BNL Iron Condor Strategy
BNL (Broadstone Net Lease, Inc.), in the Real Estate sector, (REIT - Diversified industry), listed on NYSE.
BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2020, BNL's diversified portfolio consisted of 627 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.
BNL (Broadstone Net Lease, Inc.) trades in the Real Estate sector, specifically REIT - Diversified, with a market capitalization of approximately $3.80B, a trailing P/E of 29.43, a beta of 0.99 versus the broader market, a 52-week range of 15.281-20.475, average daily share volume of 2.7M, a public-listing history dating back to 2020, approximately 73 full-time employees. These structural characteristics shape how BNL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.99 places BNL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BNL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BNL?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current BNL snapshot
As of May 15, 2026, spot at $19.84, ATM IV 103.70%, IV rank 19.14%, expected move 29.73%. The iron condor on BNL below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on BNL specifically: BNL IV at 103.70% is on the cheap side of its 1-year range, which means a premium-selling BNL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 29.73% (roughly $5.90 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BNL expiries trade a higher absolute premium for lower per-day decay. Position sizing on BNL should anchor to the underlying notional of $19.84 per share and to the trader's directional view on BNL stock.
BNL iron condor setup
The BNL iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BNL near $19.84, the first option leg uses a $20.83 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BNL chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BNL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $20.83 | N/A |
| Buy 1 | Call | $21.82 | N/A |
| Sell 1 | Put | $18.85 | N/A |
| Buy 1 | Put | $17.86 | N/A |
BNL iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
BNL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BNL. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on BNL
Iron condors on BNL are a delta-neutral premium-collection structure that profits if BNL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BNL thesis for this iron condor
The market-implied 1-standard-deviation range for BNL extends from approximately $13.94 on the downside to $25.74 on the upside. A BNL iron condor is a delta-neutral premium-collection structure that pays off when BNL stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current BNL IV rank near 19.14% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BNL at 103.70%. As a Real Estate name, BNL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BNL-specific events.
BNL iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BNL positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BNL alongside the broader basket even when BNL-specific fundamentals are unchanged. Short-premium structures like a iron condor on BNL carry tail risk when realized volatility exceeds the implied move; review historical BNL earnings reactions and macro stress periods before sizing. Always rebuild the position from current BNL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BNL?
- A iron condor on BNL is the iron condor strategy applied to BNL (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With BNL stock trading near $19.84, the strikes shown on this page are snapped to the nearest listed BNL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BNL iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BNL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 103.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BNL iron condor?
- The breakeven for the BNL iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current BNL market-implied 1-standard-deviation expected move is approximately 29.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on BNL?
- Iron condors on BNL are a delta-neutral premium-collection structure that profits if BNL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BNL implied volatility affect this iron condor?
- BNL ATM IV is at 103.70% with IV rank near 19.14%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.