Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)

TOTAL HEDGE (CURRENT)

$21,968/yr

TOTAL HEDGE (REPAIRED)

$8,027/yr

ANNUAL SAVINGS

$13,941/yr

ROLL CREDITS

$3,500

ADDITIONAL MAX LOSS

$6,250

PORTFOLIO ACTION SUMMARY · 46 positions

11 · ROLL NOW1 · REPAIR PLAN6 · LEAPS-ONLY28 · OK

Click any ticker row below to jump to its analysis section.

What do these actions mean? (legend)

NO HEDGE — No HP leg at all — naked synthetic long, no catastrophic protection.

ROLL IMMEDIATELY — Healthy fortress, HP expires ≤14d — roll the hedge out NOW (theta cliff).

REPAIR NOW — Structurally bad (HP ITM/tight or costly) AND ≤14d — roll HP DOWN today.

REPAIR SOON — Structurally bad AND ≤35d — roll HP DOWN this week.

ROLL NOW — Healthy fortress, HP ≤45d — roll the hedge OUT (maintain/raise strike).

REPAIR PLAN — Structurally bad but >35d runway — plan the roll-down, no rush.

LEAPS-ONLY — CSV-declared SP=0/HP=0 — intentional LC-only structure, no hedge to roll.

OK — Healthy structure with ample HP runway — no action.

REPAIR = roll HP down to a cheaper OTM strike (structure is hurting). ROLL = roll HP out/up to a later expiry (structure is healthy, hedge just expiring).

