LAND Cash-Secured Put Strategy
LAND (Gladstone Land Corporation), in the Real Estate sector, (REIT - Specialty industry), listed on NASDAQ.
Established in 1997, Gladstone Land operates as a publicly traded real estate investment trust (REIT) focused on acquiring and owning agricultural land and related properties situated in key farming regions across the United States. It leases these assets to independent third-party farmers. The company regularly reports the fair value of its farmland holdings each quarter. Presently, its portfolio consists of 127 farms, covering approximately 94,000 acres in 13 different states, with an estimated worth of $1.0 billion. A significant portion of Gladstone Land's properties are located in areas suitable for growing fresh, annual row crops, such as berries and various vegetables, which are planted and harvested annually by its tenants. Additionally, the company's holdings include farms dedicated to permanent crops like almonds, apples, figs, olives, pistachios, other orchard fruits, blueberry groves, and vineyards.
LAND (Gladstone Land Corporation) trades in the Real Estate sector, specifically REIT - Specialty, with a market capitalization of approximately $371.4M, a beta of 1.05 versus the broader market, a 52-week range of 8.425-13, average daily share volume of 578K, a public-listing history dating back to 2013, approximately 70 full-time employees. These structural characteristics shape how LAND stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.05 places LAND roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. LAND 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 LAND?
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.
Current LAND snapshot
As of June 26, 2026, spot at $8.57, ATM IV 26.60%, IV rank 5.14%, expected move 7.63%. The cash-secured put on LAND 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 21-day expiry.
Why this cash-secured put structure on LAND specifically: LAND IV at 26.60% is on the cheap side of its 1-year range, which means a premium-selling LAND cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.63% (roughly $0.65 on the underlying). The 21-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LAND expiries trade a higher absolute premium for lower per-day decay. Position sizing on LAND should anchor to the underlying notional of $8.57 per share and to the trader's directional view on LAND stock.
LAND cash-secured put setup
The LAND 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 LAND near $8.57, the first option leg uses a $8.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LAND chain at a 21-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 LAND shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $8.14 | N/A |
LAND 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.
LAND cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on LAND. 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 LAND
Cash-secured puts on LAND earn premium while a trader waits to acquire LAND stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LAND.
LAND thesis for this cash-secured put
The market-implied 1-standard-deviation range for LAND extends from approximately $7.92 on the downside to $9.22 on the upside. A LAND cash-secured put lets a trader earn premium while waiting to acquire LAND 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 LAND IV rank near 5.14% 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 LAND at 26.60%. As a Real Estate name, LAND options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LAND-specific events.
LAND 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. LAND positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LAND alongside the broader basket even when LAND-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on LAND carry tail risk when realized volatility exceeds the implied move; review historical LAND earnings reactions and macro stress periods before sizing. Always rebuild the position from current LAND chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on LAND?
- A cash-secured put on LAND is the cash-secured put strategy applied to LAND (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 LAND stock trading near $8.57, the strikes shown on this page are snapped to the nearest listed LAND chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LAND 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 LAND cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.60%), 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 LAND cash-secured put?
- The breakeven for the LAND cash-secured 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 LAND market-implied 1-standard-deviation expected move is approximately 7.63%; 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 LAND?
- Cash-secured puts on LAND earn premium while a trader waits to acquire LAND stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LAND.
- How does current LAND implied volatility affect this cash-secured put?
- LAND ATM IV is at 26.60% with IV rank near 5.14%, 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.