Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 184

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 184
---
 |     4,211,949 |     |    2,182,108 |
| Total                                  |     |    $4,212,458 |     |   $2,182,591 |

Convertible Senior Notes The Company has issued the following convertible notes (collectively, the “Convertible Notes”) in private offerings:

| • | $650.0 million aggregate principal amount of 0.750% Convertible Senior Notes due 2025 (the “2025 Convertible Notes”); |

| • | $1.050 billion aggregate principal amount of 0% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”); |

| • | $1.010 billion aggregate principal amount of 0.625% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”); |

| • | $800.0 million aggregate principal amount of 0.625% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”); |

| • | $603.8 million aggregate principal amount of 0.875% Convertible Senior Notes due 2031 (the “2031 Convertible Notes”); and |

| • | $800.0 million aggregate principal amount of 2.25% Convertible Senior Notes due 2032 (the “2032 Convertible Notes”). |

The Convertible Notes are senior unsecured obligations of the Company and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

F-12

TABLE OF CONTENTS

The following table summarizes the key terms of each of the Convertible Notes (principal at inception, net proceeds, and issuance costs are each reported in thousands):

|                                                               |     |          2025 
   Convertible 
         Notes |     |         2027 
  Convertible 
        Notes |     |          2028 
   Convertible 
         Notes |     |          2030 
   Convertible 
         Notes |     |          2031 
   Convertible 
         Notes |     |