", "prefs": { "STRK": 13974912, "STRF": 12676383, "STRD": 12552483, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525283991/mstr-20251117.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 94177.08, "treasury": 61202857761, "annual_divs": 764899808, "prefs_notional": 7780561000, "coverage_yrs": 80.01, "amp_pct": 26.13, "amp_prefs_pct": 12.71 } }, { "date": "2025-11-30", "held": 650000, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525303157/d69948d8k.htm", "held_filed": "2025-12-01", "prefs": { "STRK": 13974912, "STRF": 12676383, "STRD": 12552483, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525303157/d69948d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 90394.31, "treasury": 58756303125, "annual_divs": 764650955, "prefs_notional": 7778072475, "coverage_yrs": 76.84, "amp_pct": 27.22, "amp_prefs_pct": 13.24 } }, { "date": "2025-12-07", "held": 660624, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525310607/mstr-20251117.htm", "held_filed": "2025-12-08", "prefs": { "STRK": 13974912, "STRF": 12676383, "STRD": 12995019, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525310607/mstr-20251117.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 90405.64, "treasury": 59724135932, "annual_divs": 776805943, "prefs_notional": 7825654700, "coverage_yrs": 76.88, "amp_pct": 26.86, "amp_prefs_pct": 13.1 } }, { "date": "2025-12-14", "held": 671268, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525318468/mstr-20251117.htm", "held_filed": "2025-12-15", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525318468/mstr-20251117.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 88175.18, "treasury": 59189176519, "annual_divs": 789536194, "prefs_notional": 7953097925, "coverage_yrs": 74.97, "amp_pct": 27.31, "amp_prefs_pct": 13.44 } }, { "date": "2025-12-21", "held": 671268, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525327598/mstr-20251117.htm", "held_filed": "2025-12-22", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525327598/mstr-20251117.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 88621.75, "treasury": 59488944879, "annual_divs": 789429554, "prefs_notional": 7952031525, "coverage_yrs": 75.36, "amp_pct": 27.17, "amp_prefs_pct": 13.37 } }, { "date": "2025-12-28", "held": 672497, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525332296/mstr-20251117.htm", "held_filed": "2025-12-29", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525332296/mstr-20251117.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 87835.84, "treasury": 59069336161, "annual_divs": 789892151, "prefs_notional": 7956657500, "coverage_yrs": 74.78, "amp_pct": 27.38, "amp_prefs_pct": 13.47 } }, { "date": "2025-12-31", "held": 672500, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526001550/mstr-20260105.htm", "held_filed": "2026-01-05", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526001550/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 87508.83, "treasury": 58849686914, "annual_divs": 789597109, "prefs_notional": 7953707075, "coverage_yrs": 74.53, "amp_pct": 27.47, "amp_prefs_pct": 13.52 } }, { "date": "2026-01-04", "held": 673783, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526001550/mstr-20260105.htm", "held_filed": "2026-01-05", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526001550/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 91413.49, "treasury": 61592857007, "annual_divs": 797018520, "prefs_notional": 7953953525, "coverage_yrs": 77.28, "amp_pct": 26.25, "amp_prefs_pct": 12.91 } }, { "date": "2026-01-11", "held": 687410, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526009811/mstr-20260105.htm", "held_filed": "2026-01-12", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 30779325, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526009811/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 90827.46, "treasury": 62435704923, "annual_divs": 809415752, "prefs_notional": 8066003225, "coverage_yrs": 77.14, "amp_pct": 26.07, "amp_prefs_pct": 12.92 } }, { "date": "2026-01-19", "held": 709715, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526016002/mstr-20260105.htm", "held_filed": "2026-01-20", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 33724696, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526016002/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 92553.59, "treasury": 65686673788, "annual_divs": 841869916, "prefs_notional": 8361867075, "coverage_yrs": 78.02, "amp_pct": 25.23, "amp_prefs_pct": 12.73 } }, { "date": "2026-01-25", "held": 712647, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526021726/mstr-20260105.htm", "held_filed": "2026-01-26", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 33794897, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526021726/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 86572.22, "treasury": 61695431976, "annual_divs": 843647146, "prefs_notional": 8378937375, "coverage_yrs": 73.13, "amp_pct": 26.89, "amp_prefs_pct": 13.58 } }, { "date": "2026-02-01", "held": 713502, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526032731/mstr-20260131.htm", "held_filed": "2026-02-02", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 33794897, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526032731/mstr-20260131.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 76974.45, "treasury": 54921420679, "annual_divs": 853732051, "prefs_notional": 8395299175, "coverage_yrs": 64.33, "amp_pct": 30.24, "amp_prefs_pct": 15.29 } }, { "date": "2026-02-08", "held": 714644, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526041944/mstr-20260105.htm", "held_filed": "2026-02-09", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 33794897, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526041944/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 70264.73, "treasury": 50214265249, "annual_divs": 852276136, "prefs_notional": 8380740025, "coverage_yrs": 58.92, "amp_pct": 33.05, "amp_prefs_pct": 16.69 } }, { "date": "2026-02-16", "held": 717131, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526053105/mstr-20260105.htm", "held_filed": "2026-02-17", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 34580251, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526053105/mstr-20260105.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 68843.16, "treasury": 49369561485, "annual_divs": 861805691, "prefs_notional": 8466218650, "coverage_yrs": 57.29, "amp_pct": 33.79, "amp_prefs_pct": 17.15 } }, { "date": "2026-02-22", "held": 717722, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526062489/mstr-20260223.htm", "held_filed": "2026-02-23", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 34580251, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526062489/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 67659.39, "treasury": 48560633158, "annual_divs": 861043711, "prefs_notional": 8458598850, "coverage_yrs": 56.4, "amp_pct": 34.33, "amp_prefs_pct": 17.42 } }, { "date": "2026-03-01", "held": 720737, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526084264/mstr-20260228.htm", "held_filed": "2026-03-02", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 34651841, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526084264/mstr-20260228.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 65738.1, "treasury": 47379882105, "annual_divs": 870774706, "prefs_notional": 8468384325, "coverage_yrs": 54.41, "amp_pct": 35.21, "amp_prefs_pct": 17.87 } }, { "date": "2026-03-08", "held": 738731, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526097598/d122015d8k.htm", "held_filed": "2026-03-09", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 38428046, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526097598/d122015d8k.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 65969.78, "treasury": 48733922473, "annual_divs": 912690124, "prefs_notional": 8830895425, "coverage_yrs": 53.4, "amp_pct": 34.97, "amp_prefs_pct": 18.12 } }, { "date": "2026-03-15", "held": 761068, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526107263/mstr-20260223.htm", "held_filed": "2026-03-16", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 50246513, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526107263/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 72789.91, "treasury": 55398074315, "annual_divs": 1047932894, "prefs_notional": 10006046125, "coverage_yrs": 52.86, "amp_pct": 32.89, "amp_prefs_pct": 18.06 } }, { "date": "2026-03-22", "held": 762099, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526118584/mstr-20260223.htm", "held_filed": "2026-03-23", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 50246513, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526118584/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 67845.21, "treasury": 51704767411, "annual_divs": 1048366042, "prefs_notional": 10010377600, "coverage_yrs": 49.32, "amp_pct": 35.25, "amp_prefs_pct": 19.36 } }, { "date": "2026-03-29", "held": 762099, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526130446/mstr-20260223.htm", "held_filed": "2026-03-30", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 50246513, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526130446/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 65954.92, "treasury": 50264180006, "annual_divs": 1047703029, "prefs_notional": 10003747475, "coverage_yrs": 47.98, "amp_pct": 36.24, "amp_prefs_pct": 19.9 } }, { "date": "2026-03-31", "held": 762099, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526142925/mstr-20260406.htm", "held_filed": "2026-04-06", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 52522485, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526142925/mstr-20260406.