CDRE
Cadre Holdings, Inc.
NYSEUSDEQUITY
Industrials
DELAYED
Sell
-37/100
Last price
25.50
▲ 0.50 (2.00%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
25.27
Prev close
25.00
Day high
25.93
Day low
25.08
Volume
608.30K
Market cap
$1.09B
P/E (TTM)
30.72
52W range
24.42 – 48.76
Day trading desk
Gap from prior close
+1.08%
Prior close 25.00
VWAP
25.56
-0.23% from price
Relative volume
2.98×
Unusually busy
Session range
3.43%
25.07 – 25.93
Position in range
50%
Mid range
ATR (14D)
0.95
3.71% of price
Prior day high
25.78
PDH
Prior day low
24.45
PDL
Bid / ask spread
—
Quote not published
Session volume
1.20M
Avg 401.96K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-0.12%
-2.1%
1M
-14.31%
-15.5%
3M
-11.55%
-16.1%
6M
-18.22%
-36.4%
YTD
-37.56%
-51.8%
1Y
-30.46%
-46.9%
3Y
-4.32%
-86.6%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CDRE open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-500.00K
Net selling
Buy transactions
1
88.74K shares
Sell transactions
4
588.74K shares
Net transactions
+5
Buys less sells
Sell : buy shares
6.6 : 1
Heavily one-sided
Insider-held shares
11.60M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 25, 26 | KANDERS WARREN B Chief Executive Officer |
SELL | 200.00K | $6.52M | Indirect |
| Aug 17, 26 | WILLIAMS BRAD President |
CONVERSION | 88.74K | $1.95M | Direct |
| Aug 17, 26 | WILLIAMS BRAD President |
SELL | 88.74K | $2.95M | Direct |
| Jun 22, 26 | KANDERS WARREN B Chief Executive Officer |
SELL | 75.00K | $2.07M | Indirect |
| Jun 17, 26 | KANDERS WARREN B Chief Executive Officer |
SELL | 225.00K | $6.54M | Indirect |
| Mar 23, 26 | KANDERS WARREN B Chief Executive Officer |
SELL | 200.00K | $6.33M | Indirect |
| Mar 18, 26 | WILLIAMS BRAD President |
— | 4.51K | — | Direct |
| Mar 18, 26 | BROWERS BLAINE Chief Financial Officer |
— | 3.28K | — | Direct |
| Mar 18, 26 | KANDERS WARREN B Chief Executive Officer |
— | 11.18K | — | Direct |
| Mar 13, 26 | WILLIAMS BRAD President |
— | 9.36K | — | Direct |
| Mar 13, 26 | BROWERS BLAINE Chief Financial Officer |
— | 7.70K | — | Direct |
| Mar 13, 26 | KANDERS WARREN B Chief Executive Officer |
— | 24.01K | — | Direct |
| Dec 24, 25 | KANDERS WARREN B Chief Executive Officer |
STOCK | 12.25K | $0 | Indirect |
| Dec 12, 25 | BROWERS BLAINE Chief Financial Officer |
SELL | 20.43K | $894.85K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BROWERS BLAINE |
Chief Financial Officer | 69.65K | Conversion of Exercise of derivative security |
KANDERS WARREN B |
Chief Executive Officer | — | Sale |
SOKOLOW NICOLAS |
Director | — | Sale |
WILLIAMS BRAD |
President | 65.08K | Conversion of Exercise of derivative security |
Fundamentals
Market cap$1.09B
Enterprise value$1.44B
Revenue (TTM)$685.65M
Gross profit$292.41M
EBITDA$105.89M
Net income$36.06M
EPS (TTM)$0.83
Free cash flow$66.18M
Total cash$54.77M
Total debt$400.05M
Book value / share$8.10
Shares outstanding42.82M
Float28.35M
Short % of float7.35%
Dividend yield1.58%
