Slide 1: MSTR Investor Briefing: Amplified Bitcoin Equity and Digital Credit Platform
STRATEGY $MSTR INVESTOR BRIEFING Amplified Bitcoin Equity and Digital Credit Platform Strategy Class A Common Stock | Nasdaq: MSTR MSTR is the residual equity of the world’s first and largest Bitcoin Treasury Company. It combines net bitcoin exposure with a capital-markets franchise designed to crea
Slide 2: Why own MSTR
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 01 | EXECUTIVE OVERVIEW Why own MSTR A residual claim on Net Reserves plus the franchise value of Strategy’s capital-markets platform. THE INVESTMENT PROPOSITION CURRENT ECONOMICS • Reserve leadership. 840,447 BTC, approximately 4.00% of total 1,000
Slide 3: Company and equity at a glance
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 02 | COMPANY AND EQUITY PROFILE Company and equity at a glance Strategy combines a bitcoin treasury operation, a Digital Credit capital-markets platform and an enterprise analytics software business. TERM SUMMARY Issuer Strategy Inc Security Class A
Slide 4: A liquid, high-volatility equity with measurable reserve exposure
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 03 | MARKET PROFILE AND PER-SHARE ECONOMICS A liquid, high-volatility equity with measurable reserve exposure Per-share reserve value responds mechanically to bitcoin, while MSTR market value also reflects credit creation, capital-market access, sent
Slide 5: Net Reserves plus franchise value
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 04 | VALUATION FRAMEWORK Net Reserves plus franchise value A useful starting point separates the residual reserve base from the market-implied value of Digital Credit, software, brand, liquidity, technology and capital-allocation optionality. CURRENT
Slide 6: Why scale can matter in a Bitcoin Treasury Company
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 05 | COMPETITIVE POSITION Why scale can matter in a Bitcoin Treasury Company Strategy seeks to convert reserve scale, liquidity, execution and network effects into lower-cost, higher-volume Digital Credit and greater BTC-per-share potential. THE MSTR
Slide 7: How Digital Credit can create common-equity value
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 06 | DIGITAL CREDIT ENGINE How Digital Credit can create common-equity value Credit capital can increase bitcoin exposure per share when it is issued at attractive terms, deployed productively and earns a long-term BTC return above its effective cost
Slide 8: From one-way issuance to dynamic capital allocation
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 07 | ACTIVE CAPITAL MANAGEMENT From one-way issuance to dynamic capital allocation Strategy can move among issuance, repurchases, BTC acquisition and limited BTC monetization as relative value, liquidity and market conditions change. ISSUE WHEN ATTRA
Slide 9: A liquidity and capital-allocation framework for the whole enterprise
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 08 | DIGITAL CREDIT CAPITAL FRAMEWORK A liquidity and capital-allocation framework for the whole enterprise The capital framework is designed to strengthen Digital Credit, preserve long-term Bitcoin exposure and support shareholder value through dedi
Slide 10: A large reserve base with explicit senior claims
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 09 | BALANCE SHEET AND EQUITY METRICS A large reserve base with explicit senior claims Common shareholders own the residual economics after debt and preferred claims, supported by a dedicated USD Reserve and measured through Strategy’s supplemental p
Slide 11: Long-term upside potential with severe interim volatility
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 10 | PERFORMANCE, SOFTWARE AND PORTFOLIO ROLE Long-term upside potential with severe interim volatility MSTR has historically delivered amplified long-horizon bitcoin exposure, while the software segment contributes operating capabilities and optiona
Slide 12: The principal risks an equity investor should underwrite
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 11 | RISK FRAMEWORK The principal risks an equity investor should underwrite MSTR is a highly volatile residual claim on bitcoin, financing execution and a complex capital structure. The Digital Credit franchise can create value, but it also creates
Slide 13: Primary sources and important information
