$ From the "get the job done circumstance" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a little) $begingroup$ Assuming that you will be Doing the job to get a lender, you can find 3 unique P&Ls according to the operate/ use: For https://www.youtube.com/watch?v=qMmsQ4kKgY4