Fortress Portfolio

▸Income Projection

⚠ CHECK ERRORS · 3 negative premium(s)

A sold call/put CREDITS you, so a negative premium (col H) is a sign error in the trade log. It silently drags or hides CC income. Fix col H to a positive credit, then rerun — or tag the leg [negok] if the negative is genuine (e.g. a challenged call rolled for a debit), to drop it from this list for good. Only legs entered in the last 60 days are flagged.

Ticker	Sheet Row	Date	Status	Type	Premium	Description
GOOG	Aug'26 row 81	24-Jul-2026	CLOSED	CC	$-580	350 CC [Income][roll]
MSTR	Aug'26 row 165	19-Aug-2026	CLOSED	CC	$-460	114 CC [Income][neg ok][roll]
MSTR	Aug'26 row 166	19-Aug-2026	CLOSED	CC	$-1,060	114 CC [Income][neg ok][roll]

Supported trade-log tags

[negok]this negative premium is VALID (e.g. a challenged CC rolled for a debit). Silences CHECK ERRORS for the row; the debit still counts against NET income.

[DBB]defensive buyback: short call bought back at a loss to UN-CAP a structural winner. Premium stays income; the buyback cost moves to structural MTM (not a CC loss). Auto-detected when the leg closes the same day its fortress exits; tag manually for standalone un-caps.

[MTMONLY] / status MTMDONEtrade-log fix or unrealized MTM balancing entry (either marker suffices). Shows in MTM but excluded from ALL realized income and returns.

Trailing 12-wk avg

+$20,688

net DONE / completed week

By Week · Net

10 Aug–16 Aug	+$20,905
3 Aug–9 Aug	+$5,001
27 Jul–2 Aug	+$30,151
20 Jul–26 Jul	+$19,967
13 Jul–19 Jul	+$36,466
6 Jul–12 Jul	+$34,846

+$6,169

Last 24h · DONE

8 trades · since 19 Aug

Aug'26 Income Projection

realized so far + premium on open CCs expiring this month (income fortresses) · as of today's prices

+$20,901

Week-to-date · DONE

19 trades · since 17 Aug

$50,317

expected Aug'26 · what this month is likely to pay

older estimate $50,832 counted every call as simply safe or not

Expected — money already booked, plus the premium on every open call, each one counted by how likely it is to actually expire worthless. A call a few percent out of the money is nearly money in the bank if it expires this week, and closer to a coin flip with 25 days left on a wild name. The old range treated both as simply "safe". It lands below the old range because those "safe" calls are not 100% safe. Charging each one its real odds shaves a little off every line.

This covers 104% of the open premium, using how jumpy each stock has actually been (cc_scanner already measures that for 22 tickers). The other $-120 has no reading on file, so those calls just count as safe or not-safe, the old way.

$48,077

Realized

booked this Aug

$2,755

Pipeline

open CCs expiring Aug

$8,395

Next Month Forecast

open CCs expiring Sep'26

Done (realized) $48,077 Pipeline — safe $2,755

Open CCs (safe, OTM)GOOG $350c · +$-580 · 89% keepGOOG $350c · +$2,025 · 89% keepMARA $12c · +$1,400IREN $54c · +$140 · 91% keepIREN $54c · +$140 · 91% keepAMZN $272c · +$625 · 71% keepMSTR $114c · +$-460MSTR $114c · +$-1,060HIMS $33c · +$525 · 72% keep

+ $8,395Sep'26 Next Month Forecast

12 open CC(s) expiring early Sep'26 that could be closed before Aug month-end — additional upside on top of the pipeline, not in the headline

Next-month CCsIGV $113c · 18-Sep · +$-3,336MU $1110c · 18-Sep · +$1,244QCOM $180c · 18-Sep · +$920COPX $100c · 18-Sep · +$220NEM $125c · 18-Sep · +$-200MU $1065c · 11-Sep · +$1,436MU $1065c · 11-Sep · +$3,525SNDK $1800c · 04-Sep · +$3,170APP $360c · 04-Sep · +$211COIN $195c · 04-Sep · +$-720BMNR $22c · 11-Sep · +$1,100COIN $190c · 04-Sep · +$825

