FORTRESS REPAIRHP Roll-Down Analysis
Generated: 2026-04-25 15:56:20
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$35,040/yr
TOTAL HEDGE (CHEAPEST)
$24,127/yr
Δ HEDGE (CHEAPEST vs CURRENT)
-$10,913/yr
ROLL DEBIT (CHEAPEST)
-$6,160
MAX LOSS REDUCTION (PROTECTIVE)
-$24,000

Fortress Position Overview

TICKERSTOCKLCSPHPSC SSGAPRMHP OTM%STATUSCTRSICNOTIONALURGENCY
IREN $52.02 2547 3557 $41.22 122.15x 32.7% SAFE 20 $20,886$104,040 ROLL NOW

IREN: HP Maintenance Roll-Out

Stock: $52.02 Current HP: 35P (20d, 32.7% OTM) Current hedge: $35,040/yr Current ML: $44,886 CC income: $510,407/yr Cost cap: 25% of CC = $127,602/yr IV: HIGH 13 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Aug 21 '26, 118d, 32.7% OTM) | Cost: $24,127/yr (5% of CC) | New ML: $44,886 = ML | Roll DEBIT $6,160
PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 47P (Aug 21 '26, 118d, 9.7% OTM) | Cost: $56,606/yr (11% of CC) | New ML: $20,886 ↓ $24,000 | Roll DEBIT $16,660
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 35 CHEAP Aug 21 118d 32.7% $3.50 $3.90 $24,127 5% $44,886 = D $6,160
2 36 Aug 21 118d 30.8% $3.70 $4.30 $26,602 5% $42,886 -$2,000 D $6,960
3 37 Aug 21 118d 28.9% $4.10 $4.65 $28,767 6% $40,886 -$4,000 D $7,660
4 38 Aug 21 118d 27.0% $4.40 $5.00 $30,932 6% $38,886 -$6,000 D $8,360
5 39 Aug 21 118d 25.0% $4.85 $5.40 $33,407 7% $36,886 -$8,000 D $9,160
6 40 Aug 21 118d 23.1% $5.15 $5.80 $35,881 7% $34,886 -$10,000 D $9,960
7 41 Aug 21 118d 21.2% $5.30 $6.55 $40,521 8% $32,886 -$12,000 D $11,460
8 42 Aug 21 118d 19.3% $5.95 $6.70 $41,449 8% $30,886 -$14,000 D $11,760
9 43 Aug 21 118d 17.3% $6.40 $7.45 $46,089 9% $28,886 -$16,000 D $13,260
10 44 Aug 21 118d 15.4% $6.90 $8.00 $49,492 10% $26,886 -$18,000 D $14,360
11 45 Aug 21 118d 13.5% $7.70 $8.05 $49,801 10% $24,886 -$20,000 D $14,460
12 46 Aug 21 118d 11.6% $7.80 $9.05 $55,987 11% $22,886 -$22,000 D $16,460
▶ 13 47 PROT Aug 21 118d 9.7% $8.45 $9.15 $56,606 11% $20,886 -$24,000 D $16,660
POST-REPAIR SUSTAINABILITY CC chain May 29 (34d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $51, B $6.50 $137,647/yr $24,127/yr SELF-FUNDING
CC at MID $65 0.6σ, B $2.48 $52,518/yr $24,127/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).