Fortress Portfolio

▸Income Projection

✓ CHECK ERRORS — clean. No negative CC/Put premiums in the trade log.

Trailing 12-wk avg

+$20,925

net DONE / completed week

By Week · Net

24 Aug–30 Aug	+$8,720
17 Aug–23 Aug	+$23,931
10 Aug–16 Aug	+$20,905
3 Aug–9 Aug	+$5,001
27 Jul–2 Aug	+$30,151
20 Jul–26 Jul	+$19,967

+$3,285

Last 24h · DONE

3 trades · since 4 Sep

Sep'26 Income Projection

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

-$2,181

Week-to-date · DONE

19 trades · since 31 Aug

$16,897

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

older estimate $18,132 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 49% of the open premium, using how jumpy each stock has actually been (cc_scanner already measures that for 19 tickers). The other $4,445 has no reading on file, so those calls just count as safe or not-safe, the old way.

Defence bill $1,545 — what it would cost to buy back the calls that are already in the money, at today's prices. It is a floor, not a prediction. It sits here rather than being subtracted above because it is the reason the old "optimistic" number was never really a best case: those calls will not hand you their premium, they will cost money to get out of.

$9,246

Realized

booked this Sep

$8,686

Pipeline

open CCs expiring Sep

$18,278

Next Month Forecast

open CCs expiring Oct'26

Done (realized) $9,246 Pipeline — safe $8,886

Open CCs (safe, OTM)MU $1050c · +$2,052 · 64% keepQCOM $180c · +$920COPX $100c · +$220 · 83% keepHIMS $36c · +$-450 · 97% keepCRWV $93c · +$430DELL $550c · +$-1,446 · 65% keepAMZN $268c · +$410 · 79% keepRKLB $69c · +$390RKLB $69c · +$650NVDA $240c · +$670 · 82% keepIREN $48c · +$840 · 76% keepIREN $48c · +$840 · 76% keepINTC $103c · +$375 · 81% keepSPCX $160c · +$505GLXY $30c · +$1,300AMD $510c · +$930 · 77% keepAPP $332c · +$250

Open CCs (at-risk, ITM)NEM $125c · +$-200 · 39% keep

+ $18,278Oct'26 Next Month Forecast

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

Next-month CCsNOW $140c · 16-Oct · +$-1,130GOOG $350c · 16-Oct · +$510MU $1120c · 02-Oct · +$3,964MU $1120c · 02-Oct · +$9,820SNDK $1800c · 02-Oct · +$5,794COIN $220c · 02-Oct · +$-520IREN $55c · 16-Oct · +$-80IREN $55c · 16-Oct · +$-80

Contribution by ticker — realized + pipeline + next month forecast

Ticker	Realized	Pipeline	Next Month Forecast	Total
MU	—	$2,052	$13,784	$15,836
SNDK	—	—	$5,794	$5,794
COIN	$3,989	—	-$520	$3,469
GOOG	$1,685	—	$510	$2,195
AMD	$1,030	$930	—	$1,960
IREN	-$40	$1,680	-$160	$1,480
GLXY	—	$1,300	—	$1,300
BMNR	$1,100	—	—	$1,100
RKLB	—	$1,040	—	$1,040
QCOM	—	$920	—	$920
SPCX	$320	$505	—	$825
AMZN	$310	$410	—	$720
SPY	$696	—	—	$696
NVDA	—	$670	—	$670
INTC	$226	$375	—	$601
CRWV	—	$430	—	$430
APP	—	$250	—	$250
COPX	—	$220	—	$220
PATH	-$70	—	—	-$70
NEM	—	-$200	—	-$200
HIMS	—	-$450	—	-$450
NOW	—	—	-$1,130	-$1,130
DELL	—	-$1,446	—	-$1,446

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.