Contribution by ticker — realized + pipeline + next month forecast

Ticker	Realized	Pipeline	Next Month Forecast	Total
MU	$14,272	—	$6,205	$20,477
SNDK	$3,247	—	$3,170	$6,417
IREN	$5,060	$280	—	$5,340
BMNR	$2,950	—	$1,100	$4,050
COIN	$3,746	—	$105	$3,851
GOOG	$1,270	$1,445	—	$2,715
NVDA	$2,540	—	—	$2,540
RKLB	$1,934	—	—	$1,934
GLXY	$1,800	—	—	$1,800
QCOM	$835	—	$920	$1,755
SPCX	$1,715	—	—	$1,715
AMZN	$805	$625	—	$1,430
MARA	—	$1,400	—	$1,400
HIMS	$735	$525	—	$1,260
META	$1,050	—	—	$1,050
SPY	$996	—	—	$996
COPX	$700	—	$220	$920
INTC	$830	—	—	$830
CRWV	$830	—	—	$830
AMD	$740	—	—	$740
MDB	$642	—	—	$642
DELL	$372	—	—	$372
APP	—	—	$211	$211
NEM	$300	—	-$200	$100
MSTR	$1,442	-$1,520	—	-$78
GLD	-$90	—	—	-$90
UAMY	-$100	—	—	-$100
ENPH	-$1,180	—	—	-$1,180
IGV	$636	—	-$3,336	-$2,700

Conservative = realized + only the safe (OTM) open CCs — assumes every in-the-money CC gets bought back / rolled to defend the shares, so it lands as $0 income.

Optimistic = conservative plus the at-risk (ITM) CCs kept in full — assumes every open CC expires in your favour and you keep 100% of the premium.

Reality usually lands between the two: some ITM calls drift back OTM by expiry, some get defended.

95% of the optimistic projection is already realized. Pipeline = premium on open CCs expiring this month ("safe" = stock below strike, likely expires worthless; "at-risk" = stock at/above strike, may be defended). The Sep'26 Next Month Forecast is premium on open CCs expiring early next month that could be closed before Aug month-end — shown separately, not in the headline.

