iStar Financial (SFI) loses 33 cents to $5.85 and options volume on the stock is running 9X the daily average after 6,500 puts and only 35 calls traded on the NY based REIT so far today. The top trade is a 3440-lot of Apr 5 puts for 70 cents per contract when the market was 55 to 75 cents. It appears to be an opening buyer. 4,000 now traded against no contracts of existing open interest. Today’s flow in SFI also includes a multi-exchange sweep of 1,030 Apr 4 puts at the 40-cent asking price. 1560 now traded. Apr 3 puts are seeing interest as well and implied volatility in SFI options is up 14 percent to 64.5, as some investors appear to be bracing for a decline in the share price between now and mid-April. Shares jumped 16.7 percent on no news and increasing call volume Monday, but the stock is down 41.6 percent since February. The company has been operating at a hefty loss – 71 cents per share in the most recent quarter.