It's not convertible. It is callable, however, and I can't remember now if it's callable now or next year. I'd be a little concerned about that given how low interest rates are and how far above par the MKV is trading. I've owned off and on in the past, would love to see it drop below par of 25--I'd enthusiastically keep buying at any price below 25 in my IRA. But at the current price, simply too expensive. I like the common.