Fortress Position Overview

FORTRESS	STOCK	LC	SP	HP	SC	BE‑SS	CC‑SS	GAP	RM	HP OTM%	STATUS	CTRS	IC	NOTIONAL	URGENCY
APP → +460C −540P +185P	$414.81	460	540	185	0	$588.00	$603.64	355	3.77x	55.4%	SAFE	1	$12,800	$41,480	ROLL NOW (45d)
COIN (RetireInc) → +145C −200P +75P −160C	$149.77	145	200	75	160	$182.40	$188.51	125	7.31x	49.9%	SAFE	3	$5,940	$44,931	ROLL NOW (45d)
CRWV → +105C −120P +40P	$91.32	105	120	40	0	$125.45	$130.27	80	4.91x	56.2%	SAFE	5	$10,225	$45,660	ROLL NOW (45d)
ENPH → +45C −60P +20P −41C	$40.61	45	60	20	41	$56.15	$59.39	40	6.48x	50.8%	SAFE	10	$7,300	$40,610	ROLL NOW (45d)
IREN (RetireInc) → +50C −70P +23P	$41.06	50	70	23	0	$63.43	$67.73	47	7.86x	44.0%	SAFE	20	$13,700	$82,120	ROLL NOW (45d)
MDB → +270C −340P +150P −410C	$372.06	270	340	150	410	$362.90	$382.40	190	3.05x	59.7%	SAFE	1	$9,290	$37,206	ROLL NOW (45d)
MSTR (RetireInc) → +125C −185P +55P −110C	$95.16	125	185	55	110	$161.00	$167.39	130	11.83x	42.2%	SAFE	4	$4,800	$38,064	ROLL NOW (45d)
MU (Main) → +880C −1010P +320P −930C	$885.79	880	1010	320	930	$1028.60	$1058.11	690	5.64x	63.9%	SAFE	5	$74,300	$442,896	ROLL NOW (45d)
NEM → +88C −105P +75P −100C	$97.81	88	105	75	100	$114.54	$117.69	30	2.11x	23.3%	SAFE	5	$13,520	$48,905	ROLL NOW (45d)
QCOM → +190C −210P +90P −165C	$157.63	190	210	90	165	$224.00	$229.91	120	4.53x	42.9%	SAFE	5	$17,000	$78,815	ROLL NOW (45d)
RKLB → +115C −135P +45P	$74.09	115	135	45	0	$141.55	$148.37	90	4.39x	39.3%	SAFE	6	$15,930	$44,451	ROLL NOW (45d)
UAMY → +10C −12P +8P −7C	$5.88	10	12	8	7	$12.45	$13.11	5	3.08x	-27.6%	ITM	25	$6,000	$14,700	REPAIR PLAN (108d)
GOOG (Joint) +310C −355C	$369.17	310	0	0	355	$392.50	$340.58	0	1.00x	0.0%	N/A	5	$41,250	$184,585	LEAPS-ONLY
IBIT +75C	$36.26	75	0	0	0	$70.58	$49.07	0	1.00x	0.0%	N/A	50	$22,328	$181,300	LEAPS-ONLY
IGV +70C −105C	$100.15	70	0	0	105	$96.50	$88.12	0	1.00x	0.0%	N/A	12	$31,800	$120,180	LEAPS-ONLY
MARA (Main) +40C	$11.87	40	0	0	0	$40.55	$15.54	0	1.00x	0.0%	N/A	200	$11,000	$237,300	LEAPS-ONLY
MSTR (Joint) +180C −110C	$95.16	180	0	0	110	$233.00	$156.09	0	1.00x	0.0%	N/A	10	$53,000	$95,160	LEAPS-ONLY
SPY +640C	$762.18	640	0	0	0	$764.00	$697.38	0	1.00x	0.0%	N/A	12	$148,800	$914,616	LEAPS-ONLY
BMNR (Joint) +23C −65P +25P −19C	$17.93	23	65	25	19	$30.29	$8.96	40	0.00x	-39.5%	ITM	150	$0	$268,875	OK
BMNR (Main) +25C −45P +15P −19C	$17.93	25	45	15	19	$44.46	$52.25	30	2.59x	16.3%	SAFE	50	$94,550	$89,625	OK
BMNR (Main) +23C −65P +25P −19C	$17.93	23	65	25	19	$39.13	$8.96	40	0.00x	-39.5%	ITM	75	$0	$134,438	OK
BMNR (RetireInc) +10C −18P +10P −19C	$17.93	10	18	10	19	$17.13	$19.48	8	2.28x	44.2%	SAFE	50	$31,250	$89,625	OK
CLSK +17C −17P +10P	$14.76	17	17	10	0	$20.74	$17.16	7	2.87x	32.2%	SAFE	25	$9,350	$36,900	OK
COIN (Main) +165C −240P +85P −160C	$149.77	165	240	85	160	$210.90	$218.39	155	10.23x	43.2%	SAFE	8	$13,440	$119,816	OK
COIN (Main) +500C −330P +300P −160C	$149.77	500	330	300	160	$563.00	$340.56	30	1.48x	-100.3%	ITM	25	$157,500	$374,425	OK
COPX +65C −90P +68P −85C	$83.42	65	90	68	85	$93.40	$94.98	22	1.77x	18.5%	SAFE	20	$56,800	$166,840	OK
DELL +340C −390P +150P −475C	$459.96	340	390	150	475	$398.00	$409.76	240	5.14x	67.4%	SAFE	3	$17,400	$137,986	OK
ETHA +13C −16P +10P	$14.14	13	16	10	0	$17.33	$17.95	6	2.39x	29.3%	SAFE	50	$21,650	$70,700	OK
GLD +320C −450P +330P −386C	$374.96	320	450	330	386	$456.00	$471.52	120	1.88x	12.0%	SAFE	10	$136,000	$374,960	OK
GLXY +38C −38P +18P	$22.39	38	38	18	0	$39.71	$34.17	20	10.05x	21.8%	SAFE	125	$27,625	$279,875	OK
GOOG (Neville) +300C −345P +310P −355C	$369.17	300	345	310	355	$373.00	$338.78	35	1.48x	16.0%	SAFE	15	$109,500	$553,755	OK
GOOG (Neville) +340C −405P +360P −355C	$369.17	340	405	360	355	$398.00	$375.59	45	1.88x	2.5%	TIGHT	5	$25,500	$184,585	OK
HIMS +10C −20P +5P	$31.03	10	20	5	0	$17.47	$19.54	15	4.04x	83.9%	SAFE	15	$7,395	$46,545	OK
INTC +85C −100P +35P −108C	$97.95	85	100	35	108	$114.00	$118.27	65	3.24x	64.3%	SAFE	5	$14,500	$48,975	OK
IREN (Joint) +25C −47P +35P	$41.06	25	47	35	0	$44.00	$49.65	12	1.75x	14.8%	SAFE	20	$32,000	$82,120	OK
IREN (Main) +25C −47P +35P	$41.06	25	47	35	0	$44.00	$49.65	12	1.75x	14.8%	SAFE	20	$32,000	$82,120	OK
IREN (Neville) +45C −65P +21P	$41.06	45	65	21	0	$56.50	$58.62	44	15.67x	48.9%	SAFE	20	$6,000	$82,120	OK
MARA (Joint) +20C −17P +10P	$11.87	20	17	10	0	$24.33	$19.51	7	2.62x	15.7%	SAFE	50	$21,650	$59,325	OK
MARA (Main) +20C −25P +15P	$11.87	20	25	15	0	$22.69	$18.47	10	27.32x	-26.4%	ITM	200	$7,600	$237,300	OK
MARA (Neville) +25C −15P +13P	$11.87	25	15	13	0	$26.40	$13.79	2	2.43x	-9.6%	ITM	250	$35,000	$296,625	OK
META +480C −650P +330P −610C	$584.80	480	650	330	610	$601.50	$607.26	320	5.38x	43.6%	SAFE	3	$21,900	$175,440	OK
MU (Joint) +670C −800P +420P −915C	$885.79	670	800	420	915	$792.36	$811.93	380	4.31x	52.6%	SAFE	1	$11,472	$88,579	OK
MU (Neville) +970C −1110P +370P −985C	$885.79	970	1110	370	985	$1220.00	$1251.02	740	3.96x	58.2%	SAFE	2	$50,000	$177,158	OK
NOW +80C −110P +90P −120C	$114.35	80	110	90	120	$108.93	$114.29	20	1.72x	21.3%	SAFE	10	$27,850	$114,350	OK
NVDA +140C −175P +70P −215C	$211.33	140	175	70	215	$199.60	$203.36	105	2.76x	66.9%	SAFE	5	$29,800	$105,665	OK
SPCX +150C −195P +135P	$119.55	150	195	135	0	$186.00	$183.15	60	3.22x	-12.9%	ITM	5	$13,500	$59,772	OK

