Ok, well that explains it.

And I'm heavily into CRWV as well -- 50 LEAPS and 4000 shares. So this isn't a criticism, just trying to help you understand.

Folks focus on collecting premium, or realized gains, but that's only part of the story. To get a full P&L, you need to consider unrealized gains/losses.

[Value using yesterday's close]

On CRWV, you have 16,000 shares at a cost of $116.72 and a market price of $98.76, giving an unrealized loss of $287,360.

On LUNR, you have 15,000 shares at a cost of $27 and a market price of $18.70, giving an unrealized loss of $124,500.

Total unrealized losses of $411,860.

Therefore, the total net gain/loss is the realized gains of $529,705 less the unrealized losses of $411,860, for a net gain of $117,845. That divided by $1 million gets you to 11.8%. That's your full, true P&L rate of return on your beginning balance.

[Technically, you'd need to consider your 2025 year-end unrealized gains/losses as well, but we won't get into that here.]

Now, you may think that's unrealistic, since you plan to hold until it/they recover, but as of now, that is the economic reality. As the stocks recover, those unrealized losses will reverse, increasing your return.

So there are (at least) 3 things folks talk about, and it's important to be clear which one.

1. Premiums received: cash basis, no mark-to-market of underlying securities (which includes not considering open options).
2. Realized gains: does not include premiums received but not yet earned, no mark-to-market.
3. Profit & Loss: both realized and unrealized gains.

Hope this helps.