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Dilution profile // every instrument, one screen, from SEC filings

ProCap Financial, Inc. (BRR)

CIK 2076163 · all EDGAR filings →

Overall dilution risk
HIGHworst of 2 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$275M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
LOW+4% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
NOT COMPUTEDrunway not computable from latest facts
= cash vs trailing operating burn

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2025-12-092026-08-11

Latest: 88.4M shares as of Aug 11, 2026 (10-Q).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Two Thousand Twenty Eight Convertible Notesnot tagged$99.6Mnot tagged——

Notes exactly as the company dimensioned them in its 10-Q filed Aug 13, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding88.4MAug 11, 2026
+ Convertible debt (aggregate carrying / conversion price) (if fully converted)16.5MDec 31, 2025
Fully diluted estimate104.8M+18.6% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $275.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Jan 6, 2026$275.5M registeredfiling →

Last 12 months: 3 executed · 1 registered.

UPDATEAug 10, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEAug 10, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEJun 30, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEApr 7, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEApr 7, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEApr 7, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EXECUTEDApr 6, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
UPDATEMar 4, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEMar 4, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEMar 4, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EXECUTEDFeb 9, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
UPDATEFeb 9, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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