Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 17

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 17
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 B common stock and STRD Stock, it is junior to our existing and future indebtedness, junior to our STRF Stock and STRC Stock, 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 STRK 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 and STRC 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 STRK Stock. If we issue any additional liquidation
senior stock in the future, then we would be required to pay the amounts due upon such additional liquidation senior stock in full before making any payments on the STRK 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 STRK Stock and any liquidation parity stock then outstanding. There may be insufficient remaining assets available to pay the liquidation preference (or, upon ratification of the STRK
Amendment, the stated amount) and unpaid accumulated dividends on the STRK Stock. Our outstanding STRF Stock and STRC Stock are dividend senior stock to the STRK Stock, and if we issue any additional dividend senior stock in the future, such
dividend senior stock could contain provisions that prohibit us from paying accumulated dividends on the STRK Stock or purchasing, redeeming or acquiring the STRK Stock until and unless we first pay accumulated dividends in full on such dividend
senior stock. As of September 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding which ranks senior to the STRK Stock. Additionally, as
of October 31, 2025, there were 12,470,812 shares of STRF Stock outstanding and 28,011,111 shares of STRC Stock outstanding, all of which would rank senior to the STRK Stock.

In addition, our subsidiaries have no obligation to pay any amounts on the STRK Stock. If any of our subsidiaries liquidates, dissolves or winds up