USD Reserve

The USD Reserve is the issuer's own term. Strategy defines it as "a management-designated portion of Strategy's USD liquidity intended to support the payment of dividends on Strategy's preferred stock and interest on its outstanding indebtedness" (FWP, 24 August 2026).

The policy

Strategy set up the reserve in December 2025. In June 2026 its board approved a formal policy (10-Q, filed 3 August 2026):

• The reserve may be used only for preferred dividends and debt interest. Any other use needs board authorisation, and that includes the preferred repurchase programme.
• It must be kept at at least 12 months of current expected annual preferred dividends and interest. Going below that level also needs board authorisation.

Strategy reports a separate pool, "USD Cash", for general purposes. USD Reserve plus USD Cash make up "USD Assets", which feed into its coverage bridge.

Size over time

As of	USD Reserve	Source
30 June 2026	$2.40bn	10-Q
24 July 2026	$3.75bn (including unsettled ATM proceeds)	10-Q
18 October 2026	$4.83bn	8-K, 19 October 2026

Strategy put its expected annual preferred dividends and interest at about $1.76bn as of 30 June and 24 July 2026. On that basis it described the $3.75bn reserve as more than 2.1 years of coverage (results release, 30 July 2026). In the week to 18 October 2026, $45.5m of the reserve was used to pay preferred dividends.

Strive's equivalent

Strive deposited $22.50 per SATS share into a dedicated dividend reserve at closing on 20 October 2026, roughly 18 months of SATS dividends (8-K, 20 October 2026). It is a different mechanism with different terms.

What to check in the filing

• Current balance and as-of date
• The board policy's minimum and permitted uses
• Expected annual dividends and interest used as the denominator