I’ve seen a lot of people refer to Strategy’s STRK as convertible debt/debt. It’s preferred equity, which also has debt like features. In the capital structure it sits below convertible debt/debt in a liquidation scenario. STRK pays a dividend, paid quarterly in cash or stock. The big difference compared to debt is Strategy have no legal obligation to pay the dividend if the company chooses not to declare them. Any unpaid dividend will be backdated rather than defaulting. @Croesus_BTC