Bitcoin Per Share (in Sats), or BPS, is a KPI that represents the ratio between the Company’s bitcoin holdings and Assumed Diluted Shares Outstanding, expressed in terms of Satoshis (or Sats), where: 

• “Assumed Diluted Shares Outstanding” refers to the aggregate of the Company’s Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method, incorporates approximate forfeitures of awards in the current period which may be subject to future adjustment and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. 

• “Basic Shares Outstanding” reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under ATMs, or (B) were to be issued pursuant to (i) options that had been exercised, (ii) restricted stock units that have vested or (iii) conversion requests received with respect to convertible securities, but which in each case were pending issuance as of the dates presented. 

• A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, currently the smallest indivisible unit of a bitcoin. 

BTC Yield is a KPI that represents the percentage change in BPS from the beginning of a period to the end of a period. 

BTC Gain is a KPI that represents the number of bitcoins held by the Company at the beginning of a period multiplied by the BTC Yield for such period. 

BTC $ Gain is a KPI that represents the dollar value of the BTC Gain calculated by multiplying the BTC Gain by the market price of bitcoin. For determining BTC $ Gain quarter to date or year to date, unless otherwise specified, the Company uses the current market price of bitcoin. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period. The Company uses these market prices of bitcoin for this calculation solely for the purpose of facilitating this illustrative calculation. 

The Company uses BPS, BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to shareholders. The Company also believes these KPIs can supplement investors’ understanding of how the Company chooses to fund bitcoin purchases and the value created in a period: 

• BPS measures the ratio of the Company’s bitcoin holdings to Assumed Diluted Shares Outstanding, which provides management and investors a baseline with which to assess the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner over a given period. When evaluating a capital raise transaction, the Company reviews this metric and considers the impact such transaction will have on this ratio on a pro forma basis. This metric forms the baseline for the Company’s BTC Yield, BTC Gain and BTC $ Gain KPIs, which present changes in BPS from the beginning of a period to the end of the period in different formats, and which the Company reviews to assess the performance of its strategy of acquiring bitcoin in a manner the Company believes to be accretive to shareholders. 

• BTC Yield measures the percentage change in BPS from the beginning of a period to the end of a period, which helps management and investors assess how the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner varies across periods. The Company uses BTC Yield to evaluate whether its capital markets activity and bitcoin acquisition strategy resulted in gross per-share accretion (or dilution) on an Assumed Diluted Shares Outstanding basis over an applicable period, and to compare the impact of the Company’s strategy across periods. 

• BTC Gain hypothetically expresses the percentage change reflected in the BTC Yield metric as if it reflected an increase in the amount of bitcoin held at the end of the applicable period as compared to the beginning of such period, which provides management and investors with visibility into the absolute change in the Company’s bitcoin holdings resulting from the Company’s BTC Yield. The Company uses BTC Gain to measure the accretive or dilutive impact of the change in BPS over an applicable period in absolute terms relative to the Company’s bitcoin holdings. This metric can be particularly helpful when comparing the execution of the Company’s capital markets strategy across periods, as BTC Yield may be lower when the Company’s bitcoin asset base is larger, but result in the same BTC Gain. For example, a 10% BTC Yield with a starting amount of 100,000 bitcoin will result in 10,000 BTC Gain, which is the same BTC Gain that would result from 5% BTC Yield with a starting amount of 200,000 bitcoin. 

• BTC $ Gain further expresses the percentage change reflected in the BTC Yield metric as an illustrative dollar value by multiplying that bitcoin-denominated change by the market price of bitcoin at the end of the applicable period as described above. The Company refers to this metric for illustrative purposes to consider the magnitude of the Company’s BTC Gain for an applicable period with reference to the market price of bitcoin as of the end of an applicable period. 

