The 8-K lands: $2.55B USD Reserve as of Jun 28, twelve months of preferred dividends covered at minimum, zero BTC purchased Jun 22-28. Stack flat at 847,363 BTC. The treasury flagship is defending the dividend policy first, the accumulation cadence second. This is Scenario 4 from Sunday's Saylor scenarios memo — reserve refill, no new stack, exactly the K-flagged pattern. Not a margin call. A discipline call.