The following discussion about our market risk exposures involves forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. We are exposed to the impact of market price changes in bitcoin, foreign currency fluctuations and interest rate risks. Market Price Risk of Bitcoin. We have used a significant portion of our cash, including cash generated from capital raising transactions, to acquire bitcoin. As discussed in Note 1(b), Summary of Significant Accounting Policies – Digital Assets, to the Consolidated Financial Statements, we account for our bitcoin as indefinite-lived intangible assets. Although we continue to initially record our bitcoin purchases at cost, upon adoption of ASU 2023-08 on January 1, 2025, any subsequent increases or decreases in fair value are recognized as incurred in the Consolidated Statements of Operations, and the fair value of our bitcoin is reflected within the Consolidated Balance Sheets each reporting period-end. As of June 30, 2026, we held approximately 846,000 bitcoins with a carrying value of $49.67 billion on our Consolidated Balance Sheet. Bitcoin is a highly volatile asset that has traded below $60,000 per bitcoin and above $120,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding June 30, 2026. A significant decrease in the price of bitcoin would have a material adverse effect on our earnings. Foreign Currency Risk. We conduct a significant portion of our business in currencies other than the U.S. dollar, the currency in which we report our Consolidated Financial Statements. International revenues accounted for 44.1% and 44.2% of our total revenues for the three and six months ended June 30, 2026, respectively and 43.0% and 42.9% for the three and six months ended June 30, 2025, respectively. We anticipate that international revenues will continue to account for a significant portion of our total revenues. The functional currency of each of our foreign subsidiaries is generally the local currency. Assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at exchange rates in effect as of the applicable Balance Sheet date and any resulting translation adjustments are included as an adjustment to stockholders’ equity. Revenues and expenses generated from these subsidiaries are translated at average monthly exchange rates during the quarter in which the transactions occur. Transaction gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in the results of operations. Additionally, absent limited circumstances, regular dividends and other payments on STRE Stock are paid in Euros. Because we expect to convert U.S. dollar cash balances into Euros to make regular dividends and other payments on the 61 STRE Stock, our ability to make such payments depends on prevailing currency exchange rates, which have historically been volatile. As a result of transacting in multiple currencies and reporting our Consolidated Financial Statements in U.S. dollars, our operating results may be adversely impacted by currency exchange rate fluctuations in the future. We cannot predict the effect of exchange rate fluctuations upon our future results. We attempt to minimize our foreign currency risk by converting our excess foreign currency held in foreign jurisdictions to U.S. dollar-denominated cash and investment accounts. As of June 30, 2026 and December 31, 2025, a 10% adverse change in foreign currency exchange rates versus the U.S. dollar would have decreased our aggregate reported cash and cash equivalents by less than 1%. As of June 30, 2026, a 10% unfavorable change in the euro-to-U.S. dollar exchange rate would increase our U.S. dollar-equivalent dividend payment obligation on STRE Stock by approximately $2.2 million per quarterly dividend payment. If average exchange rates during the six months ended June 30, 2026 had changed unfavorably by 10%, our revenues for the six months ended June 30, 2026 would have decreased by 4.7%. During the six months ended June 30, 2026, our revenues were not significantly impacted by changes in weighted average exchange rates, as compared to the prior year. Interest Rate Risk. We are exposed to changes in interest rates primarily via our STRC Stock and assets held within our USD Reserve. Our STRC Stock accumulates cumulative dividends, which we refer to in this Item 3 Quantitative and Qualitative Disclosures About Market Risk as “regular dividends”, at a variable dividend rate, which is 12.00% per annum as of the date of this Quarterly Report. However, we have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods, subject to certain restrictions, including restrictions on the maximum reduction of the dividend rate and a floor that generally prevents us from changing the regular dividend rate to a new regular dividend rate that is below the monthly SOFR per annum rate in effect on the business day before we provide notice of the next regular dividend rate. Regular dividends on our STRC Stock accrue and are payable in respect of semi-monthly regular dividend periods. Although we may adjust the regular dividend rate per annum of STRC Stock to encourage trading of STRC Stock at prices within a range of approximately $99 to $100 per share, subsequent to June 30, 2026, we announced that management does not intend to recommend to our board of directors any changes to the dividend rate until STRC Stock trades at or close to its stated amount. See "Liquidity and Capital Resources—Digital Credit Capital Framework" in Part I, Item 2 of this Quarterly Report. Because the STRC dividend rate is discretionary and evaluated based on multiple factors, changes in market interest rates may not result in changes to the STRC dividend rate, and changes to the STRC dividend rate may be driven by factors other than market interest rates. As of June 30, 2026, the regular dividend rate per annum on STRC Stock was 11.50%. On June 29, 2026, in connection with our Digital Credit Capital Framework, we announced an increase of the regular dividend rate per annum on STRC Stock to 12.00%, effective for semi-monthly regular dividend periods with record dates on or after July 1, 2026. If we determined to increase the regular dividend rate on our STRC Stock by 50 basis points, STRC Stock’s annual accrual would increase by approximately $52.4 million. We do not believe our interest rate risk exposure via STRC Stock is material as of June 30, 2026. As of June 30, 2026, we had cash, cash equivalents, and Treasury Bills and Treasury Notes with a maturity of less than one year of approximately $2.45 billion in the aggregate. Integral to our cash, cash equivalents and short-term investments is our USD Reserve, which is primarily invested in money market funds and Treasury Bills and Treasury Notes to earn interest income on short-term cash balances. Interest earned on such funds fluctuates with prevailing interest rates. In June 2026, our board of directors adopted a formal USD Reserve policy as part of our Digital Credit Capital Framework, which requires us to maintain a minimum USD Reserve equal to at least 12 months of our then-current expected annual Preferred Stock dividend payments and interest obligations. See "Liquidity and Capital Resources—Digital Credit Capital Framework" in Part I, Item 2 of this Quarterly Report. As of June 30, 2026, the balance of our USD Reserve was $2.40 billion. Based on the foregoing, we do not believe that a hypothetical 50 basis point adverse change in interest rates would materially impact our results of operations as of June 30, 2026.