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@4 is right to the extent the listed houses do make a hefty amount of grade cuts at the 3.2ish level. That said, other than AXO, every one of those houses take pnms that are well below 3.2 -- I don't care about the spin. I know who they are friends of mine. So there are "exceptions". The thing for an OOS, though, is that the exceptions are almost always going to be very popular in-state PNMS that have lots of in-house pull going for them.