Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 189

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 189
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     |         |

The following is a summary of the Company’s convertible debt instruments as of December 31, 2023 (in thousands):

|                        |     | December 31, 2023 |     |              |     |            |     |            |     |         |
|:-----------------------|:----|------------------:|:----|-------------:|:----|-----------:|:----|-----------:|:----|:--------|
| Outstanding            
 Principal Amount       |     |       Unamortized 
    Issuance Costs |     | Net Carrying 
        Value |     | Fair Value |     |            |     |         |
| Amount                 |     |          Leveling |     |              |     |            |     |            |     |         |
| 2025 Convertible Notes |     |          $650,000 |     |     $(6,069) |     |   $643,931 |     | $1,074,713 |     | Level 2 |
| 2027 Convertible Notes |     |         1,050,000 |     |      -12,694 |     |  1,037,306 |     |    913,808 |     | Level 2 |
| Total                  |     |        $1,700,000 |     |    $(18,763) |     | $1,681,237 |     | $1,988,521 |     |         |

The fair value of the Convertible Notes is determined using observable market data other than quoted prices, specifically the last traded price at the end of the reporting period of identical instruments in the over-the-counter market (Level 2).

F-15

TABLE OF CONTENTS

For the three months ended September 30, 2024 and 2023, interest expense related to the Convertible Notes was as follows (in thousands):

|                        |     | Three Months Ended September 30, 2024 |     |        |     |                  |     | Three Months Ended September 30, 2023 |     |        |     |        |
|:-----------------------|:----|--------------------------------------:|:----|-------:|:----|-----------------:|:----|--------------------------------------:|:----|-------:|:----|-------:|
| Contractual            
 Interest Expense       |     |                          Amortization 
                                    of 
                        Issuance Costs |     |  Total |     |