Continuation of Covered Calls Position in Sea Limited ADR

My Covered Calls position in Sea Limited ADR (ticker SE) closed out-of-the-money on last Friday's options expiration date, so the Call options expired and the shares remained in the Covered Calls Advisor Portfolio.  This morning, I decided to continue this Covered Calls position by selling two Sea Limited Call options against the shares currently held.  The transactions-to-date for these positions as well as the potential return-on-investment results if this position is in-the-money and therefore assigned on its options expiration date is as follows:

Sea Limited ADR (SE) -- Continued this Covered Calls Position
The original simultaneous buy/write transaction was as follows:
12/1/2025 Bought 200 Sea Ltd. shares @ $137.15
12/1/2025 Sold 2 SE 12/19/2025 $130.00 Call options @ $9.65 per share
Note: the Implied Volatility of the Calls was 43.0 when this transaction was executed.  As I prefer, this value exceeds that of the S&P 500 Volatility Index (VIX) which is currently at 17.2.
12/19/2025 Two Sea Ltd. Calls expired out-of-the-money, so the 200 shares remained in the Covered Calls Advisor Portfolio.
12/26/2025 Continued Covered Calls position by selling-to-open two 1/9/2026 $130.00 Calls at $2.38 per share when the price of Sea Ltd. stock was at $126.96.
1/9/2026 Sea Ltd. Covered Calls rolled out by buying-to-close the two 1/9/2026 $130.00 Calls at $4.25 per share and simultaneously selling two 1/23/2026 $130.00 Calls at $6.70 per share, so a net credit of $2.45 per share.
1/23/2026 Two Sea Ltd. Calls expired out-of-the-money, so the 200 shares remained in the Covered Calls Advisor Portfolio.
1/27/2026 Continued Covered Calls position by selling-to-open two 2/6/2026 $127.00 Calls at $3.30 per share when the price of Sea Ltd. stock was at $125.41.
2/6/2026 Two Sea Ltd. Calls expired out-of-the-money at $108.54, so the 200 shares remained in the Covered Calls Advisor Portfolio.
2/9/2026 Continued Covered Calls position by selling-to-open two 2/20/2026 $110.00 Calls at $3.90 per share when the price of Sea Ltd. stock was at $109.35.  This Covered Calls position is being continued because I remain bullish on the company and am now attempting to reduce the current unrealized loss and improve the position results closer to breakeven. 

A possible overall performance result (including commissions) for this Sea Ltd. Covered Calls position if the stock price is in-the-money and therefore assigned at the $110.00 strike price on the options expiration date is as follows:

Covered Calls Cost Basis: $25,501.34
= ($137.15 - $9.65) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$4,329.30
= ($9.65 + $2.38 - $4.25 + $6.70 + $3.30 + $3.90) * 200 shares - $6.70 commissions
(b) Dividend Income $0.00
(c) Capital Appreciation (If Sea Ltd. shares assigned at $110.00 strike price at the 2/20/2026 options expiration date): -$5,430.00
+($110.00 strike price - $137.15 stock purchase price) * 200 shares

Total Net Profit (If Sea's shares are assigned at the $110.00 strike price on the 2/20/2026 options expiration date): -$1,100.70

= (+$4,329.30 options income + $0.00 dividend income - $5,430.00 capital appreciation)

Absolute Return-on-Investment (If SE shares assigned at $110.00 strike price on the 2/20/2026 options expiration date): -4.3%

= -$1,100.70/$25,501.34

Annualized Return-on-Investment (If Sea Ltd. stock assigned at $110.00 strike price at the 2/20/2026 options expiration date): -19.4%

= (-$1,100.70/$25,501.34) * (365/81 days)