$ Within the "operate circumstance" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a bit) $begingroup$ Assuming that you are Functioning for your lender, you will discover three unique P&Ls depending on the perform/ utilization: PNL were established to complete at Coachella, certainly https://www.youtube.com/watch?v=qMmsQ4kKgY4