When the Company uses these KPIs, management takes into account the various limitations of these metrics, including that: 

• the KPIs do not take into account that the Company’s assets, including its bitcoin, are subject to (i) all of the Company’s existing and future liabilities, including the Company’s debt, and (ii) the preferential rights of the Company’s preferred stockholders to dividends and the Company’s assets in a liquidation, and that all such claims rank to senior to those of the Company’s common equity; therefore holders of such excluded instruments may have claims on the Company’s assets (including bitcoin) senior to those of holders of common stock in the event of the Company’s liquidation, and as a result the additional bitcoin acquired using proceeds from the sale of such instruments may not accrete to common stockholders; and  

• the KPIs assume that all indebtedness will be refinanced or, in the case of the Company’s senior convertible debt instruments and convertible preferred stock, converted into shares of class A common stock in accordance with their respective terms. 

BPS, BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically: 

• BPS does not represent (i) the Company’s ability to satisfy its financial obligations, or (ii) the Company’s book value per share. Ownership of a share of the Company’s common stock does not represent an ownership interest in the bitcoin held by us. 

• BTC Yield is not equivalent to “yield” in the traditional financial context. It is not a measure of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing the Company’s stock, or a measure of income generated by the Company’s operations or the Company’s bitcoin holdings, return on investment on the Company’s bitcoin holdings, or any other similar financial measure of the performance of the Company’s business or assets. 

• BTC Gain and BTC $ Gain are not equivalent to “gain” in the traditional financial context. They also are not measures of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing the Company’s stock, or measures of income generated by the Company’s operations or the Company’s bitcoin holdings, return on investment on the Company’s bitcoin holdings, or any other similar financial measure of the performance of the Company’s business or assets. It should also be understood that BTC $ Gain does not represent a fair value gain of the Company’s bitcoin holdings, and BTC $ Gain may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings. 

The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and the Company’s actual or potential shares of class A common stock outstanding, and as a result, the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin, and none of BPS, BTC Yield, BTC Gain or BTC $ Gain are indicative or predictive of the trading price of the Company’s securities. 

Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which requires that the Company measure its bitcoin at fair value in the Company’s statement of financial position as of the end of a reported period, and recognize gains losses from changes in the fair value in net income for the reported period. As a result, the Company may incur unrealized gain or loss on digital assets based on changes in the market price of bitcoin during a period, which would not be reflected in BPS, BTC Yield, BTC Gain or BTC $ Gain. For example, if the Company increases its bitcoin holdings relative to Assumed Diluted Shares Outstanding during a reported period, the Company would achieve increased BPS and positive BTC Yield, BTC Gain and BTC $ Gain even if the Company reports significant unrealized loss on digital assets for the period. Similarly, if the Company increases Assumed Diluted Shares Outstanding at a faster rate than the Company’s bitcoin holdings, then the Company would experience decreased BPS and negative BTC Yield, BTC Gain, and BTC $ Gain, even if the Company reports significant unrealized gain on digital assets for the period. 

As noted above, these KPIs are narrow in their purpose and are used by management to assist it in assessing whether the Company is raising and deploying capital in a manner accretive to shareholders solely as it pertains to the Company’s bitcoin holdings. 

In calculating these KPIs, the Company does not consider the source of capital used for the acquisition of the Company’s bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-convertible notes or non-convertible preferred stock, or convertible notes or preferred stock that carry conversion prices above the current trading price of the Company’s common stock or conversion rights that are not then exercisable, such transactions have the effect of increasing the BPS, BTC Yield, BTC Gain and BTC $ Gain, while also increasing the Company’s indebtedness and senior claims of holders of instruments other than class A common stock with respect to dividends and to the Company’s assets, including the Company’s bitcoin, if the Company were to liquidate, in a manner that is not reflected in these metrics. 

If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase the Company’s non-convertible instruments, the Company may be required to sell shares of the Company’s class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations, either of which would have the effect of decreasing BPS, BTC Yield, BTC Gain and BTC $ Gain, and adjustments for such decreases are not contemplated by the assumptions made in calculating these metrics. Accordingly, these metrics might overstate or understate the accretive nature of the Company’s use of capital to buy bitcoin because not all bitcoin is purchased using proceeds of issuances of class A common stock, instruments that are convertible into class A common stock may be forfeited or repaid with funds other than from the sale of class A common stock in the period in question rather than being exercised for or converted into class A common stock, and not all proceeds from issuances of class A common stock are used to purchase bitcoin.      