UAMY: HP 8P Roll-Down · exp Nov 20 '26, 108d

Stock: $5.88 HP: ITM Current hedge: $21,968/yr SS: $12.45 (unchanged) Shares: 2,500 CC income: $11,603/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 1 PASS

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	5	Nov 20	108d	15.0%	$0.95	$1.40	$3,500	$8,027	$8,027	$13,941	8	$6,250	5mo	3mo	4.12x	PASS

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $10, B $0.05	$1,452/yr	$8,027/yr	DEFICIT $548/mo
CC at MID $7 0.6σ, B $0.25	$7,258/yr	$8,027/yr	DEFICIT $64/mo
AT 20% DRAWDOWN (stock $5.88 → $4.70, hedge $8,027/yr)
CC at SS vs stressed	$1,452/yr	$8,027/yr	DEFICIT $548/mo
CC at MID vs stressed	$7,258/yr	$8,027/yr	DEFICIT $64/mo

NOT SELF-FUNDING Requires ongoing capital even at MID

CC WRITING STRATEGY

NO SAFE CC STRATEGY at the current chain. Hedge bleeds even at MID strike. Either restructure (deeper-OTM HP, smaller position) or commit to ongoing capital subsidy.

NEM: HP 75P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $97.81 Current HP: 75P (45d, 23.3% OTM) Current hedge: $1,379/yr Current ML: $28,520 CC income: $14,130/yr Cost cap: 25% of CC = $3,533/yr IV: HIGH 1 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Oct 16 '26, 73d, 23.3% OTM) | Cost: $2,300/yr (16% of CC) | New ML: $28,520 = ML | Roll DEBIT $385 | Margin (TIMS): $1,740

PROTECTIVE PICK: same as CHEAPEST (no higher-strike candidate clears the cost cap).

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	75 CHEAP PROT	Oct 16	73d	23.3%	$0.32	$0.92	$2,300	16%	$28,520	=	D $385

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $2.21	$12,839/yr	$2,300/yr	SELF-FUNDING
CC at MID $106 0.6σ, B $0.70	$4,065/yr	$2,300/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $2.21). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MSTR (RetireInc): HP 55P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $95.16 Current HP: 55P (45d, 42.2% OTM) Current hedge: $2,693/yr Current ML: $56,800 CC income: $29,636/yr Cost cap: 25% of CC = $7,409/yr IV: HIGH 7 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 55 → 55P (Oct 16 '26, 73d, 42.2% OTM) | Cost: $3,060/yr (10% of CC) | New ML: $56,800 = ML | Roll DEBIT $432 | Margin (TIMS): $5,215

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 70P (Oct 16 '26, 73d, 26.4% OTM) | Cost: $7,400/yr (25% of CC) | New ML: $50,800 ↓ $6,000 | Roll DEBIT $1,300 | Margin (TIMS): $4,275