Beta (5Y)1.33
Valuation & profitability ratios
Trailing P/E30.72
Forward P/E15.53
PEG ratio—
Price / sales—
Price / book3.15
EV / revenue2.10
EV / EBITDA13.57
Gross margin42.65%
Operating margin12.69%
Profit margin5.26%
Return on equity10.62%
Return on assets6.13%
Debt / equity115.35
Current ratio2.14
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $610.31M | $567.56M | $482.53M | $457.84M | +7.5% |
| Operating revenue | $610.31M | $567.56M | $482.53M | $457.84M | +7.5% |
| Cost of revenue | $350.68M | $334.08M | $281.81M | $282.16M | +5.0% |
| Gross profit | $259.63M | $233.48M | $200.73M | $175.68M | +11.2% |
| Selling, general & admin | $183.13M | $158.32M | $140.52M | $153.13M | +15.7% |
| Total operating expense | $184.58M | $160.71M | $142.01M | $154.61M | +14.9% |
| Operating income | $75.05M | $72.77M | $58.71M | $21.07M | +3.1% |
| Net interest income | -$12.48M | -$7.82M | -$4.53M | -$6.21M | -59.5% |
| Pre-tax income | $62.33M | $54.22M | $52.92M | $9.37M | +15.0% |
| Tax provision | $18.19M | $18.09M | $14.28M | $3.55M | +0.6% |
| Net income | $44.14M | $36.13M | $38.64M | $5.82M | +22.2% |
| Net income to common | $44.14M | $36.13M | $38.64M | $5.82M | +22.2% |
| Basic EPS | 1.08 | 0.90 | 1.03 | 0.16 | +20.0% |
| Diluted EPS | 1.02 | 0.90 | 1.02 | 0.16 | +13.3% |
| EBIT | $74.81M | $62.04M | $57.45M | $15.58M | +20.6% |
| EBITDA | $93.44M | $78.46M | $73.19M | $31.23M | +19.1% |
| Basic shares | 40.87M | 39.95M | 37.53M | 36.11M | +2.3% |
| Diluted shares | 43.43M | 40.33M | 37.92M | 36.12M | +7.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $122.90M | $124.93M | $87.69M | $45.29M | -1.6% |
| Cash & short-term investments | $122.90M | $124.93M | $87.69M | $45.29M | -1.6% |
| Accounts receivable | $110.61M | $93.52M | $58.36M | $64.56M | +18.3% |
| Inventory | $100.26M | $82.35M | $80.98M | $70.27M | +21.8% |
| Total current assets | $365.87M | $327.57M | $245.84M | $197.02M | +11.7% |
| Property, plant & equipment | $98.60M | $60.70M | $51.20M | $53.77M | +62.4% |
| Goodwill & intangibles | $296.39M | $255.70M | $125.14M | $132.27M | +15.9% |
| Total assets | $770.03M | $652.71M | $431.18M | $391.95M | +18.0% |
| Total current liabilities | $104.50M | $94.13M | $95.21M | $78.92M | +11.0% |
| Current debt | $16.27M | $11.38M | $12.32M | $12.21M | +43.0% |
| Long-term debt | $290.99M | $211.83M | $127.81M | $137.48M | +37.4% |
| Total debt | $327.83M | $238.76M | $146.83M | $158.43M | +37.3% |
| Total liabilities | $452.23M | $341.20M | $234.02M | $226.06M | +32.5% |
| Retained earnings | $34.77M | $6.08M | -$16.11M | -$42.74M | +472.0% |
| Shareholder equity | $317.80M | $311.51M | $197.16M | $165.89M | +2.0% |
| Working capital | $261.37M | $233.45M | $150.64M | $118.10M | +12.0% |
| Net tangible assets | $21.41M | $55.81M | $72.02M | $33.62M | -61.6% |
| Shares issued | 42.16M | 40.61M | 37.59M | 37.33M | +3.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $44.14M | $36.13M | $38.64M | $5.82M | +22.2% |
