OLD Portfolio

▸Income Projection

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

Trailing 12-wk avg

+$16,128

net DONE / completed week

By Week · Net

26 Oct–1 Nov	+$48,847
19 Oct–25 Oct	+$17,077
12 Oct–18 Oct	+$14,015
5 Oct–11 Oct	+$27,137
28 Sep–4 Oct	+$4,679
21 Sep–27 Sep	+$10,304

+$0

Last 24h · DONE

0 trades · since 1 Nov

Nov'26 Income Projection

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

+$0

Week-to-date · DONE

0 trades · since 2 Nov

$26,959

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

older estimate $26,959 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".

Right now there is no fresh volatility reading on file, so every call is counted the old way: safe or not-safe, nothing in between.

$0

Realized

booked this Nov

$26,959

Pipeline

open CCs expiring Nov

$4,884

Next Month Forecast

open CCs expiring Dec'26

Done (realized) $0 Pipeline — safe $26,959

Open CCs (safe, OTM)IREN $31c · +$5,040IREN $31c · +$5,020QCOM $188c · +$1,250HIMS $33c · +$645MU $975c · +$5,085RKLB $64c · +$-414AMD $565c · +$728CRWV $77c · +$-1,190IREN $30c · +$1,540IREN $30c · +$1,560COPX $78c · +$1,220GLXY $22c · +$250GOOG $300c · +$715HOOD $97c · +$1,110PATH $15c · +$385SPCX $150c · +$1,035ENPH $28c · +$260GOOG $292c · +$975GOOG $292c · +$325NVDA $215c · +$460ASST $26c · +$960

+ $4,884Dec'26 Next Month Forecast

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

Next-month CCsIGV $121c · 18-Dec · +$-2,088GLD $394c · 18-Dec · +$5,730MU $1080c · 04-Dec · +$422RKLB $70c · 18-Dec · +$820

Contribution by ticker — realized + pipeline + next month forecast

Ticker	Realized	Pipeline	Next Month Forecast	Total
IREN	—	$13,160	—	$13,160
GLD	—	—	$5,730	$5,730
MU	—	$5,085	$422	$5,507
GOOG	—	$2,015	—	$2,015
QCOM	—	$1,250	—	$1,250
COPX	—	$1,220	—	$1,220
HOOD	—	$1,110	—	$1,110
SPCX	—	$1,035	—	$1,035
ASST	—	$960	—	$960
AMD	—	$728	—	$728
HIMS	—	$645	—	$645
NVDA	—	$460	—	$460
RKLB	—	-$414	$820	$406
PATH	—	$385	—	$385
ENPH	—	$260	—	$260
GLXY	—	$250	—	$250
CRWV	—	-$1,190	—	-$1,190
IGV	—	—	-$2,088	-$2,088

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.

0% 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 Dec'26 Next Month Forecast is premium on open CCs expiring early next month that could be closed before Nov month-end — shown separately, not in the headline.

▸Portfolio

By Ticker · consolidated across every block

One row per underlying, every fortress block of that ticker summed, largest Max Loss first. Shares are % of the whole book. MU, BMNR, COIN = 37% of total Max Loss (31 tickers). Income / ROI exclude Skip-tagged blocks on both sides, same as the TOTAL row below; Odds = the ticker's WORST block.

