I exercised the April 10s on 4/20 last year for a tax basis of 10.68, my highest basis tax lot on 40,000. The remainder is long term with a basis of less than 9. I'm hoping for a Blackrock stock for stock.
I don't know what I'm going to do until something happens as I still hold 462 March 12.5s with a basis of 1.50 which gives me 14 for the stock on exercise.
My ace-in-the-hole, fortunately and unfortunately, is unrealized losses on CLNY. Short gains on NRE is likely to trigger losses on CLNY, but I don't have to cross this bridge until much later this year.
We'll know the endgame for NRE well before then, I hope.