GOOD Long Put Strategy

GOOD (Gladstone Commercial Corporation), in the Real Estate sector, (REIT - Diversified industry), listed on NASDAQ.

Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Including payments through September 2020, Gladstone Commercial has paid 189 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, Gladstone Commercial paid five consecutive quarterly cash distributions. The company has also paid 53 consecutive monthly cash distributions on its Series D Preferred Stock, 12 consecutive monthly cash distributions on its Series E Preferred Stock and three consecutive monthly cash distributions on its Series F Preferred Stock. Gladstone Commercial has never skipped, reduced or deferred a distribution since its inception in 2003.

GOOD (Gladstone Commercial Corporation) trades in the Real Estate sector, specifically REIT - Diversified, with a market capitalization of approximately $600.7M, a trailing P/E of 27.73, a beta of 1.08 versus the broader market, a 52-week range of 10.33-15.03, average daily share volume of 461K, a public-listing history dating back to 2003, approximately 69 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 1.08 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 long put on GOOD?

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 GOOD snapshot

As of May 15, 2026, spot at $12.30, ATM IV 63.40%, IV rank 14.14%, expected move 5.49%. The long put on GOOD 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 GOOD specifically: GOOD IV at 63.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a GOOD long put, with a market-implied 1-standard-deviation move of approximately 5.49% (roughly $0.68 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 GOOD expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOOD should anchor to the underlying notional of $12.30 per share and to the trader's directional view on GOOD stock.

GOOD long put setup

The GOOD 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 GOOD near $12.30, the first option leg uses a $12.30 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 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 GOOD shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$12.30N/A

GOOD 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.

GOOD long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long 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 long put on GOOD

Long puts on GOOD hedge an existing long GOOD stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GOOD exposure being hedged.

GOOD thesis for this long put

The market-implied 1-standard-deviation range for GOOD extends from approximately $11.62 on the downside to $12.98 on the upside. A GOOD long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long GOOD position with one put per 100 shares held. Current GOOD IV rank near 14.14% 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 GOOD at 63.40%. 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 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. 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. Long-premium structures like a long put on GOOD 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 GOOD chain quotes before placing a trade.

Frequently asked questions

What is a long put on GOOD?
A long put on GOOD is the long put strategy applied to GOOD (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 GOOD stock trading near $12.30, the strikes shown on this page are snapped to the nearest listed GOOD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GOOD 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 GOOD long put priced from the end-of-day chain at a 30-day expiry (ATM IV 63.40%), 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 long put?
The breakeven for the GOOD 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 GOOD market-implied 1-standard-deviation expected move is approximately 5.49%; 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 GOOD?
Long puts on GOOD hedge an existing long GOOD stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GOOD exposure being hedged.
How does current GOOD implied volatility affect this long put?
GOOD ATM IV is at 63.40% with IV rank near 14.14%, 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.

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