▸Portfolio

Ticker	Contracts	Entry Price (u)	Today's Price	Safe Strike	Cost (Debit)	Invested Capital	Max Loss	Odds of Max Lossfinishing below barrier	Risk Mult	Notional Exposure	Leverage	Income (Monthly)forward est.	Income (Monthly)historical avg	ROI on IC	ROI on ML	Max Loss % of Total	Recovery (months)
SHORT TERM · income / covered-call book · 28 fortresses
MU	5	$1,050	$937.10	$1,028.60	$148.60	$74,300	$419,300	—	5.64x	$525,000	7.07x	$6,800	$21,227	109.82%	19.46%	9.33%	61.7
GLD	10	$465	$413.84	$456.00	$136.00	$136,000	$256,000	20%<$330 by Jan'28	1.88x	$465,000	3.42x	$566 CHECK	$3,650	4.99%	2.65%	5.70%	452.5
MU	2	$1,235	$937.10	$1,220.00	$250.00	$50,000	$198,000	—	3.96x	$247,000	4.94x	$904 CHECK	$9,302	21.70%	5.48%	4.41%	219.0
COIN	8	$211	$160.20	$210.90	$16.80	$13,440	$137,440	—	10.23x	$168,800	12.56x	$236	$732	21.05%	2.06%	3.06%	582.9
META	3	$604	$546.03	$601.50	$73.00	$21,900	$117,900	—	5.38x	$181,200	8.27x	$621 CHECK	$2,745	34.03%	6.32%	2.62%	189.9
IREN	20	$65	$42.84	$63.43	$6.85	$13,700	$107,700	50%<$23 by Jan'28	7.86x	$130,000	9.49x	$1,458 REALIZED	$1,458	127.72%	16.25%	2.40%	73.9
SNDK	1	$1,636	$1,568.87	$1,620.00	$420.00	$42,000	$99,000	45%<$810 by Jan'28	2.36x	$163,600	3.90x	$4,240	$6,494NEW	121.15%	51.40%	2.20%	23.3
IREN	20	$58	$42.84	$56.50	$3.00	$6,000	$94,000	48%<$21 by Jan'28	15.67x	$116,500	19.42x	$376	$1,431	75.12%	4.79%	2.09%	250.3
DELL	3	$408	$437.55	$398.00	$58.00	$17,400	$89,400	—	5.14x	$122,400	7.03x	$3,300	$4,003	227.59%	44.30%	1.99%	27.1
NVDA	5	$202	$217.56	$199.60	$59.60	$29,800	$82,300	7%<$70 by Jan'28	2.76x	$101,000	3.39x	$990	$2,318	39.87%	14.43%	1.83%	83.1
QCOM	5	$228	$161.91	$224.00	$34.00	$17,000	$77,000	24%<$90 by Jan'28	4.53x	$114,000	6.71x	$3,303 REALIZED	$3,303	233.17%	51.48%	1.71%	23.3
BMNR	50	$20	$20.24	$17.13	$6.25	$31,250	$71,250	—	2.28x	$97,500	3.12x	$1,900 CHECK	$45	72.97%	32.00%	1.59%	37.5
RKLB	6	$148	$75.84	$141.55	$26.55	$15,930	$69,930	—	4.39x	$88,800	5.57x	$9,672 REALIZED	$9,672	728.62%	165.98%	1.56%	7.2
MSTR	4	$163	$104.25	$161.00	$12.00	$4,800	$56,800	—	11.83x	$65,200	13.58x	$538 REALIZED	$538	134.43%	11.36%	1.26%	105.6
IREN	20	$45	$42.84	$44.00	$16.00	$32,000	$56,000	64%<$35 by Jan'28	1.75x	$90,000	2.81x	$640	$1,668	24.01%	13.72%	1.25%	87.5
IREN	20	$45	$42.84	$44.00	$16.00	$32,000	$56,000	64%<$35 by Jan'28	1.75x	$90,000	2.81x	$640	$1,668	24.01%	13.72%	1.25%	87.5
ETHASKIP	50	$18	$15.88	$17.33	$4.33	$21,650	$51,650	39%<$10 by Jan'28	2.39x	$88,400	4.08x	$137DEFERRED	$137	SKIP	SKIP	1.15%	376.7
AMZN	5	$269	$265.84	$267.92	$67.92	$33,960	$51,460	35%<$215 by Jan'28	1.52x	$134,500	3.96x	$797	$1,610NEW	28.18%	18.59%	1.15%	64.5
CRWV	5	$128	$90.87	$125.45	$20.45	$10,225	$50,225	37%<$40 by Jan'28	4.91x	$64,000	6.26x	$133 CHECK	$1,661	15.63%	3.18%	1.12%	377.1
MU	1	$805	$937.10	$792.36	$114.72	$11,472	$49,472	—	4.31x	$80,500	7.02x	$2,052	$2,460NEW	214.64%	49.77%	1.10%	24.1
APP	1	$601	$310.79	$588.00	$128.00	$12,800	$48,300	—	3.77x	$60,100	4.70x	$1,542 REALIZED	$1,542	144.59%	38.32%	1.08%	31.3
NOW	10	$108	$127.20	$108.93	$27.85	$27,850	$47,850	—	1.72x	$108,000	3.88x	$3,280 CHECK	$148	141.34%	82.26%	1.07%	14.6
ENPHSKIP	10	$59	$39.37	$56.15	$7.30	$7,300	$47,300	—	6.48x	$59,000	8.08x	$628DEFERRED	$628	SKIP	SKIP	1.05%	75.4
INTC	5	$116	$92.80	$114.00	$29.00	$14,500	$47,000	22%<$35 by Jan'28	3.24x	$58,250	4.02x	$430 CHECK	$2,768	35.55%	10.97%	1.05%	109.4
COIN	3	$185	$160.20	$182.40	$19.80	$5,940	$43,440	—	7.31x	$55,500	9.34x	$209	$373	42.18%	5.77%	0.97%	208.0
