Leverage isn't free, and the projection shows it. Each week, if the portfolio falls (or the margin balance compounds) enough that LTV reaches the maintenance equity floor — 1 − maintenanceMargin, ≈ 66.5% with a ≈ 33.5% sleeve-weighted maintenance margin — the broker forces a sale. Keel liquidates just enough (selling across sleeves proportionally) to restore LTV to the hard cap, and counts it.
This is why Margin Float can look very different under Bear: the same leverage that amplifies gains amplifies losses, and a forced liquidation locks them in. The drill-in surfaces peak LTV, drawdown-to-call, and the modelled margin-call count so the downside is never hidden behind a single rosy line.
Was this helpful?