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 12 | SOURCES AND DISCLOSURES Primary sources and important information This briefing uses public information filed through August 24, 2026 and market data as of the dates indicated. PRIMARY SOURCES SOURCE LINK USED FOR Strategy MSTR Dashboard Open so
Slide 14: Glossary of Defined Terms
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 13 | GLOSSARY OF DEFINED TERMS Glossary of Defined Terms mNAV is a market-derived ratio, expressed as a multiple, equal to the market price per share of the Net Reserve represents the BTC Reserve; minus the notional amount of the Company’s out-of-the
Slide 15: Important Information
STRATEGY | MSTR INVESTOR BRIEFING AUGUST 23, 2026 14 | IMPORTANT INFORMATION Important Information (a) Illustrative-metrics preamble The following terms used in this briefing provide a conceptual framework for how management views its securities and capital financing decisions in the context of the
Slide 16: STRC Investor Briefing: Short Duration High Yield Digital Credit
STRATEGY $STRC INVESTOR BRIEFING Short Duration High Yield Digital Credit Variable Rate Series A Perpetual Stretch Preferred Stock | Nasdaq: STRC STRC is Strategy’s variable-rate cumulative perpetual preferred stock. It currently provides an annualized dividend of $12.00 per $100 stated amount, paya
Slide 17: What STRC is designed to deliver
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 01 | EXECUTIVE OVERVIEW What STRC is designed to deliver A high-income, cumulative, variable-rate instrument designed to reduce Macaulay duration and interest-rate sensitivity through monthly dividend-rate adjustments, while encouraging trading near
Slide 18: Terms at a glance
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 02 | SECURITY TERMS Terms at a glance The Amended and Restated Certificate of Designations and prospectus govern. This table is a plain-English summary, not a substitute for those documents. TERM SUMMARY Issuer Strategy Inc. Security Variable Rate Se
Slide 19: A variable 12% dividend with a market-determined yield
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 03 | CASH FLOW AND MARKET PROFILE A variable 12% dividend with a market-determined yield The current annual rate is set by Strategy; effective yield moves with both the rate and STRC’s trading price. YIELD SENSITIVITY MARKET SNAPSHOT STRC PRICE EFFEC
Slide 20: STRC's current yield premium
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 04 | PUBLIC MARKET YIELD STRC’s current yield premium At $96.18, STRC’s current $12 annualized dividend produces a 12.48% effective yield—materially above selected publicly traded credit and income benchmarks. TICKER PUBLICLY TRADED BENCHMARK YIELD S
Slide 21: Yield, liquidity and volatility in context
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 05 | CREDIT COMPARABLES Yield, liquidity and volatility in context The supplied comparison places STRC beside Strategy digital credit and diversified public-market proxies across income, returns, trading activity and volatility. 1 INCOME PREMIUM 2 DI
Slide 22: A broader capital policy designed to support STRC near $100
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 06 | RATE MANAGEMENT A broader capital policy designed to support STRC near $100 Strategy’s corporate objective is for STRC to trade over time in approximately a $99-$100 range. The capital framework evaluates the dividend rate monthly alongside rese
Slide 23: Cumulative cash flow and capital-allocation protections
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 07 | INVESTOR PROTECTIONS Cumulative cash flow and capital-allocation protections Nonpayment increases the economic claim and restricts many payments to parity and junior equity, but STRC holders do not receive director-election rights. IMMEDIATELY U
Slide 24: Liquidity, dividend policy and buybacks work together to support STRC
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 08 | DIGITAL CREDIT CAPITAL FRAMEWORK Liquidity, dividend policy and buybacks work together to support STRC The capital framework treats STRC price stability as a capital-management objective supported by dedicated liquidity, active repurchases and d
Slide 25: Short-duration design supported by reserve growth and active buybacks
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 09 | CREDIT POSITION Short-duration design supported by reserve growth and active buybacks Here, short duration refers to Macaulay duration, the weighted average time in years to receipt of cash flows and an indicator of price sensitivity to changes
