Let's talk about coupon payments on bonds – these aren't optional perks, they're mandatory cash flows that bondholders are legally entitled to receive.

Strategy's capital structure currently includes six different tranches of convertible notes, each with its own maturity timeline and conversion terms. Here's the kicker: when these notes hit expiration (or right before), holders get the option to swap them for common stock at predetermined conversion prices. Think of it as a hybrid instrument – you're collecting regular interest while holding a potential equity upside ticket. The conversion feature essentially gives you a call option on the company's equity, packaged inside a debt instrument.