Commentary & Deal Flow

Strategy Inc (MSTR) EUR700m (up from EUR350m) SEC registered 10% series A perpetual stream pfd stock (STRE Stock). NCL (except for certain adverse tax scenarios or if less than 25% of the issued STRE remains outstanding). NR/B- (--/stable). Ranks senior to STRK, STRD, and MSTR common stock; ranks junior to STRF, STRC, and debt. Stated amount: EUR100 per share of STRE stock. Via Barc (B&D)/MS/Moelis/SocGen/TD/Canaccord/StoneX jt active books. Off the shelf. List Lux. Delaware law. Pays quarterly, cumulative, March 31, June 30, Sept 30 and Dec 31, beginning 12/31/25. 10% dividend rate (if dividends are not paid in full the dividend rate per annum applicable to such unpaid amount will increase by 100bp following each subsequent dividend period, up to maximum dividend rate of 18% per annum (the "Compunded Dividend Rate"), until such dividends, together with compounded dividends thereon, is paid in full). Denoms: 100kx1k. Settles T+5 (11/13). ISIN: US5949728464. Price talk: EUR80-85 (10% div rate). 

Final terms: EUR700m at EUR80 (10% div rate).

Did investor calls and small group meetings 11/04-05. Books closed at 4:30pm UKT / 11:30am NYT 11/06 (originally closing 3:30pm UKT /10:30am NYT 11/06). Pricing 11/06 UK afternoon. UOP: GCP, including the acquisition of bitcoin and for working capital. Biz: (f/k/a MicroStrategy) the world’s first and largest Bitcoin Treasury Company. It is a publicly traded company that has adopted Bitcoin as its primary treasury reserve asset. By using proceeds from equity and debt financings, as well as cash flows from our operations, they strategically accumulate Bitcoin and advocate for its role as digital capital. Its treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. In addition, it provides industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere. HQ: Tysons Corner, VA.