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Ethan Kaye

Research Analyst at Lucid Capital Markets

Philadelphia, PA, US

Ethan Kaye is Vice President and Senior Equity Research Analyst at Lucid Capital Markets, specializing in business development companies (BDCs) within the specialty finance sector. He covers companies including Ares Capital (ARCC), FS KKR Capital (FSK), and Morgan Stanley Direct Lending (MSDL), consistently delivering analyst ratings with a recent 100% success rate and an average return of 4.85%, ranking him 3,160 out of 5,024 analysts on StockAnalysis and with a 2.19-star performance. Kaye joined Lucid in 2025 after more than a decade in finance, most recently leading BDC equity research at Bloomberg, and holds the Chartered Financial Analyst designation along with a bachelor’s degree in economics from Franklin & Marshall College.

Ethan Kaye's questions to ARES CAPITAL (ARCC) leadership

Question · Q3 2025

Ethan Kaye inquired about the reasons for softer dividend income quarter-over-quarter and the sensitivity of Ivy Hill's dividend to interest rate changes.

Answer

Jim Miller (President) confirmed that non-recurring dividends from the prior quarter and exits of preferred yield/equity investments were the main factors for softer dividend income, noting that many preferred investments that paid off were PIK-ing, aiding PIK collections. Kort Schnabel (CEO) stated Ivy Hill's dividend is very sustainable, similar to ARCC's, due to its current out-earning of the dividend (107% coverage in Q3) and $130 million in retained earnings.

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