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Oct 16	73d	42.2%	$1.12	$1.53	$3,060	10%	$56,800	=	D $432
2	55	Nov 20	108d	42.2%	$2.22	$2.69	$3,636	12%	$56,800	=	D $896
3	60	Oct 16	73d	36.9%	$1.75	$2.05	$4,100	14%	$54,800	-$2,000	D $640
4	60	Nov 20	108d	36.9%	$3.05	$3.50	$4,731	16%	$54,800	-$2,000	D $1,220
5	65	Oct 16	73d	31.7%	$2.36	$2.76	$5,520	19%	$52,800	-$4,000	D $924
6	65	Nov 20	108d	31.7%	$4.00	$4.50	$6,083	21%	$52,800	-$4,000	D $1,620
▶ 7	70 PROT	Oct 16	73d	26.4%	$3.20	$3.70	$7,400	25%	$50,800	-$6,000	D $1,300

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $113, B $2.32	$10,777/yr	$3,060/yr	SELF-FUNDING
CC at MID $113 0.7σ, B $2.32	$10,777/yr	$3,060/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($113, bid $2.32). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

COIN (RetireInc): HP 75P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $149.77 Current HP: 75P (45d, 49.9% OTM) Current hedge: $1,265/yr Current ML: $43,440 CC income: $27,676/yr Cost cap: 25% of CC = $6,919/yr IV: HIGH 14 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Oct 16 '26, 73d, 49.9% OTM) | Cost: $1,320/yr (5% of CC) | New ML: $43,440 = ML | Roll DEBIT $264 | Margin (TIMS): $4,775

PROTECTIVE PICK (lowest ML within cost cap): HP 75 → 110P (Oct 16 '26, 73d, 26.6% OTM) | Cost: $6,450/yr (23% of CC) | New ML: $32,940 ↓ $10,500 | Roll DEBIT $1,290 | Margin (TIMS): $4,412

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	75 CHEAP	Oct 16	73d	49.9%	$0.20	$0.88	$1,320	5%	$43,440	=	D $264
2	80	Oct 16	73d	46.6%	$0.42	$1.09	$1,635	6%	$41,940	-$1,500	D $327
3	80	Nov 20	108d	46.6%	$1.34	$2.01	$2,038	7%	$41,940	-$1,500	D $603
4	85	Oct 16	73d	43.2%	$0.70	$1.36	$2,040	7%	$40,440	-$3,000	D $408
5	85	Nov 20	108d	43.2%	$1.81	$2.56	$2,596	9%	$40,440	-$3,000	D $768
6	90	Oct 16	73d	39.9%	$1.02	$1.75	$2,625	9%	$38,940	-$4,500	D $525
7	90	Nov 20	108d	39.9%	$2.37	$3.25	$3,295	12%	$38,940	-$4,500	D $975
8	95	Oct 16	73d	36.6%	$1.44	$2.27	$3,405	12%	$37,440	-$6,000	D $681
9	95	Nov 20	108d	36.6%	$2.90	$4.05	$4,106	15%	$37,440	-$6,000	D $1,215
10	100	Oct 16	73d	33.2%	$1.98	$2.81	$4,215	15%	$35,940	-$7,500	D $843
11	100	Nov 20	108d	33.2%	$4.00	$4.95	$5,019	18%	$35,940	-$7,500	D $1,485
12	105	Oct 16	73d	29.9%	$2.59	$3.40	$5,100	18%	$34,440	-$9,000	D $1,020
▶ 13	110 PROT	Oct 16	73d	26.6%	$3.45	$4.30	$6,450	23%	$32,940	-$10,500	D $1,290

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $190, B $1.86	$6,480/yr	$1,320/yr	SELF-FUNDING
CC at MID $175 0.6σ, B $2.60	$9,058/yr	$1,320/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($190, bid $1.86). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

QCOM: HP 90P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $157.63 Current HP: 90P (45d, 42.9% OTM) Current hedge: $2,474/yr Current ML: $77,000 CC income: $32,366/yr Cost cap: 25% of CC = $8,091/yr IV: HIGH 13 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Oct 16 '26, 73d, 42.9% OTM) | Cost: $1,875/yr (6% of CC) | New ML: $77,000 = ML | Roll DEBIT $375 | Margin (TIMS): $2,788

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 120P (Oct 16 '26, 73d, 23.9% OTM) | Cost: $7,625/yr (24% of CC) | New ML: $62,000 ↓ $15,000 | Roll DEBIT $1,525 | Margin (TIMS): $2,824

