Vault-13

STRATEGY INC MSTR 0.875 03.15.31

NOTE 0.875% 3/1 · US DOMESTIC · CUSIP 594972AL5

34 institutional holders -8 vs Q1 2026
129,000129.0k shares reported held*
$526.9mreported value*
5 new 14 added 9 reduced 13 sold out net bought ≈ $35.5m (-7.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $4084.47.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q1 25: 34Q2 25: 40Q3 25: 42Q4 25: 45Q1 26: 42Q2 26: 3434Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 202534
Q2 202540
Q3 202542
Q4 202545
Q1 202642
Q2 202634

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q2 25: 19 bought or addedQ2 25: 15 cut or sold outQ2 25Q3 25: 17 bought or addedQ3 25: 16 cut or sold outQ3 25Q4 25: 19 bought or addedQ4 25: 20 cut or sold outQ4 25Q1 26: 24 bought or addedQ1 26: 23 cut or sold outQ1 26Q2 26: 19 bought or addedQ2 26: 22 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q2 20251915
Q3 20251716
Q4 20251920
Q1 20262423
Q2 20261922

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$200k$400k$600k$800kQ3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $645.3kQ4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $0Q2 26 puts: $0Q2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$0—
Q4 2025$0$645.3k—
Q1 2026$0$0—
Q2 2026$0$0—

Biggest buyers

Weiss Asset Management LP Added +80,515,000+80.5m
D. E. Shaw & Co., Inc. New +34,850,000+34.9m
Verition Fund Management LLC Added +22,500,000+22.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +11,500,000+11.5m
ADVENT CAPITAL MANAGEMENT /DE/ Added +9,787,000+9.8m
ARISTEIA CAPITAL, L.L.C. Added +7,250,000+7.2m
LORD, ABBETT & CO. LLC Added +6,048,000+6.0m
Greenland Capital Management LP Added +3,500,000+3.5m
BlackRock, Inc. Added +2,350,000+2.4m
STATE STREET CORP Added +2,068,000+2.1m

Biggest sellers

SUSQUEHANNA ADVISORS GROUP, INC. Reduced -58,500,000-58.5m
Sculptor Capital LP Sold out -40,000,000-40.0m
Linden Advisors LP Reduced -25,000,000-25.0m
Point72 Asset Management, L.P. Sold out -18,500,000-18.5m
AMERIPRISE FINANCIAL INC Sold out -15,000,000-15.0m
Context Capital Management, LLC Reduced -11,000,000-11.0m
Isabella Capital Management LLP Sold out -10,000,000-10.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -7,845,000-7.8m
Lombard Odier Asset Management (Europe) Ltd Sold out -5,160,000-5.2m
Jump Financial, LLC Reduced -3,000,000-3.0m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.51% of their portfolio New York, NY 107,639,000107.6m $98.7m $98.7m 0.51% Reduced -25.0m -25,000,000
2 Weiss Asset Management LP 1.11% of their portfolio BOSTON, MA 106,875,000106.9m $98.7m $98.7m 1.11% Added +80.5m +80,515,000
3 Verition Fund Management LLC 0.28% of their portfolio GREENWICH, CT 43,500,00043.5m $40.1m $40.1m 0.28% Added +22.5m +22,500,000
4 ADVENT CAPITAL MANAGEMENT /DE/ 0.82% of their portfolio NEW YORK, NY 38,723,00038.7m $35.8m $35.8m 0.82% Added +9.8m +9,787,000
5 TENOR CAPITAL MANAGEMENT Co., L.P. 0.45% of their portfolio NEW YORK, NY 35,000,00035.0m $32.2m $32.2m 0.45% Added +11.5m +11,500,000
6 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 34,850,00034.9m $32.0m $32.0m 0.02% New
7 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 27,910,00027.9m $253.5k $253.5k 0.01% Reduced -58.5m -58,500,000
8 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 22,500,00022.5m $20.8m $20.8m 0.08% Unchanged
9 Context Capital Management, LLC 0.29% of their portfolio LAJOLLA, CA 15,649,00015.6m $14.4m $14.4m 0.29% Reduced -11.0m -11,000,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,095,00015.1m $14.0m $14.0m 0.00% Added +2.1m +2,068,000
11 WHITEBOX ADVISORS LLC 0.22% of their portfolio MINNEAPOLIS, MN 14,596,00014.6m $13.4m $13.4m 0.22% Added +2.0m +2,000,000
12 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 12,894,00012.9m $11.8m $11.8m 0.03% Added +6.0m +6,048,000
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 12,200,00012.2m $11.2m $11.2m 0.00% Added +2.4m +2,350,000
14 ARISTEIA CAPITAL, L.L.C. 0.17% of their portfolio GREENWICH, CT 12,000,00012.0m $11.1m $11.1m 0.17% Added +7.2m +7,250,000
15 Jump Financial, LLC 0.08% of their portfolio Chicago, IL 10,000,00010.0m $9.2m $9.2m 0.08% Reduced -3.0m -3,000,000
16 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 9,500,0009.5m $18.8m $18.8m 0.01% Unchanged
17 Greenland Capital Management LP 1.31% of their portfolio NEW YORK, NY 7,500,0007.5m $6.9m $6.9m 1.31% Added +3.5m +3,500,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 7,123,0007.1m $6.5m $6.5m 0.00% Reduced -65.0k -65,000
19 Lombard Odier Asset Management (USA) Corp 4.95% of their portfolio New York, NY 6,000,0006.0m $5.5m $5.5m 4.95% Unchanged
20 WOLVERINE ASSET MANAGEMENT LLC 0.05% of their portfolio CHICAGO, IL 3,905,0003.9m $3.6m $3.6m 0.05% Unchanged
21 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,000,0003.0m $2.8m $2.8m 0.00% Added +550.0k +550,000
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,438,0002.4m $2.2m $2.2m 0.00% Reduced -1.4m -1,440,000
23 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,500,0001.5m $1.4m $1.4m 0.00% Unchanged
24 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,130,0001.1m $1.0m $1.0m 0.00% Reduced -105.0k -105,000
25 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,001,0001.0m $917.3k $917.3k 0.00% New
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 712,000712.0k $652.6k $652.6k 0.00% Reduced -972.0k -972,000
27 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 589,000589.0k $539.0k $539.0k 0.00% New
28 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $365.3k $365.3k 0.00% Unchanged
29 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 350,000350.0k $31.3m $31.3m 0.02% New
30 UBS Group AG 0.00% of their portfolio ZURICH, V8 236,000236.0k $216.3k $216.3k 0.00% Added +97.0k +97,000
31 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 214,000214.0k $194.6k $194.6k 0.00% Added +82.0k +82,000
32 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 183,000183.0k $167.7k $167.7k 0.00% Reduced -70.0k -70,000
33 Tidal Investments LLC 0.00% of their portfolio Milwaukee, WI 129,000129.0k $118.9k $118.9k 0.00% Added +25.0k +25,000
34 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 13,00013.0k $11.9k $11.9k 0.00% New