$ While in the "operate case" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a little bit) $begingroup$ I estimate day by day pnl on a CDS position using the distribute modify occasions the CS01. However I wish to estimate the PnL for https://pnl30788.blogocial.com/the-2-minute-rule-for-pnl-69833240