FORTRESS REPAIRHP Roll-Down Analysis
Generated: 2026-07-07 13:58:04
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$10,017/yr
TOTAL HEDGE (CHEAPEST)
$12,600/yr
Δ HEDGE (CHEAPEST vs CURRENT)
+$2,583/yr
ROLL DEBIT (CHEAPEST)
-$1,710
MAX LOSS REDUCTION (PROTECTIVE)
-$54,500
PORTFOLIO ACTION SUMMARY · 5 positions
2 · ROLL NOW3 · 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

FORTRESSSTOCKLCSPHPSC BE‑SS CC‑SS GAPRMHP OTM%STATUSCTRSICNOTIONALURGENCY
INTC →
+85C −100P +35P −140C
 $119.37 85100 35140 $114.00 $113.42 653.24x 70.7% SAFE 5 $14,500$59,685 ROLL NOW (45d)
IREN (Neville) →
+45C −65P +21P −60C
 $43.26 4565 2160 $56.50 $57.96 4415.67x 51.5% SAFE 20 $6,000$86,520 ROLL NOW (45d)
IREN (Joint)
+25C −47P +35P −60C
 $43.26 2547 3560 $44.00 $47.99 121.75x 19.1% SAFE 20 $32,000$86,520 OK
IREN (Main)
+25C −47P +35P −60C
 $43.26 2547 3560 $44.00 $47.99 121.75x 19.1% SAFE 20 $32,000$86,520 OK
IREN (RetireInc)
+50C −70P +23P −60C
 $43.26 5070 2360 $63.43 $66.81 477.86x 46.8% SAFE 20 $13,700$86,520 OK

IREN (Neville): HP 21P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $43.26 Current HP: 21P (45d, 51.5% OTM) Current hedge: $9,733/yr Current ML: $94,000 CC income: $152,778/yr Cost cap: 25% of CC = $38,194/yr IV: HIGH 23 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Sep 18 '26, 73d, 51.5% OTM) | Cost: $12,000/yr (8% of CC) | New ML: $94,000 = ML | Roll DEBIT $1,600 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 32P (Oct 16 '26, 101d, 26.0% OTM) | Cost: $36,139/yr (24% of CC) | New ML: $72,000 ↓ $22,000 | Roll DEBIT $9,200 | Margin: n/a (RTH)
All 23 qualifying strike(s) — full ladder
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 21 CHEAP Sep 18 73d 51.5% $0.61 $1.20 $12,000 8% $94,000 = D $1,600
2 21 Oct 16 101d 51.5% $1.12 $1.73 $12,504 8% $94,000 = D $2,660
3 22 Oct 16 101d 49.1% $1.32 $1.89 $13,660 9% $92,000 -$2,000 D $2,980
4 23 Oct 16 101d 46.8% $1.68 $1.94 $14,022 9% $90,000 -$4,000 D $3,080
5 23 Sep 18 73d 46.8% $1.16 $1.55 $15,500 10% $90,000 -$4,000 D $2,300
6 22 Sep 18 73d 49.1% $0.60 $1.60 $16,000 10% $92,000 -$2,000 D $2,400
7 24 Sep 18 73d 44.5% $1.16 $1.68 $16,800 11% $88,000 -$6,000 D $2,560
8 24 Oct 16 101d 44.5% $1.43 $2.59 $18,720 12% $88,000 -$6,000 D $4,380
9 25 Sep 18 73d 42.2% $1.48 $1.95 $19,500 13% $86,000 -$8,000 D $3,100
10 26 Sep 18 73d 39.9% $1.59 $2.06 $20,600 13% $84,000 -$10,000 D $3,320
11 26 Oct 16 101d 39.9% $2.29 $2.93 $21,177 14% $84,000 -$10,000 D $5,060
12 25 Oct 16 101d 42.2% $1.67 $2.95 $21,322 14% $86,000 -$8,000 D $5,100
13 27 Sep 18 73d 37.6% $1.85 $2.37 $23,700 16% $82,000 -$12,000 D $3,940
14 27 Oct 16 101d 37.6% $2.39 $3.30 $23,851 16% $82,000 -$12,000 D $5,800
15 28 Oct 16 101d 35.3% $2.80 $3.65 $26,381 17% $80,000 -$14,000 D $6,500
16 28 Sep 18 73d 35.3% $2.13 $2.70 $27,000 18% $80,000 -$14,000 D $4,600
17 29 Oct 16 101d 33.0% $2.83 $4.05 $29,272 19% $78,000 -$16,000 D $7,300
18 30 Oct 16 101d 30.7% $3.55 $4.05 $29,272 19% $76,000 -$18,000 D $7,300
19 29 Sep 18 73d 33.0% $2.38 $2.95 $29,500 19% $78,000 -$16,000 D $5,100
20 30 Sep 18 73d 30.7% $2.79 $3.15 $31,500 21% $76,000 -$18,000 D $5,500
21 31 Oct 16 101d 28.3% $3.50 $4.90 $35,416 23% $74,000 -$20,000 D $9,000