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 68233.31, "treasury": 52000539223, "annual_divs": 1074513757, "prefs_notional": 10237715175, "coverage_yrs": 48.39, "amp_pct": 35.48, "amp_prefs_pct": 19.69 } }, { "date": "2026-04-05", "held": 766970, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526142925/mstr-20260406.htm", "held_filed": "2026-04-06", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 53549740, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526142925/mstr-20260406.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 68981.9, "treasury": 52907046645, "annual_divs": 1085829562, "prefs_notional": 10335464400, "coverage_yrs": 48.73, "amp_pct": 35.06, "amp_prefs_pct": 19.54 } }, { "date": "2026-04-12", "held": 780897, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526152015/mstr-20260223.htm", "held_filed": "2026-04-13", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 63578103, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526152015/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 70753.41, "treasury": 55251122680, "annual_divs": 1202435649, "prefs_notional": 11351099825, "coverage_yrs": 45.95, "amp_pct": 35.41, "amp_prefs_pct": 20.54 } }, { "date": "2026-04-19", "held": 815061, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526162756/mstr-20260223.htm", "held_filed": "2026-04-20", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85373492, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526162756/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 73856.35, "treasury": 60197431760, "annual_divs": 1453594665, "prefs_notional": 13535759150, "coverage_yrs": 41.41, "amp_pct": 36.13, "amp_prefs_pct": 22.49 } }, { "date": "2026-04-26", "held": 818334, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526178994/mstr-20260223.htm", "held_filed": "2026-04-27", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85373492, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526178994/mstr-20260223.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 78657.54, "treasury": 64368138571, "annual_divs": 1453325198, "prefs_notional": 13533064475, "coverage_yrs": 44.29, "amp_pct": 33.78, "amp_prefs_pct": 21.02 } }, { "date": "2026-05-03", "held": 818334, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526202611/mstr-20260504.htm", "held_filed": "2026-05-04", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85373492, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526202611/mstr-20260504.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 78538.23, "treasury": 64270501095, "annual_divs": 1453481592, "prefs_notional": 13534628425, "coverage_yrs": 44.22, "amp_pct": 33.84, "amp_prefs_pct": 21.06 } }, { "date": "2026-05-10", "held": 818869, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526215754/mstr-20260504.htm", "held_filed": "2026-05-11", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85374904, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526215754/mstr-20260504.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 82138.93, "treasury": 67261023215, "annual_divs": 1453825113, "prefs_notional": 13538042450, "coverage_yrs": 46.26, "amp_pct": 32.34, "amp_prefs_pct": 20.13 } }, { "date": "2026-05-17", "held": 843738, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526227918/mstr-20260504.htm", "held_filed": "2026-05-18", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526227918/mstr-20260504.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 8213659000, "debt_basis": "Convertible notes principal $8,213.7M (FY2025 10-K table at Dec 31, 2025; 2027 notes converted/redeemed by Feb 24, 2025)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "calc": { "px": 77429.35, "treasury": 65330086228, "annual_divs": 1677105760, "prefs_notional": 15478051900, "coverage_yrs": 38.95, "amp_pct": 36.26, "amp_prefs_pct": 23.69 } }, { "date": "2026-05-25", "held": 843738, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526237907/mstr-20260526.htm", "held_filed": "2026-05-26", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526237907/mstr-20260526.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 77279.93, "treasury": 65204013315, "annual_divs": 1677283854, "prefs_notional": 15479832850, "coverage_yrs": 38.87, "amp_pct": 34.04, "amp_prefs_pct": 23.74 } }, { "date": "2026-05-31", "held": 843706, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526249768/mstr-20260530.htm", "held_filed": "2026-06-01", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526249768/mstr-20260530.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 73579.69, "treasury": 62079623822, "annual_divs": 1677373134, "prefs_notional": 15480725650, "coverage_yrs": 37.01, "amp_pct": 35.75, "amp_prefs_pct": 24.94 } }, { "date": "2026-06-07", "held": 845256, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526260709/mstr-20260504.htm", "held_filed": "2026-06-08", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526260709/mstr-20260504.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 63239.52, "treasury": 53453583321, "annual_divs": 1676394310, "prefs_notional": 15470937400, "coverage_yrs": 31.89, "amp_pct": 41.5, "amp_prefs_pct": 28.94 } }, { "date": "2026-06-14", "held": 846842, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526270311/mstr-20260504.htm", "held_filed": "2026-06-15", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526270311/mstr-20260504.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 65710.4, "treasury": 55646325234, "annual_divs": 1677018030, "prefs_notional": 15477174600, "coverage_yrs": 33.18, "amp_pct": 39.88, "amp_prefs_pct": 27.81 } }, { "date": "2026-06-21", "held": 847363, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526276717/mstr-20260504.htm", "held_filed": "2026-06-22", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526276717/mstr-20260504.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 63237.54, "treasury": 53585150812, "annual_divs": 1675930550, "prefs_notional": 15466299800, "coverage_yrs": 31.97, "amp_pct": 41.39, "amp_prefs_pct": 28.86 } }, { "date": "2026-06-28", "held": 847363, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526286871/mstr-20260629.htm", "held_filed": "2026-06-29", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526286871/mstr-20260629.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 59532.34, "treasury": 50445502087, "annual_divs": 1675332792, "prefs_notional": 15460322225, "coverage_yrs": 30.11, "amp_pct": 43.96, "amp_prefs_pct": 30.65 } }, { "date": "2026-06-30", "held": 846000, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526295586/mstr-20260706.htm", "held_filed": "2026-07-06", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526295586/mstr-20260706.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 58558.86, "treasury": 49540795031, "annual_divs": 1675547312, "prefs_notional": 15462467425, "coverage_yrs": 29.57, "amp_pct": 44.76, "amp_prefs_pct": 31.21 } }, { "date": "2026-07-05", "held": 843775, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526295586/mstr-20260706.htm", "held_filed": "2026-07-06", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526295586/mstr-20260706.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 63547.88, "treasury": 53620114820, "annual_divs": 1728183842, "prefs_notional": 15464359200, "coverage_yrs": 31.03, "amp_pct": 41.36, "amp_prefs_pct": 28.84 } }, { "date": "2026-07-12", "held": 843775, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526301483/mstr-20260713.htm", "held_filed": "2026-07-13", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526301483/mstr-20260713.