Ticker	Contracts	Notional · % book	Invested Capital · % book	Max Loss	Max Loss % of Total	Odds of Max Lossworst block	Risk Mult	Leverage	Income (Monthly)forward est. · % of total	Income (Monthly)historical avg	ROI on IC	ROI on ML	Recovery (months)
MU×2	7	$772,000 · 9%	$124,300 · 6%	$603,300	14.6%	16%worst block	4.85x	6.21x	$2,738 · 7%	$19,332	26.43%	5.45%	220.4
BMNR×4LTSKIP 3	300	$542,500 · 6%	$639,575 · 29%	$572,075	13.8%	BREACHED$572,075 ML under hedge	0.89x	0.85x	$1,832 +$453 deferred · 5%	$906	10.92%	22.83%	52.6
COIN×2LT	33	$993,800 · 12%	$170,940 · 8%	$365,940	8.8%	BREACHED$232,500 ML under hedge	2.14x	5.81x	$6,319 · 16%	$6,319	44.36%	20.72%	57.9
IREN×4LT 2	80	$426,500 · 5%	$83,700 · 4%	$301,700	7.3%	BREACHED$301,700 ML under hedge	3.60x	5.10x	$4,409 · 11%	$4,409	63.21%	17.54%	68.4
GLXYLT	125	$462,500 · 5%	$27,625 · 1%	$277,625	6.7%	BREACHED$277,625 ML under hedge	10.05x	16.74x	$1,229 · 3%	$1,229	53.37%	5.31%	226.0
GLDLT	10	$465,000 · 6%	$136,000 · 6%	$256,000	6.2%	37%worst block	1.88x	3.42x	$2,627 · 7%	$2,627	23.18%	12.31%	97.5
GOOG×3LT	25	$854,500 · 10%	$176,250 · 8%	$251,250	6.1%	BREACHED$251,250 ML under hedge	1.43x	4.85x	$420 · 1%	$6,613	2.86%	2.01%	598.2
MARA×2LTSKIP	900	$935,000 · 11%	$202,000 · 9%	$202,000	4.9%	BREACHED$202,000 ML under hedge	1.00x	4.63x	— +$24 deferred	$24	—	—	—
MSTR×2LT	14	$460,200 · 5%	$57,800 · 3%	$109,800	2.7%	BREACHED$53,000 ML under hedge	1.90x	7.96x	$798 · 2%	$507	16.57%	8.72%	137.6
COPXLT	20	$186,000 · 2%	$56,800 · 3%	$100,800	2.4%	49%worst block	1.77x	3.27x	$2,498 · 6%	$2,498	52.78%	29.74%	40.4
DELL	3	$170,100 · 2%	$75,750 · 3%	$99,750	2.4%	54%worst block	1.32x	2.25x	$407 · 1%	$7,905	6.44%	4.89%	245.2
SNDK	1	$163,600 · 2%	$42,000 · 2%	$99,000	2.4%	45%worst block	2.36x	3.90x	$390 · 1%	$4,976	11.14%	4.73%	253.8
NVDALT	10	$228,000 · 3%	$49,800 · 2%	$74,800	1.8%	53%worst block	1.50x	4.58x	$578 · 1%	$1,933	13.94%	9.28%	129.3
QCOM	5	$114,000 · 1%	$17,000 · 1%	$72,000	1.7%	25%worst block	4.24x	6.71x	$31 · 0%	$1,907	2.16%	0.51%	2,352.9
RKLB	6	$88,800 · 1%	$15,930 · 1%	$69,930	1.7%	54%worst block	4.39x	5.57x	$5,474 · 14%	$5,474	412.36%	93.94%	12.8
AAPL	5	$167,750 · 2%	$47,320 · 2%	$69,820	1.7%	33%worst block	1.48x	3.55x	$288 · 1%	$1,150	7.30%	4.95%	242.4
HOOD	10	$119,000 · 1%	$49,950 · 2%	$64,950	1.6%	62%worst block	1.30x	2.38x	$113 · 0%	$2,320	2.72%	2.10%	572.8
AMD	2	$131,200 · 2%	$47,840 · 2%	$63,840	1.5%	57%worst block	1.33x	2.74x	$278 · 1%	$4,728	6.98%	5.23%	229.3
AMZN	5	$134,500 · 2%	$33,960 · 2%	$51,460	1.2%	42%worst block	1.52x	3.96x	$221 · 1%	$666	7.82%	5.16%	232.4
CRWV	5	$64,000 · 1%	$10,225 · 0%	$50,225	1.2%	55%worst block	4.91x	6.26x	$985 · 3%	$985	115.59%	23.53%	51.0
ASST	30	$88,440 · 1%	$39,720 · 2%	$48,720	1.2%	67%worst block	1.23x	2.23x	$334 · 1%	$6,060	10.10%	8.23%	145.8
APP	1	$60,100 · 1%	$12,800 · 1%	$48,300	1.2%	52%worst block	3.77x	4.70x	$1,131 · 3%	$1,131	106.03%	28.10%	42.7
ENPH	10	$59,000 · 1%	$7,300 · 0%	$47,300	1.1%	51%worst block	6.48x	8.08x	$328 · 1%	$328	53.91%	8.32%	144.2
INTC	5	$58,250 · 1%	$14,500 · 1%	$47,000	1.1%	25%worst block	3.24x	4.02x	$1,692 · 4%	$1,692	140.03%	43.20%	27.8
SPCXLT	5	$89,000 · 1%	$13,500 · 1%	$43,500	1.0%	BREACHED$43,500 ML under hedge	3.22x	6.59x	$64 · 0%	$1,749	5.71%	1.77%	677.6
CRCL	5	$45,425 · 1%	$21,000 · 1%	$33,500	0.8%	47%worst block	1.60x	2.16x	$154 · 0%	$494	8.81%	5.52%	217.3
IGVLT	12	$102,000 · 1%	$31,800 · 1%	$31,800	0.8%	19%worst block	1.00x	3.21x	$1,882 · 5%	$297	71.03%	71.03%	16.9
HIMSLT	15	$30,000 · 0%	$7,395 · 0%	$29,895	0.7%	10%worst block	4.04x	4.06x	$1,196 · 3%	$466	194.04%	48.00%	25.0
PATHLT	35	$53,795 · 1%	$29,750 · 1%	$29,750	0.7%	44%worst block	1.00x	1.81x	$225 · 1%	$41	9.08%	9.08%	132.2
CLSKLTSKIP	25	$42,500 · 1%	$9,350 · 0%	$26,850	0.6%	BREACHED$26,850 ML under hedge	2.87x	4.55x	—	-$433	—	—	—
IBITLTSKIP	50	$337,500 · 4%	-$22,100 · -1%	-$22,100net credit	0.0%	BREACHED	—	—	—	—	—	—	—
TOTAL 31 tickers	1759	$8,444,960	$2,229,780	$4,120,780	100%	—	1.85x	3.79x	$38,642 +$477 deferred	$88,332	—	—	—

