CRCO led income-source signals — 2026-05-15

Last week’s recap was defined by scale: MSTY led at net per share 8.095 with an absolute net of $416.86M, and AMDY held second at 5.687 for a second consecutive near-top read. Both figures compressed sharply this week. MSTY falls to net per share 0.586 while retaining the largest absolute net in the ranked table at $30.53M. AMDY compresses further to 0.684, now in the ranked top 10 for a third consecutive week but well below last week’s position. HIYY — which appeared in the tracked top 10 for three consecutive weeks through last week’s recap — does not appear in this week’s ranked set at all.

The lead this week is CRCO, at net per share 5.532, net $5.67M, PIN $8.06M, and POUT $2.39M, with four matched intraday files and eight holdings rows. CRCO is not a new name in this set: it appeared earlier in the tracked record, later led the ranked table at 9.682 with a larger absolute net of $14.76M, then compressed to 0.387 before reappearing at rank 7 and dropping from the top 10 in the two most recent recaps. This week it returns to first by net per share. The same structural note from that earlier CRCO lead applies now — CRCO’s share base of 1.025M means a moderate absolute net produces a large per-share figure. MSTY, ranking tenth this week, carries a share base of 52.1M and an absolute net more than five times CRCO’s despite sitting at the bottom of the per-share table.

A separate note belongs to TSMY, ranking second at net per share 1.919 under full five-file coverage. It has not appeared in this tracked set’s top 10 in any prior week. This is its first observation.

This week’s income-source pulse

Window: 2026-05-11 → 2026-05-15 (US Mon–Fri), frozen snapshot for week ending 2026-05-15. This ranking covers the tracked weekly set, with Group-3 and Target-12 shown separately below. It is not a performance score, and not an ex-dividend-cycle model.

Three structural notes apply this week. First, CRCO returns to the per-share lead at 5.532, but its absolute net of $5.67M is smaller than MSTY ($30.53M), ULTY ($25.30M), SMCY ($13.46M), TSMY ($12.91M), and MARO ($11.67M) in dollar terms — the per-share and absolute-dollar layers point in different directions this week. Second, TSMY appears in the tracked top 10 for the first time, ranking second at 1.919 under full five-file coverage with both PIN and POUT visible. Third, no ticker in the ranked top 10 shows POUT=0 this week, making the income-source layer more directly comparable across entries than weeks with gross-only structures.

Anchor read: CRCO — returning per-share lead, moderate absolute net

CRCO ranks first at net per share 5.532, net $5.67M, PIN $8.06M, and POUT $2.39M. Coverage: 4 intraday files, 8 holdings rows. DQ level: ok. Underlier: CRCL. Discount −5.36%.

CRCO’s history in this set makes this week’s read easier to frame than a first observation would be. It previously led at 9.682 under a similar four-file structure, then compressed sharply to 0.387 and remained outside the top 10 for two more weeks before later reappearing at rank 7. The structure this week is similar to that earlier lead: both PIN and POUT are visible, meaning this is not a gross premium case with no observable rolling cost. What differs from the prior CRCO lead is scale — the absolute net this week ($5.67M) is smaller than the earlier figure ($14.76M), and the per-share figure (5.532) is also lower than the prior lead (9.682). The rank is first. The dollar scale is not the largest in the table. That distinction is the starting point for reading this week, and it runs through most of the interpretation below.

TSMY — first observation, full five-file coverage

TSMY ranks second at net per share 1.919, net $12.91M, PIN $14.84M, and POUT $1.93M. Coverage: 5 intraday files, 18 holdings rows. DQ level: ok. Discount −2.31%.

This is TSMY’s first appearance in the tracked top 10. Both PIN and POUT are visible under full five-file coverage, which makes this a relatively clean first read — there is no thin-coverage asterisk and no gross-only structure to flag. The absolute net of $12.91M is larger than CRCO’s $5.67M, even though TSMY ranks second by the per-share metric. That layering is worth noting for a first observation: TSMY’s per-share figure reflects both a larger absolute net and a meaningfully larger share base (6.725M vs CRCO’s 1.025M). Whether this first read carries forward into subsequent weeks is the monitoring question; one observation is a logged data point, not a pattern.

Why these moved (grounded notes)

One observable field, one stated limitation per ticker. The most common mistake is treating net per share rank as a quality ranking — it isn’t.

