Hi Jess,
The Ultra models do not have a built-in converter on the TX end. The conversion is done through the transmission. The RX can output 1 HDMI out, and 2 SDI outs simultaneously, regardless of video inputted on the TX(HDMI or SDI. Only the SDI is a loop through on the TX for the Ultra. You may want to consider looking at the RECON HDMI models, as the TX then would have an HDMI loop through.