Blackstone Mortgage put volume heavy and directionally bearish

Bearish flow noted in Blackstone Mortgage with 1,627 puts trading, or 1.7x expected. Most active are Dec-23 18 puts and Dec-23 20 puts, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 2.52, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 7th.