• CRCO (G2, underlier CRCL): net per share 5.532, net $5.67M — PIN $8.06M, POUT $2.39M, intra 4 files, holdings 8. Returning to rank-1 after an earlier 9.682 lead. Both PIN and POUT visible. Discount −5.36%.
• TSMY (G1): net per share 1.919, net $12.91M — PIN $14.84M, POUT $1.93M, intra 5 files, holdings 18. First observation in tracked top 10. Full five-file coverage, both PIN and POUT visible. Discount −2.31%.
• CRSH (G2, underlier TSLA): net per share 1.586, net $1.24M — PIN $1.65M, POUT $0.42M, intra 3 files, holdings 8. Three matched intraday files — interpret with restraint. Premium +3.84%, widest in the ranked set.
• LFGY (G1): net per share 1.308, net $7.23M — PIN $12.51M, POUT $5.29M, intra 5 files, holdings 97. Full coverage and highest holdings row count in the ranked set. Discount −4.06%.
• MARO (G1): net per share 1.028, net $11.67M — PIN $13.00M, POUT $1.33M, intra 3 files, holdings 6. Three matched files and smallest holdings count in the ranked set. Absolute net larger than CRCO despite lower per-share rank. Discount −4.11%.
• ULTY (G1): net per share 0.934, net $25.30M — PIN $39.61M, POUT $14.32M, intra 5 files, holdings 69. Full coverage and second-largest absolute net in the ranked table. Discount −2.18%.
• SLTY (G1): net per share 0.799, net $0.60M — PIN $0.83M, POUT $0.23M, intra 5 files, holdings 77. Full coverage; smallest absolute net in the ranked top 10. Premium +0.84%.
• SMCY (G2, underlier SMCI): net per share 0.731, net $13.46M — PIN $16.13M, POUT $2.68M, intra 5 files, holdings 11. Full coverage; larger absolute net than the top-three per-share entries. Discount −4.93%.
• AMDY (G2, underlier AMD): net per share 0.684, net $4.00M — PIN $14.21M, POUT $10.21M, intra 4 files, holdings 10. Third consecutive week in the tracked top 10; figure compresses further from last week’s 5.687. Discount −5.16%.
• MSTY (G2, underlier MSTR): net per share 0.586, net $30.53M — PIN $55.42M, POUT $24.89M, intra 4 files, holdings 17. Largest absolute net in the ranked table by a wide margin; ranks tenth by net per share due to its larger share base of 52.1M. Discount −4.44%.

Weekly take (author commentary)

CRCO returning to rank-1 is a different read than a first observation at an unusual number. The earlier 9.682 lead already established the pattern: CRCO’s per-share figure is amplified by a small share base of 1.025M, which means the per-share rank is best read alongside the absolute net figure. This week that contrast is sharper than any prior week in the tracked set. MSTY ranks tenth by net per share and carries $30.53M in absolute net. ULTY ranks sixth and carries $25.30M. CRCO ranks first and carries $5.67M. Three tickers at different ends of both rankings in the same week is about as clear an illustration as this dataset produces of what net per share is actually measuring — observed cashflow normalized by shares outstanding, nothing more.

The TSMY observation adds a different layer. First reads under full five-file coverage with both PIN and POUT visible are the cleanest kind of new entry in this set — no thin-coverage asterisk, no gross-only structure. The absolute net of $12.91M is larger than CRCO’s, and the per-share figure of 1.919 reflects a larger share base spread across a still-meaningful dollar net. Whether TSMY remains in the tracked top 10 next week or fades the way CRCO did after its prior lead is the open monitoring question. One week of data is a logged observation; it should not carry the interpretive weight of a confirmed pattern.

Coverage still matters here, even in a week where all ten ranked entries show both PIN and POUT. CRCO and MSTY have four matched intraday files; CRSH and MARO have three. LFGY carries 97 holdings rows — the highest in the ranked set — while MARO has only 6. Those differences in holdings depth affect how much of the open position structure is visible inside the capture window. A three-file week with six holdings rows is a valid read; it is not the same observation depth as a full-week entry with 97 rows. The ranking does not distinguish them, which is why the coverage notes section exists separately.