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 · 20 fortresses
MU	5	$1,050	$884.74	$1,028.60	$148.60	$74,300	$409,300	13%<$340 by Jan'28	5.51x	$525,000	7.07x	$2,518 CHECK	$13,711	40.66%	7.38%	9.88%	162.6
MU	2	$1,235	$884.74	$1,220.00	$250.00	$50,000	$194,000	16%<$390 by Jan'28	3.88x	$247,000	4.94x	$220 CHECK	$5,621	5.28%	1.36%	4.68%	881.0
COIN	8	$211	$143.54	$210.90	$16.80	$13,440	$133,440	39%<$90 by Jan'28	9.93x	$168,800	12.56x	$1,532 REALIZED	$1,532	136.78%	13.78%	3.22%	87.1
DELL	3	$567	$424.30	$562.50	$252.50	$75,750	$99,750	54%<$320 by Jan'29	1.32x	$170,100	2.25x	$407 CHECK	$7,905	6.44%	4.89%	2.41%	245.2
SNDK	1	$1,636	$1,150.89	$1,620.00	$420.00	$42,000	$99,000	45%<$810 by Jan'28	2.36x	$163,600	3.90x	$390 CHECK	$4,976	11.14%	4.73%	2.39%	253.8
QCOM	5	$228	$164.79	$224.00	$34.00	$17,000	$72,000	25%<$100 by Jan'28	4.24x	$114,000	6.71x	$31 CHECK	$1,907	2.16%	0.51%	1.74%	2,352.9
RKLB	6	$148	$54.73	$141.55	$26.55	$15,930	$69,930	54%<$45 by Jan'28	4.39x	$88,800	5.57x	$5,474 REALIZED	$5,474	412.36%	93.94%	1.69%	12.8
AAPL	5	$336	$344.63	$334.64	$94.64	$47,320	$69,820	33%<$285 by Jan'29	1.48x	$167,750	3.55x	$288	$1,150	7.30%	4.95%	1.69%	242.4
HOOD	10	$119	$84.99	$114.95	$49.95	$49,950	$64,950	62%<$80 by Jan'29	1.30x	$119,000	2.38x	$113 CHECK	$2,320	2.72%	2.10%	1.57%	572.8
AMD	2	$656	$504.80	$649.20	$239.20	$47,840	$63,840	57%<$470 by Jan'29	1.33x	$131,200	2.74x	$278	$4,728NEW	6.98%	5.23%	1.54%	229.3
MSTR	4	$163	$130.51	$161.00	$12.00	$4,800	$56,800	29%<$55 by Jan'28	11.83x	$65,200	13.58x	$322	$294	80.55%	6.81%	1.37%	176.3
IREN	20	$45	$23.95	$44.00	$16.00	$32,000	$56,000	BREACHED20% back >$35 by Jan'28	1.75x	$90,000	2.81x	$1,294 REALIZED	$1,294	48.52%	27.73%	1.35%	43.3
IREN	20	$45	$23.95	$44.00	$16.00	$32,000	$56,000	BREACHED20% back >$35 by Jan'28	1.75x	$90,000	2.81x	$1,294 REALIZED	$1,294	48.52%	27.73%	1.35%	43.3
AMZN	5	$269	$240.35	$267.92	$67.92	$33,960	$51,460	42%<$215 by Jan'28	1.52x	$134,500	3.96x	$221	$666	7.82%	5.16%	1.24%	232.4
CRWV	5	$128	$54.87	$125.45	$20.45	$10,225	$50,225	55%<$40 by Jan'28	4.91x	$64,000	6.26x	$985 REALIZED	$985	115.59%	23.53%	1.21%	51.0
ASST	30	$29	$22.19	$53.24	$13.24	$39,720	$48,720	67%<$17 by Jan'29	1.23x	$88,440	2.23x	$334	$6,060NEW	10.10%	8.23%	1.18%	145.8
APP	1	$601	$228.50	$588.00	$128.00	$12,800	$48,300	52%<$185 by Jan'28	3.77x	$60,100	4.70x	$1,131 REALIZED	$1,131	106.03%	28.10%	1.17%	42.7
ENPH	10	$59	$25.65	$56.15	$7.30	$7,300	$47,300	51%<$20 by Jan'28	6.48x	$59,000	8.08x	$328 REALIZED	$328	53.91%	8.32%	1.14%	144.2
INTC	5	$116	$65.76	$114.00	$29.00	$14,500	$47,000	25%<$35 by Jan'28	3.24x	$58,250	4.02x	$1,692 REALIZED	$1,692	140.03%	43.20%	1.13%	27.8
CRCL	5	$91	$72.54	$87.00	$42.00	$21,000	$33,500	47%<$40 by Jan'29	1.60x	$45,425	2.16x	$154	$494	8.81%	5.52%	0.81%	217.3
Short subtotal	152	—	—	—	—	$641,835	$1,771,335	6% under hedge	2.76x	$2,650,165	4.13x	$19,007	$63,562	35.54%	12.88%	42.99%	93.2
LONG TERM · structural — capital gains, not CC income · 23 fortresses
BMNRSKIPHALF MAX	50	$22	$20.18	$65.83	$40.83	$204,150	$294,150	BREACHED27% back >$25 by Jan'28	1.44x	$110,000	0.54x	$151DEFERRED	$151	SKIP	SKIP	7.10%	1,947.6
GLXY	125	$37	$16.00	$39.71	$2.21	$27,625	$277,625	BREACHED30% back >$17.5 by Jan'28	10.05x	$462,500	16.74x	$1,229 REALIZED	$1,229	53.37%	5.31%	6.70%	226.0
GLD	10	$465	$355.78	$456.00	$136.00	$136,000	$256,000	37%<$330 by Jan'28	1.88x	$465,000	3.42x	$2,627 REALIZED	$2,627	23.18%	12.31%	6.18%	97.5
COIN	25	$330	$143.54	$563.00	$63.00	$157,500	$232,500	BREACHED9% back >$300 by Dec'27	1.48x	$825,000	5.24x	$4,787 REALIZED	$4,787	36.47%	24.71%	5.61%	48.6
BMNRSKIPHALF MAX	75	$17	$20.18	$53.26	$30.26	$226,950	$174,450	BREACHED27% back >$25 by Jan'28	0.77x	$127,500	0.56x	$227DEFERRED	$227	SKIP	SKIP	4.21%	770.0
GOOG	15	$335	$278.22	$373.00	$73.00	$109,500	$162,000	BREACHED37% back >$310 by Jan'28	1.48x	$502,500	4.59x	$289 CHECK	$3,971	3.17%	2.14%	3.91%	560.2
MARA	400	$10	$6.77	$16.75	$3.75	$150,000	$150,000	BREACHED14% back >$13 by Jan'28	1.00x	$420,000	2.80x	n/a	$0	N/A	N/A	3.62%	N/A
IREN	20	$65	$23.95	$63.43	$6.85	$13,700	$103,700	BREACHED30% back >$25 by Jan'28	7.57x	$130,000	9.49x	$887 REALIZED	$887	77.71%	10.27%	2.50%	116.9
COPX	20	$93	$71.96	$93.40	$28.40	$56,800	$100,800	49%<$68 by Jan'28	1.77x	$186,000	3.27x	$2,498 REALIZED	$2,498	52.78%	29.74%	2.43%	40.4
BMNR	150	$17	$20.18	$36.42	$13.42	$201,300	$96,300	BREACHED27% back >$25 by Jan'28	0.48x	$255,000	1.27x	$1,832 CHECK	$453	10.92%	22.83%	2.32%	52.6
IREN	20	$58	$23.95	$56.50	$3.00	$6,000	$86,000	BREACHED30% back >$25 by Jan'28	14.33x	$116,500	19.42x	$934 REALIZED	$934	186.75%	13.03%	2.08%	92.1
NVDA	10	$228	$204.64	$264.80	$49.80	$49,800	$74,800	53%<$200 by Jun'28	1.50x	$228,000	4.58x	$578	$1,933	13.94%	9.28%	1.81%	129.3
MSTR	10	$395	$130.51	$233.00	$53.00	$53,000	$53,000	BREACHED23% back >$180 by Dec'27	1.00x	$395,000	7.45x	$476	$213	10.77%	10.77%	1.28%	111.4
MARASKIP	500	$10	$6.77	$41.04	$1.04	$52,000	$52,000	BREACHED2% back >$40 by Jan'28	1.00x	$515,000	9.90x	$24DEFERRED	$24	SKIP	SKIP	1.26%	2,135.3
GOOG	5	$369	$278.22	$398.00	$51.00	$25,500	$48,000	BREACHED16% back >$360 by Jun'27	1.88x	$184,500	7.24x	$45 CHECK	$1,318	2.12%	1.12%	1.16%	1,066.7
SPCX	5	$178	$134.72	$186.00	$27.00	$13,500	$43,500	BREACHED45% back >$135 by Mar'27	3.22x	$89,000	6.59x	$64 CHECK	$1,749	5.71%	1.77%	1.05%	677.6
GOOG	5	$335	$278.22	$392.50	$82.50	$41,250	$41,250	BREACHED36% back >$310 by Dec'27	1.00x	$167,500	4.06x	$86 CHECK	$1,324	2.50%	2.50%	1.00%	480.8
IGV	12	$85	$104.29	$96.50	$26.50	$31,800	$31,800	19%<$70 by Jan'28	1.00x	$102,000	3.21x	$1,882 CHECK	$297	71.03%	71.03%	0.77%	16.9
HIMS	15	$20	$27.68	$17.47	$4.93	$7,395	$29,895	10%<$5 by Jan'28	4.04x	$30,000	4.06x	$1,196	$466	194.04%	48.00%	0.72%	25.0
PATH	35	$15	$13.73	$18.50	$8.50	$29,750	$29,750	44%<$10 by Jan'28	1.00x	$53,795	1.81x	$225 CHECK	$41	9.08%	9.08%	0.72%	132.2
CLSKSKIP	25	$17	$7.67	$20.74	$3.74	$9,350	$26,850	BREACHED24% back >$10 by Jan'28	2.87x	$42,500	4.55x	N/A	$-433	SKIP	SKIP	0.65%	N/A
BMNRSKIPHALF MAX	25	$20	$20.18	$37.87	$2.87	$7,175	$7,175	BREACHED5% back >$35 by Jan'27	1.00x	$50,000	6.97x	$76DEFERRED	$76	SKIP	SKIP	0.17%	95.0
IBITSKIP	50	$68	$43.36	$70.58	$4.42 CR	$22,100 CR	$-22,100	BREACHED10% back >$75 by Dec'27	1.00x	$337,500	-15.27x	N/A	—	SKIP	SKIP	N/A	N/A
Long subtotal	1607	—	—	—	—	$1,587,945	$2,349,445	78% under hedge	1.48x	$5,794,795	3.65x	$19,635 +$477 deferred	$24,770	21.22%	12.97%	57.01%	92.5
TOTAL	1759	—	—	—	—	$2,229,780	$4,120,780	47% under hedge	1.85x	$8,444,960	3.79x	$38,642* +$477 deferred	$88,332	26.46%*	12.92%*	100.00%	92.9
STOCKS (2)	110	—	—	—	—	$262,500	$262,500	kept out of the fortress totals above