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Oct 16	73d	42.9%	$0.04	$0.75	$1,875	6%	$77,000	=	D $375
2	95	Oct 16	73d	39.7%	$0.11	$0.82	$2,050	6%	$74,500	-$2,500	D $410
3	90	Nov 20	108d	42.9%	$0.55	$1.33	$2,247	7%	$77,000	=	D $665
4	100	Oct 16	73d	36.6%	$0.60	$1.10	$2,750	8%	$72,000	-$5,000	D $550
5	95	Nov 20	108d	39.7%	$0.90	$1.63	$2,754	9%	$74,500	-$2,500	D $815
6	100	Nov 20	108d	36.6%	$1.59	$1.82	$3,075	10%	$72,000	-$5,000	D $910
7	105	Oct 16	73d	33.4%	$0.95	$1.45	$3,625	11%	$69,500	-$7,500	D $725
8	105	Nov 20	108d	33.4%	$1.70	$2.56	$4,326	13%	$69,500	-$7,500	D $1,280
9	110	Oct 16	73d	30.2%	$1.39	$1.91	$4,775	15%	$67,000	-$10,000	D $955
10	110	Nov 20	108d	30.2%	$2.60	$3.30	$5,576	17%	$67,000	-$10,000	D $1,650
11	115	Oct 16	73d	27.0%	$1.79	$2.43	$6,075	19%	$64,500	-$12,500	D $1,215
12	115	Nov 20	108d	27.0%	$3.25	$4.15	$7,013	22%	$64,500	-$12,500	D $2,075
▶ 13	120 PROT	Oct 16	73d	23.9%	$2.50	$3.05	$7,625	24%	$62,000	-$15,000	D $1,525

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $220, B $0.05	$290/yr	$1,875/yr	DEFICIT $132/mo
CC at MID $180 0.7σ, B $3.20	$18,581/yr	$1,875/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($180, bid $3.20). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

APP: HP 185P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $414.81 Current HP: 185P (45d, 55.4% OTM) Current hedge: $649/yr Current ML: $48,300 CC income: $44,648/yr Cost cap: 25% of CC = $11,162/yr IV: HIGH 17 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Nov 20 '26, 108d, 55.4% OTM) | Cost: $1,115/yr (2% of CC) | New ML: $48,300 = ML | Roll DEBIT $320 | Margin (TIMS): $11,606

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 330P (Nov 20 '26, 108d, 20.4% OTM) | Cost: $11,018/yr (25% of CC) | New ML: $33,800 ↓ $14,500 | Roll DEBIT $3,250 | Margin (TIMS): $10,521

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Nov 20	108d	55.4%	$1.80	$3.30	$1,115	2%	$48,300	=	D $320
2	195	Nov 20	108d	53.0%	$1.85	$3.80	$1,284	3%	$47,300	-$1,000	D $370
3	190	Nov 20	108d	54.2%	$2.25	$5.00	$1,690	4%	$47,800	-$500	D $490
4	200	Nov 20	108d	51.8%	$2.60	$5.30	$1,791	4%	$46,800	-$1,500	D $520
5	220	Nov 20	108d	47.0%	$3.50	$6.20	$2,095	5%	$44,800	-$3,500	D $610
6	210	Nov 20	108d	49.4%	$3.00	$7.00	$2,366	5%	$45,800	-$2,500	D $690
7	240	Nov 20	108d	42.1%	$5.70	$8.80	$2,974	7%	$42,800	-$5,500	D $870
8	230	Nov 20	108d	44.6%	$4.70	$9.70	$3,278	7%	$43,800	-$4,500	D $960
9	260	Nov 20	108d	37.3%	$8.80	$12.20	$4,123	9%	$40,800	-$7,500	D $1,210
10	250	Nov 20	108d	39.7%	$7.10	$12.80	$4,326	10%	$41,800	-$6,500	D $1,270
11	270	Nov 20	108d	34.9%	$11.50	$14.70	$4,968	11%	$39,800	-$8,500	D $1,460
12	280	Nov 20	108d	32.5%	$13.60	$17.10	$5,779	13%	$38,800	-$9,500	D $1,700
▶ 13	330 PROT	Nov 20	108d	20.4%	$27.60	$32.60	$11,018	25%	$33,800	-$14,500	D $3,250

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $505, B $12.40	$14,400/yr	$1,115/yr	SELF-FUNDING
CC at MID $490 0.6σ, B $14.80	$17,187/yr	$1,115/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($505, bid $12.40). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

RKLB: HP 45P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $74.09 Current HP: 45P (45d, 39.3% OTM) Current hedge: $4,672/yr Current ML: $69,930 CC income: $53,943/yr Cost cap: 25% of CC = $13,486/yr IV: HIGH 3 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 45 → 45P (Oct 16 '26, 73d, 39.3% OTM) | Cost: $5,850/yr (11% of CC) | New ML: $69,930 = ML | Roll DEBIT $696 | Margin (TIMS): $2,820

