Monitor · BTC Preferreds

Issuer Health Dashboard

BTC preferreds have no traditional earnings, dividends are funded by selling common stock. Navy monitors each issuer's Funding Health Ratio (FHR) continuously. See The Index for the full methodology.

STRC

via MSTR

Strategy Inc perpetual preferred

DANGER

Funding Health Ratio

0.00

Composite of funding capacity, asset coverage, liquidity, refinancing risk.

Components

Funding capacity

0.0x

Years of divs fundable by 5%/yr dilution

Asset coverage

6.1x

(BTC − senior) / preferred

Liquidity

0.0x

Common volume / annual div

Refi risk score

0.99

1 − (debt due 2y / BTC value)

Inputs

BTC holdings843,738 BTC
BTC price$87.0K
Senior debt$8.2B
Senior preferred$1.3B
Preferred outstanding$10.5B
Common mkt cap$0
Common daily vol$0
Debt due <2yr$1.0B

BTC price sensitivity

BTC priceFHRStatus
$87K0.00DANGER
$60K0.00DANGER
$40K0.00DANGER
$30K0.00DANGER
$20K0.00DANGER

BTC price at which coverage = 1x: $23,672

SATA

via ASST

Strive Inc perpetual preferred

DANGER

Funding Health Ratio

0.00

Composite of funding capacity, asset coverage, liquidity, refinancing risk.

Components

Funding capacity

0.0x

Years of divs fundable by 5%/yr dilution

Asset coverage

2.7x

(BTC − senior) / preferred

Liquidity

0.0x

Common volume / annual div

Refi risk score

1.00

1 − (debt due 2y / BTC value)

Inputs

BTC holdings15,391 BTC
BTC price$87.0K
Senior debt$0
Senior preferred,
Preferred outstanding$496.0M
Common mkt cap$0
Common daily vol$0
Debt due <2yr$0

BTC price sensitivity

BTC priceFHRStatus
$87K0.00DANGER
$60K0.00DANGER
$40K0.00DANGER
$30K0.00DANGER
$20K0.00DANGER

BTC price at which coverage = 1x: $32,227

Data sourced from SEC 8-K filings (quarterly BTC holdings, new issuances) + Polygon (common stock price, BTC spot, volume). Thresholds pending independent quant calibration per NAVY_TECHNICAL_SPEC.md §1083. Not investment advice.