Ares Capital put volume heavy and directionally bearish

Bearish flow noted in Ares Capital with 17,684 puts trading, or 16x expected. Most active are Mar-23 17 puts and Apr-23 17 puts, with total volume in those strikes near 11,600 contracts. The Put/Call Ratio is 4.97, while ATM IV is up over 8 points on the day. Earnings are expected on April 25th.