52% 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 Oct'26 Next Month Forecast is premium on open CCs expiring early next month that could be closed before Sep 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 · 24 fortresses
MU	5	$1,050	$1,016.59	$1,028.60	$148.60	$74,300	$419,300	—	5.64x	$525,000	7.07x	$10,350	$16,982	167.16%	29.62%	9.84%	40.5
GLD	10	$465	$406.77	$456.00	$136.00	$136,000	$256,000	—	1.88x	$465,000	3.42x	$412 CHECK	$3,366	3.63%	1.93%	6.01%	622.0
MU	2	$1,235	$1,016.59	$1,220.00	$250.00	$50,000	$198,000	—	3.96x	$247,000	4.94x	$1,024 CHECK	$7,206	24.58%	6.21%	4.65%	193.3
COIN	8	$211	$184.64	$210.90	$16.80	$13,440	$137,440	—	10.23x	$168,800	12.56x	$1,672	$1,015	149.25%	14.59%	3.23%	82.2
META	3	$604	$616.77	$601.50	$73.00	$21,900	$117,900	—	5.38x	$181,200	8.27x	$2,732	$2,292	149.72%	27.81%	2.77%	43.1
IREN	20	$65	$44.68	$63.43	$6.85	$13,700	$107,700	—	7.86x	$130,000	9.49x	$1,327 REALIZED	$1,327	116.27%	14.79%	2.53%	81.1
SNDK	1	$1,636	$1,740.00	$1,620.00	$420.00	$42,000	$99,000	—	2.36x	$163,600	3.90x	$6,480	$4,493NEW	185.14%	78.55%	2.32%	15.3
IREN	20	$58	$44.68	$56.50	$3.00	$6,000	$94,000	—	15.67x	$116,500	19.42x	$236 CHECK	$1,325	47.28%	3.02%	2.21%	397.6
DELL	3	$408	$524.14	$398.00	$58.00	$17,400	$89,400	12%●<$150 by Jan'28	5.14x	$122,400	7.03x	$5,516	$3,215	380.40%	74.04%	2.10%	16.2
QCOM	5	$228	$168.74	$224.00	$34.00	$17,000	$77,000	—	4.53x	$114,000	6.71x	$2,758 REALIZED	$2,758	194.71%	42.99%	1.81%	27.9
RKLB	6	$148	$64.26	$141.55	$26.55	$15,930	$69,930	49%●<$45 by Jan'28	4.39x	$88,800	5.57x	$8,511 REALIZED	$8,511	641.10%	146.04%	1.64%	8.2
MSTR	4	$163	$142.80	$161.00	$12.00	$4,800	$56,800	—	11.83x	$65,200	13.58x	$724	$449	180.90%	15.29%	1.33%	78.5
IREN	20	$45	$44.68	$44.00	$16.00	$32,000	$56,000	—	1.75x	$90,000	2.81x	$977	$1,595	36.65%	20.94%	1.31%	57.3
IREN	20	$45	$44.68	$44.00	$16.00	$32,000	$56,000	—	1.75x	$90,000	2.81x	$977	$1,595	36.65%	20.94%	1.31%	57.3
ETHASKIP	50	$18	$18.52	$17.33	$4.33	$21,650	$51,650	32%●<$10 by Jan'28	2.39x	$88,400	4.08x	$120DEFERRED	$120	SKIP	SKIP	1.21%	431.0
AMZN	5	$269	$258.51	$267.92	$67.92	$33,960	$51,460	—	1.52x	$134,500	3.96x	$630	$2,124NEW	22.26%	14.69%	1.21%	81.7
CRWV	5	$128	$89.36	$125.45	$20.45	$10,225	$50,225	33%●<$40 by Jan'28	4.91x	$64,000	6.26x	$1,530 REALIZED	$1,530	179.54%	36.55%	1.18%	32.8
MU	1	$805	$1,016.59	$792.36	$114.72	$11,472	$49,472	—	4.31x	$80,500	7.02x	$3,852	$1,451	402.93%	93.43%	1.16%	12.8
APP	1	$601	$320.56	$588.00	$128.00	$12,800	$48,300	—	3.77x	$60,100	4.70x	$1,351 REALIZED	$1,351	126.65%	33.56%	1.13%	35.8
NOW	10	$108	$141.26	$108.93	$27.85	$27,850	$47,850	—	1.72x	$108,000	3.88x	$1,852 CHECK	$135	79.78%	46.44%	1.12%	25.8
ENPHSKIP	10	$59	$36.37	$56.15	$7.30	$7,300	$47,300	39%●<$20 by Jan'28	6.48x	$59,000	8.08x	$524DEFERRED	$524	SKIP	SKIP	1.11%	90.3
INTC	5	$116	$95.80	$114.00	$29.00	$14,500	$47,000	—	3.24x	$58,250	4.02x	$232 CHECK	$2,439	19.17%	5.91%	1.10%	202.9
AMD	2	$494	$477.57	$489.91	$69.82	$13,964	$41,964	—	3.01x	$98,800	7.08x	$1,123	$3,666NEW	96.47%	32.10%	0.98%	37.4