PROTECTIVE PICK (lowest ML within cost cap): HP 45 → 55P (Oct 16 '26, 73d, 25.8% OTM) | Cost: $13,200/yr (24% of CC) | New ML: $63,930 ↓ $6,000 | Roll DEBIT $2,166 | Margin (TIMS): $2,527

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP	Oct 16	73d	39.3%	$1.60	$1.95	$5,850	11%	$69,930	=	D $696
2	50	Oct 16	73d	32.5%	$2.46	$2.97	$8,910	17%	$66,930	-$3,000	D $1,308
▶ 3	55 PROT	Oct 16	73d	25.8%	$3.80	$4.40	$13,200	24%	$63,930	-$6,000	D $2,166

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $105, B $1.19	$8,292/yr	$5,850/yr	SELF-FUNDING
CC at MID $90 0.7σ, B $3.30	$22,994/yr	$5,850/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($105, bid $1.19). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $41.06 Current HP: 23P (45d, 44.0% OTM) Current hedge: $15,249/yr Current ML: $107,700 CC income: $118,220/yr Cost cap: 25% of CC = $29,555/yr IV: HIGH 12 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 23P (Oct 16 '26, 73d, 44.0% OTM) | Cost: $16,100/yr (14% of CC) | New ML: $107,700 = ML | Roll DEBIT $1,920 | Margin (TIMS): $1,832

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 28P (Nov 20 '26, 108d, 31.8% OTM) | Cost: $27,713/yr (23% of CC) | New ML: $97,700 ↓ $10,000 | Roll DEBIT $6,900 | Margin (TIMS): $1,705

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Oct 16	73d	44.0%	$1.18	$1.61	$16,100	14%	$107,700	=	D $1,920
2	23	Nov 20	108d	44.0%	$1.87	$2.42	$16,357	14%	$107,700	=	D $3,540
3	24	Oct 16	73d	41.5%	$1.40	$1.65	$16,500	14%	$105,700	-$2,000	D $2,000
4	24	Nov 20	108d	41.5%	$2.13	$2.72	$18,385	16%	$105,700	-$2,000	D $4,140
5	25	Oct 16	73d	39.1%	$1.60	$1.88	$18,800	16%	$103,700	-$4,000	D $2,460
6	25	Nov 20	108d	39.1%	$2.43	$3.05	$20,616	17%	$103,700	-$4,000	D $4,800
7	26	Oct 16	73d	36.7%	$1.83	$2.10	$21,000	18%	$101,700	-$6,000	D $2,900
8	26	Nov 20	108d	36.7%	$2.77	$3.40	$22,981	19%	$101,700	-$6,000	D $5,500
9	27	Nov 20	108d	34.2%	$2.99	$3.75	$25,347	21%	$99,700	-$8,000	D $6,200
10	27	Oct 16	73d	34.2%	$2.08	$2.65	$26,500	22%	$99,700	-$8,000	D $4,000
▶ 11	28 PROT	Nov 20	108d	31.8%	$3.35	$4.10	$27,713	23%	$97,700	-$10,000	D $6,900
12	28	Oct 16	73d	31.8%	$2.29	$2.95	$29,500	25%	$97,700	-$10,000	D $4,600

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $70, B $0.15	$3,484/yr	$16,100/yr	DEFICIT $1,051/mo
CC at MID $51 0.6σ, B $2.30	$53,419/yr	$16,100/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($51, bid $2.30). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

CRWV: HP 40P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $91.32 Current HP: 40P (45d, 56.2% OTM) Current hedge: $1,784/yr Current ML: $50,225 CC income: $70,635/yr Cost cap: 25% of CC = $17,659/yr IV: HIGH 19 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Oct 16 '26, 73d, 56.2% OTM) | Cost: $1,800/yr (3% of CC) | New ML: $50,225 = ML | Roll DEBIT $250 | Margin (TIMS): $2,703

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 70P (Nov 20 '26, 108d, 23.3% OTM) | Cost: $15,546/yr (22% of CC) | New ML: $35,225 ↓ $15,000 | Roll DEBIT $4,490 | Margin (TIMS): $2,509

