VPC Specialty Lending Investments Plc · LSE:VSL
VPC Specialty Lending Investments — Q1 2024 Earnings Presentation
18 slides from VPC Specialty Lending Investments's earnings presentation, June 2024
Slide 1: Quarterly Report – First Quarter 2024
VPC Specialty Lending Investments PLC Quarterly Report – First Quarter 2024
Slide 2: Legal Disclaimers and Cautionary Disclosure
Confidential | Not For Distribution 2 Legal Disclaimers and Cautionary Disclosure This is a confidential presentation (this "Presentation") of VPC Specialty Lending Investments PLC (the “Company“ or “VSL”). For the purposes herein, Victory Park Capital Advisors, LLC shall be referred to as “VPC.” Pr
Slide 3: Financial Highlights
Confidential | Not For Distribution 3 Financial Highlights RETURN SUMMARY FOR THE QUARTER ENDED 31 MARCH 2024 Inception to Date Inception to Date NAV (Cum Income) Return Total Shareholder Return1 (based on share price) 47.12% 18.59% (2023: 47.44%) (2023: 29.79%) Net Asset Value per Ordinary Share Pr
Slide 4: Financial Highlights (Cont.)
Confidential | Not For Distribution 4 Financial Highlights (Cont.) Composition of the Company’s Return for the Quarter Ended 31 March 2024 5.00% 4.00% 2.11% 3.00% -3.79% 2.00% 2.46% 1.00% -0.42% 0.00% 0.00% -0.53% -0.21% -0.38% -1.00% Revenue Return Credit Investment Equity Investment Finance Costs
Slide 5: Q1 2024 Managed Wind-down Summary
Confidential | Not For Distribution 5 Q1 2024 Managed Wind-down Summary THE COMPANY’S INVESTMENT OBJECTIVE The Company’s investments will be realised in an orderly manner, that is, with a view to achieving a balance between returning cash to Shareholders promptly and maximising value. VPC identifies
Slide 6: Q1 2024 Portfolio Update Summary
Confidential | Not For Distribution 6 Q1 2024 Portfolio Update Summary SUMMARY AND HIGHLIGHTS FOR THE FIRST QUARTER OF 2024 January 2024 ▪ For the month of January, the Company generated a gross revenue return of 0.70% (0.58p), a gross capital return of -0.27% (-0.23p), and a total NAV return of -0.
Slide 7: Q1 2024 Portfolio Update Summary (Cont.)
Confidential | Not For Distribution 7 Q1 2024 Portfolio Update Summary (Cont.) SUMMARY AND HIGHLIGHTS FOR THE FIRST QUARTER OF 2024 February 2024 (Cont.) ▪ On 28 February 2024, one of the Company’s investments, Sunbit Inc., was named No. 30 on Inc. magazine's fourth annual Inc. 5000 Regionals: Pacif
Slide 8: Asset Backed Lending Investments (Loans at Amortised Cost)
Confidential | Not For Distribution 8 Asset Backed Lending Investments (Loans at Amortised Cost) As at 31 March 2024, the Company has asset backed lending investments in 21 portfolio companies, of which the top ten investments comprise 57% of the Company’s Gross Asset Value ▪ The table below contain
Slide 9: Investments Held at Fair Market Value
Confidential | Not For Distribution 9 Investments Held at Fair Market Value As at 31 March 2024, the Company has investments in 31 portfolio companies, of which the top ten investments comprise 29% of the Company’s Gross Asset Value ▪ The table below contains the top ten investments held at fair mar
Slide 10: Fund Investments
Confidential | Not For Distribution 10 Fund Investments As at 31 March 2024, the Company has two fund investments, which comprise 7% of the Company’s Gross Asset Value. These investments are valued at fair market value ▪ Under the prospectus of the Company, the Company may invest directly or indirec
Slide 11: Fund Investments (Cont.)
Confidential | Not For Distribution 10 Fund Investments (Cont.) As at 31 March 2024, the Company has two fund investments, which comprise 7% of the Company’s Gross Asset Value. These investments are valued at fair market value ▪ Each of these funds is subject to a waterfall and specifically, the inv
Slide 12: Asset Backed Lending Investments: Contractual Maturities less Projected Borrowing Paydowns
Confidential | Not For Distribution 11 Asset Backed Lending Investments: Contractual Maturities less Projected Borrowing Paydowns Q4 2023 vs. Q1 2024 Forecast Values7,8 (in £ millions) Forecast vs. Actual Values7 (in £ millions) Maturity Profile Updates ▪ As noted in the Managed Wind-down Circular,
Slide 13: Ordinary Share Portfolio Composition
Confidential | Not For Distribution 12 Ordinary Share Portfolio Composition (as at 31 March 2024) 9 Gross Asset Allocation9 Investment Exposure by Sector10 Investment Exposure by Geography10 See “Endnotes” at the end of this newsletter. Please refer to the Glossary of Terms posted on the Company’s w
Slide 14: Ordinary Share Performance and Dividend Summary
Confidential | Not For Distribution 13 Ordinary Share Performance and Dividend Summary Inception to Date (As at 31 March 2024) NAV Return Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD 2024 -0.03% -0.97% 0.64% -0.38% 2023 1.05% 0.47% -2.45% 0.34% 0.49% -1.90% 1.53% 0.05% -1.39% 0.40% -1.09% -7
Slide 15: Subsequent Events
Confidential | Not For Distribution 14 Subsequent Events PORTFOLIO UPDATE SUMMARY AND HIGHLIGHTS April 2024 ▪ As previously disclosed, the Company has noted recent press reporting relating to Wefox Holdings AG (“Wefox”), in which the Company holds preferred equity and convertible debt, which were va
Slide 16: Subsequent Events (Cont.)
Confidential | Not For Distribution 14 Subsequent Events (Cont.) B SHARE SCHEME DISTRIBUTIONS (Cont.) ▪ On 17 April 2024, the Company confirmed the ratio for the initial distribution to be 4.26159039 new B shares for each Ordinary Share held at the Record Date of 6:00 p.m. on 18 April 2024. The Comp
Slide 17: Important Information
Confidential | Not For Distribution 15 Important Information Company Overview VPC Specialty Lending Investments PLC (“VSL” or the “Company”) is a UK-listed investment trust focused on asset-backed lending to emerging and established businesses (“Portfolio Companies”) with the goal of building long-t
Slide 18: Endnotes
Confidential | Not For Distribution 16 Endnotes 1. Inclusive of inception-to-date dividend returns. 2. Based on total shares outstanding, less shares held in treasury. 3. Amounts shown in thousands. The tables represent the monthly roll forward of the top ten Asset Backed Lending and Equity position
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