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, 22 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 18 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 13 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 6 skipped: ROI is measured on $1,752,255 IC / $3,588,255 ML, with $477/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. $1,938,400 of the book's $4,120,780 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 24h old.

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

#1

BMNR

$572,075

BREACHED

hedge $35

#2

COIN

$365,940

BREACHED

hedge $300

#3

IREN

$301,700

BREACHED

hedge $35

#4

GLXY

$277,625

BREACHED

hedge $17.5

#5

GLD

$256,000

37% odds

hedge $330

Cluster	Forts	Tickers	Max Loss	% of Book	ML Under Hedge (now)	ML Likely
Crypto beta	18	BMNR×4COIN×2IREN×4GLXYMARA×2MSTR×2CLSKHOODCRWV	$1,971,165	48%	$1,665,750 · 14	$115,175 · 2
Mega-cap tech	5	GOOG×3AMZNAAPL	$372,530	9%	$251,250 · 3	—
Space / defense	2	SPCXRKLB	$113,430	3%	$43,500 · 1	$69,930 · 1
Semis / AI infra	7	DELLNVDAAMDMU×2QCOMINTC	$960,690	23%	—	$238,390 · 3
Precious metals	1	GLD	$256,000	6%	—	—
Materials	1	COPX	$100,800	2%	—	—
Software / apps	3	APPPATHHIMS	$107,945	3%	—	$48,300 · 1
Clean energy	1	ENPH	$47,300	1%	—	$47,300 · 1
Index ETF	1	IGV	$31,800	1%	—	—
Other	4	IBITASSTSNDKCRCL	$159,120	4%	$-22,100 · 1	$48,720 · 1

▸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 live in their own table below, newest exit first: realized P&L over the exact [entry → exit] window, with the IC/ML that was at play during that window (not part of the active-book TOTAL).