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 63758.22, "treasury": 53797591026, "annual_divs": 1727926077, "prefs_notional": 15461781550, "coverage_yrs": 31.13, "amp_pct": 41.22, "amp_prefs_pct": 28.74 } }, { "date": "2026-07-19", "held": 843775, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526308369/mstr-20260720.htm", "held_filed": "2026-07-20", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526308369/mstr-20260720.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 64690.8, "treasury": 54584483726, "annual_divs": 1728105877, "prefs_notional": 15463579550, "coverage_yrs": 31.59, "amp_pct": 40.63, "amp_prefs_pct": 28.33 } }, { "date": "2026-07-26", "held": 843775, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526316917/mstr-20260727.htm", "held_filed": "2026-07-27", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104605775, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526316917/mstr-20260727.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 65340.3, "treasury": 55132512291, "annual_divs": 1724385370, "prefs_notional": 15432153075, "coverage_yrs": 31.97, "amp_pct": 40.17, "amp_prefs_pct": 27.99 } }, { "date": "2026-08-02", "held": 842138, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526329565/mstr-20260803.htm", "held_filed": "2026-08-03", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 103693632, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526329565/mstr-20260803.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 63482.0, "treasury": 53460604516, "annual_divs": 1714594714, "prefs_notional": 15352489375, "coverage_yrs": 31.18, "amp_pct": 41.28, "amp_prefs_pct": 28.72 } }, { "date": "2026-08-09", "held": 840447, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526341297/mstr-20260810.htm", "held_filed": "2026-08-10", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 102541612, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526341297/mstr-20260810.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 64844.89, "treasury": 54498690508, "annual_divs": 1700866651, "prefs_notional": 15238249150, "coverage_yrs": 32.04, "amp_pct": 40.28, "amp_prefs_pct": 27.96 } }, { "date": "2026-08-16", "held": 840447, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526353240/mstr-20260817.htm", "held_filed": "2026-08-17", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 101152892, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526353240/mstr-20260817.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 62818.65, "treasury": 52795747907, "annual_divs": 1684337791, "prefs_notional": 15100734950, "coverage_yrs": 31.35, "amp_pct": 41.32, "amp_prefs_pct": 28.6 } }, { "date": "2026-08-23", "held": 840447, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526361845/mstr-20260824.htm", "held_filed": "2026-08-24", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 99721680, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526361845/mstr-20260824.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 77755.27, "treasury": 65349179729, "annual_divs": 1667997302, "prefs_notional": 14965954300, "coverage_yrs": 39.18, "amp_pct": 33.18, "amp_prefs_pct": 22.9 } }, { "date": "2026-08-30", "held": 845050, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526375463/mstr-20260831.htm", "held_filed": "2026-08-31", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 98164503, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526375463/mstr-20260831.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 77667.57, "treasury": 65632980292, "annual_divs": 1648593528, "prefs_notional": 14803060100, "coverage_yrs": 39.81, "amp_pct": 32.78, "amp_prefs_pct": 22.55 } }, { "date": "2026-09-07", "held": 845050, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526384402/mstr-20260831.htm", "held_filed": "2026-09-08", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 96353618, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526384402/mstr-20260831.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 79115.85, "treasury": 66856850362, "annual_divs": 1627162678, "prefs_notional": 14624969300, "coverage_yrs": 41.09, "amp_pct": 31.92, "amp_prefs_pct": 21.88 } }, { "date": "2026-09-13", "held": 845050, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526389858/mstr-20260914.htm", "held_filed": "2026-09-14", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 94933151, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526389858/mstr-20260914.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 76838.16, "treasury": 64932083939, "annual_divs": 1609855822, "prefs_notional": 14480310075, "coverage_yrs": 40.33, "amp_pct": 32.64, "amp_prefs_pct": 22.3 } }, { "date": "2026-09-20", "held": 846000, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526396093/mstr-20260914.htm", "held_filed": "2026-09-21", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 93161913, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526396093/mstr-20260914.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 81142.61, "treasury": 68646647531, "annual_divs": 1587715993, "prefs_notional": 14294336550, "coverage_yrs": 43.24, "amp_pct": 30.6, "amp_prefs_pct": 20.82 } }, { "date": "2026-09-27", "held": 847666, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526403417/mstr-20260914.htm", "held_filed": "2026-09-28", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 91627383, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526403417/mstr-20260914.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 84458.09, "treasury": 71592247875, "annual_divs": 1568513070, "prefs_notional": 14132997925, "coverage_yrs": 45.64, "amp_pct": 29.12, "amp_prefs_pct": 19.74 } }, { "date": "2026-09-30", "held": 847666, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm", "held_filed": "2026-10-05", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 90594215, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 83553.85, "treasury": 70825759138, "annual_divs": 1555721510, "prefs_notional": 14025745675, "coverage_yrs": 45.53, "amp_pct": 29.28, "amp_prefs_pct": 19.8 } }, { "date": "2026-10-04", "held": 848000, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm", "held_filed": "2026-10-05", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 89853581, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 86480.3, "treasury": 73335298375, "annual_divs": 1546270709, "prefs_notional": 13946050350, "coverage_yrs": 47.43, "amp_pct": 28.17, "amp_prefs_pct": 19.02 } }, { "date": "2026-10-11", "held": 848250, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526419726/mstr-ex99_1.htm", "held_filed": "2026-10-13", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 87921436, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526419726/mstr-ex99_1.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 83679.47, "treasury": 70981109367, "annual_divs": 1522698942, "prefs_notional": 13748975575, "coverage_yrs": 46.62, "amp_pct": 28.83, "amp_prefs_pct": 19.37 } }, { "date": "2026-10-18", "held": 848517, "held_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526424688/mstr-20261019.htm", "held_filed": "2026-10-19", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85982656, "STRE": 7750000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526424688/mstr-20261019.htm", "prefs_basis": "cumulative: IPO closings + weekly 8-K ATM sales - repurchases through this date (trade-date basis)", "debt": 6713659000, "debt_basis": "Convertible notes principal $6,713.7M after $1.5B 2029 notes repurchased May 19, 2026 (10-Q Jun 30, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "calc": { "px": 82017.6, "treasury": 69593329225, "annual_divs": 1499594472, "prefs_notional": 13556706475, "coverage_yrs": 46.41, "amp_pct": 29.13, "amp_prefs_pct": 19.48 } } ], "cash_points": [ { "date": "2025-12-01", "label": "USD Reserve", "value": 1440000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525303157/d69948d8k.htm", "note": "Reserve established ($1.44B) per Dec 1, 2025 8-K; announcement date used as the as-of date", "prefs": { "STRK": 13974912, "STRF": 12676383, "STRD": 12552483, "STRC": 29587063, "STRE": 7750000 }, "calc": { "annual_divs": 772060276, "months": 22.38 } }, { "date": "2025-12-21", "label": "USD Reserve", "value": 2190000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312525327598/mstr-20251117.htm", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "calc": { "annual_divs": 789429554, "months": 33.29 } }, { "date": "2025-12-31", "label": "USD Reserve", "value": 2250000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "note": "10-K: \"As of December 31, 2025 ... the balance of our USD Reserve was $2.25 billion\"", "calc": { "annual_divs": 789597109, "months": 34.19 } }, { "date": "2026-01-04", "label": "USD Reserve", "value": 2250000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526001550/mstr-20260105.htm", "prefs": { "STRK": 13981948, "STRF": 12839689, "STRD": 14024221, "STRC": 29587063, "STRE": 7750000 }, "calc": { "annual_divs": 797018520, "months": 33.88 } }, { "date": "2026-02-13", "label": "USD Reserve", "value": 2250000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 33794897, "STRE": 7750000 }, "note": "10-K (filed 2026-02-19): \"As of February 13, 2026, the balance of the USD Reserve was $2.25 billion\"", "calc": { "annual_divs": 852978131, "months": 31.65 } }, { "date": "2026-03-31", "label": "USD Reserve", "value": 2140000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000031/mstr-20260331.