A par-pinned perpetual preferred is one whose coupon the issuer moves to hold the security near its stated amount. The coupon is the price of that pin, and the common holder pays it. This page reports what each series costs, per basic common share, in satoshis, at the current print.
One number leads each card. It is the annual coupon of the instrument, converted to Bitcoin at the print and divided across the basic common shares outstanding. Beside it sits the same annual cost read as a share of the issuer's Bitcoin reserve.
Face outstanding is carried at liquidation preference, which is the basis Net Senior Claims uses everywhere else on this site. The coupon rate is the rate currently in effect as the instruments tab carries it, not an average and not a forecast.
This page measures cost. It carries nothing about the market price of any preferred series, the yield to a buyer of it, or whether a series is priced well. Those are valuation-layer questions and they stay off this surface.
Every row on the instruments tab that is preferred, perpetual, and carries an adjustable rate appears here. Fixed-rate perpetuals sit in the same seniority band and carry the same market-linked liquidation preference, and they are not par-pinned, so they are not on this page. A new series enters by getting a row on the tab.
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Series that have been announced but whose terms are not yet filed in a form the tab can carry. They render with no figures. When the terms are filed and the row lands on the instruments tab, each one moves into the section above without a page edit.
The carry is a cost, not a transfer of Bitcoin. No coin moves to pay a cash dividend. What the number measures is how much of the reserve one year of the coupon is worth at today's price, spread across the shares that own what is left after senior claims.
The claim an instrument adds to Net Senior Claims is its face at liquidation preference converted at the print. Its Senior Claims contribution is that quantity over the Bitcoin reserve. Contributions do not sum to the issuer's printed Senior Claims %, because cash and marketable securities net against the total stack rather than against any one instrument, and the total is floored at zero. The issuer's printed figure is shown on each card so the two can be read side by side rather than confused.
The break-even is the simplest form of the crossover. One year of coupon costs a fixed number of dollars; a rise in the Bitcoin price raises the reserve by a percentage. The hurdle is the rise that covers the coupon exactly. It is the same quantity as the cost over reserve, read forward instead of backward, and the card prints the implied price level beside it.
The export writes the visible cards to a PNG watermarked with the site address. An edited card exports carrying its scenario mark, so a reader's scenario cannot be mistaken for the filed figures.