In addition, the Company is required to pay dividends with respect to the Company’s perpetual preferred stock in perpetuity. The Company could pay these dividends with cash or, in the case of STRK, by issuing shares of class A common stock. The Company has issued shares of class A common stock for cash to fund the payment of cash dividends, and the Company may in the future issue shares of class A common stock in lieu of paying dividends on STRK. As a result, the Company has experienced, and may experience in the future, increases in Assumed Diluted Shares Outstanding without corresponding increases in the Company’s bitcoin holdings, resulting in decreases in BPS, BTC Yield, BTC Gain and BTC $ Gain for the applicable periods.   

The Company has historically not paid any dividends on the Company’s shares of class A common stock, and by presenting these KPIs the Company makes no suggestion that the Company intends to do so in the future. Ownership of the Company’s securities, including the Company’s class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.   

The Company determines the Company’s KPI targets based on its history and future goals.  The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of the Company’s control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results.    

These KPIs are merely supplements, not substitutes to the financial statements and other disclosures contained in the Company’s SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations.  

The multiple of the BTC Reserve, as of the specified date, calculated as the Company’s enterprise value (as we define it) divided by the BTC Reserve.  The Company’s enterprise value is calculated as the sum of (A) the total market value of all outstanding MSTR common stock, including class A common stock and class B common stock, calculated by multiplying the number of outstanding shares of class A common stock and class B common stock by the closing price of the class A common stock on the Nasdaq Global Select Market on the applicable date, (B) the aggregate principal amount of the Company’s indebtedness and (C) the aggregate notional value of the Company’s outstanding perpetual preferred stock, less (D) the Company’s most recently reported cash balance value.  Although mNAV incorporates the label “NAV,” it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context.  Additionally, it is not a measure of the amount by which the enterprise value exceeds net asset value in the traditional financial sense of those terms.  Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. This metric is merely a supplement, not a substitute, to the financial statements and other disclosures contained in the Company’s SEC filings. It should be used only by sophisticated investors who understand their limited purpose and many limitations.

Certain terms used in this Dashboard, including those described below, provide a conceptual framework for how management views its securities and capital financing decisions in the context of the Company’s bitcoin strategy. These terms are presented for illustrative purposes only, and do not constitute investment advice, and should not be used to form the basis for an investment decision. None of BTC Rating, BTC Credit, or BTC Risk are measures of financial results or liquidity, or key performance indicators. Please review these definitions carefully to understand the limitations of these illustrative metrics, and please refer to the Company’s SEC filings and financial statements for information about the Company, its business, securities, strategy, bitcoin holdings and similar matters.

BTC Rating is, in the case of: (a) any of our indebtedness or perpetual preferred securities, the ratio of (i) the BTC Reserve to (ii) the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instruments with a stated maturity date sooner than or that may become due upon an exercise of a repurchase right at the option of the holder sooner than, the liability being rated; (b) MSTR, the ratio of (i) the sum of the BTC Reserve, less all Debt, less all Pref, plus the USD Reserves, to (ii) MSTR’s Market Cap; and (c) any exchange traded product holding only bitcoin, 1. BTC Rating does not represent a rating from any rating agency and is not equivalent to a "rating" in the traditional financial context. BTC Rating also does not account for potential cross-defaults under our debt obligations that would result in debt obligations with stated maturities later than the liability being rated becoming due sooner than the liability being rated. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Our Preferred Stocks may have liquidation preferences greater than their Notional values; BTC Rating does not take this into account and is based solely on a Preferred Stock’s Notional value.

BTC Risk is the probability of an instrument having a BTC Rating less than 1 at the end of its Duration.  This probability is derived from a  lognormal distribution modeling of bitcoin’s price, adjusted for BTC ARR and BTC Volatility assumptions. BTC Risk does not represent an actuarial risk rating or a rating from any rating agency, and it is not a risk rating in the traditional financial context. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Actual results may vary materially from these illustrative results.

