GOOD Cash-Secured Put Strategy
GOOD (Gladstone Commercial Corporation), in the Real Estate sector, (REIT - Diversified industry), listed on NASDAQ.
Gladstone Commercial Corporation functions as a real estate investment trust (REIT), primarily focused on acquiring, holding, and managing industrial and office properties under net leases across the United States. The company demonstrates a strong history of investor payouts, having delivered 189 continuous monthly cash dividends to its common stockholders up to September 2020. This followed an initial period where five consecutive quarterly cash distributions were made. Additionally, preferred stockholders have experienced uninterrupted payments: 53 consecutive monthly distributions for its Series D Preferred Stock, 12 for its Series E, and 3 for its Series F. Since its inception in 2003, Gladstone Commercial has consistently met its distribution commitments, never missing, decreasing, or delaying a payment.
GOOD (Gladstone Commercial Corporation) trades in the Real Estate sector, specifically REIT - Diversified, with a market capitalization of approximately $629.8M, a trailing P/E of 24.81, a beta of 1.07 versus the broader market, a 52-week range of 10.33-13.47, average daily share volume of 472K, a public-listing history dating back to 2003, approximately 75 full-time employees. These structural characteristics shape how GOOD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places GOOD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GOOD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on GOOD?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
GOOD snapshot
As of August 14, 2026, spot at $12.96, ATM IV 297.40%, IV rank 60.89%, expected move 85.26%. The cash-secured put on GOOD 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 cash-secured put structure on GOOD specifically: GOOD IV at 297.40% is mid-range versus its 1-year history, so the credit collected on a GOOD cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 85.26% (roughly $11.05 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 GOOD expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOOD should anchor to the underlying notional of $12.96 per share and to the trader's directional view on GOOD stock.
GOOD cash-secured put setup
The GOOD cash-secured 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 GOOD at $12.96 on that close, the first option leg uses a $12.31 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GOOD 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 GOOD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $12.31 | N/A |
GOOD cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
GOOD cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GOOD. 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 cash-secured put on GOOD
Cash-secured puts on GOOD earn premium while a trader waits to acquire GOOD stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GOOD.
GOOD thesis for this cash-secured put
The market-implied 1-standard-deviation range for GOOD extends from approximately $1.91 on the downside to $24.01 on the upside. A GOOD cash-secured put lets a trader earn premium while waiting to acquire GOOD at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current GOOD IV rank near 60.89% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on GOOD should anchor more to the directional view and the expected-move geometry. As a Real Estate name, GOOD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GOOD-specific events.
GOOD cash-secured put positions are structurally neutral to slightly bullish; 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. GOOD positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GOOD alongside the broader basket even when GOOD-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on GOOD carry tail risk when realized volatility exceeds the implied move; review historical GOOD earnings reactions and macro stress periods before sizing. Always rebuild the position from current GOOD chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on GOOD?
- A cash-secured put on GOOD is the cash-secured put strategy applied to GOOD (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With GOOD stock at $12.96 on the most recent close, the strikes shown on this page are snapped to the nearest listed GOOD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GOOD cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the GOOD cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 297.40%), 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 GOOD cash-secured put?
- The breakeven for the GOOD cash-secured 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 GOOD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 85.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on GOOD?
- Cash-secured puts on GOOD earn premium while a trader waits to acquire GOOD stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GOOD.
- How does current GOOD implied volatility affect this cash-secured put?
- GOOD ATM IV is at 297.40% with IV rank near 60.89%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.