$ Inside the "do the job scenario" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a little bit) $begingroup$ Assuming that you will be Performing for just a lender, you can find 3 distinct P&Ls depending on the perform/ usage: Comparing P&L Statements It https://www.youtube.com/watch?v=qMmsQ4kKgY4