Slide 1: Amendment to Pay Daily Dividends
Amendment to Pay Daily Dividends NASDAQ: STRF, STRC, STRK, and STRD September 2026 Copyright © 2026 Strategy. All Rights Reserved.
Slide 2: 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 filed a preliminary proxy statement w
Slide 3: Digital Credit Highlights
Digital Credit Highlights Copyright © 2026 Strategy. All Rights Reserved.
Slide 4: Digital Credit Has Scaled to $16 Billion in 20 Months
Digital Credit Has Scaled to $16 Billion in 20 Months $14M Strategy holds ~90% of the Digital Credit market share at $14.5B CHAD IPO Added 4th Digital Asset Digital Credit Notional Outstanding (in $B) treasury issuer (SOL) STRC moved to semi-monthly SATA moved to daily $16 $200M $16B Digital Credit
Slide 5: Strategy Digital Credit Overview
Strategy Digital Credit Overview STRF STRC STRE STRK STRD Lowest Risk Treasury Credit Euro-Denominated Upside Exposure Highest Yield Size $1.3B $9.3B $0.9B(6) $1.4B $1.4B Liquidity(1) $7M $141M - $7M $7M Dividend % 10% (Fixed) 12% (Variable) 10% (Fixed) 8% (Fixed) 10% (Fixed) Div. Frequency Quarterl
Slide 6: Digital Credit Tax-Equivalent Yield vs. Other Credit
Digital Credit Tax-Equivalent Yield vs. Other Credit 21.4% 19.8% 19.3% 16.8% 15.3% 10.0% 7.5% 7.0% 5.7% 4.4% 4.0% 3.9% 3.7% 0.4% STRD STRE STRC STRK STRF Private Junk Bonds Bank Investment Mortgage Commercial Treasury Money Bank Credit Preferreds Grade Backed Paper Bills Markets Accounts (Tax-Eq. Yi
Slide 7: STRC Highlights as of September 2026
STRC Highlights as of September 2026 Current Yield Avg. Daily Liquidity (30D) Notional Value 12.2% $141M $9.3B Tax-Deferred (“ROC”) / Nasdaq-Listed 19.3% Tax-Eq. Yield (1) Buyback Program USD Assets USD Duration $1.1B $6.1B 3.8 Yrs STRC repurchased; $0.9B capacity remaining BTC Rating BTC Reserve BT
Slide 8: STRC Is the Platform for Digital Money and Digital Yield
STRC Is the Platform for Digital Money and Digital Yield Digital Money/Yield Digital Credit Digital Capital 8
Slide 9: STRC Is a Building Block for Financial Products
STRC Is a Building Block for Financial Products Daily dividends would strengthen product fit across $420M+ of reported STRC AUM Stablecoins / DeFi Tokenization Funds / ETPs Cash / Yield Accounts $241M STRC AUM $172M STRC AUM $11M STRC AUM $2M STRC AUM Yield-bearing dollars and on- Tokenized STRC acc
Slide 10: Our Objective is for STRC to Trade Over Time at $99-$100
Our Objective is for STRC to Trade Over Time at $99-$100 Closing Price $100 $80 July 27, 2026 $60 June 29, 2026 Strategy Initiates STRC Digital Credit and MSTR Repurchases and Announces Repurchase Authorizations Ongoing Share Buyback Policy Announced $40 $20 $0 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May
Slide 11: Upgrades to Make STRC More Robust
Upgrades to Make STRC More Robust Each enhancement is designed to improve price stability, liquidity, and investor demand V1 V2 V3 V4 V5 Jul 2025 Dec 2025 Jun 2026 Jun 2026 Nov 2026 (Proposed) Semi-monthly Semi-monthly Monthly dividends Monthly dividends Daily dividends dividends dividends Variable
Slide 12: Amendment Proposal
Amendment Proposal Copyright © 2026 Strategy. All Rights Reserved.
