Sign in

    Heli Sheth

    Research Analyst at Raymond James

    Heli Sheth is an analyst registered with Raymond James & Associates, Inc., with verified professional credentials and experience in financial services. While specific details on her current research sector or company coverage are limited, she is a licensed professional with FINRA registration, reflecting compliance and expertise in the industry. Her career includes more than three years of analyst experience, most recently in roles focused on customer supply chain analytics, demonstrating a strong analytical background. Heli Sheth holds relevant securities licenses and maintains an active registration to provide investment advisory and research services.

    Heli Sheth's questions to PennantPark Floating Rate Capital (PFLT) leadership

    Heli Sheth's questions to PennantPark Floating Rate Capital (PFLT) leadership • Q3 2025

    Question

    Heli Sheth of Raymond James asked about the nature of the recent rebound in M&A activity, inquiring if there has been a mix shift in the deal pipeline regarding industries, the balance between incumbent versus new borrowers, or sponsor versus non-sponsor deals.

    Answer

    Art Penn, Founder and Managing Partner, explained that until about a month ago, activity was dominated by add-on loans to existing portfolio companies. However, in the last month, there has been an increase in new platform investment opportunities. He confirmed that PFLT's deal flow remains virtually all sponsor-backed to maintain a strong equity cushion and that investments continue to be focused on their five core, recession-resilient sectors while avoiding tariff-impacted industries.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to Barings BDC (BBDC) leadership

    Heli Sheth's questions to Barings BDC (BBDC) leadership • Q2 2025

    Question

    Asked about the composition of Q2 originations, the post-quarter pipeline and repayment outlook, the yield on new investments, and any updates on tariff risk exposure.

    Answer

    The company reported that 60-70% of Q2 originations were follow-ons. The forward pipeline looks strong but they remain cautious. The yield on new originations was slightly higher than the portfolio average. While tariff risk hasn't increased, the related macro uncertainty has caused issuers to become more defensive, though overall credit concerns have lessened.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to Barings BDC (BBDC) leadership • Q2 2025

    Question

    Heli Sheth inquired about the breakdown of Q2 originations between new and existing borrowers, the pipeline outlook, the yield on new investments versus the portfolio average, and any updates on the portfolio's exposure to potential tariffs.

    Answer

    President Matthew Freund reported that follow-on investments comprised 60-70% of originations and that the yield on new investments was approximately 10.2%, slightly above the portfolio average of 10.1%. He also noted that while tariff risk hasn't increased, broader macro uncertainty has led issuers to delay hiring and capital investments.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to Barings BDC (BBDC) leadership • Q2 2025

    Question

    Heli Sheth inquired about the breakdown of Q2 originations between new and existing borrowers, the pipeline outlook post-quarter, the yield on new investments versus the portfolio average, and any updates on the portfolio's exposure to potential tariffs.

    Answer

    President Matthew Freund reported that follow-on investments comprised 60-70% of originations. He noted optimism for the forward pipeline but remained cautious. He specified the yield on new originations was approximately 10.2%, about 10 basis points higher than the portfolio average. Regarding tariffs, he reiterated that the direct impact remains less than 5% of the portfolio but noted that broader uncertainty is causing issuers to delay investments.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to WhiteHorse Finance (WHF) leadership

    Heli Sheth's questions to WhiteHorse Finance (WHF) leadership • Q2 2025

    Question

    Heli Sheth of Raymond James inquired about WhiteHorse Finance's strategy for managing its $9.7 million in prior year spillover income through the remainder of 2025 and into 2026.

    Answer

    CFO Joyson Thomas explained that after the October distribution, a small amount of the spillover will remain. This could potentially be addressed with a special dividend; otherwise, it would roll into tax incurrence. This remaining amount, along with current year earnings, will be a factor in setting the dividend for 2026.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to SLR Investment (SLRC) leadership

    Heli Sheth's questions to SLR Investment (SLRC) leadership • Q2 2025

    Question

    Heli Sheth of Raymond James & Associates, Inc. asked for clarification on the lower income from the SLR Senior Lending Program (SSLP) during the quarter and whether this represented a new normalized run rate.