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Oct 16	73d	56.2%	$0.49	$0.72	$1,800	3%	$50,225	=	D $250
2	40	Nov 20	108d	56.2%	$1.10	$1.49	$2,518	4%	$50,225	=	D $635
3	42	Oct 16	73d	53.5%	$0.66	$1.15	$2,875	4%	$48,975	-$1,250	D $465
4	45	Oct 16	73d	50.7%	$0.88	$1.20	$3,000	4%	$47,725	-$2,500	D $490
5	42	Nov 20	108d	53.5%	$1.40	$1.99	$3,363	5%	$48,975	-$1,250	D $885
6	48	Oct 16	73d	48.0%	$1.16	$1.41	$3,525	5%	$46,475	-$3,750	D $595
7	45	Nov 20	108d	50.7%	$1.78	$2.40	$4,056	6%	$47,725	-$2,500	D $1,090
8	50	Oct 16	73d	45.2%	$1.47	$1.73	$4,325	6%	$45,225	-$5,000	D $755
9	48	Nov 20	108d	48.0%	$2.14	$2.61	$4,410	6%	$46,475	-$3,750	D $1,195
10	50	Nov 20	108d	45.2%	$2.64	$3.40	$5,745	8%	$45,225	-$5,000	D $1,590
11	55	Oct 16	73d	39.8%	$2.23	$2.60	$6,500	9%	$42,725	-$7,500	D $1,190
12	55	Nov 20	108d	39.8%	$3.75	$4.60	$7,773	11%	$42,725	-$7,500	D $2,190
▶ 13	70 PROT	Nov 20	108d	23.3%	$8.55	$9.20	$15,546	22%	$35,225	-$15,000	D $4,490

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $125, B $2.84	$16,490/yr	$1,800/yr	SELF-FUNDING
CC at MID $110 0.6σ, B $5.35	$31,065/yr	$1,800/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($125, bid $2.84). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MDB: HP 150P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $372.06 Current HP: 150P (45d, 59.7% OTM) Current hedge: $2,320/yr Current ML: $28,290 CC income: $30,221/yr Cost cap: 25% of CC = $7,555/yr IV: HIGH 17 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 150P (Nov 20 '26, 108d, 59.7% OTM) | Cost: $1,004/yr (3% of CC) | New ML: $28,290 = ML | Roll DEBIT $297 | Margin (TIMS): $7,775

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 270P (Nov 20 '26, 108d, 27.4% OTM) | Cost: $6,725/yr (22% of CC) | New ML: $16,290 ↓ $12,000 | Roll DEBIT $1,990 | Margin (TIMS): $5,707

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	150 CHEAP	Nov 20	108d	59.7%	$0.73	$2.97	$1,004	3%	$28,290	=	D $297
2	155	Nov 20	108d	58.3%	$0.94	$3.25	$1,098	4%	$27,790	-$500	D $325
3	160	Nov 20	108d	57.0%	$1.00	$3.55	$1,200	4%	$27,290	-$1,000	D $355
4	165	Nov 20	108d	55.7%	$1.46	$3.70	$1,250	4%	$26,790	-$1,500	D $370
5	170	Nov 20	108d	54.3%	$1.71	$4.00	$1,352	4%	$26,290	-$2,000	D $400
6	180	Nov 20	108d	51.6%	$2.07	$4.75	$1,605	5%	$25,290	-$3,000	D $475
7	185	Nov 20	108d	50.3%	$2.39	$5.20	$1,757	6%	$24,790	-$3,500	D $520
8	190	Nov 20	108d	48.9%	$2.94	$5.65	$1,909	6%	$24,290	-$4,000	D $565
9	195	Nov 20	108d	47.6%	$3.20	$6.15	$2,078	7%	$23,790	-$4,500	D $615
10	200	Nov 20	108d	46.2%	$3.60	$6.70	$2,264	7%	$23,290	-$5,000	D $670
11	210	Nov 20	108d	43.6%	$4.45	$7.90	$2,670	9%	$22,290	-$6,000	D $790
12	220	Nov 20	108d	40.9%	$5.65	$9.25	$3,126	10%	$21,290	-$7,000	D $925
▶ 13	270 PROT	Nov 20	108d	27.4%	$14.35	$19.90	$6,725	22%	$16,290	-$12,000	D $1,990

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $385, B $28.90	$33,561/yr	$1,004/yr	SELF-FUNDING
CC at MID $450 0.7σ, B $10.10	$11,729/yr	$1,004/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($385, bid $28.90). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

ENPH: HP 20P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $40.61 Current HP: 20P (45d, 50.8% OTM) Current hedge: $1,703/yr Current ML: $47,300 CC income: $31,025/yr Cost cap: 25% of CC = $7,756/yr IV: HIGH 6 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 20 → 20P (Oct 16 '26, 73d, 50.8% OTM) | Cost: $1,800/yr (6% of CC) | New ML: $47,300 = ML | Roll DEBIT $350 | Margin (TIMS): $1,291

