LAND Long 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 long put on LAND?

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 LAND snapshot

As of June 30, 2026, spot at $8.53, ATM IV 36.80%, IV rank 7.19%, expected move 10.55%. The long 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 17-day expiry.

Why this long put structure on LAND specifically: LAND IV at 36.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a LAND long put, with a market-implied 1-standard-deviation move of approximately 10.55% (roughly $0.90 on the underlying). The 17-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 $8.53 per share and to the trader's directional view on LAND stock.

LAND long put setup

The LAND 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 LAND near $8.53, the first option leg uses a $8.53 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 17-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).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$8.53N/A

LAND 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.

LAND long put payoff curve

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

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

LAND thesis for this long put

The market-implied 1-standard-deviation range for LAND extends from approximately $7.63 on the downside to $9.43 on the upside. A LAND long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long LAND position with one put per 100 shares held. Current LAND IV rank near 7.19% 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 36.80%. 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 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. 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. Long-premium structures like a long put on LAND 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 LAND chain quotes before placing a trade.

Frequently asked questions

What is a long put on LAND?
A long put on LAND is the long put strategy applied to LAND (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 LAND stock trading near $8.53, 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 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 LAND long put priced from the end-of-day chain at a 30-day expiry (ATM IV 36.80%), 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 long put?
The breakeven for the LAND 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 LAND market-implied 1-standard-deviation expected move is approximately 10.55%; 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 LAND?
Long puts on LAND hedge an existing long LAND stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying LAND exposure being hedged.
How does current LAND implied volatility affect this long put?
LAND ATM IV is at 36.80% with IV rank near 7.19%, 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.

Related LAND analysis