HASI Iron Condor Strategy
HASI (HA Sustainable Infrastructure Capital, Inc.), in the Financial Services sector, (Financial - Diversified industry), listed on NYSE.
HA Sustainable Infrastructure Capital, Inc. engages in investing in climate solutions and the provision of capital to assets developed by companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. It focuses on Behind the Meter, Grid-Connected, Fuels, Transport, and Nature climate solutions. The company was founded on November 7, 2012 and is headquartered in Annapolis, MD.
HASI (HA Sustainable Infrastructure Capital, Inc.) trades in the Financial Services sector, specifically Financial - Diversified, with a market capitalization of approximately $5.19B, a trailing P/E of 92.63, a beta of 1.46 versus the broader market, a 52-week range of 24.29-44.13, average daily share volume of 1.2M, a public-listing history dating back to 2013, approximately 153 full-time employees. These structural characteristics shape how HASI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.46 indicates HASI 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 92.63 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. HASI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on HASI?
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 HASI snapshot
As of May 15, 2026, spot at $41.30, ATM IV 31.10%, IV rank 4.52%, expected move 8.92%. The iron condor on HASI 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 HASI specifically: HASI IV at 31.10% is on the cheap side of its 1-year range, which means a premium-selling HASI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.92% (roughly $3.68 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 HASI expiries trade a higher absolute premium for lower per-day decay. Position sizing on HASI should anchor to the underlying notional of $41.30 per share and to the trader's directional view on HASI stock.
HASI iron condor setup
The HASI 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 HASI near $41.30, the first option leg uses a $43.37 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HASI 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 HASI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $43.37 | N/A |
| Buy 1 | Call | $45.43 | N/A |
| Sell 1 | Put | $39.23 | N/A |
| Buy 1 | Put | $37.17 | N/A |
HASI 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.
HASI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on HASI. 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 HASI
Iron condors on HASI are a delta-neutral premium-collection structure that profits if HASI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
HASI thesis for this iron condor
The market-implied 1-standard-deviation range for HASI extends from approximately $37.62 on the downside to $44.98 on the upside. A HASI iron condor is a delta-neutral premium-collection structure that pays off when HASI 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 HASI IV rank near 4.52% 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 HASI at 31.10%. As a Financial Services name, HASI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HASI-specific events.
HASI 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. HASI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HASI alongside the broader basket even when HASI-specific fundamentals are unchanged. Short-premium structures like a iron condor on HASI carry tail risk when realized volatility exceeds the implied move; review historical HASI earnings reactions and macro stress periods before sizing. Always rebuild the position from current HASI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on HASI?
- A iron condor on HASI is the iron condor strategy applied to HASI (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 HASI stock trading near $41.30, the strikes shown on this page are snapped to the nearest listed HASI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HASI 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 HASI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 31.10%), 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 HASI iron condor?
- The breakeven for the HASI 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 HASI market-implied 1-standard-deviation expected move is approximately 8.92%; 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 HASI?
- Iron condors on HASI are a delta-neutral premium-collection structure that profits if HASI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current HASI implied volatility affect this iron condor?
- HASI ATM IV is at 31.10% with IV rank near 4.52%, 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.