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Post# of 869525
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bradford86

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bradford86

Re: Fully Diluted post# 836980

Monday, 07/28/2025 10:08:28 PM

Monday, July 28, 2025 10:08:28 PM

Post# of 869525
This is where our views differ— my view is the gses are worth the same regardless of spspa conversion or write down.

Warrants will be exercised. Common lack dilution protection against SPSPA being converted.. Common thus have no security. Preferred will be made whole.

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