Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 27

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 27
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 Stock ranks as follows:

| • |     | senior to any equity security, including our class A common stock, class B common stock, STRC Stock, STRK Stock                                                                                                                      
 and STRD Stock, with respect to the payment of dividends and with respect to the distribution of assets upon our liquidation, dissolution or winding up other than any equity security referred to in the second bullet point below; |

| • |     | equally with (i) “dividend parity stock” (as defined below under the caption                                                                                                                          
 “—Definitions”) with respect to the payment of dividends; and (ii) “liquidation parity stock” (as defined below under the caption “—Definitions”) with respect to the distribution of assets upon our 
 liquidation, dissolution or winding up;                                                                                                                                                               |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding Convertible Notes); 
 and                                                                                                             |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

Our class A common stock, class B common stock, STRC Stock, STRK Stock and STRD Stock constitute dividend junior stock and liquidation junior stock. The terms of the STRF Stock do not restrict us from issuing dividend parity stock or liquidation parity stock; however, we cannot issue dividend senior stock or liquidation senior stock without the consent of holders of at least a majority of the combined outstanding voting power of the STRF Stock and any voting parity stockholders. As of September 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding, all of which rank senior to the STRF Stock, and no dividend parity stock or liquidation parity stock outstanding. Regular Dividends Generally The STRF Stock accumulates cumulative dividends (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 amount” (as defined below under the caption “—Definitions”) thereof (and, to the extent described in the third immediately following paragraph, on unpaid regular dividends), regardless of whether or not declared or funds are legally available for their payment. SA-16

Subject to the other provisions described below, such regular dividends will be payable when, as and if