Ticker	Entry	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 (53 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	22	$1,344,791	$2,188,339	+$115,167	112%	69%
Mar'26	24	$1,737,758	$2,721,059	+$99,190	67%	43%
Apr'26	45	$1,865,137	$3,186,542	+$65,000	42%	25%
May'26	54	$1,774,889	$3,224,272	+$26,465	18%	10%
Jun'26	52	$1,885,572	$3,862,815	+$85,163	55%	27%
Jul'26	44	$1,916,516	$4,025,072	+$127,640	78%	37%
Aug'26	46	$1,990,628	$4,145,982	+$61,410	36%	17%
Sep'26	47	$2,134,017	$4,138,847	+$25,843	15%	8%
Oct'26	43	$2,217,924	$4,104,335	+$112,551	60%	32%
Nov'26 (MTD)	42	$2,251,880	$4,142,880	+$0	0%	0%
BLENDED (since Feb 1)	—	—	—	+$718,429	51%	27%
ACTIVE, RECENT (60d)	42	$2,181,960	$4,069,809	+$131,195	37%	20%

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 (25 tickers) over the last 60 days only (173 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

Fortress Drawdown

−$2,311,842

39 of 43 fortresses underwater · 36 on leg marks, 7 modelled

Net CC Premium

+$380,440

premium net of buybacks

Drawdown Cushioned

16%

net CC ÷ fortress drawdown

Net Drawdown

−$1,878,380

−45.3% of Max Loss · fortress + CC + hedge + DBB

Max Loss Left

$1,865,624

45% of $4,142,880 ML · worst case from here

Fortress drawdown of $2,311,842 — cushioned by net CC premium

+$380,440 net · 16% covered

Fortresscontracts · account · LEAPS expiry · +LC −SP +HP · entry	Stocksince entry	Fortress Drawdownstructure · % of Max Loss · leg marks 2026-11-01/ Max Loss Left	CC Incomefortress lifetime · % of ML	Hedge + DBBHP rolls, un-cap buybacks	Net Drawdownafter CCs · % of ML	CushionCC ÷ drawdown
BMNR50cMain:1299exp Jan'28 · 15moUNDERWATER +25C −18P · 08 Apr'26	−8.3% $22.00 → $20.18	−$199,922 /$94,228 −68% 32% est. model IV 74%	+$1,032 +0.4%	−$542	−$199,431 −67.8%	1%
COIN25cMain:1299exp Dec'27 · 13moUNDERWATER +500C −330P +300P · 17 Apr'26	−56.5% $330.00 → $143.54	−$217,800 /$14,700 −94% 6% leg marks	+$31,296 +13.5%	−$84	−$186,588 −80.3%	14%
GLXY125cMain:1299exp Jan'28 · 15moUNDERWATER +37.5C −37.5P +17.5P · 05 Aug'25	−56.8% $37.00 → $16.00	−$202,312 /$75,312 −73% 27% v28 design −96% · better	+$18,325 +6.6%	—	−$183,988 −66.3%	9%
BMNR75cMain:1299exp Jan'28 · 15moUNDERWATER +23C −18P +25P · 08 Apr'26	+18.7% $17.00 → $20.18	−$148,692 /$25,758 −85% 15% est. model IV 74%	+$1,548 +0.9%	−$812	−$147,956 −84.8%	1%
GLD10cMain:1299exp Jan'28 · 15moUNDERWATER +320C −450P +330P · 11 Feb'26	−23.5% $465.00 → $355.78	−$145,700 /$110,300 −57% 43% v28 design −57% · as designed	+$22,780 +8.9%	+$750	−$122,170 −47.7%	16%
MARA400cMain:1299exp Jan'28 · 15moUNDERWATER +13C · 20 Aug'26	−35.5% $10.50 → $6.77	−$92,000 /$58,000 −61% 39% leg marks	+$0 +0.0%	—	−$92,000 −61.3%	0%
IREN20cRetireInc:7291exp Jan'28 · 15moUNDERWATER +50C −70P +25P · 31 May'26	−63.2% $65.00 → $23.95	−$78,940 /$24,760 −76% 24% v28 design −80% · as designed	+$4,518 +4.4%	−$2,100	−$76,522 −73.8%	6%
COIN8cMain:1299exp Jan'28 · 15moUNDERWATER +165C −240P +90P · 17 Apr'26	−32.0% $211.00 → $143.54	−$69,520 /$63,920 −52% 48% v28 design −52% · as designed	+$10,015 +7.5%	−$27	−$59,532 −44.6%	14%
GOOG15cNeville:0865exp Jan'28 · 15moUNDERWATER +300C −345P +310P · 23 Apr'26	−16.9% $335.00 → $278.22	−$84,585 /$77,415 −52% 48% v28 design −51% · as designed	+$25,178 +15.5%	—	−$59,408 −36.7%	30%
IREN20cNeville:0865exp Jan'28 · 15moUNDERWATER +45C −65P +25P · 12 May'26	−58.9% $58.25 → $23.95	−$61,540 /$24,460 −72% 28% v28 design −82% · better	+$5,338 +6.2%	−$2,100	−$58,302 −67.8%	9%
MU2cNeville:0865exp Jan'28 · 15moUNDERWATER +970C −1110P +390P · 26 Jun'26	−28.4% $1,235.00 → $884.74	−$76,348 /$117,652 −39% 61% v28 design −43% · as designed	+$23,820 +12.3%	−$25	−$52,553 −27.1%	31%
BMNR150cJoint:1782exp Jan'28 · 15moUNDERWATER +23C −18P +25P · 08 Apr'26	+18.7% $17.00 → $20.18	−$43,125 /$53,175 −45% 55% v28 design +2% · worse	+$3,096 +3.2%	−$1,625	−$41,654 −43.3%	7%
SNDK1cNeville:0865exp Jan'28 · 15moUNDERWATER +1200C −1380P +810P · 14 Aug'26	−29.7% $1,636.00 → $1,150.89	−$52,088 /$46,912 −53% 47% v28 design −55% · as designed	+$13,078 +13.2%	—	−$39,010 −39.4%	25%
COPX20cJoint:1782exp Jan'28 · 15moUNDERWATER +65C −90P +68P · 31 May'26	−22.6% $93.00 → $71.96	−$51,700 /$49,100 −51% 49% v28 design −46% · as designed	+$12,720 +12.6%	—	−$38,980 −38.7%	25%
MARA500cRetireInc:7291exp Jan'28 · 15moUNDERWATER +40C · 05 Jun'26	−34.3% $10.30 → $6.77	−$35,997 /$16,003 −69% 31% est. model IV 95%	+$120 +0.2%	−$2,200	−$38,077 −73.2%	0%
APP1cRetireInc:7291exp Jan'28 · 15moUNDERWATER +460C −540P +185P · 31 May'26	−62.0% $601.00 → $228.50	−$41,090 /$7,210 −85% 15% v28 design −84% · as designed	+$5,759 +11.9%	—	−$35,331 −73.1%	14%
ENPH10cRetireInc:7291exp Jan'28 · 15moUNDERWATER +45C −60P +20P · 31 May'26	−56.5% $59.00 → $25.65	−$36,488 /$10,812 −77% 23% est. model IV 72%	+$1,670 +3.5%	—	−$34,818 −73.6%	5%