Recent trading prices of our class A common stock may reflect market dynamics that are not connected to traditional software and business intelligence industry fundamentals, or to valuation methods commonly associated with operating companies in these industries or with companies engaged predominantly in passive investments in bitcoin or other commodities, such as exchange-traded funds. Our equity market capitalization is currently well in excess of our stockholders’ equity calculated in accordance with U.S. GAAP and in excess of valuations that might traditionally be expected based on our operating performance, cash flows and net assets. Investors may therefore be unable to assess the value our class A common stock or evaluate the risks of an investment in us using traditional or commonly used enterprise valuation methods. We cannot predict how these dynamics may evolve over time, or whether or how long they may last. These market and industry factors may seriously harm the market price of our class A common stock, regardless of our actual operating performance, resulting in substantial losses for investors in our class A common stock, including holders of any shares of class A common stock issued upon the conversion of our perpetual preferred stock.

We are not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, are not subject to the same rules and regulations as an ETP or an ETF, and do not operate as an ETP or ETF.  In particular, unlike spot bitcoin ETPs, we (i) do not seek for our shares of Class A common stock to track the value of the underlying bitcoin we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable spot bitcoin ETPs to continuously align the value of their shares to the price of the underlying bitcoin they hold through share creation and redemption, (iii) are a Delaware corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, (iv) are subject to federal income tax at the entity level and the other risk factors applicable to an operating business, such as ours, and (v) are not required to provide daily transparency as to our bitcoin holdings or our daily NAV.

The percentage return on an asset over the preceding 90 days, including all dividends paid during such time period.

The volume weighted average price for the number of trading days in the current month.

The percentage return on an asset over the preceding 12 months, including all dividends paid during such time period.

Debt + Pref divided by the BTC Reserve.

Our annualized obligation for dividends on our preferred stock and interest on our outstanding indebtedness.

The aggregate of our Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. See “Important Information About BTC Yield, BTC Gain and BTC $ Gain KPIs” for further information regarding this definition and how it is used.

The average trading volume of an asset over the last 30 calendar days. For our securities listed on a particular stock exchange, this is measured based on the trading on such stock exchange over the last 30 calendar days.

The ratio of Avg Trading Vol (30D) to Market Cap.

The actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that were sold under at-the-market equity offering programs, that were to be issued pursuant to options that had been exercised or restricted stock units that have vested or that were to be issued with respect to conversion requests received with respect to convertible securities, but which in each case were pending issuance as of the dates presented.  See “Important Information About BTC Yield, BTC Gain and BTC $ Gain KPIs” for further information regarding this definition and how it is used.

Bitcoin Per Share (BPS) is a key performance indicator (“KPI”) that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of Satoshi, where:

• “Assumed Diluted Shares Outstanding” refers to the aggregate of our Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments.  
• “Basic Shares Outstanding” reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that were sold under at-the-market equity offering programs.
• A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, currently the smallest indivisible unit of a bitcoin.

The percentage return on an asset since August 10, 2020, the beginning date of the Bitcoin Standard Era, including all dividends paid during such time period.

The total number of bitcoin we hold as most recently reported by us in our public filings with the SEC.

BTC $ Equity is BTC Reserve less BTC $ Value. BTC $ Equity is presented for illustrative purposes only, and it does not represent “equity” in the traditional financial context.

BTC $ Gain is a KPI that represents the dollar value of the BTC Gain calculated by multiplying the BTC Gain by the market price of bitcoin. For determining BTC $ Gain QTD and YTD, unless otherwise specified, the Company uses the current market price of bitcoin. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period. The Company uses these market prices of bitcoin for this calculation solely for the purpose of facilitating this illustrative calculation.  

