Ok....not sure if you know how the math works.
If you have upvote earnings that show: $10 SBD

25% or $2.50 go to the curators.
$7.50 to you...but, of $7.50 it is divided 50:50.
$3.75 is paid in SBD.
$3.75 is converted into SP(3.75÷1.25=$3) so $3SP or Steem(powered up as SP)

If you take all 100% of your 75% cut, all 100% as SP... Then you would get $6SP($7.50÷1.25=$6)
So you look at either one and think: "$6SP or $6.75SP and SBD....thats only 67% or 60%...I am getting less than 75%. But not true.

It is just confusing because the Upvote Payout is SHOWN in SBD....but half or all is converted and paid to you in Steem(SP).

And Steem isn't exactly $1.25 per SBD....sometimes more, sometimes less, depending on STEEM on the markets.

Hope that helped!!
Peace!!