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 52522485, "STRE": 7750000 }, "note": "Q1 10-Q: \"As of March 31, 2026, the balance of our USD Reserve was $2.14 billion\"", "calc": { "annual_divs": 1074513757, "months": 23.9 } }, { "date": "2026-05-25", "label": "USD Reserve", "value": 871000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526237907/mstr-20260526.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1677283854, "months": 6.23 } }, { "date": "2026-05-31", "label": "USD Reserve", "value": 900000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526249768/mstr-20260530.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1677373134, "months": 6.44 } }, { "date": "2026-06-07", "label": "USD Reserve", "value": 1000000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526260709/mstr-20260504.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1676394310, "months": 7.16 } }, { "date": "2026-06-14", "label": "USD Reserve", "value": 1100000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526270311/mstr-20260504.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1677018030, "months": 7.87 } }, { "date": "2026-06-21", "label": "USD Reserve", "value": 1400000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526276717/mstr-20260504.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1675930550, "months": 10.02 } }, { "date": "2026-06-28", "label": "USD Reserve", "value": 2550000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526286871/mstr-20260629.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1675332792, "months": 18.27 } }, { "date": "2026-06-30", "label": "USD Reserve", "value": 2400000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "note": "Q2 10-Q: \"As of June 30, 2026, the balance of our USD Reserve was $2.40 billion\" (weekly 8-Ks said $2.55B for Jun 28 and Jul 5; both shown as filed)", "calc": { "annual_divs": 1675547312, "months": 17.19 } }, { "date": "2026-07-05", "label": "USD Reserve", "value": 2550000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526295586/mstr-20260706.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1728183842, "months": 17.71 } }, { "date": "2026-07-12", "label": "USD Reserve", "value": 3000000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526301483/mstr-20260713.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1727926077, "months": 20.83 } }, { "date": "2026-07-19", "label": "USD Reserve", "value": 3225000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526308369/mstr-20260720.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104894705, "STRE": 7750000 }, "calc": { "annual_divs": 1728105877, "months": 22.39 } }, { "date": "2026-07-26", "label": "USD Reserve", "value": 3750000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526316917/mstr-20260727.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 104605775, "STRE": 7750000 }, "calc": { "annual_divs": 1724385370, "months": 26.1 } }, { "date": "2026-08-02", "label": "USD Reserve", "value": 4000000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526329565/mstr-20260803.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 103693632, "STRE": 7750000 }, "calc": { "annual_divs": 1714594714, "months": 27.99 } }, { "date": "2026-08-09", "label": "USD Reserve", "value": 4650000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526341297/mstr-20260810.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 102541612, "STRE": 7750000 }, "calc": { "annual_divs": 1700866651, "months": 32.81 } }, { "date": "2026-08-16", "label": "USD Reserve", "value": 4800000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526353240/mstr-20260817.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 101152892, "STRE": 7750000 }, "calc": { "annual_divs": 1684337791, "months": 34.2 } }, { "date": "2026-08-30", "label": "USD Cash", "value": 1610000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526375463/mstr-20260831.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 98164503, "STRE": 7750000 }, "calc": { "annual_divs": 1648593528, "months": 11.72 } }, { "date": "2026-08-30", "label": "USD Reserve", "value": 5100000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526375463/mstr-20260831.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 98164503, "STRE": 7750000 }, "calc": { "annual_divs": 1648593528, "months": 37.12 } }, { "date": "2026-09-07", "label": "USD Cash", "value": 1440000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526384402/mstr-20260831.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 96353618, "STRE": 7750000 }, "calc": { "annual_divs": 1627162678, "months": 10.62 } }, { "date": "2026-09-07", "label": "USD Reserve", "value": 5100000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526384402/mstr-20260831.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 96353618, "STRE": 7750000 }, "calc": { "annual_divs": 1627162678, "months": 37.61 } }, { "date": "2026-09-13", "label": "USD Cash", "value": 1300000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526389858/mstr-20260914.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 94933151, "STRE": 7750000 }, "calc": { "annual_divs": 1609855822, "months": 9.69 } }, { "date": "2026-09-13", "label": "USD Reserve", "value": 5100000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526389858/mstr-20260914.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 94933151, "STRE": 7750000 }, "calc": { "annual_divs": 1609855822, "months": 38.02 } }, { "date": "2026-09-20", "label": "USD Cash", "value": 1050000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526396093/mstr-20260914.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 93161913, "STRE": 7750000 }, "calc": { "annual_divs": 1587715993, "months": 7.94 } }, { "date": "2026-09-20", "label": "USD Reserve", "value": 5040000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526396093/mstr-20260914.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 93161913, "STRE": 7750000 }, "calc": { "annual_divs": 1587715993, "months": 38.09 } }, { "date": "2026-09-27", "label": "USD Cash", "value": 1000000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526403417/mstr-20260914.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 91627383, "STRE": 7750000 }, "calc": { "annual_divs": 1568513070, "months": 7.65 } }, { "date": "2026-09-27", "label": "USD Reserve", "value": 5020000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526403417/mstr-20260914.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 91627383, "STRE": 7750000 }, "calc": { "annual_divs": 1568513070, "months": 38.41 } }, { "date": "2026-10-04", "label": "USD Cash", "value": 833400000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 89853581, "STRE": 7750000 }, "calc": { "annual_divs": 1546270709, "months": 6.47 } }, { "date": "2026-10-04", "label": "USD Reserve", "value": 4880000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 89853581, "STRE": 7750000 }, "calc": { "annual_divs": 1546270709, "months": 37.87 } }, { "date": "2026-10-11", "label": "USD Cash", "value": 640500000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526419726/mstr-ex99_1.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 87921436, "STRE": 7750000 }, "calc": { "annual_divs": 1522698942, "months": 5.05 } }, { "date": "2026-10-11", "label": "USD Reserve", "value": 4880000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526419726/mstr-ex99_1.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 87921436, "STRE": 7750000 }, "calc": { "annual_divs": 1522698942, "months": 38.46 } }, { "date": "2026-10-18", "label": "USD Cash", "value": 447300000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526424688/mstr-20261019.