| Depreciation & amortisation | $18.63M | $16.42M | $15.74M | $15.65M | +13.5% |
| Stock-based compensation | $12.24M | $8.37M | $9.37M | $31.86M | +46.2% |
| Change in working capital | -$16.16M | -$36.37M | $10.11M | -$12.59M | +55.6% |
| Operating cash flow | $63.70M | $31.78M | $73.21M | $46.41M | +100.5% |
| Capital expenditure | -$6.86M | -$5.67M | -$6.73M | -$4.49M | -21.0% |
| Investing cash flow | -$96.37M | -$147.43M | -$6.52M | -$59.63M | +34.6% |
| Dividends paid | -$15.45M | -$13.95M | -$12.01M | -$11.51M | -10.8% |
| Financing cash flow | $31.59M | $152.67M | -$24.72M | $24.46M | -79.3% |
| Free cash flow | $56.85M | $26.11M | $66.48M | $41.91M | +117.7% |
| End cash position | $125.33M | $124.93M | $87.69M | $45.29M | +0.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $207.13M | $155.43M | $167.22M | $155.87M | $157.11M | +33.3% |
| Operating revenue | $207.13M | $155.43M | $167.22M | $155.87M | $157.11M | +33.3% |
| Cost of revenue | $119.99M | $95.26M | $94.60M | $89.24M | $92.86M | +26.0% |
| Gross profit | $87.14M | $60.17M | $72.62M | $66.63M | $64.25M | +44.8% |
| Selling, general & admin | $63.22M | $48.83M | $50.62M | $45.63M | $45.13M | +29.5% |
| Total operating expense | $63.22M | $50.83M | $50.73M | $45.73M | $46.24M | +24.4% |
| Operating income | $23.91M | $9.33M | $21.90M | $20.89M | $18.01M | +156.2% |
| Net interest income | -$5.02M | -$4.27M | -$3.63M | -$3.03M | -$3.59M | -17.5% |
| Pre-tax income | $16.91M | $2.83M | $17.66M | $14.84M | $17.21M | +497.5% |
| Tax provision | $5.51M | $856.00K | $5.93M | $3.90M | $5.00M | +543.3% |
| Net income | $11.41M | $1.98M | $11.74M | $10.94M | $12.21M | +477.6% |
| Net income to common | $11.41M | $1.98M | $11.74M | $10.94M | $12.21M | +477.6% |
| Basic EPS | 0.27 | 0.05 | 0.28 | 0.27 | 0.30 | +440.0% |
| Diluted EPS | 0.26 | 0.05 | 0.27 | 0.27 | 0.30 | +420.0% |
| EBIT | $21.93M | $7.10M | $21.30M | $17.87M | $20.80M | +208.8% |
| EBITDA | $28.10M | $12.83M | $26.02M | $23.25M | $25.48M | +119.0% |
| Basic shares | 42.81M | 42.56M | 41.51M | 40.67M | 40.66M | +0.6% |
| Diluted shares | 43.39M | 43.36M | 43.30M | 40.98M | 40.94M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $53.98M | $41.27M | $122.90M | $150.88M | $137.47M | +30.8% |
| Cash & short-term investments | $53.98M | $41.27M | $122.90M | $150.88M | $137.47M | +30.8% |
| Accounts receivable | $128.44M | $111.29M | $110.61M | $99.43M | $108.13M | +15.4% |
| Inventory | $129.12M | $130.99M | $100.26M | $112.20M | $109.60M | -1.4% |
| Total current assets | $348.12M | $318.76M | $365.87M | $386.22M | $381.02M | +9.2% |
| Property, plant & equipment | $150.63M | $147.00M | $98.60M | $99.31M | $103.22M | +2.5% |
| Goodwill & intangibles | $408.06M | $404.55M | $296.39M | $297.08M | $300.87M | +0.9% |
| Total assets | $917.30M | $879.74M | $770.03M | $792.05M | $794.44M | +4.3% |
| Total current liabilities | $162.42M | $141.17M | $104.50M | $106.04M | $106.07M | +15.1% |
