No new trades this week. Current beta weighted risk is 2.92 against the SPX. Overall theta on futures is 90.67. SPX beta weighted risk ~$20,174. All else being equal, this represents $2,720.10 every 30 days due to theta decay-7.8% monthly. Of note, beta weighted portfolio value is remains close to the current futures balance ($22,336). The attached graph shows the current stress test with losses beginning at /ES price of $6,924.725 (which appears to increase with volatility). It has a 17.84% chance of loss over the next 30 days.

No new trades this week. Current beta weighted risk is 2.61 against the SPX. Overall theta on futures is 82.34. SPX beta weighted risk ~$17,842. All else being equal, this represents $2,470.20 every 30 days due to theta decay-13.8% monthly. Of note, beta weighted portfolio value is remains close to the current futures balance ($19,807). The attached graph shows the current stress test with losses beginning at /ES price of $6,652.25 (which appears to increase with volatility). It has a 8.41% chance of loss over the next 30 days.

Buy price $120.75

Back ratio with entry price in PAYC at ~$113/shr. Current beta weighted risk is 2.57 against the SPX. Overall theta on futures is 74.85. SPX beta weighted risk ~$17,816. All else being equal, this represents $2,245.50 every 30 days due to theta decay-12.6% monthly. Of note, beta weighted portfolio value is remains close to the current futures balance. The attached graph shows the current stress test with losses beginning at /ES price of $6,771.50 (which appears to increase with volatility). It has a 14.62% chance of loss over the next 30 days.

ELME is a multifamily REIT in the final stages of dissolution. After selling the bulk of its portfolio and paying a massive $14.67/share special dividend, it is now a "clean" play on the remaining assets. - Upside Potential: The stock trades at $2.16, while management guides for additional distributions between $2.35 and $2.80/share. This implies a 9% to 30% spread. - Timeline: Further distributions are expected in Q3 or Q4 2026, leading to a projected base-case Internal Rate of Return (IRR) of ~30%. A full write up of this idea can be fount at Special Situations Investing website: https://www.specialsituationinvestments.com/2026/01/guest-pitch-elme-communities-elme/