You have a complex portfolio whose value is related to the S&P index; the index level ("price") is currently 3000. To simplify, interest rates and dividend yields are zero. You consider using put contracts (for $100 times the index level) to change your exposure to S&P index price movements. Value ($) Delta ($/index level unit) Portfolio 20,000,000 +14,000 Put Contract 10,000 -61.4 Suppose you buy or sell enough put contracts to achieve delta neutrality (with respect to S&P index exposure). Note that the premium on one contract is $10,000. What is your upfront cash flow (IN $ THOUSANDS, including the sign) on this (put contract) hedge? (You may trade fractional contracts here, if needed.)