Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 11

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 11
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 “preferred stockholder” refers to a registered holder of the STRD Stock.

Risks Related to the STRD Stock and This Offering

Although the STRD Stock is senior to our class A common stock and class B common stock, it is junior to our STRF Stock, our STRC Stock, our STRK Stock, our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other series of preferred stock then outstanding.

If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then our assets will be available to distribute to our equity holders, including
holders of the STRD Stock, only if all of our then outstanding indebtedness is first paid in full. The remaining assets, if any, would then be allocated among the holders of our equity securities in accordance with their respective liquidation
rights. Since our STRF Stock, our STRC Stock and our STRK Stock is liquidation senior stock, we would be required to pay the amounts due upon such liquidation senior stock in full before making any payments on the STRD Stock. If we issue any
additional liquidation senior stock in the future, then we would also be required to pay the amounts due upon such additional liquidation senior stock in full before making any payments on the STRD Stock. If any assets remain after any liquidation
senior stock is paid in full, those assets will be distributed pro rata among holders of the STRD Stock and any other liquidation parity stock then outstanding. There may be insufficient remaining assets available to pay the liquidation preference
and any declared and unpaid dividends, if any, that have accrued on the STRD Stock. As of September 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness
outstanding. Additionally, as of October 31, 2025, there were 12,470,812 shares of STRF Stock outstanding, 28,011,111 shares of STRC Stock outstanding, 13,918,518 shares of STRK Stock outstanding, and no dividend parity stock or liquidation
parity stock outstanding. Our indebtedness, STRF Stock, STRC Stock and STRK Stock rank senior to the STRD Stock. As of October 31, 2025, there were 267,713,485 shares of class A common stock outstanding and 19,640,250 shares of class B common
stock