Slide 26: Potential tax deferral, not tax exemption
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 10 | TAX AND PORTFOLIO ROLE Potential tax deferral, not tax exemption Strategy currently expects declared STRC distributions to be return of capital for U.S. federal income-tax purposes to the extent of a holder’s basis, subject to change and investo
Slide 27: The principal risks an investor should underwrite
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 11 | RISK FRAMEWORK The principal risks an investor should underwrite The 12.48% current effective yield compensates investors for variable-rate discretion, perpetual structure, issuer credit, subordination, bitcoin exposure, call risk and market vol
Slide 28: Primary sources and important information
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 12 | SOURCES AND DISCLOSURES Primary sources and important information This briefing uses public information and Strategy-supplied market data, including the capital framework and subsequent STRC buyback implementation. PRIMARY SOURCES SOURCE LINK US
Slide 29: Glossary of Defined Terms
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 13 | GLOSSARY OF DEFINED TERMS Glossary of Defined Terms Effective Yield is the annualized yield on an asset based on its fixed dividend rate or its current dividend BTC Reserve represents the total number of bitcoin the Company holds as of a specifi
Slide 30: Important Information
STRATEGY | STRC INVESTOR BRIEFING AUGUST 23, 2026 14 | IMPORTANT INFORMATION Important Information (a) Illustrative-metrics preamble The following terms used in this briefing provide a conceptual framework for how management views its securities and capital financing decisions in the context of the
Slide 31: STRF Investor Briefing: Long Duration Senior Digital Credit
STRATEGY $STRF INVESTOR BRIEFING Long Duration Senior Digital Credit 10.00% Series A Perpetual Strife Preferred Stock | Nasdaq: STRF STRF is Strategy’s senior-most perpetual preferred stock. It provides a fixed $10.00 cumulative annual dividend per $100 stated amount, payable quarterly in cash when
Slide 32: What STRF is designed to deliver
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 01 | EXECUTIVE OVERVIEW What STRF is designed to deliver A fixed-dollar, cumulative cash-flow instrument sitting at the top of Strategy’s preferred equity stack. STRF is designed to have long Macaulay duration: a weighted-average cash-flow timing mea
Slide 33: Terms at a glance
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 02 | SECURITY TERMS Terms at a glance The Certificate of Designations and prospectus govern. This table is a plain-English summary, not a substitute for those documents. TERM SUMMARY Issuer Strategy Inc. Security 10.00% Series A Perpetual Strife Pref
Slide 34: A fixed $10 dividend with a market-determined yield
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 03 | CASH FLOW AND MARKET PROFILE A fixed $10 dividend with a market-determined yield The regular cash amount is fixed to stated amount; the effective yield moves inversely with STRF’s trading price. YIELD SENSITIVITY MARKET SNAPSHOT STRF PRICE EFFEC
Slide 35: STRF's current yield premium
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 04 | PUBLIC MARKET YIELD STRF’s current yield premium At $99.57, STRF’s fixed $10 annual dividend produces a 10.04% effective yield—materially above selected publicly traded credit and income benchmarks. TICKER PUBLICLY TRADED BENCHMARK YIELD STRF PR
Slide 36: Yield, liquidity and volatility in context
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 05 | CREDIT COMPARABLES Yield, liquidity and volatility in context The supplied comparison places STRF beside Strategy digital credit and diversified public-market proxies across income, returns, trading activity and volatility. 1 INCOME PREMIUM 2 SE
Slide 37: A missed dividend triggers escalating economics
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 06 | DIVIDEND PROTECTION A missed dividend triggers escalating economics Regular dividends remain cumulative. Each unpaid quarterly installment then compounds under a separate annualized rate that begins at 11% and rises to an 18% cap. 10.00% 11% ->
Slide 38: Capital allocation and governance protections