Slide 13: Thank You, Shareholders, for Approving Semi-Monthly Dividends on STRC
Thank You, Shareholders, for Approving Semi-Monthly Dividends on STRC • Shareholders approved the amendment on June 8, 2026 • 97.5% of STRC shares voted were cast FOR the proposal(1) 99.9% of MSTR shares voted were cast FOR the proposal(1) • Dividends paid two times a month instead of once: 15th & m
Slide 14: Proposing to Accrue and Pay Daily Dividends on STRF, STRC, STRK & STRD
Proposing to Accrue and Pay Daily Dividends on STRF, STRC, STRK & STRD 1) Dividends accrued ~15x more frequently for STRC (semi-monthly to daily), and ~90x more frequently for STRF/K/D (quarterly to daily), economics unchanged (1) 2) Each calendar day is a record date with next business day as payme
Slide 15: STRC Record Date Schedule: Old vs New Cadence
STRC Record Date Schedule: Old vs New Cadence Each box is one year of record dates; only the number of the pieces changes Record Dates – 15th & Month-end 24 R EC O R D D A T ES / YEA R Old Cadence Record Dates – Every calendar day 365 R EC O R D D A T ES / YEA R New Cadence Illustrative only: Assumi
Slide 16: STRF/K/D Record Date Schedule: Old vs New Cadence
STRF/K/D Record Date Schedule: Old vs New Cadence Each box is one year of record dates; only the number of the pieces changes Record Dates – Quarter-end 4 R EC O R D D A T ES / YEA R Old Cadence Record Dates – Every calendar day 365 R EC O R D D A T ES / YEA R New Cadence Illustrative only: Assuming
Slide 17: Daily Dividend Payment Calculation
Daily Dividend Payment Calculation STEP 1 | SEMI-MONTHLY DIVIDEND PER SHARE $100 x 12.00% / 24 = $0.50 Stated amount Illustrative annual rate Semi-Monthly Dividend STEP 2 | DAILY DIVIDEND PER SHARE $0.50 / 15 = $0.03 Semi-Monthly Calendar days in Daily Dividend amount Semi-Monthly period (1) Each da
Slide 18: Every Calendar Day is a Record Date
Every Calendar Day is a Record Date Dividends are paid on the next business day Record date Record date + Payment date Public Holiday November 2026 Assuming 12% dividend rate Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 $0.03 $0.03 $0.04 $0.03 $0.03 $0.04 $0.03 Paid on Nov 2 Paid on Nov 3 Paid on Nov 4
Slide 19: Proposed Amendment Timeline
Proposed Amendment Timeline Voting opens Voting completes Sep 25 Oct 5 Oct 28 Preliminary Definitive Shareholder proxy filed proxy filed Meeting Date All dates are targets and remain subject to Board and stockholder approvals, required filings and operational readiness. 19
Slide 20: Proposed Transition Timeline
Proposed Transition Timeline STRC STRF / STRK / STRD Last Record Date Oct 15, 2026 Dec 15, 2026 Old cadence Last Payment Date Nov 2, 2026(1) Dec 31, 2026 First Record Date Nov 1, 2026 Jan 1, 2027 New cadence First Payment Date Nov 2, 2026 Jan 4, 2027(2) (1) The stated payment date is October 31; Nov
Slide 21: Amendment Benefits
Amendment Benefits Copyright © 2026 Strategy. All Rights Reserved.