| Current debt | $20.01M | $16.26M | $16.27M | $16.27M | $16.27M | +23.1% |
| Long-term debt | $354.32M | $349.57M | $290.99M | $294.97M | $298.88M | +1.4% |
| Total debt | $399.83M | $388.94M | $327.83M | $327.27M | $330.80M | +2.8% |
| Total liabilities | $570.50M | $543.62M | $452.23M | $451.68M | $461.98M | +4.9% |
| Retained earnings | $39.59M | $32.46M | $34.77M | $26.89M | $19.82M | +22.0% |
| Shareholder equity | $346.80M | $336.12M | $317.80M | $340.37M | $332.46M | +3.2% |
| Working capital | $185.70M | $177.59M | $261.37M | $280.17M | $274.95M | +4.6% |
| Net tangible assets | -$61.25M | -$68.43M | $21.41M | $43.30M | $31.59M | +10.5% |
| Shares issued | 42.82M | 42.80M | 42.16M | 40.68M | 40.66M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $11.41M | $1.98M | $11.74M | $10.94M | $12.21M | +477.6% |
| Depreciation & amortisation | $6.17M | $5.73M | $4.72M | $5.38M | $4.68M | +7.7% |
| Stock-based compensation | $2.96M | $1.93M | $5.40M | $2.45M | $2.42M | +53.7% |
| Change in working capital | -$4.45M | $10.05M | -$8.44M | $5.69M | -$15.07M | -144.3% |
| Operating cash flow | $22.13M | $22.52M | $21.25M | $22.48M | $2.59M | -1.7% |
| Capital expenditure | -$3.45M | -$2.68M | -$3.27M | -$849.00K | -$1.42M | -28.8% |
| Investing cash flow | -$13.75M | -$156.23M | -$3.20M | -$849.00K | -$91.01M | +91.2% |
| Dividends paid | -$4.28M | -$4.28M | -$3.86M | -$3.86M | -$3.86M | +0.0% |
| Financing cash flow | $4.39M | $52.89M | -$43.77M | -$7.59M | $90.75M | -91.7% |
| Free cash flow | $18.68M | $19.84M | $17.98M | $21.63M | $1.16M | -5.9% |
| End cash position | $57.67M | $43.65M | $125.33M | $150.88M | $137.47M | +32.1% |
Options analytics
Put / call volume
0.82
Call-heavy session
Put / call open interest
0.29
Positioning, not flow
Max pain
22.50
-11.8% from spot
ATM implied vol
92.3%
Nearest strike to spot
Skew (10% OTM)
+150.4%
Puts bid over calls
Call volume
141
Contracts, this expiry
Put volume
116
Contracts, this expiry
Heaviest call OI
40.00
342 contracts
Heaviest put OI
20.00
111 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.32 | 0.48 | +50.9% |
| Mar 2026 | 0.09 | 0.18 | +98.7% |
| Dec 2025 | 0.47 | 0.29 | -37.4% |
| Sep 2025 | 0.28 | 0.38 | +37.0% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.34 | 2 | $190.53M | +22.2% |
| Next quarter | 0.48 | 2 | $205.49M | +22.9% |
| Current year | 1.42 | 2 | $759.37M | +24.4% |
| Next year | 1.64 | 2 | $809.01M | +6.5% |
Analyst targets & ownership
Mean target$47.50
High target$62.00
Low target$43.00
Implied upside86.27%
Analyst count6
ConsensusSTRONG BUY
Strong buy / Buy1 / 4
Hold0
Sell / Strong sell0 / 0
Held by insiders27.09%
Held by institutions79.34%
Institutions holding238
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
25.65
-0.58% from price
SMA 20
26.58
-4.05% from price
SMA 50
29.78
-14.36% from price
SMA 100
29.66
-14.02% from price
SMA 200
33.51
-23.91% from price
EMA 12
25.87
-1.42% from price