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 07 | HOLDER RIGHTS Capital allocation and governance protections Persistent nonpayment progressively restricts payments to other equity and ultimately gives preferred holders board and consent rights. IMMEDIATELY 4 CONSECUTIVE MISSED DATES 8 CONSECUT
Slide 39: A disciplined capital framework designed to strengthen Digital Credit
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 08 | DIGITAL CREDIT CAPITAL FRAMEWORK A disciplined capital framework designed to strengthen Digital Credit The capital framework adds Board-approved liquidity, repurchase and BTC monetization policies around STRF and Strategy’s broader preferred-cap
Slide 40: Senior preferred credit supported by disciplined liquidity management
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 09 | CREDIT POSITION Senior preferred credit supported by disciplined liquidity management The Board-approved USD Reserve policy dedicates liquidity to preferred dividends and debt interest; the Aug. 24 increase reduces net senior claims in Strategy’
Slide 41: Potential tax deferral, not tax exemption
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 10 | TAX AND PORTFOLIO ROLE Potential tax deferral, not tax exemption Strategy currently expects distributions on its preferred stock to be return of capital for U.S. federal income-tax purposes to the extent of a holder’s basis. ILLUSTRATIVE 1,000-S
Slide 42: The principal risks an investor should underwrite
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 11 | RISK FRAMEWORK The principal risks an investor should underwrite The 10.04% current yield compensates investors for perpetual duration, issuer credit, subordination, bitcoin exposure and market volatility. RISK WHY IT MATTERS STRF has no maturit
Slide 43: Primary sources and important information
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 12 | SOURCES AND DISCLOSURES Primary sources and important information This briefing uses public information, including the Digital Credit Capital Framework and subsequent implementation disclosures. PRIMARY SOURCES SOURCE LINK USED FOR Current price
Slide 44: Glossary of Defined Terms
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 13 | GLOSSARY OF DEFINED TERMS Glossary of Defined Terms Effective Yield is the annualized yield on an asset based on its fixed dividend rate or its current dividend BTC Reserve represents the total number of bitcoin the Company holds as of a specifi
Slide 45: Important Information
STRATEGY | STRF INVESTOR BRIEFING AUGUST 23, 2026 14 | IMPORTANT INFORMATION Important Information (a) Illustrative-metrics preamble The following terms used in this briefing provide a conceptual framework for how management views its securities and capital financing decisions in the context of the
Slide 46: STRK Investor Briefing: Convertible Digital Credit with Equity Participation
STRATEGY $STRK INVESTOR BRIEFING Convertible Digital Credit with Equity Participation 8.00% Series A Perpetual Strike Preferred Stock | Nasdaq: STRK STRK is Strategy’s convertible perpetual preferred stock. It provides an 8.00% cumulative annual dividend on its $100 stated amount, payable quarterly
Slide 47: What STRK is designed to deliver
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 01 | EXECUTIVE OVERVIEW What STRK is designed to deliver Cumulative preferred income paired with a long-dated contractual option on MSTR. THE INVESTMENT PROPOSITION CURRENT ECONOMICS • Cumulative fixed income. $8.00 of annual regular dividends per 1,
Slide 48: Terms at a glance
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 02 | SECURITY TERMS Terms at a glance The Certificate of Designations, any amendments and the prospectus govern. This table is a plain-English summary, not a substitute for those documents. TERM SUMMARY Issuer Strategy Inc. Security 8.00% Series A Pe
Slide 49: An 8% cumulative dividend plus MSTR conversion optionality
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 03 | CASH FLOW AND MARKET PROFILE An 8% cumulative dividend plus MSTR conversion optionality The cash-flow claim is fixed to stated amount; effective yield moves with STRK’s price, while conversion value moves with MSTR. YIELD SENSITIVITY MARKET SNAP
Slide 50: STRK's current yield premium
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 04 | PUBLIC MARKET YIELD STRK’s current yield premium At $72.26, STRK’s $8 annual dividend produces an 11.07% effective yield—materially above selected public credit and income benchmarks, before assigning value to the MSTR conversion option. PUBLICL