NEM	5	$117	$128.09	$114.54	$27.04	$13,520	$28,520	—	2.11x	$58,500	4.33x	$514	$358	45.64%	21.64%	0.67%	55.5
Short subtotal	221	—	—	—	—	$643,711	$2,298,211	—	3.57x	$3,377,550	5.25x	$54,780 +$644 deferred	$69,830	106.93%	29.89%	54.22%	40.1
LONG TERM · structural — capital gains, not CC income · 19 fortresses
GLXY	125	$37	$26.33	$39.71	$2.21	$27,625	$277,625	53%●<$17.5 by Jan'28	10.05x	$462,500	16.74x	$3,268 CHECK	$271	141.94%	14.12%	6.52%	85.0
COIN	25	$330	$184.64	$563.00	$63.00	$157,500	$232,500	—	1.48x	$825,000	5.24x	$3,171 REALIZED	$3,171	24.16%	16.37%	5.46%	73.3
BMNRSKIPHALF MAX	50	$22	$24.97	$65.83	$40.83	$204,150	$219,150	—	1.07x	$110,000	0.54x	$90DEFERRED	$90	SKIP	SKIP	5.14%	2,432.2
BMNRSKIPHALF MAX	75	$17	$24.97	$53.26	$30.26	$226,950	$174,450	—	0.77x	$127,500	0.56x	$135DEFERRED	$135	SKIP	SKIP	4.09%	1,290.8
GOOG	15	$335	$335.31	$373.00	$73.00	$109,500	$162,000	—	1.48x	$502,500	4.59x	$4,012	$4,151	43.96%	29.72%	3.80%	40.4
MARASKIP	400	$10	$11.31	$16.75	$3.75	$150,000	$150,000	BREACHED●28% back >$13 by Jan'28	1.00x	$420,000	2.80x	N/A	$0NEW	SKIP	SKIP	3.52%	N/A
SPY	12	$695	$770.19	$764.00	$124.00	$148,800	$148,800	—	1.00x	$834,000	5.60x	$4,166	$1,195	33.60%	33.60%	3.49%	35.7
COPX	20	$93	$90.66	$93.40	$28.40	$56,800	$100,800	—	1.77x	$186,000	3.27x	$1,286	$2,109	27.16%	15.31%	2.37%	78.4
BMNRSKIPHALF MAX	150	$17	$24.97	$36.42	$13.42	$201,300	$96,300	—	0.48x	$255,000	1.27x	$270DEFERRED	$270	SKIP	SKIP	2.26%	356.3
NVDA	10	$228	$230.36	$264.80	$49.80	$49,800	$74,800	—	1.50x	$228,000	4.58x	$3,060	$0NEW	73.73%	49.09%	1.76%	24.4
MSTR	10	$395	$142.80	$233.00	$53.00	$53,000	$53,000	—	1.00x	$395,000	7.45x	$2,025 CHECK	$228	45.85%	45.85%	1.24%	26.2
MARASKIP	500	$10	$11.31	$41.04	$1.04	$52,000	$52,000	BREACHED●5% back >$40 by Jan'28	1.00x	$515,000	9.90x	$40DEFERRED	$40	SKIP	SKIP	1.22%	1,309.7
GOOG	5	$369	$335.31	$398.00	$51.00	$25,500	$48,000	—	1.88x	$184,500	7.24x	$126 CHECK	$1,402	5.93%	3.15%	1.13%	381.0
SPCX	5	$178	$147.95	$186.00	$27.00	$13,500	$43,500	—	3.22x	$89,000	6.59x	$268 CHECK	$2,208	23.79%	7.38%	1.02%	162.6
GOOG	5	$335	$335.31	$392.50	$82.50	$41,250	$41,250	—	1.00x	$167,500	4.06x	$1,337	$1,384	38.91%	38.91%	0.97%	30.8
IGV	12	$85	$104.57	$96.50	$26.50	$31,800	$31,800	—	1.00x	$102,000	3.21x	$756	$397	28.53%	28.53%	0.75%	42.1
HIMS	15	$20	$27.71	$17.47	$4.93	$7,395	$29,895	13%●<$5 by Jan'28	4.04x	$30,000	4.06x	$887	$542	144.00%	35.62%	0.70%	33.7
CLSKSKIP	25	$17	$12.69	$20.74	$3.74	$9,350	$26,850	57%●<$10 by Jan'28	2.87x	$42,500	4.55x	N/A	$-751	SKIP	SKIP	0.63%	N/A
IBITSKIP	50	$68	$45.23	$70.58	$4.42 CR	$22,100 CR	$-22,100	—	1.00x	$337,500	-15.27x	N/A	—	SKIP	SKIP	N/A	N/A
Long subtotal	1509	—	—	—	—	$1,544,120	$1,940,620	10% under hedge	1.26x	$5,813,500	3.76x	$24,361 +$535 deferred	$16,841	40.46%	23.50%	45.78%	51.1
TOTAL	1730	—	—	—	—	$2,187,831	$4,238,831	5% under hedge	1.94x	$9,191,050	4.20x	$79,141* +$1,179 deferred	$86,671	71.02%*	27.58%*	100.00%	43.5

