Vault-13

STRATEGY INC MSTR 2.25 06.15.32

NOTE 2.250% 6/1 · US DOMESTIC · CUSIP 594972AN1

34 institutional holders -4 vs Q1 2026
468,000468.0k shares reported held*
$720.6mreported value*
7 new 10 added 11 reduced 12 sold out net sold ≈ $21.7m (+117.0k 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 ≈ $1539.65. Options: 0 managers hold calls (— notional), 1 hold puts ($552.1k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q2 25: 24Q3 25: 27Q4 25: 33Q1 26: 38Q2 26: 3434Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q2 202524
Q3 202527
Q4 202533
Q1 202638
Q2 202634

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 11 bought or addedQ3 25: 11 cut or sold outQ3 25Q4 25: 20 bought or addedQ4 25: 13 cut or sold outQ4 25Q1 26: 22 bought or addedQ1 26: 16 cut or sold outQ1 26Q2 26: 17 bought or addedQ2 26: 23 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20251111
Q4 20252013
Q1 20262216
Q2 20261723

Calls vs puts

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

CallsPuts
$0$200k$400k$600kQ3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $0Q2 26 puts: $552.1kQ2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$0—
Q2 2026$0$552.1k—

Biggest buyers

Weiss Asset Management LP Added +68,857,000+68.9m
AQR Arbitrage LLC Added +21,275,000+21.3m
Linden Advisors LP Added +8,225,000+8.2m
Verition Fund Management LLC New +7,500,000+7.5m
Mirabaud Asset Management (France) SAS New +7,300,000+7.3m
MORGAN STANLEY New +5,926,000+5.9m
ADVENT CAPITAL MANAGEMENT /DE/ Added +4,613,000+4.6m
STATE STREET CORP Added +4,350,000+4.3m
BlackRock, Inc. Added +3,325,000+3.3m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Added +2,750,000+2.8m

Biggest sellers

Sculptor Capital LP Sold out -30,000,000-30.0m
TWO SIGMA INVESTMENTS, LP Sold out -26,000,000-26.0m
Calamos Advisors LLC Reduced -24,403,000-24.4m
CAPSTONE INVESTMENT ADVISORS, LLC Reduced -16,500,000-16.5m
Long Corridor Asset Management Ltd Sold out -15,000,000-15.0m
MILLENNIUM MANAGEMENT LLC Sold out -8,500,000-8.5m
CSS LLC/IL Sold out -7,500,000-7.5m
Context Capital Management, LLC Reduced -6,500,000-6.5m
Balyasny Asset Management L.P. Reduced -6,000,000-6.0m
BNP PARIBAS FINANCIAL MARKETS Reduced -5,150,000-5.2m

Biggest calls

None

Biggest puts

DEUTSCHE BANK AG\ New $552.1k579.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.65% of their portfolio New York, NY 131,263,000131.3m $126.1m $126.1m 0.65% Added +8.2m +8,225,000
2 Weiss Asset Management LP 1.32% of their portfolio BOSTON, MA 121,252,000121.3m $117.4m $117.4m 1.32% Added +68.9m +68,857,000
3 WHITEBOX ADVISORS LLC 1.74% of their portfolio MINNEAPOLIS, MN 112,000,000112.0m $107.8m $107.8m 1.74% Unchanged
4 WOLVERINE ASSET MANAGEMENT LLC 0.92% of their portfolio CHICAGO, IL 73,600,00073.6m $70.7m $70.7m 0.92% Unchanged
5 AQR Arbitrage LLC 0.56% of their portfolio Greenwich, CT 41,205,00041.2m $39.4m $39.4m 0.56% Added +21.3m +21,275,000
6 Calamos Advisors LLC 0.13% of their portfolio NAPERVILLE, IL 37,500,00037.5m $36.5m $36.5m 0.13% Reduced -24.4m -24,403,000
7 Context Capital Management, LLC 0.70% of their portfolio LAJOLLA, CA 36,500,00036.5m $34.9m $34.9m 0.70% Reduced -6.5m -6,500,000
8 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 32,778,00032.8m $313.8k $313.8k 0.00% Reduced -196.0k -196,000
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,198,00021.2m $20.5m $20.5m 0.00% Added +4.3m +4,350,000
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.42% of their portfolio NEW YORK, NY 19,210,00019.2m $18.4m $18.4m 0.42% Added +4.6m +4,613,000
11 Jump Financial, LLC 0.15% of their portfolio Chicago, IL 17,500,00017.5m $16.7m $16.7m 0.15% Reduced -2.5m -2,500,000
12 BlackRock, Inc. 0.00% of their portfolio New York, NY 16,235,00016.2m $15.5m $15.5m 0.00% Added +3.3m +3,325,000
13 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.08% of their portfolio SAN FRANCISCO, CA 15,000,00015.0m $14.2m $14.2m 0.08% Not comparable
14 ARISTEIA CAPITAL, L.L.C. 0.18% of their portfolio GREENWICH, CT 12,000,00012.0m $11.5m $11.5m 0.18% Unchanged
15 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 11,600,00011.6m $11.2m $11.2m 0.01% Added +600.0k +600,000
16 Point72 Asset Management, L.P. 0.02% of their portfolio STAMFORD, CT 11,500,00011.5m $11.1m $11.1m 0.02% Reduced -5.0m -5,000,000
17 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,750,0008.8m $8.4m $8.4m 0.01% Added +2.8m +2,750,000
18 Verition Fund Management LLC 0.05% of their portfolio GREENWICH, CT 7,500,0007.5m $7.2m $7.2m 0.05% New
19 Mirabaud Asset Management (France) SAS 3.21% of their portfolio PARIS, I0 7,300,0007.3m $7.1m $7.1m 3.21% New
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 5,926,0005.9m $5.7m $5.7m 0.00% New
21 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 4,052,0004.1m $3.9m $3.9m 0.00% Unchanged
22 CAPSTONE INVESTMENT ADVISORS, LLC 0.03% of their portfolio NEW YORK, NY 4,000,0004.0m $3.8m $3.8m 0.03% Reduced -16.5m -16,500,000
23 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 2,500,0002.5m $2.4m $2.4m 0.01% New
24 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,295,0002.3m $2.2m $2.2m 0.00% Added +500.0k +500,000
25 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,250,0001.2m $1.2m $1.2m 0.00% Reduced -5.2m -5,150,000
26 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 1,000,0001.0m $965.0k $965.0k 0.00% Reduced -6.0m -6,000,000
27 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 500,000500.0k $479.4k $479.4k 0.00% Reduced -100.0k -100,000
28 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 450,000450.0k $431.4k $431.4k 0.00% New
29 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 389,000389.0k $370.9k $370.9k 0.00% Added +160.0k +160,000
30 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 250,000250.0k $23.6m $23.6m 0.01% New
31 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 243,000243.0k $236.6k $236.6k 0.00% Unchanged
32 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 157,000157.0k $151.8k $151.8k 0.00% Reduced -715.0k -715,000
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 141,000141.0k $134.7k $134.7k 0.00% Reduced -1.4m -1,411,000
34 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 18,00018.0k $17.2k $17.2k 0.00% New