The arithmetic does not support that interpretation. If a ticket costs $1,000 a 50% discount would be $500, and Sapphire Reserve cardholders would redeem only 50,000 points. However, 66,667 points are required for a $1,000 purchase.

Instead of imagining a discount, recognize that when redeemed through the portal Reserve points have a fixed value of $0.015 each, and may have a higher value if transferred to airline or hotel programs. Preferred points have a fixed value of $0.0125.