Arbor Realty put volume heavy and directionally bearish

Bearish flow noted in Arbor Realty with 2,720 puts trading, or 1.2x expected. Most active are Jan-25 12.5 puts and Jan-25 11 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 2.49, while ATM IV is up over 12 points on the day. Earnings are expected on July 26th.