AMD	2	$494	$466.42	$489.91	$69.82	$13,964	$41,964	46%<$350 by Jan'28	3.01x	$98,800	7.08x	$2,484	$1,480NEW	213.46%	71.03%	0.93%	16.9
NEM	5	$117	$125.08	$114.54	$27.04	$13,520	$28,520	—	2.11x	$58,500	4.33x	$540	$404	47.93%	22.72%	0.63%	52.8
MDB	1	$380	$440.53	$362.90	$92.90	$9,290	$28,290	—	3.05x	$38,000	4.09x	$574	$906	74.17%	24.36%	0.63%	49.3
Short subtotal	280	—	—	—	—	$719,991	$2,523,491	—	3.50x	$3,669,550	5.10x	$48,226 +$765 deferred	$84,373	83.75%	23.87%	56.45%	50.3
LONG TERM · structural — capital gains, not CC income · 20 fortresses
GLXY	125	$37	$21.90	$39.71	$2.21	$27,625	$277,625	61%<$17.5 by Jan'28	10.05x	$462,500	16.74x	$218 REALIZED	$218	9.48%	0.94%	6.18%	1,271.8
COIN	25	$330	$160.20	$563.00	$63.00	$157,500	$232,500	BREACHED13% back >$300 by Dec'27	1.48x	$825,000	5.24x	$2,289 REALIZED	$2,289	17.44%	11.81%	5.18%	101.6
BMNRSKIPHALF MAX	50	$22	$20.24	$65.83	$40.83	$204,150	$219,150	55%<$15 by Jan'28	1.07x	$110,000	0.54x	$20DEFERRED	$20	SKIP	SKIP	4.88%	11,193.4
BMNRSKIPHALF MAX	75	$17	$20.24	$53.26	$30.26	$226,950	$174,450	BREACHED26% back >$25 by Jan'28	0.77x	$127,500	0.56x	$70DEFERRED	$70	SKIP	SKIP	3.88%	2,479.7
GOOG	15	$335	$341.70	$373.00	$73.00	$109,500	$162,000	43%<$310 by Jan'28	1.48x	$502,500	4.59x	$4,140	$4,152	45.37%	30.67%	3.61%	39.1
SPY	12	$695	$769.06	$764.00	$124.00	$148,800	$148,800	24%<$640 by Jan'28	1.00x	$834,000	5.60x	$4,795 CHECK	$1,179	38.67%	38.67%	3.31%	31.0
MARASKIPHALF MAX	200	$19	$9.65	$34.13	$14.13	$282,600	$142,600	BREACHED19% back >$15 by Jan'28	0.50x	$384,000	1.36x	N/A	$-36	SKIP	SKIP	3.17%	N/A
COPX	20	$93	$88.28	$93.40	$28.40	$56,800	$100,800	39%<$68 by Jan'28	1.77x	$186,000	3.27x	$1,500	$2,525	31.69%	17.86%	2.24%	67.2
BMNRSKIPHALF MAX	150	$17	$20.24	$36.42	$13.42	$201,300	$96,300	BREACHED26% back >$25 by Jan'28	0.48x	$255,000	1.27x	$141DEFERRED	$141	SKIP	SKIP	2.14%	684.4
MARA	250	$14	$9.65	$26.40	$1.40	$35,000	$85,000	BREACHED23% back >$13 by Jan'28	2.43x	$343,750	9.82x	n/a	$-181	N/A	N/A	1.89%	N/A
MSTR	10	$395	$104.25	$233.00	$53.00	$53,000	$53,000	—	1.00x	$395,000	7.45x	$236 REALIZED	$236	5.34%	5.34%	1.18%	224.9
GOOG	5	$369	$341.70	$398.00	$51.00	$25,500	$48,000	BREACHED43% back >$360 by Jan'28	1.88x	$184,500	7.24x	$286 CHECK	$1,407	13.47%	7.15%	1.07%	167.7
MARASKIPHALF MAX	50	$17	$9.65	$30.91	$10.91	$54,550	$44,550	BREACHED19% back >$15 by Jan'28	0.82x	$86,250	1.58x	N/A	$-9	SKIP	SKIP	0.99%	N/A
SPCX	5	$178	$139.65	$186.00	$27.00	$13,500	$43,500	55%<$135 by Mar'27	3.22x	$89,000	6.59x	$374 CHECK	$2,450	33.28%	10.33%	0.97%	116.2
GOOG	5	$335	$341.70	$392.50	$82.50	$41,250	$41,250	43%<$310 by Dec'27	1.00x	$167,500	4.06x	$1,380	$1,384	40.15%	40.15%	0.92%	29.9
IGV	12	$85	$102.81	$96.50	$26.50	$31,800	$31,800	—	1.00x	$102,000	3.21x	$576	$438	21.74%	21.74%	0.71%	55.2
HIMS	15	$20	$31.09	$17.47	$4.93	$7,395	$29,895	11%<$5 by Jan'28	4.04x	$30,000	4.06x	$900	$485	146.04%	36.13%	0.67%	33.2
CLSKSKIP	25	$17	$11.67	$20.74	$3.74	$9,350	$26,850	62%<$10 by Jan'28	2.87x	$42,500	4.55x	N/A	$-942	SKIP	SKIP	0.60%	N/A
MARA	200	$12	$9.65	$40.55	$0.55	$11,000	$11,000	—	1.00x	$246,000	22.36x	n/a	$-146	N/A	N/A	0.24%	N/A
IBITSKIP	50	$68	$38.78	$70.58	$4.42 CR	$22,100 CR	$-22,100	BREACHED9% back >$75 by Dec'27	1.00x	$337,500	-15.27x	N/A	—	SKIP	SKIP	N/A	N/A
Long subtotal	1299	—	—	—	—	$1,675,470	$1,946,970	41% under hedge	1.16x	$5,710,500	3.41x	$16,695 +$231 deferred	$15,679	27.88%	15.83%	43.55%	75.8
TOTAL	1579	—	—	—	—	$2,395,461	$4,470,461	18% under hedge	1.87x	$9,380,050	3.92x	$64,921* +$995 deferred	$100,052	55.26%*	21.11%*	100.00%	56.8

