Slide 1: Proposing to Pay STRC Dividends Semi-Monthly
P|] Proposing to Pay STRC Dividends Semi-Monthly say roposing py senor Secon SRG, todo ec. ‘pont in sped etn i wont os meee. ‘Shona asa marta etiseny,onese pe san Strategy® es ee ‘Amendment to Wgke STR Dividends Semi-Monthly Proposed Amendment Timeline + Ao 7 Prema Prony Fla + Aor 28: Dette Prony Fd
Slide 2: April 2026 Amendment to Make STRC Dividends Semi-Monthly
April 2026 Amendment to Make STRC Dividends Semi-Monthly Annex B
Slide 3: Important Information & Forward-Looking Statements
Important Information & Forward-Looking Statements Additional Information and Where You Can Find It This communication constitutes soliciting material pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended. Strategy Inc (the “Company”) has already filed a preliminary proxy sta
Slide 4: STRC Highlights
Strategy* STRC Highlights
Slide 5: STRC is One of the Most Successful Credit Instruments Ever
STRC is One of the Most Successful Credit Instruments Ever 11.5% Current Yield $6.4B Notional Value 4.5 Sharpe Ratio $3.4B 2026 YTD ATM 714,644 1.7% Hist. Volatility (30D) $339M Avg. Daily Liquidity (30D) Tax-Deferred (“ROC”) / 18.3% Tax-Eq. Yield (1) Nasdaq-Listed Note: Notional Value and 2026 YTD
Slide 6: STRC Effective Yield Compared to Traditional Credit
STRC Effective Yield Compared to Traditional Credit Provided for illustrative purposes only; does not constitute investment advice and should not form the basis for making an investment decision in STRC or any other security. Tax-Equivalent Yield calculated assuming a U.S. individual holder with a 3
Slide 7: STRC Sharpe Ratio Compared to Traditional Credit
STRC Sharpe Ratio Compared to Traditional Credit Note: As of market close on April 14, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30D).
Slide 8: STRC Sharpe Ratio Compared to Traditional Equities
STRC Sharpe Ratio Compared to Traditional Equities Note: As of market close on April 14, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30D). With respect to common equity instruments, calculated as (BSE Annualized R
Slide 9: STRC Sharpe Ratio Compared to Traditional Asset Classes
STRC Sharpe Ratio Compared to Traditional Asset Classes Note: As of market close on April 14, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30D). With respect to commodity or common equity instruments, calculated as
Slide 10: Size has Rapidly Grown to $6.4 Billion
Size has Rapidly Grown to $6.4 Billion $6.4B Note: As of 8-K filed on April 13, 2026. Notional Value Outstanding (in $B) $3.6B Added through ATM $2.8B
Slide 11: Daily Liquidity has Grown ~10x in months to $514M
Daily Liquidity has Grown ~10x in 5 months to $514M (1) As of market close on April 14, 2026. Average Daily Traded Volume for Each Month (in $M) (1)
Slide 12: Volatility has Rapidly Declined to Just 2%
Volatility has Rapidly Declined to Just 2% Note: As of market close on April 14, 2026. Launch Maturation Average 30D Volatility for Different Time Periods
Slide 13: STRC Record Date Dynamics
Strategy* STRC Record Date Dynamics
Slide 14: STRC Liquidity
STRC Liquidity (1) As of market close on April 14, 2026. Record Date Record Date Record Date Daily Traded Volume (in $M) Record Date
Slide 15: STRC ATM Velocity Drops after the Record Date
STRC ATM Velocity Drops after the Record Date Note: As of 8-K filed on April 13, 2026. Weekly Issuance of STRC (in $M) Record Date $1,001M Record Date Record Date Record Date
Slide 16: STRC Price Drops Below Par after the Record Date
Note: As of April 15, 2026. $0.45 Avg drawdown Opening Price Drawdown from Par on the Ex-Dividend Date for Each Month STRC Price Drops Below Par after the Record Date
Slide 17: Amendment Proposal
Strategy* Amendment Proposal
Slide 18: Proposing to Pay STRC Dividends Semi-Monthly
Proposing to Pay STRC Dividends Semi-Monthly Dividends paid two times a month instead of once: 15th & month-end; economics unchanged(1) Designed to Stabilize Price, Dampen Cyclicality, Drive Liquidity, Grow Demand Nasdaq Rules Limit Frequency (10 Days between Declaration & Record) (1) Annual dividen
Slide 19: Month Calendar – Old vs New Dividend Cadence
12 Month Calendar – Old vs New Dividend Cadence 12 PAYMENTS / YEAR 24 PAYMENTS / YEAR Old Cadence New Cadence $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Dec-31 Payment Dates – Month-end Payment Dates – 15th & Month-end Same total dividend amount; each payment amo
Slide 20: Monthly Calendar – Old vs New Dividend Cadence
Payment Date #1 Last day of previous month Record Date Monthly Calendar – Old vs New Dividend Cadence Record dates on 15th and last day of the month; payment date on subsequent Record Date 1 PAYMENT / MONTH 2 PAYMENTS / MONTH Last day of month Last day of month 15th of month 15th of next month 15th
Slide 21: Proposed Amendment Timeline
Preliminary Proxy Filed Apr 17 Proposed Amendment Timeline May 5 Earnings Call Jun 8 Definitive Proxy Filed(1) Apr 28 Shareholder Meeting Date Voting Opens (1) Estimated date of filing. Voting Completes
Slide 22: Amendment Benefits
Strategy* Amendment Benefits
Slide 23: STRC would move an Octave Higher. 2x Frequency. Same Yield.