Slide 22: First Global Securities with Calendar Day Accruals / Dividends
First Global Securities with Calendar Day Accruals / Dividends Digital Credit that works every day • Weekends and public holidays count as record dates • Better aligns economics with actual ownership periods • More closely mirrors daily accrual in money market funds Built for the digital transformat
Slide 23: Higher Dividend Frequency Could Reduce Ex-Date Volatility
Higher Dividend Frequency Could Reduce Ex-Date Volatility Median price decline % on ex-dividend date(1) Reduced by 0.49% 27% 0.36% Lower (2) Monthly Semi-Monthly Daily Note: As of 8-K filed on September 21, 2026. (1) Median opening price gap on ex-dividend dates (% of prior trading day close), exclu
Slide 24: Our Prefs Would be 93% of the Total Daily Dividend Market Cap
Our Prefs Would be 93% of the Total Daily Dividend Market Cap Market Cap 24,000 Pay Quarterly Dividends(1) $162T 380 Pay Monthly Dividends $352B Of which 5 Would Pay Daily Dividends (2) “STRF, STRC, STRK, STRD” $15B ~93% would be Strategy’s securities Source: Bloomberg. Universe screened includes co
Slide 25: Amendment is Favorable to Pref Holders
Amendment is Favorable to Pref Holders ✓ Next evolution of Digital Credit after positive feedback on semi-monthly ✓ Similar to money market fund’s accrual cycle ✓ Reduced volatility, increased liquidity, stronger demand ✓ Lowers month-end price volatility, impacting monthly marks for fund managers ✓
Slide 26: Amendment is Favorable to MSTR Holders
Amendment is Favorable to MSTR Holders ✓ Strengthening our preferred securities to create competitive advantages ✓ Increased pref demand to drive Amplification and Bitcoin Per Share ✓ Accretive BTC purchases can drive mNAV higher, lowering cost of capital ✓ Drives more capital into BTC, supporting B
Slide 27: Strategy's Ambition is to be the World's Largest Company
Strategy’s Ambition is to be the World’s Largest Company In terms of market cap Own The Most Capital BTC 30% BTC ARR Expands BTC Accumulation Ability Supports Digital Credit Create The Issue The Best Equity Strongest Credit MSTR STRC Beneficiary of Digital Credit business, Target selling Digital Cre
Slide 28: Thank You
Thank You Copyright © 2026 Strategy. All Rights Reserved.
Slide 29: Appendix
Appendix Copyright © 2026 Strategy. All Rights Reserved.
Slide 30: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The Company uses BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner it believes to be accretive to shareholders. The Company also believes these
Slide 31: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically: • BPS (in Sats) does not represent (i) the ability of the Company to s
Slide 32: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) In calculating BPS (in Sats), BTC Yield, BTC Gain, and BTC $ Gain, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-
Slide 33: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) Change in Method of Calculating KPIs for Interim Periods Effective January 1, 2026, the Company changed the method by which it calculates BTC Yield, BTC Gain and BTC $ Gain when presenting such KPIs for any period that is a subdivis
Slide 34: Important Information about mNAV, Net BTC, Net BPS, and BPS ($)
Important Information about mNAV, Net BTC, Net BPS, and BPS ($) mNAV is a market-derived ratio, expressed as a multiple, equal to: • the market price per share of the Company’s class A common stock, as reported on the Nasdaq Global Select Market, as of a specified date or time; divided by • the Comp
Slide 35: Important Information about mNAV, Net BTC and Net BPS (Cont'd)
Important Information about mNAV, Net BTC and Net BPS (Cont’d) In general, when mNAV is greater than one, the issuance of additional shares of common stock to acquire bitcoin would be expected to increase Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD), and therefore to be accretiv
Slide 36: Important Information about mNAV, Net BTC and Net BPS (Cont'd)
Important Information about mNAV, Net BTC and Net BPS (Cont’d) Net BPS (in Sats) and Net BPS ($) are intended to take account of the senior claims described above, but they do so on the basis of a number of assumptions and are subject to additional limitations, including that: • the Company’s debt-l
Slide 37: Important Information about Amplification
Important Information about Amplification “Amplification” is a ratio, as of a specified date or time, equal to: • the Company’s BTC Reserve; divided by • its Net Reserve. It expresses the extent to which the Company’s total bitcoin holdings exceed the portion of those holdings after accounting for s
Slide 38: Important Information about Terms used in this Presentation
Important Information about Terms used in this Presentation BTC Forecast BTC ARR is an assumed annualized rate of return on bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the price of bitcoin is being made. BTC Volatility is the as
Slide 39: Important Information about Terms used in this Presentation
Important Information about Terms used in this Presentation Tax 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 eq
Slide 40: 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