Income Methodology: Monthly income is a forward-looking projection from CC scanner sweet-spot data (or balanced/max_income fallback within the same chain) times a 60% realization factor. Apportioned per fortress block by share count when a ticker has multiple active blocks.

Why scanner-first: realized CC P&L mixes pure premium income with defensive costs (buyback-to-cover, roll-downs, exits to free up the underlying for structural gains). Those defensive moves are part of fortress P&L, not recurring CC income.

Where each block's number comes from (best evidence first, never a guess):
1. Scanner card × the haircut — the default, 29 of 48 blocks.
REALIZED 2. No scanner card for this block (usually because there is no CC-safe strike at all), so the figure is that block's own realized run-rate: net CC income since entry / months held. Real money, not a projection. Currently 13 block(s).
3. n/a No card and no mature positive run-rate. No number is published and the block adds nothing to the income total. Currently 6 block(s).

There is no Max-Loss proxy any more (removed 2026-07-25). The old rung 2 was Max Loss × 70% / 12, and it fired exactly where cc_scanner had deliberately declined to suggest a call — the deep-drawdown names — turning "no safe strike exists here" into the four largest income figures on the page. On the 2026-07-25 book it accounted for 60% of the whole column at 4.3× those blocks' realized rate. It also made ROI on ML identically 70.0% for every block it touched, which is an assumption reported back as a measurement.
CHECK Scanner card is outside 0.25x-4x this block's realized run-rate — almost always a regime mismatch (today's snapshot vs this block's full-lifetime average), not a wrong-block match (matches are exact on safe strike). Read the historical column, weighted toward recent performance if the block is old. Currently 10 block(s).

CR in Cost / Invested Capital = the fortress was opened for a net credit (short put financed more than the long call + hedge), not a cost.

SKIP CSV Comments directive (Skip;): this fortress is deliberately not writing covered calls (earnings, event, bullish hold). It earns no ROI figure, and it is excluded from both sides of every ROI aggregate — its would-be income leaves the numerator and its capital / max loss leave the denominator. Excluding only one side would distort the ratio in either direction. The deferred income is shown separately so the cost of the safety trade stays visible, and the position's Contracts / Capital / Max Loss remain in the book totals because those are facts about what you hold.
Currently 9 skipped: ROI is measured on $1,409,711 IC / $3,689,711 ML, with $995/mo deferred.
HALF MAX (Half Max;): CC sizing is capped at half the contracts. Display + sizing only — it does not change any ROI figure here.

Historical Blended CC ROI (the KPI card) is deliberately NOT adjusted by these tags: it measures what capital actually returned in past months, and a tag added today does not change what June earned.

P(breach): market-implied odds this fortress finishes below its hedge put at LEAPS expiry — i.e. that Max Loss is realized. Uses the LEAPS-dated put's own implied vol (fetched nightly by hedge_iv.py) with today's spot, under the risk-neutral measure the chain prices (N(-d2) around the risk-free forward S·e^rT; no equity drift beyond carry — same martingale family as fortress_fight's MC, where the carry term is negligible at its short horizons). BREACHED = spot is below the hedge put today, so the position sits at Max Loss on the current mark — not realized: expiry is still far out, and the chip shows the market-implied chance it climbs back above the hedge by then.
Read it as triage, not forecast: it is risk-neutral (embeds no equity drift, so it is pessimistic by construction), it ignores the CC income earned over the same horizon (that is the survival model's job), and it is not expected loss — never multiply it by Max Loss and call that your risk. Max Loss remains the survival number.

Max Loss by correlated cluster

The headline Max Loss sums every fortress as if their tails were independent. They are not: names inside a cluster breach together. $801,300 of the book's $4,470,461 worst case sits below its hedge put today — a current mark, not a realized loss: expiry is still far out and these can recover. P(breach) prices the odds they do not. IV telemetry 24h old.

