Ares Capital put volume heavy and directionally bearish

Bearish flow noted in Ares Capital with 2,637 puts trading, or 1.3x expected. Most active are Jun-24 20 puts and Aug-24 19 puts, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 22.54, while ATM IV is up over 2 points on the day. Earnings are expected on May 1st.