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85982656, "STRE": 7750000 }, "calc": { "annual_divs": 1499594472, "months": 3.58 } }, { "date": "2026-10-18", "label": "USD Reserve", "value": 4830000000, "src": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526424688/mstr-20261019.htm", "prefs": { "STRK": 14020744, "STRF": 12839689, "STRD": 14024221, "STRC": 85982656, "STRE": 7750000 }, "calc": { "annual_divs": 1499594472, "months": 38.65 } } ] }, { "issuer": "Strive (ASST)", "key": "ASST", "asset": "BTC", "launches": [ { "t": "SATA", "date": "2025-11-10", "src": "https://www.sec.gov/Archives/edgar/data/1920406/000114036125041295/ny20056805x8_8k.htm" }, { "t": "SATS", "date": "2026-10-20", "src": "https://www.sec.gov/Archives/edgar/data/1920406/000095010326015849/dp255260_8k.htm" } ], "points": [ { "date": "2025-09-30", "held": 5886, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828025052343/asst-20250930.htm", "prefs": {}, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828025052343/asst-20250930.htm", "debt": 0, "debt_basis": "No debt outstanding (pre-Semler merger)", "debt_src": null, "note": "10-Q Sep 30, 2025 (pre-SATA baseline)", "calc": { "px": 114056.09, "treasury": 671334122, "annual_divs": 0, "prefs_notional": 0, "coverage_yrs": null, "amp_pct": 0.0, "amp_prefs_pct": 0.0 } }, { "date": "2025-11-10", "held": 7525, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000114036125041295/ny20056805x8_ex99-1.htm", "prefs": { "SATA": 2000000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000114036125041295/ny20056805x8_ex99-1.htm", "debt": 0, "debt_basis": "No debt outstanding (pre-Semler merger)", "debt_src": null, "note": "SATA IPO closed Nov 10 (2,000,000 sh); holdings ~7,525 BTC as of Nov 10 per closing PR", "calc": { "px": 105996.59, "treasury": 797624368, "annual_divs": 24000000, "prefs_notional": 200000000, "coverage_yrs": 33.23, "amp_pct": 25.07, "amp_prefs_pct": 25.07 } }, { "date": "2025-12-31", "held": 7626.8, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026000225/asst-20260105.htm", "prefs": { "SATA": 2012729 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026000225/asst-20260105.htm", "debt": 0, "debt_basis": "No debt outstanding (pre-Semler merger)", "debt_src": null, "note": "8-K Jan 5, 2026 (preliminary Dec 31 figures)", "calc": { "px": 87508.83, "treasury": 667412330, "annual_divs": 24655930, "prefs_notional": 201272900, "coverage_yrs": 27.07, "amp_pct": 30.16, "amp_prefs_pct": 30.16 } }, { "date": "2026-02-11", "held": 13131.8, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026007897/asst-20260213.htm", "prefs": { "SATA": 4265518 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026007897/asst-20260213.htm", "debt": 10000000, "debt_basis": "$10.0M Semler convertible notes outstanding after the Jan 27, 2026 notes exchange (10-Q Mar 31, 2026). The assumed $20M Coinbase loan was extinguished in Q1 2026 on an unfiled date and is not counted.", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "after Semler merger (Jan 16) and SATA follow-on + notes exchange (Jan 27)", "calc": { "px": 66991.97, "treasury": 879725135, "annual_divs": 52252596, "prefs_notional": 426551800, "coverage_yrs": 16.84, "amp_pct": 49.62, "amp_prefs_pct": 48.49 } }, { "date": "2026-03-09", "held": 13311, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026016664/asst-20260311.htm", "prefs": { "SATA": 4275118 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026016664/asst-20260311.htm", "debt": 10000000, "debt_basis": "$10.0M Semler convertible notes outstanding after the Jan 27, 2026 notes exchange (10-Q Mar 31, 2026). The assumed $20M Coinbase loan was extinguished in Q1 2026 on an unfiled date and is not counted.", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "cash before the $50M STRC purchase made after this date", "calc": { "px": 68402.38, "treasury": 910504118, "annual_divs": 53438975, "prefs_notional": 427511800, "coverage_yrs": 17.04, "amp_pct": 48.05, "amp_prefs_pct": 46.95 } }, { "date": "2026-03-17", "held": 13628, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026019879/asst-20251231.htm", "prefs": { "SATA": 4275118 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026019879/asst-20251231.htm", "debt": 10000000, "debt_basis": "$10.0M Semler convertible notes outstanding after the Jan 27, 2026 notes exchange (10-Q Mar 31, 2026). The assumed $20M Coinbase loan was extinguished in Q1 2026 on an unfiled date and is not counted.", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "10-K FY2025 (as of Mar 17, 2026); cash figure truncated in filing text, not used", "calc": { "px": 73922.48, "treasury": 1007415511, "annual_divs": 54507754, "prefs_notional": 427511800, "coverage_yrs": 18.48, "amp_pct": 43.43, "amp_prefs_pct": 42.44 } }, { "date": "2026-04-02", "held": 13741, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026023784/asst-20260406.htm", "prefs": { "SATA": 4373194 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026023784/asst-20260406.htm", "debt": 10000000, "debt_basis": "Upper bound: the remaining $10.0M Semler notes were repurchased between Apr 1 and May 12, 2026 (exact date not filed) (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 66888.57, "treasury": 919115845, "annual_divs": 55758224, "prefs_notional": 437319400, "coverage_yrs": 16.48, "amp_pct": 48.67, "amp_prefs_pct": 47.58 } }, { "date": "2026-04-13", "held": 13768, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026025154/asst-20260415.htm", "prefs": { "SATA": 4373194 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026025154/asst-20260415.htm", "debt": 10000000, "debt_basis": "Upper bound: the remaining $10.0M Semler notes were repurchased between Apr 1 and May 12, 2026 (exact date not filed) (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 74484.64, "treasury": 1025504532, "annual_divs": 55758224, "prefs_notional": 437319400, "coverage_yrs": 18.39, "amp_pct": 43.62, "amp_prefs_pct": 42.64 } }, { "date": "2026-04-24", "held": 14557, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026027329/asst-20260427.htm", "prefs": { "SATA": 4573194 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026027329/asst-20260427.htm", "debt": 10000000, "debt_basis": "Upper bound: the remaining $10.0M Semler notes were repurchased between Apr 1 and May 12, 2026 (exact date not filed) (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 77455.31, "treasury": 1127516984, "annual_divs": 59451522, "prefs_notional": 457319400, "coverage_yrs": 18.97, "amp_pct": 41.45, "amp_prefs_pct": 40.56 } }, { "date": "2026-05-01", "held": 15000, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026029526/asst-20260504.htm", "prefs": { "SATA": 4959536 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026029526/asst-20260504.htm", "debt": 10000000, "debt_basis": "Upper bound: the remaining $10.0M Semler notes were repurchased between Apr 1 and May 12, 2026 (exact date not filed) (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 78179.0, "treasury": 1172685000, "annual_divs": 64473968, "prefs_notional": 495953600, "coverage_yrs": 18.19, "amp_pct": 43.14, "amp_prefs_pct": 42.29 } }, { "date": "2026-05-12", "held": 15009, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034804/asst-20260514.htm", "prefs": { "SATA": 4959536 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034804/asst-20260514.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 80477.49, "treasury": 1207886680, "annual_divs": 64473968, "prefs_notional": 495953600, "coverage_yrs": 18.73, "amp_pct": 41.06, "amp_prefs_pct": 41.06 } }, { "date": "2026-05-18", "held": 15391, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026036139/asst-20260519.htm", "prefs": { "SATA": 5244421 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026036139/asst-20260519.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 76954.17, "treasury": 1184401659, "annual_divs": 68177473, "prefs_notional": 524442100, "coverage_yrs": 17.37, "amp_pct": 44.28, "amp_prefs_pct": 44.28 } }, { "date": "2026-05-22", "held": 16500, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026037925/asst-20260526.htm", "prefs": { "SATA": 5759719 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026037925/asst-20260526.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 75488.24, "treasury": 1245555996, "annual_divs": 74876347, "prefs_notional": 575971900, "coverage_yrs": 16.63, "amp_pct": 46.24, "amp_prefs_pct": 46.24 } }, { "date": "2026-06-01", "held": 19000, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026039677/asst-20260602.htm", "prefs": { "SATA": 7513907 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026039677/asst-20260602.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "shares include sales not yet issued", "calc": { "px": 71319.77, "treasury": 1355075695, "annual_divs": 97680791, "prefs_notional": 751390700, "coverage_yrs": 13.87, "amp_pct": 55.45, "amp_prefs_pct": 55.45 } }, { "date": "2026-06-05", "held": 19032, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026041386/asst-20260608.htm", "prefs": { "SATA": 7513907 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026041386/asst-20260608.