Top 5 to watch · biggest Max Loss with a ≥35% chance of finishing below the hedge

#1

BMNR

$561,150

BREACHED

hedge $25

#2

COIN

$413,380

BREACHED

hedge $300

#3

IREN

$313,700

64% odds

hedge $35

#4

MARA

$283,150

BREACHED

hedge $15

#5

GLXY

$277,625

61% odds

hedge $17.5

Cluster	Forts	Tickers	Max Loss	% of Book	ML Under Hedge (now)	ML Likely
Crypto beta	21	BMNR×4COIN×3MARA×4IREN×4GLXYCLSKETHACRWVMSTR×2	$2,087,530	47%	$775,400 · 6	$743,325 · 6
Mega-cap tech	5	GOOG×3AMZNMETA	$420,610	9%	$48,000 · 1	—
Semis / AI infra	8	AMDNVDAQCOMINTCMU×3DELL	$1,004,436	22%	—	—
Precious metals	2	GLDNEM	$284,520	6%	—	—
Materials	1	COPX	$100,800	2%	—	—
Index ETF	2	SPYIGV	$180,600	4%	—	—
Space / defense	2	SPCXRKLB	$113,430	3%	—	$43,500 · 1
Software / apps	4	HIMSAPPNOWMDB	$154,335	3%	—	—
Clean energy	1	ENPH	$47,300	1%	—	—
Other	2	IBITSNDK	$76,900	2%	$-22,100 · 1	—

▸Mark-to-Market Analysis

CC Income Payback of Invested Capital

Notional MTM = (today − entry) × shares. Net P&L = MTM + CC income + HP rolls − DBB un-cap cost, since entry. DBB = cash spent buying back a short call to un-cap a winner (structural, kept out of CC income but real money out). Recovery % = CC income ÷ notional drawdown. Drawdown rows show Mths to Recover instead of Ann. ROI: months to refill the remaining Net P&L hole at the position's own CC run-rate (CC income since entry ÷ months held). Ticker pill (e.g. 12c) = contracts. Income is attributed time-aware across ALL same-ticker fortress windows (active and exited) — each trade lands on exactly one row, split only when fortresses genuinely overlapped. Exited (DONE) fortresses show their close date + the IC/ML deployed during that exact [entry → exit] window; their capital is dimmed and excluded from the active-book TOTAL.

Ticker	Entry	Exit	Price	Notional MTM	CC Income	HP Rolls	DBB Cost	Net P&L	Recovery	Ann. ROI / Mths to Recover	Structure	IC / ML

▸Income ROI (Historical)

Income ROI (Historical) — on actuals

Net CC income (49 income tickers, real losses included) · 0 zero-premium structural-LEAPS excluded from capital · capital weighted by days deployed

Month	Fortresses	Capital (IC)	Capital (ML)	CC Income	ROI on IC	ROI on ML
Feb'26	24	$1,856,341	$2,566,266	+$115,167	81%	59%
Mar'26	26	$2,249,308	$3,110,459	+$99,190	52%	38%
Apr'26	46	$2,298,992	$3,426,672	+$65,000	34%	23%
May'26	55	$2,223,914	$3,464,942	+$26,465	14%	9%
Jun'26	54	$2,330,564	$4,159,107	+$85,163	44%	25%
Jul'26	46	$2,359,541	$4,333,690	+$127,640	64%	35%
Aug'26 (MTD)	47	$2,363,205	$4,374,730	+$48,077	37%	20%
BLENDED (since Feb 1)	—	—	—	+$566,702	46%	29%
ACTIVE, RECENT (60d)	47	$2,357,152	$4,318,894	+$194,731	50%	27%

ROI annualized: (CC income ÷ avg capital) × 365/days in period. Current month uses elapsed days. Blended = total CC income × 365 ÷ total capital-days. A ticker is defensive/structural if its CCs net cost money (run-overs > clean premium); those tickers' income AND capital are excluded here — they belong to structural P&L, not CC income. A third row, ACTIVE, RECENT, scopes the same real-trade math to just the 47 fortresses open today (31 tickers) over the last 60 days only (234 trades) — no scanner projection, no haircut, just realized cash, but without exited fortresses' full lifetime (including pre-tooling scar tissue) diluting it. It will differ from BLENDED because it is answering a different question: not "what has this book ever earned" but "what is the book I hold today earning right now".

