NLY – Annaly Capital Management, Inc. – It looks like one options strategist is bracing for bearish movement in the price of the mortgage REIT’s shares through October expiration. Annaly’s shares slipped 0.25% lower to $17.47 by 11:40 am ET. The trader appears to have purchased 7,500 puts at the October $16 strike for an average premium of $0.38 each, spread against the sale of 7,500 puts at the lower October $15 strike for an average premium of $0.18 apiece. Net premium paid to establish the put spread amounts to $0.20 per contract. Thus, the investor responsible for the transaction is prepared to profit should Annaly’s shares decline 9.55% to trade below the effective breakeven price of $15.80 by expiration day. Maximum potential profits of $0.80 per contract are available to the put spreader as long as NLY’s shares plummet 14.1% to $15.00 ahead of October expiration.