▶ 22 32 PROT Oct 16 101d 26.0% $4.20 $5.00 $36,139 24% $72,000 -$22,000 D $9,200
23 31 Sep 18 73d 28.3% $3.25 $3.80 $38,000 25% $74,000 -$20,000 D $6,800
POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $54, B $2.72 $63,174/yr $12,000/yr SELF-FUNDING
CC at MID $54 0.6σ, B $2.72 $63,174/yr $12,000/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($54, bid $2.72). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

INTC: HP 35P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $119.37 Current HP: 35P (45d, 70.7% OTM) Current hedge: $284/yr Current ML: $47,000 CC income: $154,400/yr Cost cap: 25% of CC = $38,600/yr IV: HIGH 71 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 73d, 70.7% OTM) | Cost: $600/yr (0% of CC) | New ML: $47,000 = ML | Roll DEBIT $110 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 100P (Oct 16 '26, 101d, 16.2% OTM) | Cost: $20,147/yr (13% of CC) | New ML: $14,500 ↓ $32,500 | Roll DEBIT $5,565 | Margin: n/a (RTH)
All 71 qualifying strike(s) — full ladder
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 35 CHEAP Sep 18 73d 70.7% $0.10 $0.24 $600 0% $47,000 = D $110
2 36 Sep 18 73d 69.8% $0.11 $0.26 $650 0% $46,500 -$500 D $120
3 35 Oct 16 101d 70.7% $0.11 $0.37 $669 0% $47,000 = D $175
4 37 Sep 18 73d 69.0% $0.12 $0.28 $700 0% $46,000 -$1,000 D $130
5 39 Sep 18 73d 67.3% $0.17 $0.32 $800 1% $45,000 -$2,000 D $150
6 40 Sep 18 73d 66.5% $0.18 $0.32 $800 1% $44,500 -$2,500 D $150
7 38 Sep 18 73d 68.2% $0.05 $0.35 $875 1% $45,500 -$1,500 D $165
8 39 Oct 16 101d 67.3% $0.29 $0.49 $885 1% $45,000 -$2,000 D $235
9 40 Oct 16 101d 66.5% $0.32 $0.53 $958 1% $44,500 -$2,500 D $255
10 42 Sep 18 73d 64.8% $0.22 $0.39 $975 1% $43,500 -$3,500 D $185
11 41 Sep 18 73d 65.7% $0.11 $0.44 $1,100 1% $44,000 -$3,000 D $210
12 44 Sep 18 73d 63.1% $0.26 $0.44 $1,100 1% $42,500 -$4,500 D $210
13 43 Oct 16 101d 64.0% $0.29 $0.65 $1,175 1% $43,000 -$4,000 D $315
14 45 Sep 18 73d 62.3% $0.29 $0.47 $1,175 1% $42,000 -$5,000 D $225
15 41 Oct 16 101d 65.7% $0.23 $0.69 $1,247 1% $44,000 -$3,000 D $335
16 43 Sep 18 73d 64.0% $0.15 $0.50 $1,250 1% $43,000 -$4,000 D $240
17 47 Sep 18 73d 60.6% $0.34 $0.52 $1,300 1% $41,000 -$6,000 D $250
18 42 Oct 16 101d 64.8% $0.26 $0.73 $1,319 1% $43,500 -$3,500 D $355
19 45 Oct 16 101d 62.3% $0.42 $0.75 $1,355 1% $42,000 -$5,000 D $365
20 48 Sep 18 73d 59.8% $0.37 $0.56 $1,400 1% $40,500 -$6,500 D $270
21 46 Sep 18 73d 61.5% $0.23 $0.58 $1,450 1% $41,500 -$5,500 D $280
22 50 Sep 18 73d 58.1% $0.44 $0.58 $1,450 1% $39,500 -$7,500 D $280
23 44 Oct 16 101d 63.1% $0.33 $0.81 $1,464 1% $42,500 -$4,500 D $395
24 47 Oct 16 101d 60.6% $0.59 $0.81 $1,464 1% $41,000 -$6,000 D $395
25 46 Oct 16 101d 61.5% $0.41 $0.90 $1,626 1% $41,500 -$5,500 D $440
26 49 Sep 18 73d 59.0% $0.31 $0.68 $1,700 1% $40,000 -$7,000 D $330
27 50 Oct 16 101d 58.1% $0.74 $0.97 $1,753 1% $39,500 -$7,500 D $475
28 48 Oct 16 101d 59.8% $0.50 $0.99 $1,789 1% $40,500 -$6,500 D $485
29 49 Oct 16 101d 59.0% $0.55 $1.05 $1,897 1% $40,000 -$7,000 D $515
30 52 Oct 16 101d 56.0% $0.89 $1.12 $2,024 1% $38,250 -$8,750 D $550
31 52 Sep 18 73d 56.0% $0.46 $0.83 $2,075 1% $38,250 -$8,750 D $405