▸Active Book — CC Income vs Drawdown

Live Drawdown

−$1,441,583

23 of 32 fortresses underwater

Net CC Premium

+$263,521

premium net of buybacks

Drawdown Cushioned

18%

net CC ÷ drawdown

Net Live Position

−$957,795

MTM + CC income + HP rolls

Active drawdown of $1,441,583 — cushioned by net CC premium

+$263,521 net · 18% covered

Ticker	MTM (live P&L)	Net CC Premium	Cushion (net CC ÷ drawdown)
COIN×3UNDERWATER	−$280,580	+$13,401	5%
MARA×4UNDERWATER	−$276,600	−$1,280	-0%
GLXYUNDERWATER	−$188,750	+$2,725	1%
IBITUNDERWATER	−$143,600	−$632	-0%
MU×3RECOVERING	−$102,816	+$63,297	62%
IREN×4UNDERWATER	−$83,780	+$30,940	37%
MSTR×2UNDERWATER	−$76,500	+$5,008	7%
GLDUNDERWATER	−$51,160	+$22,780	45%
RKLBRECOVERING	−$43,296	+$25,738	59%
QCOMUNDERWATER	−$33,045	+$8,790	27%
APPUNDERWATER	−$29,021	+$4,104	14%
ENPHUNDERWATER	−$19,630	+$1,670	9%
SPCXUNDERWATER	−$19,175	+$5,070	26%
CRWVUNDERWATER	−$18,565	+$4,420	24%
METAUNDERWATER	−$17,391	+$7,305	42%
CLSKUNDERWATER	−$13,325	−$1,950	-15%
INTCRECOVERING	−$11,850	+$8,910	75%
COPXRECOVERING	−$9,440	+$6,720	71%
ETHAUNDERWATER	−$9,000	+$500	6%
SNDKUNDERWATER	−$6,713	+$3,247	48%
AMDUNDERWATER	−$5,516	+$740	13%
AMZNRECOVERING	−$1,580	+$805	51%
GOOG×3RECOVERED	−$250	+$25,200	10081%
NEMPROFIT	+$4,040	+$1,660	✓ in profit
MDBPROFIT	+$6,053	+$2,410	✓ in profit
NVDAPROFIT	+$7,780	+$3,275	✓ in profit
DELLPROFIT	+$8,865	+$7,233	✓ in profit
HIMSPROFIT	+$16,635	+$2,055	✓ in profit
NOWPROFIT	+$19,200	+$850	✓ in profit
IGVPROFIT	+$21,372	+$2,232	✓ in profit
BMNR×4PROFIT	+$67,800	+$1,342	✓ in profit
SPYPROFIT	+$88,872	+$4,956	✓ in profit

Active fortresses only (exited/closed positions excluded). MTM = (today − entry) × shares (paper, not realized). Net CC Premium = premium collected − buybacks (can be +, −, or 0). Cushion = Net CC Premium ÷ notional drawdown. Sorted by deepest drawdown first.

▸Trading Returns

Trading Returns (SGD)

      SGD
      USD
    

Realized returns from trade logs, 8 months | 70 tickers

Ticker	Jan'26	Feb'26	Mar'26	Apr'26	May'26	Jun'26	Jul'26	Aug'26	Total	W/L

▸Model Portfolio — $1M Max Loss (Hypothetical)

HYPOTHETICAL · auto-rebalanced on every dashboard build (nightly 03:30 SGT). Rule-driven, not hand-picked: constituents and weights re-derive from the live book's REALIZED per-block run-rates each night, so this drifts with the track record. Every night's predictions (per-constituent expected income, and every exclusion) are frozen to model_ledger.jsonl; grade matured windows with sheet_to_pf.py --score-model — after a month it starts answering "which tickers stood up to their predictions", including whether the exclusions were right. Built for: capital preservation · all-weather income · diversification · ROIC. Not financial advice.

