FCPT Long Put Strategy
FCPT (Four Corners Property Trust, Inc.), in the Real Estate sector, (REIT - Retail industry), listed on NYSE.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
FCPT (Four Corners Property Trust, Inc.) trades in the Real Estate sector, specifically REIT - Retail, with a market capitalization of approximately $2.68B, a trailing P/E of 22.91, a beta of 0.84 versus the broader market, a 52-week range of 22.78-28.11, average daily share volume of 751K, a public-listing history dating back to 2015, approximately 536 full-time employees. These structural characteristics shape how FCPT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places FCPT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FCPT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on FCPT?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current FCPT snapshot
As of May 15, 2026, spot at $24.38, ATM IV 68.10%, IV rank 26.19%, expected move 19.52%. The long put on FCPT 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 long put structure on FCPT specifically: FCPT IV at 68.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a FCPT long put, with a market-implied 1-standard-deviation move of approximately 19.52% (roughly $4.76 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 FCPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on FCPT should anchor to the underlying notional of $24.38 per share and to the trader's directional view on FCPT stock.
FCPT long put setup
The FCPT long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FCPT near $24.38, the first option leg uses a $24.38 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FCPT 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 FCPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $24.38 | N/A |
FCPT long put 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 strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
FCPT long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on FCPT. 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 long put on FCPT
Long puts on FCPT hedge an existing long FCPT stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FCPT exposure being hedged.
FCPT thesis for this long put
The market-implied 1-standard-deviation range for FCPT extends from approximately $19.62 on the downside to $29.14 on the upside. A FCPT long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FCPT position with one put per 100 shares held. Current FCPT IV rank near 26.19% 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 FCPT at 68.10%. As a Real Estate name, FCPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FCPT-specific events.
FCPT long put positions are structurally bearish; 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. FCPT positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FCPT alongside the broader basket even when FCPT-specific fundamentals are unchanged. Long-premium structures like a long put on FCPT are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current FCPT chain quotes before placing a trade.
Frequently asked questions
- What is a long put on FCPT?
- A long put on FCPT is the long put strategy applied to FCPT (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With FCPT stock trading near $24.38, the strikes shown on this page are snapped to the nearest listed FCPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FCPT long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the FCPT long put priced from the end-of-day chain at a 30-day expiry (ATM IV 68.10%), 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 FCPT long put?
- The breakeven for the FCPT long put 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 FCPT market-implied 1-standard-deviation expected move is approximately 19.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on FCPT?
- Long puts on FCPT hedge an existing long FCPT stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FCPT exposure being hedged.
- How does current FCPT implied volatility affect this long put?
- FCPT ATM IV is at 68.10% with IV rank near 26.19%, 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.