STRC would move an Octave Higher. 2x Frequency. Same Yield.
Slide 24: STRC would be the Only Pref with Semi-Monthly Dividends
STRC would be the Only Pref with Semi-Monthly Dividends 921 Pay Quarterly Dividends(1) 1 Would Pay Semi-monthly 32 Pay Monthly Dividends “STRC” Market Cap $260B $6.4B $3.6B Source: Bloomberg. Universe screened includes preferred securities listed globally with more than $50 million in amount outstan
Slide 25: STRC would be the Only Equity with Semi-Monthly Dividends
STRC would be the Only Equity with Semi-Monthly Dividends 24,000 Pay Quarterly Dividends(1) 1 Would Pay Semi-monthly 176 Pay Monthly Dividends “STRC” Market Cap $150T $6.4B $304B Source: Bloomberg. Universe includes actively traded equities; excludes mutual funds, ETFs, closed-end funds, receipts, a
Slide 26: Amendment is Favorable to STRC Holders
Amendment is Favorable to STRC Holders Matches bi-monthly US payroll cycle Ex-dividend date price drawdown expected to be cut in half Intended to reduce volatility, increase liquidity, drive stronger demand More entry and exit opportunities for shareholders Faster dividend reinvestment with reduced
Slide 27: Amendment is Favorable to MSTR Holders
Amendment is Favorable to MSTR Holders Only company with semi-monthly dividend-paying preferred Strengthening STRC creates competitive advantages Higher STRC demand drives Amplification and Bitcoin Per Share Accretive BTC purchases can drive mNAV higher, lowering cost of capital Drives more capital
Slide 28: Semi-Monthly Dividends would Start after Vote is Passed
Semi-Monthly Dividends would Start after Vote is Passed Dividends on STRC Stock are payable when, as and if declared by the Board of Directors or any duly authorized committee thereof, out of funds legally available for their payment. This is for illustrative purposes only and does not represent any
Slide 29: Digital Transformation of Credit
Digital Transformation of Credit STRC is uniquely a high yield, high liquidity, low volatility, low tax digital credit security. This amendment will now make it the highest frequency credit instrument globally. This will benefit the entire ecosystem: Digital credit innovators STRC investors MSTR inv
Slide 30: Appendix
Strategy* Appendix
Slide 31: Important Information about Terms used in this Presentation
Important Information about Terms used in this Presentation Tax-Equivalent Yield, with respect to any preferred security, is the annualized stated interest rate that would be required on a corporate bond trading at par for a U.S. individual investor to receive after-tax cash interest payments equiva
Slide 32: Additional Information
Additional Information Strategy is not a registered money market fund under the Investment Company Act of 1940, as amended, is not subject to the same protections as a registered money market fund, and does not operate as registered money market fund. Among other things, unlike money market funds, w
Slide 33: Phong Le: "This could make $STRC twice as good as it is now."
Phong Le @phongle “This could make $STRC twice as good as it is now.” Strategy Strategy is proposing to pay semi-monthly dividends on $STRC, instead of monthly. No change to the annual dividend obligations or dividend rate. These proposed changes are intended to stabilize price, dampen cyclicality,