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 60922.67, "treasury": 1159480217, "annual_divs": 97680791, "prefs_notional": 751390700, "coverage_yrs": 11.87, "amp_pct": 64.8, "amp_prefs_pct": 64.8 } }, { "date": "2026-06-12", "held": 19105, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026043032/asst-20260615.htm", "prefs": { "SATA": 7513907 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026043032/asst-20260615.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 63543.2, "treasury": 1213992821, "annual_divs": 97680791, "prefs_notional": 751390700, "coverage_yrs": 12.43, "amp_pct": 61.89, "amp_prefs_pct": 61.89 } }, { "date": "2026-06-18", "held": 19864, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026044484/asst-20260622.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026044484/asst-20260622.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 62896.47, "treasury": 1249375533, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.27, "amp_pct": 62.67, "amp_prefs_pct": 62.67 } }, { "date": "2026-06-26", "held": 19864, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026045883/asst-20260629.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026045883/asst-20260629.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 60016.43, "treasury": 1192166359, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 11.71, "amp_pct": 65.67, "amp_prefs_pct": 65.67 } }, { "date": "2026-07-02", "held": 19882, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026047102/asst-20260706.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026047102/asst-20260706.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 61485.3, "treasury": 1222450750, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.01, "amp_pct": 64.05, "amp_prefs_pct": 64.05 } }, { "date": "2026-07-10", "held": 19900, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026047938/asst-20260713.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026047938/asst-20260713.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 64127.14, "treasury": 1276130098, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.54, "amp_pct": 61.35, "amp_prefs_pct": 61.35 } }, { "date": "2026-07-17", "held": 19921, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026048764/asst-20260720.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026048764/asst-20260720.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 63899.46, "treasury": 1272941161, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.51, "amp_pct": 61.51, "amp_prefs_pct": 61.51 } }, { "date": "2026-07-24", "held": 20000, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026049666/asst-20260727.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026049666/asst-20260727.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 64098.5, "treasury": 1281969922, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.6, "amp_pct": 61.07, "amp_prefs_pct": 61.07 } }, { "date": "2026-07-31", "held": 20020, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026051539/asst-20260803.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026051539/asst-20260803.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 62813.75, "treasury": 1257531197, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.35, "amp_pct": 62.26, "amp_prefs_pct": 62.26 } }, { "date": "2026-08-07", "held": 20167, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026054983/asst-20260810.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026054983/asst-20260810.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 64880.19, "treasury": 1308438820, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.86, "amp_pct": 59.84, "amp_prefs_pct": 59.84 } }, { "date": "2026-08-14", "held": 20246, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026057224/asst-20260817.htm", "prefs": { "SATA": 7829502 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026057224/asst-20260817.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 62975.59, "treasury": 1275003871, "annual_divs": 101783526, "prefs_notional": 782950200, "coverage_yrs": 12.53, "amp_pct": 61.41, "amp_prefs_pct": 61.41 } }, { "date": "2026-08-21", "held": 21356, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026058518/asst-20260824.htm", "prefs": { "SATA": 8270815 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026058518/asst-20260824.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 78335.19, "treasury": 1672926264, "annual_divs": 107520595, "prefs_notional": 827081500, "coverage_yrs": 15.56, "amp_pct": 49.44, "amp_prefs_pct": 49.44 } }, { "date": "2026-08-28", "held": 23156, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026059468/asst-20260831.htm", "prefs": { "SATA": 9073914 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026059468/asst-20260831.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 77830.29, "treasury": 1802238174, "annual_divs": 117960882, "prefs_notional": 907391400, "coverage_yrs": 15.28, "amp_pct": 50.35, "amp_prefs_pct": 50.35 } }, { "date": "2026-09-04", "held": 24531, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026060809/asst-20260908.htm", "prefs": { "SATA": 9995425 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026060809/asst-20260908.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 79671.97, "treasury": 1954433065, "annual_divs": 129940525, "prefs_notional": 999542500, "coverage_yrs": 15.04, "amp_pct": 51.14, "amp_prefs_pct": 51.14 } }, { "date": "2026-09-11", "held": 25000, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026061682/asst-20260914.htm", "prefs": { "SATA": 10397966 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026061682/asst-20260914.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 77173.8, "treasury": 1929344922, "annual_divs": 135173558, "prefs_notional": 1039796600, "coverage_yrs": 14.27, "amp_pct": 53.89, "amp_prefs_pct": 53.89 } }, { "date": "2026-09-18", "held": 26355, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026062806/asst-20260921.htm", "prefs": { "SATA": 11184160 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026062806/asst-20260921.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 80901.46, "treasury": 2132158003, "annual_divs": 145394080, "prefs_notional": 1118416000, "coverage_yrs": 14.66, "amp_pct": 52.45, "amp_prefs_pct": 52.45 } }, { "date": "2026-09-25", "held": 27462, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026063653/asst-20260928.htm", "prefs": { "SATA": 12193180 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026063653/asst-20260928.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 84034.92, "treasury": 2307767025, "annual_divs": 158511340, "prefs_notional": 1219318000, "coverage_yrs": 14.56, "amp_pct": 52.84, "amp_prefs_pct": 52.84 } }, { "date": "2026-10-02", "held": 29462, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026064753/asst-20261005.htm", "prefs": { "SATA": 13498082 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026064753/asst-20261005.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 84497.21, "treasury": 2489456829, "annual_divs": 175475066, "prefs_notional": 1349808200, "coverage_yrs": 14.19, "amp_pct": 54.22, "amp_prefs_pct": 54.22 } }, { "date": "2026-10-09", "held": 32773, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026065595/asst-20261013.htm", "prefs": { "SATA": 14030176 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026065595/asst-20261013.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "", "calc": { "px": 82546.32, "treasury": 2705290556, "annual_divs": 182392288, "prefs_notional": 1403017600, "coverage_yrs": 14.83, "amp_pct": 51.86, "amp_prefs_pct": 51.86 } }, { "date": "2026-10-16", "held": 36818, "held_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026066222/asst-20261019.htm", "prefs": { "SATA": 14030176 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026066222/asst-20261019.htm", "debt": 0, "debt_basis": "No short- or long-term debt as of May 12, 2026 (10-Q Mar 31, 2026)", "debt_src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034805/asst-20260331.htm", "note": "SATS (7,000,000 sh) issued Oct 20, after this date", "calc": { "px": 81500.8, "treasury": 3000696627, "annual_divs": 182392288, "prefs_notional": 1403017600, "coverage_yrs": 16.45, "amp_pct": 46.76, "amp_prefs_pct": 46.76 } } ], "cash_points": [ { "date": "2025-09-30", "label": "Cash & equivalents", "value": 109069000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828025052343/asst-20250930.htm", "prefs": {}, "calc": null }, { "date": "2025-12-31", "label": "Cash & equivalents", "value": 67600000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026000225/asst-20260105.htm", "prefs": { "SATA": 2012729 }, "calc": { "annual_divs": 24655930, "months": 32.9 } }, { "date": "2026-02-11", "label": "Cash & equivalents", "value": 127200000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026007897/asst-20260213.htm", "prefs": { "SATA": 4265518 }, "calc": { "annual_divs": 