Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 27

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 27
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The terms of the STRD Stock will not restrict us from issuing dividend senior stock, dividend parity stock, liquidation senior stock or liquidation parity 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 outstanding, STRC Stock outstanding and STRK Stock outstanding rank senior to the STRD Stock outstanding. Regular Dividends Generally Holders of the STRD Stock will be entitled to receive non-cumulativedividends (which we refer to as “regular dividends”) at a rate per annum equal to 10.00% (such rate per annum, the “regular dividend rate”) on the “stated SA-16

amount” (as defined below under the caption “—Definitions”) thereof, out of funds legally available for their payment, and subject to the other provisions described below,
only when, as, and if declared by our “board of directors” (as defined below under the caption “—Definitions”). If declared, regular dividends will be payable quarterly in arrears on each “regular dividend payment
date” (as defined below under the caption “—Definitions”) to the preferred stockholders of record as of the close of business on the “regular record date” (as defined below under the caption
“—Definitions”) immediately preceding the applicable regular dividend payment date. Since regular dividends are not cumulative, we will not have any obligation to pay any regular dividend for any regular dividend period unless we
declare such regular dividend prior to the regular dividend payment date for such regular dividend period. No dividend, interest or other amount will accumulate or accrue on any unpaid regular dividends, regardless of whether regular dividends are
declared for any future regular dividend period.

Regular dividends on the STRD Stock will accrue from, and including, the last regular dividend payment
date (or, in the case of the first regular dividend period, from, and including, June 10, 2025), to, but excluding, the next regular dividend payment date (in each case, regardless of whether regular dividends were declared or paid in