BTC $ Income is the dollar value of the unrealized gain or loss on bitcoin acquired with any given financing, net of associated dividend or interest costs, and multiplied by, in the case of a net gain, the BTC Spread, or, in the case of a net loss, 100%, over the applicable period. For any debt or liability with a maturity, the redemption of such debt or liability, excluding any dilution already assumed in the original calculation of BTC Gain, is treated as a cost, similar to dividend or interest costs. BTC $ Income is presented for illustrative purposes only, and it does not represent "income" in the traditional financial context.

BTC $ Value is the sum of BTC $ Gain and BTC $ Income. BTC $ Value is presented for illustrative purposes only, and it does not represent “value” in the traditional financial context.

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.

The BTC Price at which our bitcoin holdings would be equal to Net Debt.

BTC Breakeven is the BTC ARR% necessary to generate positive BTC $ Value with respect to any given financing.

The ratio of Dividends to the BTC Reserve.

The ratio of Dividends to BTC NAV.

BTC Capital is the proceeds used from capital raised for the purpose of acquiring bitcoin.

Statistical measure of how an asset’s price movements correlate with Bitcoin Price movements over the preceding 90 trading days.

BTC Credit is the credit spread necessary to offset BTC Risk for a given security. It is calculated by annualizing BTC Risk assuming the same probability each year of the BTC Rating of such security falling below 1 each year and assuming no recovery. This metric is presented for illustrative purposes only and should not form the basis for an investment decision.

BTC Credit Hurdle is the BTC ARR necessary to create investment grade BTC Credit, based on the framework presented in this presentation. This metric is presented for illustrative purposes only and should not form the basis for an investment decision.

The ratio of Dividends to the aggregate notional value of preferred stock. This represents the BTC ARR necessary to exceed our cost of capital.

BTC Factor is the ratio of ending BPS to starting BPS in respect of any period.

BTC Gain is a KPI that represents the number of bitcoins held by the Company at the beginning of a period multiplied by the BTC Yield for such period.  

BTC Hurdle is the BTC ARR% necessary to generate positive BTC $ Income with respect to any given financing.

BTC Multiple is the ratio of BTC Reserve to BTC $ Equity.

The price of bitcoin as of 4:00pm on the day on which the offering for a bond priced.

BTC Parity is the BTC Price at which any given offering would result in no BTC Yield.

BTC Premium is the embedded premium in market capitalization relative to BTC Reserve.

The current market price of one bitcoin.

BTC Rating is, in the case of: (a) any of our indebtedness or perpetual preferred securities, the ratio of (i) the BTC Reserve to (ii) the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instruments with a stated maturity date sooner than or that may become due upon an exercise of a repurchase right at the option of the holder sooner than, the liability being rated; (b) MSTR, the ratio of (i) the sum of the BTC Reserve, less all Debt, less all Pref, plus the USD Reserves, to (ii) MSTR’s Market Cap; and (c) any exchange traded product holding only bitcoin, 1. BTC Rating does not represent a rating from any rating agency and is not equivalent to a "rating" in the traditional financial context. BTC Rating also does not account for potential cross-defaults under our debt obligations that would result in debt obligations with stated maturities later than the liability being rated becoming due sooner than the liability being rated. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Our Preferred Stocks may have liquidation preferences greater than their Notional values; BTC Rating does not take this into account and is based solely on a Preferred Stock’s Notional value.

The market value of our BTC calculated by multiplying our BTC and the BTC Price.

BTC Risk is the probability of an instrument having a BTC Rating less than 1 at the end of its Duration.  This probability is derived from a  lognormal distribution modeling of bitcoin’s price, adjusted for BTC ARR and BTC Volatility assumptions. BTC Risk does not represent an actuarial risk rating or a rating from any rating agency, and it is not a risk rating in the traditional financial context. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Actual results may vary materially from these illustrative results.

BTC Spread is the BTC Gain with respect to a given financing represented as a percentage of BTC Capital. BTC Spread is presented for illustrative purposes only, and it does not represent “spread” in the traditional financial context.

The BTC ARR necessary for a 10-year period such that the BTC Price would be equal to BTC Base Level at the end of such period.

