Michael Saylor

No.

That's not what they want.

So they don't want duration.

They don't want delta.

They don't want volatility.

They just want the income.

So stretch is interesting because, yeah, you know, there's a saying Winston Churchill, he said, you know, the Americans will do the right thing after they tried everything else.

Okay.

Stretch is the thing we did after we did like 19 other deals.

Yeah.

We did an asset-backed loan with Silvergate where we barred against our Bitcoin.

We did a senior loan where we had an EBITDA covenant.

Then we did a bunch of convertible bonds.

Then we did all the long duration perpetual preferreds.

And we kept working it until we finally found the sweet spot of the market.

But let me tell you the interesting thing about Stretch.

Stretch is the simplest, simplest instrument we've ever created.

from the point of view of the investor, but it's the most ambitious piece of financial engineering from the point of view of the issuer.

So it's like we created the car with the automatic transmission or maybe even better.

What do people want?