    Answer

    Co-CEO Bruce Spohler explained that the lower SSLP income was a lagging effect from allowing certain lower-yielding assets to repay in prior quarters. He clarified that the current $1.1 million income level is not a new constant, as the portfolio began to rebuild in Q2, and he expects the dividend distribution to grow accordingly in the future.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to GOLUB CAPITAL BDC (GBDC) leadership

    Heli Sheth's questions to GOLUB CAPITAL BDC (GBDC) leadership • Q2 2025

    Question

    Heli Sheth from Raymond James inquired about Golub Capital BDC's net leverage, which ended the quarter at a historically high 1.26x, and asked about the relationship between private credit spreads and the tightening seen in the broader syndicated loan market.

    Answer

    CEO David Golub clarified that while quarter-end leverage was at the high end of their target range (0.85x to 1.25x), the quarterly average was lower at 1.21x, and the company is not planning significant deleveraging or further leveraging. Regarding spreads, Golub explained that while the core middle market is somewhat insulated, it is not immune to the compression seen in the broadly syndicated market. He noted that private credit spreads are 'stickier' but will still be influenced by broader market trends, with the larger end of the private credit market responding more quickly.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to MidCap Financial Investment (MFIC) leadership

    Heli Sheth's questions to MidCap Financial Investment (MFIC) leadership • Q1 2025

    Question

    Heli Sheth of Raymond James Financial, Inc. questioned management's outlook on the timeline for an M&A market recovery and requested a breakdown of Q1 investments between new and incumbent portfolio companies.

    Answer

    CEO Tanner Powell described the M&A recovery timeline as 'path-dependent,' noting that while current conditions are challenging, significant private equity dry powder and the need to return capital to LPs will eventually drive activity. He also highlighted future infrastructure spending as a source of opportunities. For the quarterly breakdown, Mr. Powell specified that of the 33 new deals, 19 were with new companies and 14 were add-on investments in existing companies.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership

    Heli Sheth's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership • Q1 2025

    Question

    Asked about the impact of recent tariffs on investment strategy and the expected timeline for a recovery in M&A activity.

    Answer

    The investment strategy remains focused on defensive, non-cyclical sectors like software and insurance, which insulates the portfolio from direct tariff impacts. The M&A recovery timeline is uncertain due to volatility and could be pushed to late 2025 or 2026, but the company's sourcing platform allows it to remain active and find opportunities.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership • Q1 2025

    Question

    Heli Sheth from Raymond James asked about the impact of tariffs on investment strategy and the revised timeline for a recovery in M&A activity.

    Answer

    CEO Jeffrey Levin stated that the core investment strategy remains unchanged, focusing on defensive, first-lien positions in non-cyclical sectors like software and insurance services, which are well-insulated from direct tariff impacts. He noted that while M&A activity is delayed due to uncertainty, MSDL's strong origination platform continues to find quality deals, including opportunities with larger companies avoiding the volatile syndicated market.

    Ask Fintool Equity Research AI

    Heli Sheth's questions to Blackstone Secured Lending Fund (BXSL) leadership

    Heli Sheth's questions to Blackstone Secured Lending Fund (BXSL) leadership • Q1 2025

    Question

    Heli Sheth of Raymond James noted that while other BDCs are shifting down-market, BXSL appears to be moving up-market and asked for the strategy behind this. She also inquired about portfolio company feedback on tariff impacts and any resulting shifts in investment strategy.

    Answer

    Co-CEO Brad Marshall explained that BXSL's low-cost structure allows it to focus on higher-quality, more resilient assets, especially in volatile times, without needing to 'reach for risk.' CFO Teddy Desloge added that the portfolio is defensively positioned in less-impacted domestic sectors like software and healthcare, and while a name-by-name analysis was done, their defensive, first-lien strategy remains unchanged.

    Ask Fintool Equity Research AI