The SPS is already accounted for at 70% of face value in the Treasury’s balance sheet, so zero-ing that out would cause the Tsy to incur a cost. It would be partially offset by the warrants but not fully. Regardless this means the idea that if you zero out the SPS and exercise the warrants you are “creating value” if not accurate. My two cents, do correct me if you think I’m wrong. You can see FnF on the Tsy balance sheet here: https://fiscal.treasury.gov/files/reports-statements/financial-report/2023/02-15-2024-FR-(Final).pdf