FPH Long Put Strategy
FPH (Five Point Holdings, LLC), in the Real Estate sector, (Real Estate - Development industry), listed on NYSE.
Five Point Holdings, LLC, primarily operating through its subsidiary, Five Point Operating Company, LP, specializes in the ownership and development of large-scale, multi-purpose communities across Orange, Los Angeles, and San Francisco Counties in California. The company segments its operations into four distinct areas: Valencia, San Francisco, Great Park, and Commercial. Its business activities include selling land parcels for both residential and commercial construction to homebuilders, commercial developers, and other buyers. Furthermore, it manages and holds various properties, such as commercial office spaces and a medical campus, while also offering development and property management expertise. Founded in 2009 as Newhall Holding Company, LLC, the firm rebranded to Five Point Holdings, LLC in May 2016. Its corporate headquarters are situated in Irvine, California.
FPH (Five Point Holdings, LLC) trades in the Real Estate sector, specifically Real Estate - Development, with a market capitalization of approximately $368.2M, a trailing P/E of 7.02, a beta of 1.34 versus the broader market, a 52-week range of 4.6-6.64, average daily share volume of 173K, a public-listing history dating back to 2017, approximately 90 full-time employees. These structural characteristics shape how FPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.34 indicates FPH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 7.02 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a long put on FPH?
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.
FPH snapshot
As of August 14, 2026, spot at $5.16, ATM IV 60.70%, IV rank 7.93%, expected move 17.40%. The long put on FPH below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this long put structure on FPH specifically: FPH IV at 60.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a FPH long put, with a market-implied 1-standard-deviation move of approximately 17.40% (roughly $0.90 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on FPH should anchor to the underlying notional of $5.16 per share and to the trader's directional view on FPH stock.
FPH long put setup
The FPH 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 FPH at $5.16 on that close, the first option leg uses a $5.16 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FPH chain at a 35-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 FPH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $5.16 | N/A |
FPH 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.
FPH long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on FPH. 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 FPH
Long puts on FPH hedge an existing long FPH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FPH exposure being hedged.
FPH thesis for this long put
The market-implied 1-standard-deviation range for FPH extends from approximately $4.26 on the downside to $6.06 on the upside. A FPH long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FPH position with one put per 100 shares held. Current FPH IV rank near 7.93% 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 FPH at 60.70%. As a Real Estate name, FPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FPH-specific events.
FPH 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. FPH positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FPH alongside the broader basket even when FPH-specific fundamentals are unchanged. Long-premium structures like a long put on FPH 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 FPH chain quotes before placing a trade.
Frequently asked questions
- What is a long put on FPH?
- A long put on FPH is the long put strategy applied to FPH (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 FPH stock at $5.16 on the most recent close, the strikes shown on this page are snapped to the nearest listed FPH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FPH 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 FPH long put priced from the end-of-day chain at a 30-day expiry (ATM IV 60.70%), 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 FPH long put?
- The breakeven for the FPH long put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The FPH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.40%; 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 FPH?
- Long puts on FPH hedge an existing long FPH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FPH exposure being hedged.
- How does current FPH implied volatility affect this long put?
- FPH ATM IV is at 60.70% with IV rank near 7.93%, 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.