PROTECTIVE PICK (lowest ML within cost cap): HP 20 → 25P (Oct 16 '26, 73d, 38.4% OTM) | Cost: $3,300/yr (11% of CC) | New ML: $42,300 ↓ $5,000 | Roll DEBIT $650 | Margin (TIMS): $1,284

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	20 CHEAP	Oct 16	73d	50.8%	$0.06	$0.36	$1,800	6%	$47,300	=	D $350
2	20	Nov 20	108d	50.8%	$0.30	$0.61	$2,062	7%	$47,300	=	D $600
3	22	Oct 16	73d	44.6%	$0.20	$0.59	$2,950	10%	$44,800	-$2,500	D $580
4	22	Nov 20	108d	44.6%	$0.54	$0.95	$3,211	10%	$44,800	-$2,500	D $940
▶ 5	25 PROT	Oct 16	73d	38.4%	$0.42	$0.66	$3,300	11%	$42,300	-$5,000	D $650
6	25	Nov 20	108d	38.4%	$0.94	$1.39	$4,698	15%	$42,300	-$5,000	D $1,380

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $55, B $0.01	$116/yr	$1,800/yr	DEFICIT $140/mo
CC at MID $48 0.7σ, B $0.05	$581/yr	$1,800/yr	DEFICIT $102/mo

NOT SELF-FUNDING Requires ongoing capital even at MID

CC WRITING STRATEGY

NO SAFE CC STRATEGY at the current chain. Hedge bleeds even at MID strike. Either restructure (deeper-OTM HP, smaller position) or commit to ongoing capital subsidy.

MU (Main): HP 320P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $885.79 Current HP: 320P (45d, 63.9% OTM) Current hedge: $4,096/yr Current ML: $419,300 CC income: $310,190/yr Cost cap: 25% of CC = $77,548/yr IV: HIGH 56 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 320P (Oct 16 '26, 73d, 63.9% OTM) | Cost: $5,900/yr (2% of CC) | New ML: $419,300 = ML | Roll DEBIT $855 | Margin (TIMS): $30,816

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 610P (Nov 20 '26, 108d, 31.1% OTM) | Cost: $74,859/yr (24% of CC) | New ML: $274,300 ↓ $145,000 | Roll DEBIT $21,825 | Margin (TIMS): $28,076

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	320 CHEAP	Oct 16	73d	63.9%	$1.80	$2.36	$5,900	2%	$419,300	=	D $855
2	330	Oct 16	73d	62.7%	$2.00	$2.58	$6,450	2%	$414,300	-$5,000	D $965
3	340	Oct 16	73d	61.6%	$2.22	$2.82	$7,050	2%	$409,300	-$10,000	D $1,085
4	320	Nov 20	108d	63.9%	$3.00	$4.20	$7,097	2%	$419,300	=	D $1,775
5	330	Nov 20	108d	62.7%	$3.50	$4.35	$7,351	2%	$414,300	-$5,000	D $1,850
6	350	Oct 16	73d	60.5%	$2.46	$3.10	$7,750	2%	$404,300	-$15,000	D $1,225
7	360	Oct 16	73d	59.4%	$2.64	$3.40	$8,500	3%	$399,300	-$20,000	D $1,375
8	350	Nov 20	108d	60.5%	$4.35	$5.55	$9,378	3%	$404,300	-$15,000	D $2,450
9	370	Oct 16	73d	58.2%	$3.35	$3.80	$9,500	3%	$394,300	-$25,000	D $1,575
10	340	Nov 20	108d	61.6%	$3.20	$6.00	$10,139	3%	$409,300	-$10,000	D $2,675
11	380	Oct 16	73d	57.1%	$3.35	$4.10	$10,250	3%	$389,300	-$30,000	D $1,725
12	360	Nov 20	108d	59.4%	$4.85	$6.10	$10,308	3%	$399,300	-$20,000	D $2,725
▶ 13	610 PROT	Nov 20	108d	31.1%	$42.10	$44.30	$74,859	24%	$274,300	-$145,000	D $21,825

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $965, B $59.55	$345,774/yr	$5,900/yr	SELF-FUNDING
CC at MID $965 0.2σ, B $59.55	$345,774/yr	$5,900/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($965, bid $59.55). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

HP roll-downs do not change Safe Strike. SS = Max(LC+ND, (LC+SP+ND)/2). HP is not in the formula.

Monthly hedge cost prorated: (30/DTE) × (Ask × Shares). Payback = ML increase / Annual savings.

EST = ask price estimated as mid × 1.10 (10% safety buffer). Verify with live prices before executing.

Always prefer longest viable DTE for repair rolls (fewer rolls/yr = lower annual cost).