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, 28 of 43 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 12 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 3 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 9 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 $1,337,231 IC / $3,443,231 ML, with $1,179/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. $202,000 of the book's $4,238,831 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 48h old · STALE.

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

#1

GLXY

$277,625

53% odds

hedge $17.5

#2

MARA

$202,000

BREACHED

hedge $40

#3

RKLB

$69,930

49% odds

hedge $45

#4

ENPH

$47,300

39% odds

hedge $20

#5

CLSK

$26,850

57% odds

hedge $10

Cluster	Forts	Tickers	Max Loss	% of Book	ML Under Hedge (now)	ML Likely
Crypto beta	17	MARA×2GLXYCLSKETHACRWVBMNR×3COIN×2IREN×4MSTR×2	$1,891,690	45%	$202,000 · 2	$304,475 · 2
Space / defense	2	RKLBSPCX	$113,430	3%	—	—
Clean energy	1	ENPH	$47,300	1%	—	—
Semis / AI infra	8	DELLMU×3QCOMNVDAINTCAMD	$996,936	24%	—	—
Software / apps	3	HIMSAPPNOW	$126,045	3%	—	—
Precious metals	2	GLDNEM	$284,520	7%	—	—
Mega-cap tech	5	GOOG×3METAAMZN	$420,610	10%	—	—
Index ETF	2	SPYIGV	$180,600	4%	—	—
Materials	1	COPX	$100,800	2%	—	—
Other	2	SNDKIBIT	$76,900	2%	—	—

▸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	21	$1,315,041	$2,159,966	+$115,167	114%	70%
Mar'26	23	$1,708,008	$2,704,159	+$99,190	68%	43%
Apr'26	44	$1,914,207	$3,192,137	+$65,000	41%	25%
May'26	53	$1,886,764	$3,281,519	+$26,465	17%	9%
Jun'26	51	$1,997,447	$3,934,010	+$85,163	52%	26%
Jul'26	43	$2,028,391	$4,105,328	+$127,640	74%	37%
Aug'26	45	$2,102,503	$4,226,627	+$61,410	34%	17%
Sep'26 (MTD)	42	$2,190,011	$4,231,011	+$9,246	31%	16%
BLENDED (since Feb 1)	—	—	—	+$589,281	53%	29%
ACTIVE, RECENT (60d)	42	$2,029,021	$4,012,871	+$186,182	56%	28%

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 42 fortresses open today (30 tickers) over the last 60 days only (227 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

