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Ares Capital put volume heavy and directionally bearish

Bearish flow noted in Ares Capital (ARCC) with 5,778 puts trading, or 2x expected. Most active are Jun-25 17 puts and May-25 19 puts, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 2.97, while ATM IV is up over 1 point on the day. Earnings are expected on April 29th.

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