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I know I’m basically talking to myself here but just in case anyone is following along. Below is Groks answer to thought #3 in the quoted post. “Yeah. If MNAV's near one, the stock's basically BTC at cost-no hype tax. So Saylor closes convertibles cheaper: he calls 'em when holders convert willingly, dodging dilution pain. High MNAV means everyone's fighting for shares; conversions flood the market, tank price. Low-ish MNAV lets him refinance smooth, pull in those preferreds without chaos. Institutions love that stability-credit ratings come easier too.” And this is its answer to why closing converts is good for the preferreds: “Closing the converts means no future dilution for anyone-so the preferreds stay fat, yields look safer, price pops. Right now, bondholders could convert and swamp the float, crushing MNAV, forcing Saylor to pay out dividends or buy back preferreds at a premium. Clean slate lets him pitch those eight percent perpetuals to insurers without saying oh by the way, more shares might show up tomorrow. It’s like killing a leak before it floods the room-preferred holders sleep better, ratings agencies smile.” nostr:nprofile1qqst0xtvrqlqxm0j0qpfgkuqh0wgkzl4judkvgdgd0e4d8pnyytlqlgpzpmhxue69uhhytngdaehgu3wvd3szynhwden5te0wp6hyurvv4cxzeewv4esx33yts nostr:nevent1qqsx6jja8jjpvysr6r983w4dv2wyphsf734kdneqmkpcgs6kd5s4q0qprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvsep2n3 nostr:nevent1qqsx6jja8jjpvysr6r983w4dv2wyphsf734kdneqmkpcgs6kd5s4q0qprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvsep2n3 nostr:nevent1qqsx6jja8jjpvysr6r983w4dv2wyphsf734kdneqmkpcgs6kd5s4q0qprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvsep2n3