EMA 26
27.17
-6.14% from price
EMA 50
28.46
-10.41% from price
RSI (14)
33.0
Neutral
MACD (12,26,9)
-1.30
Hist 0.01
ATR (14)
0.95
3.71% of price
Realised vol 30D
31.4%
Annualised
Bollinger upper
29.16
20, 2σ
Bollinger lower
23.99
20, 2σ
50 / 200 cross
Death
29.78 vs 33.51
Trend bias
Below 200
-23.91%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.36
More volatile than market
Correlation to SPY
0.38
Loosely linked
Realised vol 30D
31.4%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-45.7%
Peak to trough
Max drawdown 5Y
-45.7%
Peak to trough
ATR 14
0.95
3.71% of price
Beta (reported)
1.33
5Y monthly, from filing
Short interest
Shares short
2.26M
Prior 2.25M
Change vs prior
+0.2%
Shorts adding
% of float
7.35%
Normal
% of shares out
5.27%
Against total outstanding
Days to cover
6.9
Crowded exit
Float
28.35M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 10, 26 | DA Davidson | MAINTAINED | Overweight | Overweight |
| Aug 10, 26 | Roth Capital | MAINTAINED | Buy | Buy |
| Aug 7, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Jul 27, 26 | JP Morgan | INITIATED | — | Overweight |
| Feb 3, 26 | Roth Capital | MAINTAINED | Buy | Buy |
| Oct 9, 25 | Lake Street | MAINTAINED | Buy | Buy |
| Aug 13, 25 | B of A Securities | DOWNGRADE | Neutral | Underperform |
| Jun 13, 25 | B of A Securities | DOWNGRADE | Buy | Neutral |
| Nov 7, 24 | Roth MKM | MAINTAINED | Buy | Buy |
| Mar 6, 24 | Roth MKM | MAINTAINED | Buy | Buy |
| Mar 6, 24 | B. Riley Securities | MAINTAINED | Buy | Buy |
| Mar 6, 24 | Stifel | MAINTAINED | Hold | Hold |
Dividends & splits
Forward rate$0.40 / yr
Forward yield1.58%
5-year avg yield1.00%
Payout ratio48.15%
Ex-dividend dateJul 31, 2026
Next pay dateAug 14, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K/A · 2026-08-07
Periodic Financial Reports
10-Q · 2026-08-05
Corporate Changes & Voting Matters
8-K · 2026-07-29
Corporate Changes & Voting Matters
8-K · 2026-06-03
Specialized Disclosure Report filed pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals (Rule 13p-1)
SD · 2026-05-29
Proxy Statements
DEFA14A · 2026-05-14
Periodic Financial Reports
10-Q · 2026-05-11
Annual Report to Shareholders
ARS · 2026-04-24
Headlines
1 Oversold Stock Primed to Rebound and 2 We Find Risky
StockStory · 5d ago
Our Cadre Holdings Stock Pick Hasn’t Worked Out. We’re Walking Away.
Barrons.com · 5d ago
Cadre Holdings (CDRE) Could Be 44% Undervalued On Its Core Safety Gear Narrative
Simply Wall St. · 11d ago
Cadre Holdings (CDRE) Stock May Be 47% Undervalued On Cash Flow
Simply Wall St. · 12d ago
2 Industrials Stocks to Target This Week and 1 Facing Challenges
StockStory · 13d ago
Cadre (CDRE): Buy, Sell, or Hold Post Q2 Earnings?
StockStory · 15d ago
Why Did Axon Stock Fall Ten Percent On A Convertible That Pays No Interest?
Trefis · 20d ago
2 of Wall Street’s Favorite Stocks to Keep an Eye On and 1 We Find Risky
StockStory · 21d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.