$1,000,000

Max Loss budget

worst case, fixed

$30,930

Expected income /mo

realized run-rates, net of buybacks

37%

ROI on Max Loss

income x 12 / $1,000,000 worst case

67%

ROI on Invested Capital

on $551,667 to build
9 priced from a fresh v27 build, 3 from live leverage

-1%

Net P&L per ML (live)

vs -21% for the whole book (better)

$32,594

V27 forward /mo (EV)

48% /yr on covered ML · 82% of deployed ML covered (9 names)

$109,809

FIGHT income @ -25% DD

quoted ladder, net of hedge · ceiling, not EV · scan 5.6d old

Allocation by correlated cluster · no cluster above 30%, crypto capped at 8%

Semis / AI infra 29%Mega-cap tech 22%Precious metals 15%Index ETF 12%Crypto beta 8%Space / defense 7%Materials 7%

Constituent	Role	Cluster	Max Loss alloc	Weight	Invested Capital	Exp. Income /mo	ROI on ML	ROI on IC	V27 Fwd /moexpected value	FIGHT /mo@ -25% drawdown · ceiling
GLD	BALLAST	Precious metals	$150,000	15%	$102,351	$2,138	17%	25%	$4,280	$8,906FIGHT
GOOG	CORE	Mega-cap tech	$150,000	15%	$100,125	$4,145	33%	50%	$4,383	$10,355FIGHT
MU	YIELD	Semis / AI infra	$150,000	15%	$56,832	$7,422	59%	157%	$13,070	$47,762HOLD
SPY	BALLAST	Index ETF	$84,990	8%	$51,391	$673	10%	16%	$1,438	$1,586FIGHT
IREN	CRYPTO	Crypto beta	$80,000	8%	$21,345live	$1,588	24%	89%	—	—
META	CORE	Mega-cap tech	$74,403	7%	$38,158	$1,732	28%	54%	$2,092	$8,012FIGHT
RKLBCAPPED	YIELD	Space / defense	$71,620	7%	$43,660	$5,968	100%	164%	$3,125	$17,751HOLD
COPX	CORE	Materials	$68,445	7%	$38,568live	$1,715	30%	53%	—	—
NVDA	CORE	Semis / AI infra	$62,834	6%	$44,299	$1,770	34%	48%	$2,160	$7,335FIGHT
DELL	YIELD	Semis / AI infra	$41,693	4%	$34,886	$1,867	54%	64%	$1,315	$5,636HOLD
QCOM	YIELD	Semis / AI infra	$34,405	3%	$7,596live	$1,476	51%	233%	—	—
IGV	BALLAST	Index ETF	$31,609	3%	$12,455	$436	17%	42%	$732	$2,466FIGHT

Did not qualify (realized run-rate ≤ 0 or < 1 month of history — hover for detail): CLSK -$942/moMARA -$372/moAMD $1,480/moAMZN $1,610/moSNDK $6,494/mo

Selection rules (each priced from the Feb–Jul 2026 record): 1. Admission needs a POSITIVE realized run-rate over ≥1 month — forward projections are never evidence (GLXY projects $4.4k/mo, delivered $80; BMNR/MARA projected positive, delivered negative). 2. Role budgets: 27% low-IV ballast (kept the 64%-keep May cash-flowing) / 28% core / 37% proven yield / 8% crypto max (crypto was 53% of the live book's ML and 100% of its breached hedges). 3. Slots and weights follow realized income MASS, not ROI — production earns size, a hot streak only earns a seat. Per-name cap 15% of ML; run-rates above 100%/yr are haircut to 100% for the income projection (CAPPED badge). 4. Income = allocated ML × realized ROI/ML — already net of buybacks, no keep-rate haircut needed. 5. Invested Capital = what BUILDING the allocation costs, priced from the v27 optimizer's own build (IC/ML) where a live scan covers the name, else from the live book's IC/ML (marked live). It used to scale by the live book's CURRENT leverage, which for a drawn-down name like MU (live IC/ML 0.20 vs a fresh build's 0.83) understated capital ~4x and printed a 277% return on it. Credit structures show CR. 6. V27 Fwd / FIGHT columns mirror the fortress_v27 optimizer's own published numbers, scaled to each allocation. Three layers, three questions: realized (drives every selection and weight above) = what these names have actually paid; V27 EV = what a freshly built optimal structure would be expected to pay, with the odds of the call being run over and the cost of escaping it already charged — deliberately NOT the optimizer's theoretical figure, which runs ~3× higher; FIGHT @ -25% = what the structure would still pay a quarter of the way down, every contract on the FIGHT ladder, net of hedge and crash-scaled — the all-weather income, and the regime the live book actually spent 2026 H1 in. It is the ladder's quoted premium (that regime's ceiling), not an EV: v27 does not challenge-discount its fight figures, and this page mirrors rather than re-derives. Forward numbers never touch admission or sizing: a projection could not have kept BMNR out, only the realized record did. Operating doctrine carries over unchanged: Skip; into earnings, Half Max; on high IV, penny-buyback terminal rule.