PKST Iron Condor Strategy
PKST (Peakstone Realty Trust), in the Real Estate sector, (REIT - Diversified industry), listed on NYSE.
Peakstone Realty Trust is an internally managed real estate investment trust that owns and operates a high-quality portfolio of predominantly single-tenant industrial and office properties across the United States. The company is executing a strategic transition to become an industrial-only REIT, with a particular focus on industrial outdoor storage assets in high-growth coastal and Sunbelt markets. Peakstone’s properties are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations, providing stable and predictable cash flows. The trust is headquartered in El Segundo, California, and positions itself as a specialist owner-operator of newer-vintage, well-located industrial real estate in strategic markets.
PKST (Peakstone Realty Trust) trades in the Real Estate sector, specifically REIT - Diversified, with a market capitalization of approximately $780.6M, a beta of 1.35 versus the broader market, a 52-week range of 11.5005-21, average daily share volume of 425K, a public-listing history dating back to 2023, approximately 38 full-time employees. These structural characteristics shape how PKST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.35 indicates PKST has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. PKST pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PKST?
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 PKST snapshot
As of May 15, 2026, spot at $21.02, ATM IV 26.10%, IV rank 11.31%, expected move 7.48%. The iron condor on PKST 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 PKST specifically: PKST IV at 26.10% is on the cheap side of its 1-year range, which means a premium-selling PKST iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.48% (roughly $1.57 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 PKST expiries trade a higher absolute premium for lower per-day decay. Position sizing on PKST should anchor to the underlying notional of $21.02 per share and to the trader's directional view on PKST stock.
PKST iron condor setup
The PKST 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 PKST near $21.02, the first option leg uses a $22.07 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PKST 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 PKST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $22.07 | N/A |
| Buy 1 | Call | $23.12 | N/A |
| Sell 1 | Put | $19.97 | N/A |
| Buy 1 | Put | $18.92 | N/A |
PKST 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.
PKST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PKST. 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 PKST
Iron condors on PKST are a delta-neutral premium-collection structure that profits if PKST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PKST thesis for this iron condor
The market-implied 1-standard-deviation range for PKST extends from approximately $19.45 on the downside to $22.59 on the upside. A PKST iron condor is a delta-neutral premium-collection structure that pays off when PKST 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 PKST IV rank near 11.31% 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 PKST at 26.10%. As a Real Estate name, PKST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PKST-specific events.
PKST 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. PKST positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PKST alongside the broader basket even when PKST-specific fundamentals are unchanged. Short-premium structures like a iron condor on PKST carry tail risk when realized volatility exceeds the implied move; review historical PKST earnings reactions and macro stress periods before sizing. Always rebuild the position from current PKST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PKST?
- A iron condor on PKST is the iron condor strategy applied to PKST (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 PKST stock trading near $21.02, the strikes shown on this page are snapped to the nearest listed PKST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PKST 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 PKST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 26.10%), 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 PKST iron condor?
- The breakeven for the PKST 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 PKST market-implied 1-standard-deviation expected move is approximately 7.48%; 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 PKST?
- Iron condors on PKST are a delta-neutral premium-collection structure that profits if PKST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PKST implied volatility affect this iron condor?
- PKST ATM IV is at 26.10% with IV rank near 11.31%, 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.