STRATEGY INC

CUSIP: 594972AN1 Class: NOTE 2.250% 6/1

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (12)

Mint Tower Capital Management B.V.
Value ($000) $8 Shares 7,000,000
AQR Arbitrage LLC
Value ($000) $22,071 Shares 19,875,000
Sculptor Capital LP
Value ($000) $23,440 Shares 21,000,000
Jump Financial, LLC
Value ($000) $8,934 Shares 8,000,000
ADVENT CAPITAL MANAGEMENT /DE/
Value ($000) $5,002 Shares 4,500,000
BALYASNY ASSET MANAGEMENT L.P.
Value ($000) $53,712 Shares 48,243,000
SSI INVESTMENT MANAGEMENT LLC
Value ($000) $388 Shares 351,000
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt
Value ($000) $6,694 Shares 6,000,000
Man Group plc
Value ($000) $1,555 Shares 1,400,000
Zurcher Kantonalbank (Zurich Cantonalbank)
Value ($000) $781 Shares 700,000
Universal- Beteiligungs- und Servicegesellschaft mbH
Value ($000) $559 Shares 500,000
Russell Investments Group, Ltd.
Value ($000) $85 Shares 76,000

Increased Positions (8)

Long Corridor Asset Management Ltd
Value ($000) $16,658 (-37.8%) Shares 15,000,000 (+900.0%)
LMR Partners LLP
Value ($000) $136,454 (-25.7%) Shares 123,000,000 (+19.4%)
Jefferies Financial Group Inc.
Value ($000) $9,332 (+2099.0%) Shares 8,500,000 (+3486.5%)
FMR LLC
Value ($000) $74,222 (+383.3%) Shares 67,139,000 (+678.9%)
CAPSTONE INVESTMENT ADVISORS, LLC
Value ($000) $18,323 (-26.7%) Shares 16,500,000 (+17.9%)
BNP PARIBAS ARBITRAGE, SA
Value ($000) $7,075 (+205.3%) Shares 6,400,000 (+391.9%)
BlackRock, Inc.
Value ($000) $10,956 (-20.2%) Shares 9,910,000 (+28.5%)
STATE STREET CORP
Value ($000) $19,010 (-34.7%) Shares 17,048,000 (+4.6%)

Decreased Positions (4)

Rokos Capital Management LLP
Value ($000) $9,568 (-37.6%) Shares 8,500 (-99.9%)
CSS LLC/IL
Value ($000) $8,759 (-58.8%) Shares 7,885,000 (-33.7%)
Point72 Asset Management, L.P.
Value ($000) $23,825 (-69.7%) Shares 21,500,000 (-51.1%)
MORGAN STANLEY
Value ($000) $533 (-48.6%) Shares 482,000 (-17.2%)

Exited Positions (7)

SUSQUEHANNA ADVISORS GROUP, INC.
Value ($000) $314,686 Shares 176,641,000
NATIXIS
Value ($000) $8,884 Shares 5,000
RWC Asset Management LLP
Value ($000) $259 Shares 145,000
NOMURA HOLDINGS INC
Value ($000) $870 Shares 2,702
JPMORGAN CHASE & CO
Value ($000) $1,863 Shares 1,046,000
ROYAL BANK OF CANADA
Value ($000) $917 Shares 515,000
JANE STREET GROUP, LLC
Value ($000) $714 Shares 400,000