Slide 51: Yield, liquidity and volatility in context
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 05 | CREDIT COMPARABLES Yield, liquidity and volatility in context The supplied comparison places STRK beside Strategy Digital Credit and diversified public-market proxies across income, returns, trading activity and volatility. 1 INCOME PREMIUM 2 HY
Slide 52: Cumulative income plus a contractual MSTR option
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 06 | CONVERSION ECONOMICS Cumulative income plus a contractual MSTR option Each STRK share is convertible into 0.1 MSTR, subject to adjustment. Conversion value therefore equals 10% of the MSTR share price. 8.00% 0.1000 MSTR CUMULATIVE REGULAR DIVIDE
Slide 53: Cumulative arrears, payment flexibility and governance triggers
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 07 | HOLDER RIGHTS Cumulative arrears, payment flexibility and governance triggers Unpaid regular dividends continue to compound, constrain payments to junior equity and can ultimately activate preferred-director rights. IMMEDIATELY 4 CONSECUTIVE MIS
Slide 54: A disciplined capital framework designed to strengthen Digital Credit
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 08 | DIGITAL CREDIT CAPITAL FRAMEWORK A disciplined capital framework designed to strengthen Digital Credit The capital framework adds a Board-approved liquidity reserve, preferred repurchase authorization and limited BTC monetization capacity around
Slide 55: Convertible preferred credit supported by liquidity and bitcoin
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 09 | CREDIT POSITION Convertible preferred credit supported by liquidity and bitcoin The Board-approved USD Reserve policy dedicates liquidity to preferred dividends and debt interest; the Aug. 24 increase reduces net senior claims in Strategy’s illu
Slide 56: Potential tax deferral with convertible-specific complexity
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 10 | TAX AND PORTFOLIO ROLE Potential tax deferral with convertible-specific complexity Strategy currently expects preferred distributions to be return of capital for U.S. federal income-tax purposes to the extent of basis, but stock payments, deemed
Slide 57: The principal risks an investor should underwrite
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 11 | RISK FRAMEWORK The principal risks an investor should underwrite The 11.07% current yield and embedded MSTR option compensate investors for perpetual duration, subordination, issuer and bitcoin exposure, conversion risk and market volatility. RI
Slide 58: Primary sources and important information
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 12 | SOURCES AND DISCLOSURES Primary sources and important information This briefing uses public information, including the Digital Credit Capital Framework and subsequent implementation disclosures. PRIMARY SOURCES SOURCE LINK USED FOR Strategy STRK
Slide 59: Glossary of Defined Terms
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 13 | GLOSSARY OF DEFINED TERMS Glossary of Defined Terms Effective Yield is the annualized yield on an asset based on its fixed dividend BTC Reserve represents the total number of bitcoin the Company holds as of a rate or its current dividend rate, a
Slide 60: Important Information
STRATEGY | STRK INVESTOR BRIEFING AUGUST 23, 2026 14 | IMPORTANT INFORMATION Important Information (a) Illustrative-metrics preamble The following terms used in this briefing provide a conceptual framework for how management views its securities and capital financing decisions in the context of the
Slide 61: STRD Investor Briefing: High Yield Junior Digital Credit
STRATEGY $STRD INVESTOR BRIEFING High Yield Junior Digital Credit 10.00% Series A Perpetual Stride Preferred Stock | Nasdaq: STRD STRD is Strategy’s non-cumulative perpetual preferred stock. It provides a 10.00% annual dividend on its $100 stated amount, payable quarterly solely in cash when and if
Slide 62: What STRD is designed to deliver
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 01 | EXECUTIVE OVERVIEW What STRD is designed to deliver The highest current yield in Strategy Digital Credit, paired with non-cumulative dividend risk and junior priority. THE INVESTMENT PROPOSITION CURRENT ECONOMICS • High indicated cash yield. $10
Slide 63: Terms at a glance
