Mandatory convertibles differ from ordinary convertibles in one decisive way: conversion is not optional. On a fixed date, usually about three years after issue, the security automatically becomes common stock whether or not that is in the holder's interest. This list covers the mandatory convertibles QuantumOnline tracks.
These are best understood as equity delivered on a delay, with an above-market income stream paid while you wait — not as a preferred stock with a bonus feature.
| Symbol / CUSIP | Security Description | Exchange | IPO Date | Call Date | Prospectus |
|---|---|---|---|---|---|
| ALB-A 012653200 | Albemarle Corp 7.25% Dep Shares Ser A Mandatory Convertible Prfd Due 03/01/2027 | NYSE | 3/4/2024 | n.a. | Prospectus |
| APO-A 03769M304 | Apollo Global Management 6.75% Ser A Mandatory Convertible Prfd Due 7/31/2026 | NYSE | 8/7/2023 | n.a. | Prospectus |
| ARES-B 03990B309 | Ares Management Corp 6.75% Series B Mandatory Convertible Preferred Stock | NYSE | 10/9/2024 | n.a. | Prospectus |
| AVTR-A 05352A209 | Avantor, Inc., 6.25% Series A Mandatory Convertible Preferred Stock | NYSE | 5/13/2019 | 5/15/2022 | Prospectus |
| BA-A 097023204 | Boeing Co 6% Dep Shares Ser A Mandatory Convertible Prfd Stock Due 10/15/2027 | NYSE | 10/29/2024 | n.a. | Prospectus |
| BRKRP 116794207 | Bruker Corp 6.375% Mandatory Convertible Preferred Stock, Series A Due 9/1/2028 | NGS | 9/3/2025 | n.a. | Prospectus |
| BTSGU 10950A105 | BrightSpring Health Services 6.75% Tangible Equity Units | NGS | 1/26/2024 | 11/4/2024 | Prospectus |
| DUKU 26441C881 | Duke Energy Corp 7.75% Equity Units Due 8/1/2029 | NYSE | 8/10/2026 | n.a. | Prospectus |
| FOUR-A 82452J307 | Shift4 Payments, 6.00% Series A Mandatory Convertible Preferred Stock | NYSE | 5/1/2025 | n.a. | Prospectus |
| GOOGM 02079K404 | Alphabet Inc Dep Shares 6.25% Series A Mandatory Convertible Preferred Stock | NGS | 6/2/2026 | n.a. | Prospectus |
| GOOGN 02079K701 | Alphabet Inc Dep Shares 6.25% Series B Mandatory Convertible Preferred Stock | NGS | 6/3/2026 | n.a. | Prospectus |
| GTLS-B 16115Q407 | Chart Industries, Inc. 6.75% Series B Mandatory Convertible Preferred Stock | NYSE | 12/12/2022 | n.a. | Prospectus |
| HPE-C 42824C208 | Hewlett Packard Enterprise Co 7.625% Ser C Mandatory Convertible Preferred Stock | NYSE | 9/10/2024 | n.a. | Prospectus |
| KKR-D 48251W500 | KKR & Co. Inc 6.25% Series D Mandatory Convertible Preferred Stock | NYSE | 3/4/2025 | n.a. | Prospectus |
| MCHPP 595017302 | Microchip Technology Dep Shares 7.50% Ser A Mandatory Convertible Prfd Stock | NGS | 3/20/2025 | n.a. | Prospectus |
| NEE-P 65339F655 | NextEra Energy, Inc. 7.375% Equity Units Due 02/15/2029 | NYSE | 2/26/2026 | n.a. | Prospectus |
| NEE-R 65339F713 | NextEra Energy, Inc. 6.926% Equity Units Due 09/01/2025 | NYSE | 9/14/2022 | n.a. | Prospectus |
| NEE-S 65339F663 | NextEra Energy, Inc. 7.229% Equity Units Due 6/1/2027 | NYSE | 6/17/2024 | n.a. | Prospectus |
| NEE-T 65339F119 | NextEra Energy, Inc. 7.234% Equity Units Due 11/1/2029 | NYSE | 10/29/2024 | n.a. | Prospectus |
| NOVTU 67000B203 | Novanta Inc. 6.50% Tangible Equity Units | NGS | 11/6/2025 | n.a. | Prospectus |
| ORCL-D 68389X204 | Oracle Corp 6.5% Dep Shares Ser D Mandatory Convertible Prfd Stock Due 2029 | NYSE | 2/3/2026 | n.a. | Prospectus |
| PCG-X 69331C108 | PG&E Corp 6.00% Series A Mandatory Convertible Preferred Stock Due 12/1/2027 | NYSE | 12/2/2024 | n.a. | Prospectus |
| PPLU 69351T866 | PPL Corp Equity Units Due 02/15/2039 | NYSE | 2/24/2026 | n.a. | Prospectus |
| QXO-B 82846H504 | QXO, Inc. 5.50% Depositary Shares Series B Mandatory Convertible Preferred Stock | NYSE | 5/21/2025 | n.a. | Prospectus |
| SMCIP 86800U500 | Super Micro Computer, Inc 7.0% Series A Mandatory Convertible Preferred Stock | NGS | 6/10/2026 | n.a. | Prospectus |
The remaining 3 securities — plus sorting, filtering and Excel, PDF and CSV export — are available to registered users. Registration is free.
There is no scenario in which a mandatory convertible pays you $25 in cash at the end. On the mandatory conversion date it becomes common shares. If the common has fallen 60%, you receive shares worth far less than you paid, and the accumulated distributions may not cover the loss.
The correct way to evaluate one is to ask whether you want to own the common stock in three years. If the answer is no, the high current yield is compensation for a risk you have decided not to take.
Most mandatory convertibles use a variable ratio with two thresholds. Above the upper threshold you receive a fixed minimum number of shares, so you participate in upside but at a reduced rate. Below the lower threshold you receive a fixed maximum number of shares, so you take the full downside.
Between the thresholds the ratio floats to deliver approximately $25 of stock. The structure gives the investor most of the downside, part of the upside, and a high coupon to compensate.
Mandatory convertibles typically carry noticeably higher coupons than the same issuer's ordinary preferreds. That premium is payment for accepting equity risk with limited upside participation. It is not a free yield pickup, and it is often issued by companies raising equity at a moment when selling common stock outright would be unattractive.
QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.
Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.