BTC Torque is the ratio of BTC $ Value to BTC Capital.

BTC Volatility is the assumed standard deviation of annual return of bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the volatility of bitcoin is being made.

The ratio of the BTC Reserve to Dividends, expressed in number of years. This assumes that we will refinance all current debt senior to the our preferred stock on substantially similar terms without any principal repayment. This metric is provided for illustrative purposes only, is not a measure prepared in accordance with GAAP, and should not be construed as a liquidation analysis, solvency measure or assurance of the Company’s ability to pay dividends. In an actual stress or liquidation scenario, claims of creditors and other liabilities, including the full principal amount of senior indebtedness, would reduce the assets available to satisfy Dividend obligations. Any use of our bitcoin holdings to satisfy our dividend obligations will have a negative impact on our instruments’ BTC Rating.

BTC Yield is a KPI that represents the percentage change in BPS from the beginning of a period to the end of such period.

Open interest of call options on an asset.

MicroStrategy Incorporated d/b/a Strategy.

The initial price at which a convertible bond can be converted into shares of MSTR.

The stated regular interest rate on the bond.

The sum of the Notional value for the rated instrument and all shorter-Duration / senior instruments and, for Debt, less a pro rata portion of the USD Reserve (weighted by each bond’s notional value).

The Euro to U.S. dollar exchange rate of displayed on the Bloomberg page “BFIX” as of 12:30 P.M. (New York City time) on the immediately preceding Friday of any date of measurement.

The aggregate principal amount of our outstanding indebtedness as most recently reported by us in our public filings with the SEC.

The annual dividend rate of a preferred stock instrument, whether a fixed rate, or in the case of STRC, the current dividend rate based upon the dividend rate most recently declared by Strategy’s board of directors. 

The annualized dividend rate for the applicable Dividend Period.

In respect of options, it is the average of the number of days to expiration for the options on an asset, weighted by the open interest in such options. For a convertible bond is the sooner of the stated maturity date or the date such bond may become due upon an exercise of a repurchase right at the option of the holder. Duration for a preferred stock is the Macaulay Duration of such preferred stock.

The annualized yield on an asset based on its fixed dividend rate or its current dividend rate, as applicable, and the current price of such asset. 

The sum of the current Market Cap of MSTR, our total Debt, and our total Pref, less our most recently reported cash balance.

The ratio between (a) the value of 1/10th of a share of MSTR (i.e., the value of the portion of a share of MSTR into which a share of STRK can be converted) and (b) the value of one share of STRK.

Annualized standard deviation of the daily natural log return of an asset measured over the last 30 trading days.

Annualized standard deviation of the daily natural log return of an asset measured over the last calendar year.

A measure of the market's expectation of the future volatility of an asset over the life of the options on that asset. This is calculated based on the market price of options on the asset, and weighted by the open interest in such options.

The date on which the bonds were issued.

The percentage return on an asset since the date of pricing of the initial offering of such asset, including all dividends paid during such time period.

Macaulay Duration of a preferred stock is the number of years equal to the quotient obtained by dividing the sum of 1 and the Effective Yield of such stock by the Effective Yield of such stock.

Total market value of an asset (e.g., the Market Cap of a stock is the market value of all outstanding shares of such stock).

The maturity date of the bond

The Price multiplied by the number of units of such asset issued and outstanding.

The multiple of the BTC Reserve, as of the specified date, calculated as the Company’s enterprise value (as we define it) divided by the BTC Reserve.  The Company’s enterprise value is calculated as the sum of (A) the total market value of all outstanding MSTR common stock, including class A common stock and class B common stock, calculated by multiplying the number of outstanding shares of class A common stock and class B common stock by the closing price of the class A common stock on the Nasdaq Global Select Market on the applicable date, (B) the aggregate principal amount of the Company’s indebtedness and (C) the aggregate notional value of the Company’s outstanding perpetual preferred stock, less (D) the Company’s most recently reported cash balance value.  Although mNAV incorporates the label “NAV,” it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context.  Additionally, it is not a measure of the amount by which the enterprise value exceeds net asset value in the traditional financial sense of those terms.  Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. This metric is merely a supplement, not a substitute, to the financial statements and other disclosures contained in the Company’s SEC filings. It should be used only by sophisticated investors who understand their limited purpose and many limitations.

