Build Notes · Capital markets · Excel

How long can Strategy fund its preferred dividends?

Cash on hand, common issuance capacity and bitcoin exposure meet in one workbook. The five-year schedule adds the dates when convertible holders can demand cash.

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October 15, 2026 snapshot. Public filings with labelled estimates. Microsoft Excel for Mac verification and the Q3 refresh are pending. This is an educational model.

What the snapshot says

Measure	Result	Condition
Annual preferred dividends + interest	$1,559.7M	Current rates; all cash
Reserve alone	37.5 months	Flat charges; principal excluded
Reserve + registered ATM	15.2 years	Only if issuance demand permits full use; principal excluded
Net mNAV reconstruction	1.175x	Estimated shares; dated awards and observed conversion classification

The 15.2-year number is a conditional capacity calculation. It does not promise 15.2 years of financing. The Quarterly path shows put dates, declining cash, issuance costs, dilution and unmet financing needs.

Stress the dividend coverage snapshot

Change BTC price, net mNAV and STRC rate. All other inputs stay at the October 15 snapshot.

Bitcoin price$82,131Net mNAV1.175xSTRC annual rate12.0%

Reserve covers 37.5 months. Reserve plus common capacity covers 15.2 years.

Snapshot only. Principal excluded; observed moneyness fixed. A 1x issuance gate and 2% share of ADV are model assumptions. ATM authorization is not committed demand. For puts, fees, dilution and declining market access, open Quarterly path in Excel. Liquidity source; metric definition.

The project decisions

Problem: A static coverage ratio can hide when financing is needed and whether common shares can actually be placed.
Decision: Separate cash, registered authorization and volume-limited demand. Use net mNAV consistently, and make the 1x gate an editable assumption.
Artifact: An Excel workbook covering STRF, STRC, STRE, STRK and STRD, with a net-NAV bridge, 20-quarter path and two native What-If Data Tables.
Verification: Independent LibreOffice recalculation and input-change checks are recorded in the repository. Native Excel Data Tables, Goal Seek, formatting and save/reopen behavior still need Mac receipts.
Next test: Rahil will read the textbook chapters “The capital stack”, “Cash plumbing” and “STRC up close” and explain cash sources, seniority and STRC resets. Q3 counts will replace the dated estimates after the filing becomes available.

Sources and limits

Weekly balance sheet and ATM capacity, Q2 terms and counts, issuer metric definitions. STRC shares and basic common shares are reconstructed. Demand coefficients, the issuance gate and optional rate rules are assumptions. The web calculator excludes principal and fees.

Related projects: dat-accretion and MARA credit case.