−$941,365

19 of 31 fortresses underwater

Net CC Premium

+$279,467

premium net of buybacks

Drawdown Cushioned

30%

net CC ÷ drawdown

Net Live Position

−$187,658

MTM + CC income + HP rolls

Active drawdown of $941,365 — cushioned by net CC premium

+$279,467 net · 30% covered

Ticker	MTM (live P&L)	Net CC Premium	Cushion (net CC ÷ drawdown)
COIN×2UNDERWATER	−$253,588	+$19,390	8%
GLXYUNDERWATER	−$133,375	+$3,525	3%
IBITUNDERWATER	−$111,350	−$632	-1%
IREN×4UNDERWATER	−$69,060	+$32,340	47%
MSTR×2UNDERWATER	−$61,080	+$5,008	8%
GLDUNDERWATER	−$58,230	+$22,780	39%
RKLBRECOVERING	−$50,244	+$27,120	54%
MU×3RECOVERED	−$39,228	+$63,297	161%
QCOMUNDERWATER	−$29,630	+$8,790	30%
APPUNDERWATER	−$28,044	+$4,305	15%
ENPHUNDERWATER	−$22,630	+$1,670	7%
CRWVUNDERWATER	−$19,320	+$4,875	25%
GOOG×3RECOVERED	−$16,225	+$28,830	178%
SPCXUNDERWATER	−$15,025	+$5,730	38%
CLSKUNDERWATER	−$10,775	−$1,950	-18%
INTCRECOVERING	−$10,350	+$9,136	88%
AMZNUNDERWATER	−$5,245	+$1,675	32%
COPXRECOVERED	−$4,680	+$6,720	144%
AMDRECOVERING	−$3,286	+$2,770	84%
NVDAPROFIT	+$2,360	+$0	✓ in profit
METAPROFIT	+$3,831	+$7,305	✓ in profit
ETHAPROFIT	+$4,200	+$500	✓ in profit
NEMPROFIT	+$5,545	+$1,660	✓ in profit
SNDKPROFIT	+$10,400	+$3,247	✓ in profit
HIMSPROFIT	+$11,565	+$2,580	✓ in profit
IGVPROFIT	+$23,484	+$2,232	✓ in profit
NOWPROFIT	+$33,260	+$850	✓ in profit
DELLPROFIT	+$34,842	+$7,500	✓ in profit
MARA×2PROFIT	+$82,900	+$120	✓ in profit
SPYPROFIT	+$90,228	+$5,652	✓ in profit
BMNR×3PROFIT	+$194,175	+$2,442	✓ 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, 9 months | 71 tickers

Ticker	Jan'26	Feb'26	Mar'26	Apr'26	May'26	Jun'26	Jul'26	Aug'26	Sep'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

$37,520

Expected income /mo

realized run-rates, net of buybacks

45%

ROI on Max Loss

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

106%

ROI on Invested Capital

on $424,709 to build
each name's own live IC/ML ratio

+3%

Net P&L per ML (live)

vs -4% for the whole book (better)

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

Semis / AI infra 32%Space / defense 24%Precious metals 15%Index ETF 13%Crypto beta 8%Mega-cap tech 8%

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%	$79,688live	$1,972	16%	30%	—	—
MU	CORE	Semis / AI infra	$150,000	15%	$30,544live	$5,768	46%	227%	—	—
RKLBCAPPED	YIELD	Space / defense	$150,000	15%	$34,170live	$12,500	100%	439%	—	—
INTC	YIELD	Semis / AI infra	$103,616	10%	$31,967live	$5,378	62%	202%	—	—
SPY	BALLAST	Index ETF	$98,275	10%	$98,275live	$789	10%	10%	—	—
SPCX	YIELD	Space / defense	$93,779	9%	$29,104live	$4,760	61%	196%	—	—
IREN	CRYPTO	Crypto beta	$80,000	8%	$21,345live	$1,490	22%	84%	—	—
GOOG	CORE	Mega-cap tech	$76,107	8%	$53,388live	$2,101	33%	47%	—	—
DELL	CORE	Semis / AI infra	$35,278	4%	$6,866live	$1,269	43%	222%	—	—
IGV	BALLAST	Index ETF	$32,681	3%	$32,681live	$408	15%	15%	—	—
QCOM	CORE	Semis / AI infra	$30,264	3%	$6,682live	$1,084	43%	195%	—	—

Did not qualify (realized run-rate ≤ 0 or < 1 month of history — hover for detail): CLSK -$751/moNVDA $0/moAMZN $2,124/moAMD $3,666/moSNDK $4,493/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.