CRWV5cNeville:0865exp Jan'28 · 15moUNDERWATER +105C −120P +40P · 31 May'26	−57.1% $128.00 → $54.87	−$39,378 /$10,848 −78% 22% v28 design −80% · as designed	+$5,015 +10.0%	—	−$34,362 −68.4%	13%
GOOG5cNeville:0865exp Jun'27 · 7moUNDERWATER +340C −405P +360P · 04 Jun'26	−24.6% $369.00 → $278.22	−$40,300 /$7,700 −84% 16% v28 design −77% · as designed	+$6,540 +13.6%	—	−$33,760 −70.3%	16%
DELL3cMain:1299exp Jan'29 · 27moUNDERWATER +310C −400P +320P · 17 Sep'26	−25.2% $567.00 → $424.30	−$44,636 /$55,114 −45% 55% v28 design −45% · as designed	+$11,946 +12.0%	—	−$32,690 −32.8%	27%
RKLB6cRetireInc:7291exp Jan'28 · 15moUNDERWATER +115C −135P +45P · 31 May'26	−63.0% $148.00 → $54.73	−$60,219 /$9,711 −86% 14% v28 design −86% · as designed	+$27,874 +39.9%	—	−$32,345 −46.3%	46%
IREN20cJoint:1782exp Jan'28 · 15moUNDERWATER +25C −47P +35P · 28 Jan'26	−46.8% $45.00 → $23.95	−$40,550 /$15,450 −72% 28% v28 design −81% · as designed	+$11,818 +21.1%	−$2,100	−$30,832 −55.1%	29%
IREN20cMain:1299exp Jan'28 · 15moUNDERWATER +25C −47P +35P · 28 Jan'26	−46.8% $45.00 → $23.95	−$40,530 /$15,470 −72% 28% v28 design −81% · as designed	+$11,818 +21.1%	−$2,100	−$30,812 −55.0%	29%
HOOD10cJoint:1782exp Jan'29 · 27moUNDERWATER +65C −95P +80P · 18 Sep'26	−28.6% $119.00 → $84.99	−$33,630 /$31,320 −52% 48% v28 design −52% · as designed	+$3,430 +5.3%	—	−$30,200 −46.5%	10%
AMD2cMain:1299exp Jan'29 · 27moUNDERWATER +410C −550P +470P · 07 Oct'26	−23.0% $656.00 → $504.80	−$30,191 /$33,649 −47% 53% v28 design −46% · as designed	+$4,038 +6.3%	—	−$26,153 −41.0%	13%
MU5cMain:1299exp Jan'28 · 15moRECOVERING +880C −1010P +340P · 17 Jun'26	−15.7% $1,050.00 → $884.74	−$87,610 /$321,690 −21% 79% v28 design −25% · as designed	+$62,159 +15.2%	−$62	−$25,513 −6.2%	71%
QCOM5cRetireInc:7291exp Jan'28 · 15moUNDERWATER +190C −210P +100P · 31 May'26	−27.7% $228.00 → $164.79	−$33,825 /$38,175 −47% 53% v28 design −50% · as designed	+$9,710 +13.5%	—	−$24,115 −33.5%	29%
MSTR10cJoint:1782exp Dec'27 · 13moUNDERWATER +180C · 15 May'25	−67.0% $395.00 → $130.51	−$25,750 /$27,250 −49% 51% leg marks	+$3,749 +7.1%	—	−$22,001 −41.5%	15%
CLSK25cRetireInc:7291exp Jan'28 · 15moUNDERWATER +17C −17P +10P · 18 Jun'26	−54.9% $17.00 → $7.67	−$19,800 /$7,050 −74% 26% est. model IV 87%	−$1,950 −7.3%	—	−$21,750 −81.0%	-10%
SPCX5cNeville:0865exp Mar'27 · 5moUNDERWATER +150C −195P +135P · 18 Jun'26	−24.3% $178.00 → $134.72	−$29,588 /$13,912 −68% 32% v28 design −59% · as designed	+$7,870 +18.1%	—	−$21,718 −49.9%	27%
INTC5cNeville:0865exp Jan'28 · 15moUNDERWATER +85C −100P +35P · 14 May'26	−43.6% $116.50 → $65.76	−$28,258 /$18,742 −60% 40% v28 design −62% · as designed	+$9,561 +20.3%	—	−$18,696 −39.8%	34%
NVDA10cMain:1299exp Jun'28 · 19moUNDERWATER +215C −225P +200P · 03 Sep'26	−10.2% $228.00 → $204.64	−$20,425 /$54,375 −27% 73% v28 design −27% · as designed	+$3,810 +5.1%	—	−$16,615 −22.2%	19%
AMZN5cJoint:1782exp Jan'28 · 15moUNDERWATER +200C −250P +215P · 12 Aug'26	−10.7% $269.00 → $240.35	−$17,725 /$33,735 −34% 66% v28 design −36% · as designed	+$1,795 +3.5%	—	−$15,930 −31.0%	10%
GOOG5cJoint:1782exp Dec'27 · 13moUNDERWATER +310C · 23 Apr'26	−16.9% $335.00 → $278.22	−$23,600 /$17,650 −57% 43% leg marks	+$8,392 +20.3%	—	−$15,208 −36.9%	36%
MSTR4cRetireInc:7291exp Jan'28 · 15moUNDERWATER +125C −185P +55P · 31 May'26	−19.9% $163.00 → $130.51	−$16,276 /$40,524 −29% 71% v28 design −31% · as designed	+$1,499 +2.6%	—	−$14,777 −26.0%	9%
ASST30cNeville:0865exp Jan'29 · 27moUNDERWATER +40C −20P +17P · 23 Oct'26	−24.7% $29.48 → $22.19	−$16,095 /$32,625 −33% 67% v28 design −33% · as designed	+$3,030 +6.2%	—	−$13,065 −26.8%	19%
CRCL5cNeville:0865exp Jan'29 · 27moUNDERWATER +45C −65P +40P · 18 Sep'26	−20.2% $90.85 → $72.54	−$9,752 /$23,748 −29% 71% v28 design −30% · as designed	+$730 +2.2%	—	−$9,022 −26.9%	7%
PATH35cMain:1299exp Jan'28 · 15moUNDERWATER +10C · 14 Jan'26	−10.7% $15.37 → $13.73	−$9,398 /$20,352 −32% 68% leg marks	+$394 +1.3%	—	−$9,004 −30.3%	4%
BMNR25cMain:1299exp Jan'27 · 2moUNDERWATER +35C · 08 Apr'26	+0.9% $20.00 → $20.18	−$6,462 /$713 −90% 10% est. model IV 80%	+$516 +7.2%	−$271	−$6,217 −86.7%	8%
AAPL5cRetireInc:7291exp Jan'29 · 27moPROFIT +240C −330P +285P · 18 Sep'26	+2.7% $335.50 → $344.63	+$3,100 /$72,920 +4% 104% v28 design +3% · as designed	+$1,700 +2.4%	—	+$4,800 +6.9%	✓ in profit
HIMS15cMain:1299exp Jan'28 · 15moPROFIT +10C −20P +5P · 13 Apr'26	+38.4% $20.00 → $27.68	+$15,112 /$45,008 +51% 151% v28 design +43% · as designed	+$3,105 +10.4%	—	+$18,218 +60.9%	✓ in profit
IGV12cMain:1299exp Jan'28 · 15moPROFIT +70C · 18 Mar'26	+22.7% $85.00 → $104.29	+$16,374 /$48,174 +52% 151% leg marks	+$2,232 +7.0%	—	+$18,606 +58.5%	✓ in profit
IBIT50cJoint:1782exp Dec'27 · 13moPROFIT +75C	−35.8% $67.50 → $43.36	+$31,734 — est. model IV 45%	−$632 —	—	+$31,102 —	✓ in profit
TOTAL 43 fortresses · ML $4,142,880	−30.8% notional-weighted	−$2,245,522 /$1,865,624 −54% 45% 36 of 43 on leg marks, 7 modelled	+$380,440 +9.2%	−$13,298	−$1,878,380 −45.3%	16%

