Oracle Corporation

Static liquidation-claim approximation for 50,000 Series D mandatory convertible preferred shares at $100,000 liquidation preference each ($5bn), with a 6.50% annual dividend run rate ($325m). This is not a market valuation of the convertible security and excludes accrued unpaid dividends from the claim amount. Dividends can be settled in cash, common shares or both; using the full coupon as a cash-flow deduction is a conservative scenario assumption. Mandatory conversion on January 15, 2029 creates between 499.8126 and 624.7657 common shares per preferred share, subject to anti-dilution terms and the contractual market-value averaging period. The model does not simultaneously add conversion shares or value the embedded conversion option. Re-review required for a later snapshot, early conversion or changed terms. The balance sheet records $4,954m of preferred-stock carrying value within parent stockholders' equity at May 31, 2026. For a common-book metric, subtract this carrying amount from parentEquity only for this fiscal period. Do not subtract the $5bn liquidation preference from book equity, and do not subtract either from the prior fiscal year before issuance. ROIC capital includes financing from both common and preferred holders and should retain preferred equity.