52252596, "months": 29.21 } }, { "date": "2026-03-09", "label": "Cash & equivalents", "value": 143400000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026016664/asst-20260311.htm", "prefs": { "SATA": 4275118 }, "calc": { "annual_divs": 53438975, "months": 32.2 } }, { "date": "2026-04-02", "label": "Cash & equivalents", "value": 86900000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026023784/asst-20260406.htm", "prefs": { "SATA": 4373194 }, "calc": { "annual_divs": 55758224, "months": 18.7 } }, { "date": "2026-04-13", "label": "Cash & equivalents", "value": 89700000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026025154/asst-20260415.htm", "prefs": { "SATA": 4373194 }, "calc": { "annual_divs": 55758224, "months": 19.3 } }, { "date": "2026-04-24", "label": "Cash & equivalents", "value": 90500000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026027329/asst-20260427.htm", "prefs": { "SATA": 4573194 }, "calc": { "annual_divs": 59451522, "months": 18.27 } }, { "date": "2026-05-01", "label": "Cash & equivalents", "value": 97900000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026029526/asst-20260504.htm", "prefs": { "SATA": 4959536 }, "calc": { "annual_divs": 64473968, "months": 18.22 } }, { "date": "2026-05-12", "label": "Cash & equivalents", "value": 87600000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026034804/asst-20260514.htm", "prefs": { "SATA": 4959536 }, "calc": { "annual_divs": 64473968, "months": 16.3 } }, { "date": "2026-05-18", "label": "Cash & equivalents", "value": 87300000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026036139/asst-20260519.htm", "prefs": { "SATA": 5244421 }, "calc": { "annual_divs": 68177473, "months": 15.37 } }, { "date": "2026-05-22", "label": "Cash & equivalents", "value": 93300000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026037925/asst-20260526.htm", "prefs": { "SATA": 5759719 }, "calc": { "annual_divs": 74876347, "months": 14.95 } }, { "date": "2026-06-01", "label": "Cash & equivalents", "value": 137300000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026039677/asst-20260602.htm", "prefs": { "SATA": 7513907 }, "calc": { "annual_divs": 97680791, "months": 16.87 } }, { "date": "2026-06-05", "label": "Cash & equivalents", "value": 139200000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026041386/asst-20260608.htm", "prefs": { "SATA": 7513907 }, "calc": { "annual_divs": 97680791, "months": 17.1 } }, { "date": "2026-06-12", "label": "Cash & equivalents", "value": 141400000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026043032/asst-20260615.htm", "prefs": { "SATA": 7513907 }, "calc": { "annual_divs": 97680791, "months": 17.37 } }, { "date": "2026-06-18", "label": "Cash & equivalents", "value": 144500000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026044484/asst-20260622.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 17.04 } }, { "date": "2026-06-26", "label": "Cash & equivalents", "value": 141700000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026045883/asst-20260629.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 16.71 } }, { "date": "2026-07-02", "label": "Cash & equivalents", "value": 153400000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026047102/asst-20260706.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 18.09 } }, { "date": "2026-07-10", "label": "Cash & equivalents", "value": 154100000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026047938/asst-20260713.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 18.17 } }, { "date": "2026-07-17", "label": "Cash & equivalents", "value": 157400000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026048764/asst-20260720.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 18.56 } }, { "date": "2026-07-24", "label": "Cash & equivalents", "value": 154000000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026049666/asst-20260727.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 18.16 } }, { "date": "2026-07-31", "label": "Cash & equivalents", "value": 151300000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026051539/asst-20260803.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 17.84 } }, { "date": "2026-08-07", "label": "Cash & equivalents", "value": 154900000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026054983/asst-20260810.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 18.26 } }, { "date": "2026-08-14", "label": "Cash & equivalents", "value": 154800000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026057224/asst-20260817.htm", "prefs": { "SATA": 7829502 }, "calc": { "annual_divs": 101783526, "months": 18.25 } }, { "date": "2026-08-21", "label": "Cash & equivalents", "value": 171900000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026058518/asst-20260824.htm", "prefs": { "SATA": 8270815 }, "calc": { "annual_divs": 107520595, "months": 19.19 } }, { "date": "2026-08-28", "label": "Cash & equivalents", "value": 183500000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026059468/asst-20260831.htm", "prefs": { "SATA": 9073914 }, "calc": { "annual_divs": 117960882, "months": 18.67 } }, { "date": "2026-09-04", "label": "Cash & equivalents", "value": 202600000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026060809/asst-20260908.htm", "prefs": { "SATA": 9995425 }, "calc": { "annual_divs": 129940525, "months": 18.71 } }, { "date": "2026-09-11", "label": "Cash & equivalents", "value": 204200000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026061682/asst-20260914.htm", "prefs": { "SATA": 10397966 }, "calc": { "annual_divs": 135173558, "months": 18.13 } }, { "date": "2026-09-18", "label": "Cash & equivalents", "value": 229600000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026062806/asst-20260921.htm", "prefs": { "SATA": 11184160 }, "calc": { "annual_divs": 145394080, "months": 18.95 } }, { "date": "2026-09-25", "label": "Cash & equivalents", "value": 248800000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026063653/asst-20260928.htm", "prefs": { "SATA": 12193180 }, "calc": { "annual_divs": 158511340, "months": 18.84 } }, { "date": "2026-10-02", "label": "Cash & equivalents", "value": 284700000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026064753/asst-20261005.htm", "prefs": { "SATA": 13498082 }, "calc": { "annual_divs": 175475066, "months": 19.47 } }, { "date": "2026-10-09", "label": "Cash & equivalents", "value": 310300000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026065595/asst-20261013.htm", "prefs": { "SATA": 14030176 }, "calc": { "annual_divs": 182392288, "months": 20.42 } }, { "date": "2026-10-16", "label": "Cash & equivalents", "value": 317500000, "src": "https://www.sec.gov/Archives/edgar/data/1920406/000162828026066222/asst-20261019.htm", "prefs": { "SATA": 14030176 }, "calc": { "annual_divs": 182392288, "months": 20.89 } } ], "cash_note": "Cash & cash equivalents as filed (excludes the STRC position held from March 2026). Strive files no separate reserve balance." }, { "issuer": "BitMine (BMNR)", "key": "BMNR", "asset": "ETH", "launches": [ { "t": "BMNP", "date": "2026-06-10", "src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm" } ], "points": [ { "date": "2026-05-31", "held": 5416901, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226026543/ex99-1.htm", "prefs": {}, "prefs_src": null, "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2004.34, "treasury": 10857319763, "annual_divs": 0, "prefs_notional": 0, "coverage_yrs": null, "amp_pct": 0.0, "amp_prefs_pct": 0.0 } }, { "date": "2026-06-07", "held": 5543872, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226027647/ex99-1.htm", "prefs": {}, "prefs_src": null, "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1686.4, "treasury": 9349164896, "annual_divs": 0, "prefs_notional": 0, "coverage_yrs": null, "amp_pct": 0.0, "amp_prefs_pct": 0.0 } }, { "date": "2026-06-14", "held": 5620754, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028622/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1724.61, "treasury": 9693626998, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 291.54, "amp_pct": 3.61, "amp_prefs_pct": 3.61 } }, { "date": "2026-06-21", "held": 5672956, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226029507/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1704.58, "treasury": 9670010549, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 290.83, "amp_pct": 3.62, "amp_prefs_pct": 3.62 } }, { "date": "2026-06-28", "held": 5700040, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226030428/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1570.36, "treasury": 8951121689, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 269.21, "amp_pct": 3.91, "amp_prefs_pct": 3.91 } }, { "date": "2026-07-12", "held": 