One row per ACTIVE fortress (exited excluded), deepest net drawdown first. Stock = today vs the fortress's entry price. Fortress Drawdown = what the structure itself is down, as % of its Max Loss (−100% = max loss reached). From the real leg marks where Rolls has them: close every leg except the short call at today's marks vs what you paid (mirrored from Coverage Insights), with fortress_v28's frozen-IV MTM vs Drawdown curve at the same stock move beside it, including the time decay since entry ("v28 design"; worse / better = more than 10 points of ML off the curve). A fortress is not linear in the stock: the first drops eat Max Loss fast, deeper drops slow down as the hedge takes over. Rows tagged est. model have no Rolls leg marks (Skip holds Rolls does not carry): Black-Scholes on each leg at today's spot vs the net debit paid, with the closest LEAPS IV the seams publish (hover for the IV and its source). est. stock-linear is the last resort, only when no IV or expiry exists: (today − entry) × shares, floored at −Max Loss, which overstates a deep drop. CC Income = net premium (premium − buybacks, DBB excluded) since this fortress's entry. Net Drawdown = Fortress Drawdown + CC Income + Hedge + DBB. % columns are blank for a net-credit structure (no Max Loss). Max Loss Left (the amber figure after the slash in Fortress Drawdown) = Max Loss + today's structure P/L, floored at 0: the most this fortress can still lose from here. $0 = already at max loss, nothing more to lose. A fortress in profit can still give its gains back, so its figure can exceed its Max Loss. The total is the book's worst case from today's marks (banked CC income not netted). Click a header to sort (again to reverse); the money columns sort by their % of Max Loss, so a big position does not crowd out a deep one.