32 55 Sep 18 73d 53.9% $0.65 $0.84 $2,100 1% $37,000 -$10,000 D $410
33 55 Oct 16 101d 53.9% $1.07 $1.30 $2,349 2% $37,000 -$10,000 D $640
34 58 Sep 18 73d 51.8% $0.79 $0.98 $2,450 2% $35,750 -$11,250 D $480
35 60 Sep 18 73d 49.7% $0.95 $1.05 $2,625 2% $34,500 -$12,500 D $515
36 58 Oct 16 101d 51.8% $1.13 $1.63 $2,945 2% $35,750 -$11,250 D $805
37 60 Oct 16 101d 49.7% $1.49 $1.72 $3,108 2% $34,500 -$12,500 D $850
38 62 Sep 18 73d 47.6% $1.13 $1.33 $3,325 2% $33,250 -$13,750 D $655
39 62 Oct 16 101d 47.6% $1.60 $2.12 $3,831 2% $33,250 -$13,750 D $1,050
40 65 Sep 18 73d 45.5% $1.33 $1.54 $3,850 2% $32,000 -$15,000 D $760
41 65 Oct 16 101d 45.5% $2.02 $2.25 $4,066 3% $32,000 -$15,000 D $1,115
42 68 Sep 18 73d 43.5% $1.45 $1.85 $4,625 3% $30,750 -$16,250 D $915
43 68 Oct 16 101d 43.5% $2.22 $2.74 $4,951 3% $30,750 -$16,250 D $1,360
44 70 Sep 18 73d 41.4% $1.83 $2.00 $5,000 3% $29,500 -$17,500 D $990
45 70 Oct 16 101d 41.4% $2.70 $2.96 $5,349 3% $29,500 -$17,500 D $1,470
46 72 Sep 18 73d 39.3% $2.14 $2.37 $5,925 4% $28,250 -$18,750 D $1,175
47 72 Oct 16 101d 39.3% $3.00 $3.50 $6,324 4% $28,250 -$18,750 D $1,740
48 75 Sep 18 73d 37.2% $2.47 $2.70 $6,750 4% $27,000 -$20,000 D $1,340
49 75 Oct 16 101d 37.2% $3.55 $3.80 $6,866 4% $27,000 -$20,000 D $1,890
50 78 Oct 16 101d 35.1% $4.00 $4.35 $7,860 5% $25,750 -$21,250 D $2,165
51 78 Sep 18 73d 35.1% $2.75 $3.20 $8,000 5% $25,750 -$21,250 D $1,590
52 80 Oct 16 101d 33.0% $4.55 $4.90 $8,854 6% $24,500 -$22,500 D $2,440
53 80 Sep 18 73d 33.0% $3.25 $3.55 $8,875 6% $24,500 -$22,500 D $1,765
54 82 Oct 16 101d 30.9% $5.15 $5.50 $9,938 6% $23,250 -$23,750 D $2,740
55 82 Sep 18 73d 30.9% $3.60 $4.15 $10,375 7% $23,250 -$23,750 D $2,065
56 85 Oct 16 101d 28.8% $5.75 $6.15 $11,113 7% $22,000 -$25,000 D $3,065
57 85 Sep 18 73d 28.8% $4.25 $4.50 $11,250 7% $22,000 -$25,000 D $2,240
58 88 Oct 16 101d 26.7% $6.45 $6.85 $12,377 8% $20,750 -$26,250 D $3,415
59 88 Sep 18 73d 26.7% $4.85 $5.15 $12,875 8% $20,750 -$26,250 D $2,565
60 90 Oct 16 101d 24.6% $7.20 $7.60 $13,733 9% $19,500 -$27,500 D $3,790
61 90 Sep 18 73d 24.6% $5.50 $5.80 $14,500 9% $19,500 -$27,500 D $2,890
62 92 Oct 16 101d 22.5% $7.70 $8.65 $15,630 10% $18,250 -$28,750 D $4,315
63 92 Sep 18 73d 22.5% $6.15 $6.50 $16,250 11% $18,250 -$28,750 D $3,240
64 95 Oct 16 101d 20.4% $8.85 $9.25 $16,714 11% $17,000 -$30,000 D $4,615
65 95 Sep 18 73d 20.4% $6.90 $7.25 $18,125 12% $17,000 -$30,000 D $3,615
66 98 Oct 16 101d 18.3% $9.45 $10.45 $18,882 12% $15,750 -$31,250 D $5,215
▶ 67 100 PROT Oct 16 101d 16.2% $10.70 $11.15 $20,147 13% $14,500 -$32,500 D $5,565
68 98 Sep 18 73d 18.3% $7.70 $8.10 $20,250 13% $15,750 -$31,250 D $4,040
69 100 Sep 18 73d 16.2% $8.60 $8.95 $22,375 14% $14,500 -$32,500 D $4,465
70 105 Oct 16 101d 12.0% $12.75 $13.25 $23,942 16% $14,500 -$32,500 D $6,615
71 105 Sep 18 73d 12.0% $10.50 $10.90 $27,250 18% $14,500 -$32,500 D $5,440
POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $117, B $15.70 $91,161/yr $600/yr SELF-FUNDING
CC at MID $136 0.4σ, B $8.30 $48,194/yr $600/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($117, bid $15.70). 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).