FORTRESS REPAIRHP Roll-Down Analysis
Generated: 2026-04-27 13:47:39
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$775,625/yr
TOTAL HEDGE (REPAIRED)
$47,985/yr
ANNUAL SAVINGS
$727,640/yr
ROLL CREDITS
$18,500
ADDITIONAL MAX LOSS
$45,000
PORTFOLIO ACTION SUMMARY · 5 positions
2 · REPAIR (CRITICAL)1 · ROLL NOW2 · OK
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Fortress Position Overview

TICKERSTOCKLCSPHPSC SSGAPRMHP OTM%STATUSCTRSICNOTIONALURGENCY
BMNR → $22.26 3565 290 $17.13 366.76x -30.3% ITM 50 $31,250$111,275 REPAIR (CRITICAL)
TSLA $375.65 550400 355950 $421.00 01.00x 0.0% N/A 5 $60,500$187,825 REPAIR (CRITICAL) (out of expiry scope)
IREN → $51.22 2547 3557 $44.00 121.75x 31.7% SAFE 40 $64,000$204,860 ROLL NOW
CIFR $18.20 1217 824 $16.80 92.96x 56.0% SAFE 50 $23,000$91,000 OK
COPX $82.15 5090 7195 $84.00 191.68x 13.6% SAFE 50 $140,000$410,725 OK

BMNR: HP 29P Roll-Down

Stock: $22.26 HP: ITM Current hedge: $775,625/yr SS: $17.13 (unchanged) Shares: 5,000 CC income: $417,346/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 5 PASS
RECOMMENDED: Roll HP 29 → 20 (Aug 21, 116d) | Save $727,640/yr | Payback 1mo (0.06yr) hedge only, 0mo (0.04yr) w/income (gate: 12mo (1.0yr)) | HP moves to 10.1% OTM | RM 6.76x → 8.20x
#NEW HPEXPIRYDTEOTM%ASK ROLL CR/SHROLL TOTALHEDGE/YRSTRESS/YRSAVED/YR GAPML+PAYBACKPB+INCNEW RM
1 20 Aug 21 116d 10.1% $3.05 $3.70 $18,500 $47,985 $50,423 $727,640 45 $45,000 1mo 0mo 8.20x PASS
2 19 Aug 21 116d 14.6% $2.58 $4.17 $20,850 $40,591 $56,717 $735,034 46 $50,000 1mo 1mo 8.36x PASS
3 18 Aug 21 116d 19.1% $2.18 $4.57 $22,850 $34,297 $64,504 $741,328 47 $55,000 1mo 1mo 8.52x PASS
4 17 Aug 21 116d 23.6% $1.79 $4.96 $24,800 $28,162 $56,638 $747,463 48 $60,000 1mo 1mo 8.68x PASS
5 16 Aug 21 116d 28.1% $1.57 $5.18 $25,900 $24,700 $47,985 $750,925 49 $65,000 1mo 1mo 8.84x PASS
POST-REPAIR SUSTAINABILITY CC chain May 29 (32d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $22, B $2.20 $123,750/yr $47,985/yr SELF-FUNDING
CC at MID $26 0.6σ, B $0.91 $51,188/yr $47,985/yr SELF-FUNDING
At Drawdown (stressed hedge)
CC at SS vs stressed $123,750/yr $50,423/yr SELF-FUNDING
CC at MID vs stressed $51,188/yr $50,423/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

IREN: HP Maintenance Roll-Out

Stock: $51.22 Current HP: 35P (18d, 31.7% OTM) Current hedge: $77,867/yr Current ML: $112,000 CC income: $681,919/yr Cost cap: 25% of CC = $170,480/yr IV: HIGH 13 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Aug 21 '26, 116d, 31.7% OTM) | Cost: $49,086/yr (7% of CC) | New ML: $112,000 = ML | Roll DEBIT $12,320
PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 47P (Aug 21 '26, 116d, 8.2% OTM) | Cost: $115,164/yr (17% of CC) | New ML: $64,000 ↓ $48,000 | Roll DEBIT $33,320
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 35 CHEAP Aug 21 116d 31.7% $3.50 $3.90 $49,086 7% $112,000 = D $12,320
2 36 Aug 21 116d 29.7% $3.70 $4.30 $54,121 8% $108,000 -$4,000 D $13,920
3 37 Aug 21 116d 27.8% $4.10 $4.65 $58,526 9% $104,000 -$8,000 D $15,320
4 38 Aug 21 116d 25.8% $4.40 $5.00 $62,931 9% $100,000 -$12,000 D $16,720
5 39 Aug 21 116d 23.9% $4.85 $5.40 $67,966 10% $96,000 -$16,000 D $18,320
6 40 Aug 21 116d 21.9% $5.15 $5.80 $73,000 11% $92,000 -$20,000 D $19,920
7 41 Aug 21 116d 19.9% $5.30 $6.55 $82,440 12% $88,000 -$24,000 D $22,920
8 42 Aug 21 116d 18.0% $5.95 $6.70 $84,328 12% $84,000 -$28,000 D $23,520
9 43 Aug 21 116d 16.0% $6.40 $7.45 $93,767 14% $80,000 -$32,000 D $26,520
10 44 Aug 21 116d 14.1% $6.90 $8.00 $100,690 15% $76,000 -$36,000 D $28,720
11 45 Aug 21 116d 12.1% $7.70 $8.05 $101,319 15% $72,000 -$40,000 D $28,920
12 46 Aug 21 116d 10.2% $7.80 $9.05 $113,905 17% $68,000 -$44,000 D $32,920
▶ 13 47 PROT Aug 21 116d 8.2% $8.45 $9.15 $115,164 17% $64,000 -$48,000 D $33,320
POST-REPAIR SUSTAINABILITY CC chain May 29 (32d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $51, B $6.50 $292,500/yr $49,086/yr SELF-FUNDING
CC at MID $65 0.7σ, B $2.48 $111,600/yr $49,086/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

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).