Our class A common stock.

Statistical measure of how an asset’s price movements correlate with MSTR Price movements over the preceding 90 trading days.

The latest traded price of MSTR on the Nasdaq Global Select Market.

The outstanding principal of our debt less our cash (including the USD Reserve)

The difference of Debt less the dollar amount held in the USD Reserve, divided by the BTC Reserve.

The date on which the next regular dividend on a preferred stock is scheduled to be payable, as and if declared by Strategy’s board of directors. Provided for illustrative purposes only. There is no guarantee that the board will declare such a dividend, and subject to limited exceptions, the board may choose not to pay accumulated dividends on its preferred stock for any reason.

The date on which a holder of a share of [STRF/STRC/STRK/STRD] must be recorded as a shareholder of record as of 5:00 PM NYC time in order to be eligible to receive the next regular dividend on the Next Payout Date, as and if declared by Strategy’s board of directors.

The total face value (expressed in USD and assuming, as applicable, the Current FX Rate) of the shares or securities, which is used as a basis for calculating dividends, interest, and other financial metrics.

The ratio of Open Interest to Market Cap.

The product of (i) total number of outstanding option contracts on a traded security, (ii) 100 shares of such security, and (iii) the latest trading price of the security.

The aggregate Notional value of our outstanding perpetual preferred stocks as most recently reported by us in our public filings with the SEC.

The latest traded price of an asset. In the case of a bond, this assumes a $100 principal amount.

The date on which bondholders may require Strategy to repurchase their bonds at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the repurchase date.

Open interest of put options on an asset.

The ratio of Put Open Interest to Call Open Interest.

Price of MSTR at the time of pricing of a bond.

The current 3-month yield on US Treasuries. 

With respect to a Pref, the quotient obtained by dividing (a) the sum of (i) such Pref’s Effective Yield less (ii) the Risk-Free Rate, by (b) such Pref’s Hist Volatility (30D). With respect to other assets, the quotient obtained by dividing (a) the sum of (i) such asset’s 1Y Return less (ii) the Risk-Free Rate, by (b) such asset’s Hist Volatility (1Y).

Statistical measure of how an asset’s price movements correlate with S&P Preferred Stock Index movements over the preceding 90 trading days.

Statistical measure of how an asset’s price movements correlate with SPDR S&P 500 ETF price movements over the preceding 90 trading days.

Our Variable Rate Series A Perpetual Stretch Preferred Stock.

Our 10.00% Series A Perpetual Stride Preferred Stock.

Our 10.00% Series A Perpetual Strife Preferred Stock.

Our 8.00% Series A Perpetual Strike Preferred Stock.

The latest traded price of STRC on the Nasdaq Global Select Market. 

The latest traded price of STRD on the Nasdaq Global Select Market.

The latest traded price of STRF on the Nasdaq Global Select Market.

The latest traded price of STRK on the Nasdaq Global Select Market.

The sum of the Put Open Interest and Call Open Interest.

The total value of an asset traded on the Nasdaq Global Select Market on the most recent trading day (i.e., today, or if today is a non-trading day, the most recent trading day).

The portion of a capital raise that is not BTC Capital.

The dollar value of USD Capital raised from selling MSTR equal to 1 minus the inverse of the mNAV at the time such shares were sold. This represents the percent of capital raised for a given transaction that is attributable to being raised at an mNAV greater than 1x. USD Gain is not a gain in the traditional financial context.

The dollar amount held in the USD Reserve divided by the product of Dividends and 12. Assumes no use of USD Reserve funds for satisfaction of other financial obligations that come due during this period, including put rights and maturities on our convertible debt.

The cash or cash equivalents USD amount on our balance sheet reserved for payment of Dividends as of the last date reported.