The price/NAV layer also runs through this week’s table. Six of the ten ranked entries carry discounts wider than 4% — CRCO at −5.36%, AMDY at −5.16%, SMCY at −4.93%, MSTY at −4.44%, MARO at −4.11%, and LFGY at −4.06%. CRSH is the only entry with a notable premium at +3.84%. Those gaps are pricing observations that sit in a separate layer from the income-source figures. This is not an ex-dividend-cycle model and not a performance score. Net per share reflects observed realized cashflow within the capture window — not a declared distribution amount, not total return, and not a forecast of next cycle’s income.

For context on how net per share is calculated and what it does and does not measure, see How to Read Net per Share in Context. For the relationship between holdings and the weekly income layer, see Why Holdings Are Not the Same as Weekly Income.

Risk checklist (readable, not fine print)

CRCO leads by net per share at 5.532, but its absolute net of $5.67M is smaller than five other entries in the ranked table. Per-share rank and dollar-scale rank are two different readings and should not be collapsed into one conclusion.

TSMY is a first observation in the tracked top 10, with full five-file coverage and both PIN and POUT visible — a relatively clean new entry. One week of data is a logged observation; it should not carry the interpretive weight of a confirmed pattern.

CRSH and MARO have three matched intraday files each. The figures are valid but belong in a separate interpretive layer from entries with full five-file coverage.

Price/NAV discounts are pricing context. CRCO’s −5.36% discount and CRSH’s +3.84% premium belong to the pricing layer and are not income-source signals.

Top 3 highlight cards

Coverage notes (intraday/holdings)

Top movers — full table

Target-12 reference

Target-12 is shown separately because its rolling-cycle structure and capture pattern should not be read alongside the weekly net per share ranking.

BIGY shows net per share −0.454, net −$238,478, PIN $1.91M, POUT $2.15M, with five matched intraday files. DQ level: partial. NET_NEGATIVE flag applies. Full five-day capture is visible, making this a five-file negative observation rather than a thin-coverage read. POUT exceeded PIN across the observation window. For a Target-12 structure, a single-week negative observation belongs in the context of the broader rolling cycle, not read as a standalone judgment.

RNTY shows net per share 0.135, net $10,158, PIN $0.09M, POUT $0.08M, with five matched intraday files. DQ level: ok. Positive but modest in absolute dollar terms.

SOXY shows net per share −1.576, net −$984,821, PIN $12.37M, POUT $13.35M, with five matched intraday files. DQ level: partial. NET_NEGATIVE flag applies. The underlying dollar flow is not small — both PIN and POUT exceed $12M — but POUT exceeded PIN across the full five-day window. Same rolling-cycle context applies.

Two of three Target-12 tickers carry NET_NEGATIVE flags this week. Coverage is complete for all three (five matched files each). The negative readings are rolling-cost observations, not standalone fund judgments.

Group-3 is separate from Target-12 and also separate from the ranked top movers.

MSST shows net per share −10.708, net −$1.61M, with three matched intraday files. DQ level: partial.

NVIT shows net per share −19.218, net −$2.88M, with three matched intraday files. DQ level: partial.

TEST shows net per share −25.465, net −$1.27M, with three matched intraday files. DQ level: partial.

All three Group-3 tickers show negative observed net and partial DQ this week. These are reference-only readings and should not be compared directly with the ranked top-movers structure.

Next-week watchlist (monitoring prompts)

• 1. CRCO — Does the per-share lead repeat under similar or fuller intraday coverage, or does the figure compress again the way it did after the prior CRCO lead?
• 2. TSMY — Does the first observation carry into a second consecutive near-top read, or does it fade from the ranked top 10 the following week?

These are monitoring prompts, not recommendations.

Data scope & limits

• This post tracks weekly options income-source signals using intraday + holdings data. It is not an ex-dividend-cycle model.
• Missing/holiday days are skipped (no forced fills).
• Net per share reflects observed realized cashflow within the capture window — not declared distributions, not total return, not a forecast of future income.
• This week, CRCO’s −5.36% discount is the widest in the ranked set; it is pricing context and belongs to a separate observation layer from the net per share figure — the two should not be read as a combined signal.

Ticker links open the latest view. Internal links: Guide · Glossary · Featured ticker (CRCO) · How to Read Net per Share in Context · Why Holdings Are Not the Same as Weekly Income

Frozen snapshot for 2026-05-15. Corrections appear in subsequent weekly logs.

Reference-only (excluded from ranking)