▸Trading Returns

Trading Returns (SGD)

      SGD
      USD
    

Realized returns from trade logs, 10 months | 75 tickers

Ticker	Jan'26	Feb'26	Mar'26	Apr'26	May'26	Jun'26	Jul'26	Aug'26	Sep'26	Oct'26	Total	W/L

▸NLV History — Monthly & Daily

Latest NLV

$2.535M

2026-10-30 · live 15:59 ET

Day change

−$332,060

−11.58%

Since first close

−$920,232

−26.64% since 2025-12-31

Off peak

−46.91%

peak $4.774M on 2026-01-14

Average NLV by month

Bar = average daily NLV · H / L = the month’s high and low · return = the month’s performance with transfers taken out · typical day = its median daily move · hatched = month to date · dashed = year-to-date average

Daily NLV

Growth of $100 since Dec 31, deposits & withdrawals taken out

Blue = what $100 put in at the start is worth, with deposits and withdrawals taken out (above the $100 line = up since the start; hover shows the day’s actual NLV too). Dashed = the highest it has been so far. Red gap = how far below that high it is, the drawdown. At a new high the gap closes to nothing.

What the daily moves say · transfers taken out

Performance YTD

−37.6%

transfers taken out · raw NLV −$920k includes +$644k net deposits (IBKR)

Worst drop from a high

−52.0%

Jan 14 high → Oct 30 · now −52.0% from that high · from the start the low was −37.6% (Oct 30)

Volatility

75%

annualised · last 20 sessions 72%, about the same lately

1-in-20 bad day

−$197k

−7.8% at today’s size · about once a month

Typical day

±$83k

±3.3% · half of all sessions move less

Best / worst day

+14.9% / −14.3%

Jul 30 / Jun 05

Up days

99 of 209

avg up +3.8% · avg down −3.7%

Longest streaks

8 up · 7 down

sessions in a row

Every session, coloured by its move

Deposits & withdrawals (IBKR, Jan 02 – Sep 22): Jan 05 Neville +$252k · Mar 24 Main −$25k · Mar 27 Retired +$117k · May 08 Neville −$39k · May 26 Retired +$157k · May 27 Retired +$157k · May 28 Retired +$157k · Jun 24 Main −$30k · Jul 22 Neville −$30k · Aug 19 Main −$35k · Sep 18 Retired −$35k. SGD converted at that day’s close. Refresh with IBKR’s Deposits & Withdrawals export: python3 module_nlv_history.py --import-flows FILE.csv.

NLV (tiles, lines, bars) is raw across all accounts: a transfer shows up as a move there. Figures marked “transfers out” remove the transfers listed above. Source of truth: cc_manager_live, its last NetLiquidation reading of each session (~15:55 ET, when the close run stops the watchers). Days before it tracked NLV come from IBKR’s official daily NAV statement.

Account	NLV (2026-10-30, live 15:59 ET)	Day change	Share
Main	$1,191,687	−$190,128 (−13.76%)	47.0%
Neville	$457,532	−$63,196 (−12.14%)	18.1%
Joint	$578,126	−$52,493 (−8.32%)	22.8%
Retired	$307,185	−$26,244 (−7.87%)	12.1%
TOTAL	$2,534,530	−$332,060 (−11.58%)	100%

▸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

$42,417

Expected income /mo

realized run-rates, net of buybacks

51%

ROI on Max Loss

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

83%

ROI on Invested Capital

on $609,924 to build
9 priced from a fresh v27 build, 1 from live leverage

-32%

Net P&L per ML (live)

vs -40% for the whole book (better)

$15,012

V27 forward /mo (EV)

19% /yr on covered ML · 96% of deployed ML covered (9 names)

$114,225

FIGHT income @ -25% DD

quoted ladder, net of hedge · ceiling, not EV · scan 1.7d old

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

Semis / AI infra 32%Precious metals 15%Space / defense 15%Other 14%Mega-cap tech 8%Crypto beta 8%Index ETF 4%Materials 3%

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%	$108,663	$1,539	12%	17%	$2,602	$5,673FIGHT
MU	CORE	Semis / AI infra	$150,000	15%	$124,650	$4,807	38%	46%	$3,411	$21,731FIGHT
DELL	YIELD	Semis / AI infra	$150,000	15%	$61,751	$11,887	95%	231%	$3,769	$22,102FIGHT
RKLB	YIELD	Space / defense	$150,000	15%	$47,354	$11,742	94%	298%	$2,722	$21,876HOLD
SNDK	YIELD	Other	$139,855	14%	$75,979	$7,030	60%	111%	$2,610	$21,464HOLD
GOOG	CORE	Mega-cap tech	$84,992	8%	$62,537	$2,237	32%	43%	$578	$6,124FIGHT
COIN	CRYPTO	Crypto beta	$80,000	8%	$64,645	$1,381	21%	26%	$250	$11,638HOLD
IGV	BALLAST	Index ETF	$38,207	4%	$38,207live	$356	11%	11%	—	—
COPX	CORE	Materials	$32,105	3%	$14,950	$796	30%	64%	$-1,342	$1,065FIGHT
NVDA	CORE	Semis / AI infra	$24,842	2%	$11,189	$642	31%	69%	$413	$2,551FIGHT

Did not qualify (realized run-rate ≤ 0 or < 1 month of history — hover for detail): CLSK -$433/moAMD $4,728/moASST $6,060/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.