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 02 | SECURITY TERMS Terms at a glance The Certificate of Designations, any amendments and the prospectus govern. This table is a plain-English summary, not a substitute for those documents. TERM SUMMARY Issuer Strategy Inc. Security 10.00% Series A P
Slide 64: A 10% stated dividend with a market yield above 13%
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 03 | CASH FLOW AND MARKET PROFILE A 10% stated dividend with a market yield above 13% The $10 annual amount is available only if each quarterly dividend is declared; because STRD is non-cumulative, omitted periods create no arrears claim. YIELD SENSI
Slide 65: STRD's current yield premium
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 04 | PUBLIC MARKET YIELD STRD’s current yield premium At $72.50, STRD’s potential $10 annual dividend produces a 13.79% effective yield—the highest among the Strategy preferreds in the supplied comparison, but only if future dividends are declared an
Slide 66: Yield, liquidity and volatility in context
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 05 | CREDIT COMPARABLES Yield, liquidity and volatility in context The supplied comparison places STRD beside Strategy Digital Credit and diversified public-market proxies across income, returns, trading activity and volatility. 1 INCOME PREMIUM 2 JU
Slide 67: High current yield with no arrears claim
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 06 | NON-CUMULATIVE DIVIDEND DESIGN High current yield with no arrears claim STRD pays quarterly cash dividends only when declared. If a quarter is omitted, no dividend, interest or other amount accrues for that period. 10.00% $0.00 ANNUAL DIVIDEND R
Slide 68: Current-period priority and limited event protections
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 07 | HOLDER RIGHTS Current-period priority and limited event protections STRD receives protections for a declared current-period dividend, liquidation and fundamental changes, but no arrears claim or preferred-director rights after nonpayment. CURREN
Slide 69: A disciplined capital framework designed to strengthen Digital Credit
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 08 | DIGITAL CREDIT CAPITAL FRAMEWORK A disciplined capital framework designed to strengthen Digital Credit The capital framework adds a Board-approved liquidity reserve and preferred repurchase authorization around STRD, but does not convert its dis
Slide 70: Junior preferred credit supported by liquidity and bitcoin
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 09 | CREDIT POSITION Junior preferred credit supported by liquidity and bitcoin The Board-approved USD Reserve policy dedicates liquidity to preferred dividends and debt interest; the Aug. 24 increase reduces net senior claims in Strategy’s illustrat
Slide 71: Potential tax deferral applies only to distributions actually paid
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 10 | TAX AND PORTFOLIO ROLE Potential tax deferral applies only to distributions actually paid Strategy currently expects preferred distributions to be return of capital for U.S. federal income-tax purposes to the extent of basis. Because STRD is non
Slide 72: The principal risks an investor should underwrite
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 11 | RISK FRAMEWORK The principal risks an investor should underwrite The 13.79% indicated yield compensates investors for non-cumulative dividend discretion, junior priority, perpetual duration, issuer and bitcoin exposure, and market volatility. RI
Slide 73: Primary sources and important information
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 12 | SOURCES AND DISCLOSURES Primary sources and important information This briefing uses public information, including the Digital Credit Capital Framework and subsequent implementation disclosures. PRIMARY SOURCES SOURCE LINK USED FOR Strategy STRD
Slide 74: Glossary of Defined Terms
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 13 | GLOSSARY OF DEFINED TERMS Glossary of Defined Terms Effective Yield is the annualized yield on an asset based on its fixed dividend rate or its current dividend BTC Reserve represents the total number of bitcoin the Company holds as of a specifi
Slide 75: Important Information
STRATEGY | STRD INVESTOR BRIEFING AUGUST 23, 2026 14 | IMPORTANT INFORMATION Important Information (a) Illustrative-metrics preamble The following terms used in this briefing provide a conceptual framework for how management views its securities and capital financing decisions in the context of the