5770038, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226032951/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1805.79, "treasury": 10419465876, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 313.37, "amp_pct": 3.36, "amp_prefs_pct": 3.36 } }, { "date": "2026-07-19", "held": 5777468, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226033855/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1871.51, "treasury": 10812580730, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 325.19, "amp_pct": 3.24, "amp_prefs_pct": 3.24 } }, { "date": "2026-07-26", "held": 5787414, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226034720/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1953.41, "treasury": 11305199645, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 340.01, "amp_pct": 3.1, "amp_prefs_pct": 3.1 } }, { "date": "2026-08-02", "held": 5797813, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226035752/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1882.52, "treasury": 10914510368, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 328.26, "amp_pct": 3.21, "amp_prefs_pct": 3.21 } }, { "date": "2026-08-09", "held": 5805238, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226036757/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1908.68, "treasury": 11080357566, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 333.24, "amp_pct": 3.16, "amp_prefs_pct": 3.16 } }, { "date": "2026-08-16", "held": 5815164, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226038652/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 1873.94, "treasury": 10897285831, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 327.74, "amp_pct": 3.21, "amp_prefs_pct": 3.21 } }, { "date": "2026-08-23", "held": 5847611, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226039789/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2463.82, "treasury": 14407437064, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 433.31, "amp_pct": 2.43, "amp_prefs_pct": 2.43 } }, { "date": "2026-08-30", "held": 5901112, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226040741/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2417.94, "treasury": 14268527202, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 429.13, "amp_pct": 2.45, "amp_prefs_pct": 2.45 } }, { "date": "2026-09-07", "held": 5929198, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226041713/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2490.96, "treasury": 14769383239, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 444.19, "amp_pct": 2.37, "amp_prefs_pct": 2.37 } }, { "date": "2026-09-13", "held": 5956378, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226042492/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2477.02, "treasury": 14754071913, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 443.73, "amp_pct": 2.37, "amp_prefs_pct": 2.37 } }, { "date": "2026-09-20", "held": 5983940, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226043486/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2643.0, "treasury": 15815538813, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 475.66, "amp_pct": 2.21, "amp_prefs_pct": 2.21 } }, { "date": "2026-09-27", "held": 6001302, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226044459/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2686.93, "treasury": 16125058927, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 484.96, "amp_pct": 2.17, "amp_prefs_pct": 2.17 } }, { "date": "2026-10-04", "held": 6016414, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226045699/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2726.51, "treasury": 16403807117, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 493.35, "amp_pct": 2.13, "amp_prefs_pct": 2.13 } }, { "date": "2026-10-11", "held": 6028946, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226046744/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2534.7, "treasury": 15281564718, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 459.6, "amp_pct": 2.29, "amp_prefs_pct": 2.29 } }, { "date": "2026-10-18", "held": 6041481, "held_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226047517/ex99-1.htm", "prefs": { "BMNP": 3500000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1829311/000149315226028140/form8-k.htm", "debt": 0, "debt_basis": "No debt in filed inputs", "debt_src": null, "calc": { "px": 2408.74, "treasury": 14552365734, "annual_divs": 33250000, "prefs_notional": 350000000, "coverage_yrs": 437.67, "amp_pct": 2.41, "amp_prefs_pct": 2.41 } } ], "cash_points": [], "cash_note": "Not sourced: BitMine reports cash together with other holdings, not a cash-only figure.", "gaps": [ "8-K filed Jul 6, 2026 (0001493152-26-032090) states 5,742,237 ETH \"as of June 28, 2026\", conflicting with the Jun 29 8-K (5,700,040 ETH as of Jun 28); likely a date typo, so the point is left out." ] }, { "issuer": "DeFi Dev Corp (DFDV)", "key": "DFDV", "asset": "SOL", "launches": [ { "t": "CHAD", "date": "2026-09-08", "src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000098/dfdv-20260903.htm" } ], "points": [ { "date": "2026-08-27", "held": 2333432, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000058/dfdv-exx991_82726.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": {}, "prefs_src": null, "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 109.21, "treasury": 254830011, "annual_divs": 0, "prefs_notional": 0, "coverage_yrs": null, "amp_pct": 84.68, "amp_prefs_pct": 0.0 } }, { "date": "2026-09-14", "held": 2388923, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000107/dfdv-exx991_91426.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": { "CHAD": 1375000 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000098/dfdv-20260903.htm", "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 102.5, "treasury": 244852797, "annual_divs": 1787500, "prefs_notional": 13750000, "coverage_yrs": 136.98, "amp_pct": 93.75, "amp_prefs_pct": 5.62 } }, { "date": "2026-09-21", "held": 2490304, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000109/dfdv-exx991_92126.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": { "CHAD": 1581250 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000109/dfdv-20260921.htm", "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 118.75, "treasury": 295723924, "annual_divs": 2055625, "prefs_notional": 15812500, "coverage_yrs": 143.86, "amp_pct": 78.32, "amp_prefs_pct": 5.35 } }, { "date": "2026-09-28", "held": 2538010, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000119/dfdv-exx991_92826.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": { "CHAD": 1581250 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000109/dfdv-20260921.htm", "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 118.84, "treasury": 301608812, "annual_divs": 2055625, "prefs_notional": 15812500, "coverage_yrs": 146.72, "amp_pct": 76.79, "amp_prefs_pct": 5.24 } }, { "date": "2026-10-05", "held": 2564212, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000125/dfdv-exx991_10526.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": { "CHAD": 1581250 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000109/dfdv-20260921.htm", "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 120.75, "treasury": 309630361, "annual_divs": 2055625, "prefs_notional": 15812500, "coverage_yrs": 150.63, "amp_pct": 74.8, "amp_prefs_pct": 5.11 } }, { "date": "2026-10-12", "held": 2586282, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000127/dfdv-exx991_101326.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": { "CHAD": 1581250 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000109/dfdv-20260921.htm", "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 105.56, "treasury": 273006283, "annual_divs": 2055625, "prefs_notional": 15812500, "coverage_yrs": 132.81, "amp_pct": 84.84, "amp_prefs_pct": 5.79 } }, { "date": "2026-10-19", "held": 2590266, "held_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000134/dfdv-exx991_101926.htm", "held_note": "SOL and SOL equivalents; dated by press release date", "prefs": { "CHAD": 1581250 }, "prefs_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000109/dfdv-20260921.htm", "debt": 215800000, "debt_basis": "$215.8M consolidated indebtedness as of Jun 30, 2026 (CHAD 424B5); later reductions not re-quantified, so this is carried forward", "debt_src": "https://www.sec.gov/Archives/edgar/data/1805526/000180552626000096/preferred.htm", "calc": { "px": 104.93, "treasury": 271786849, "annual_divs": 2055625, "prefs_notional": 15812500, "coverage_yrs": 132.22, "amp_pct": 85.22, "amp_prefs_pct": 5.82 } } ], "cash_points": [], "cash_note": "Not sourced: no dated cash-only figure filed since Q2 2026." } ], "computed_at": "2026-10-21T06:00:16Z" }