Closed Covered Calls Position in Delta Air Lines Inc.

On last Friday's options expiration date, the Covered Calls position in Delta Air Lines Inc. (ticker DAL) closed out-of-the-money, so its Call options expired and the 400 shares remained in the Covered Calls Advisor Portfolio. Early in today's trading session I closed out this position at a net loss of $2,663.68 by selling the 400 shares of Delta at $57.24.  Along with other airlines companies, Delta's stock price has been punished because of the spike in oil prices since the start of the Iran War. The transactions history for this position and the associated return-on-investment results are detailed below.

Delta Air Lines Inc. (DAL) -- Closed Out Covered Calls Position
The buy/write transaction was:
2/17/2026 Bought 400 Delta Air Lines Inc. shares @ $70.07.
2/17/2026 Sold 4 Delta 3/6/2026 $65.00 Call options @ $5.99 per share.  The Implied Volatility of these Calls was 44.5% when this buy/write transaction occurred, which as preferred is well above the current 20.8% for the S&P 500 Volatility Index (i.e. VIX).
2/26/2026 Quarterly ex-dividend of $.1875 per share.

3/6/2026 Delta closed out-of-the-money at $59.01 per share, so the Call options expired and the 400 Delta shares remained in the Covered Calls Advisor Portfolio.

3/9/2026 Closed out this Delta Covered Calls position by selling 400 DAL shares at $57.24.

The overall performance results (including commissions) for this Delta Air Lines Inc. Covered Calls position are as follows:
Covered Calls Net Investment: $25,634.68
= ($70.07 - $5.99) * 400 shares + $2.68 commission

Net Profit Components:
(a) Options Income: +$2,393.32
= ($5.99 * 400 shares) - $2.68 commission
(b) Dividend Income: +$75.00
= ($.1875 dividend per share x 400 shares)

(c) Capital Loss: -$5,132.00

+($57.24 stock sales price - $70.07 stock purchase price) * 400 shares

Total Net Loss: -$2,663.68

= (+$2,393.32 options income + $75.00 dividend income - $5,132.00 capital appreciation)

Absolute Return-on-Investment: -10.4%

= -$2,663.68/$25,634.68

Annualized Return-on-Investment (If Delta's shares assigned at $65.00 at the March 6th, 2026 expiration): -189.6%

= (-$2,663.68/$25,634.68) * (365/20 days)