Michael Saylor

It went to our common equity.

So what we did was we transfer, right?

We transfer all of the energy and the volatility to the common equity and we strip it off of the preferred equity

In order to meet the needs of two different classes of investors, right?

The credit investor is a retiree and they just want a bank account that pays them 11% that's tax deferred.

And it's like, I don't know I'm going to get 11% in five years.

Maybe you'll be getting 9%.

But what you do know is that the company is going to use all of its efforts in order to keep that stock trading at $100.00 plus or minus the range today.

The range today is $99.97 to $100.02.

There's like a lesson in that, right?

It won't always be like that, knock on wood, but the bottom line is we discovered Stretch.

after a five-year journey in the credit market.

And we didn't know for sure it was going to be a screaming home run.

It was just the fourth thing we had done in the preferred area.

And then, you know, we thought it'd be a $500 million IPO.

And then it was a billion.

There was a two and a half billion.

And like in three days, you know, there's the market telling us and, you know, and, you know, then we put the ATM on it and we didn't know how popular it'd be, but

In hindsight, it's pretty obvious.

People just want pure yield, right?