there is no conversion to DHT or DHN, here is some info on Oxabolone which is the unmethylated version of M4OHN, which makes M4OHn stronger.
" The 4-hydroxyl attachment, just like the 4-chloro attachment in clostebol, changes the affinity of the steroid for the aromatase and 5-alpha-reductase enzymes. By losing the interaction with the aromatase enzyme, oxabolone, unlike its parent nandrolone, cannot convert to estrogen. All estrogen related side-effects are therefore non-existent. No risk of gyno, no bloat as the result of water retention and so forth. As most of you may know, nandrolone also has progesterone binding properties, that worsened its estrogenic side-effects, but without the presence of estrogen, that no longer forms a problem. Its comparable to trenbolone. Trenbolone still possesses nandrolone's progestagenic activity, but because it cannot aromtize its not an issue. This also means that Oxabolone can be used for cutting purposes, just like trenbolone.
On the other hand, inhibiting interaction with 5-alpha-reductase will have an entirely different effect than it did with clostebol. Clostebol was a testosterone derivative, and the 4-chloro group inhibited formation of DHT in this manner. That made clostebol several times less androgenic in nature than testosterone, and made it a much weaker steroid as well. That's not the case of oxabolone. The 4-hydroxyl group inhibits the formation of DHN (dihydronandrolone). But Unlike DHT, DHN is an extremely weak androgen.So by eliminating it, you are in fact increasing the androgenic potency of nandrolone, especially in target tissues like scalp, skin and prostate, which does increase the risk of androgen related side-effects. But it also makes it a much stronger steroid. Nandrolone being quite a decent androgen to begin with, inhibiting reduction to DHN makes it that much stronger, and truly comparable in action to the steroid trenbolone (see Parabolan and Finaplix profiles). It would exert a distinct hardening effect on the body, and would be a non-aromatizing hormone still capable of packing on a notable amount of lean mass. Which can be said of very few steroids. It would be the perfect lean mass builder."