VPC Specialty Lending Investments Plc · LSE:VSL
VPC Specialty Lending Investments — Q2 2024 Earnings Presentation
18 slides from VPC Specialty Lending Investments's earnings presentation, June 2024
Slide 1: Quarterly Report – Second Quarter 2024
VPC Specialty Lending Investments PLC Quarterly Report – Second 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 30 June 2024 Inception to Date Inception to Date NAV (Cum Income) Return Total Shareholder Return1 (based on share price) 43.51% 14.35% (2023: 47.44%) (2023: 29.79%) Net Asset Value per Ordinary Share Pri
Slide 4: Financial Highlights (Cont.)
Confidential | Not For Distribution 4 Financial Highlights (Cont.) Composition of the Company’s Return for the Quarter Ended 30 June 2024 4.00% 3.00% 2.00% -0.17% 3.10% 1.00% 0.00% 0.00% -1.00% -2.00% -6.46% -4.51% -3.00% -0.43% -0.54% -4.00% -0.01% -5.00% -6.00% Revenue Return Credit Investment Equ
Slide 5: Q2 2024 Managed Wind-down Summary
Confidential | Not For Distribution 5 Q2 2024 Managed Wind-dow n 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 identifie
Slide 6: Q2 2024 Managed Wind-down Summary
Confidential | Not For Distribution 6 Q2 2024 Managed Wind-dow n Summary ASSET REALISATION UPDATE (CONT.) ▪ On 10 May 2024, the Company distributed the initial B Share redemption to Shareholders which represented a 4.26p return as calculated below. ▪ On 13 May 2024, the Company received proceeds of
Slide 7: Q2 2024 Portfolio Update Summary
Confidential | Not For Distribution 7 Q2 2024 Portfolio Update Summary SUMMARY AND HIGHLIGHTS FOR THE FIRST QUARTER OF 2024 April 2024 ▪ For the month of April, the Company generated a gross revenue return of 0.61% (0.48p), a gross capital return of -1.15% (-0.90p), and a total NAV return of - 1.05%
Slide 8: Q2 2024 Portfolio Update Summary (cont.)
Confidential | Not For Distribution 8 Q2 2024 Portfolio Update Summary (cont.) SUMMARY AND HIGHLIGHTS FOR THE FIRST QUARTER OF 2024 June 2024 (cont.) ▪ The Company and Investment Manager continue to monitor the discussions between Wefox and its shareholders and provide updates as they become availab
Slide 9: Asset Backed Lending Investments (Loans at Amortised Cost)
Confidential | Not For Distribution 9 Asset Backed Lending Investments (Loans at Amortised Cost) As at 30 June 2024, the Company has asset backed lending investments in 18 portfolio companies, of which the top ten investments comprise 63% of the Company’s Gross Asset Value ▪ The table below contains
Slide 10: Asset Backed Lending Investments (Loans at Amortised Cost) (Cont.)
Confidential | Not For Distribution 10 Asset Backed Lending Investments (Loans at Amortised Cost) (Cont.) As at 30 June 2024, the Company has asset backed lending investments in 18 portfolio companies, of which the top ten investments comprise 63% of the Company’s Gross Asset Value ▪ The table below
Slide 11: Investments Held at Fair Market Value
Confidential | Not For Distribution 11 Investments Held at Fair Market Value As at 30 June 2024, the Company has investments in 28 portfolio companies, of which the top ten investments comprise 23% of the Company’s Gross Asset Value ▪ The table below contains the top ten investments held at fair mar
Slide 12: Fund Investments
Confidential | Not For Distribution 12 Fund Investments As at 30 June 2024, the Company has two fund investments, which comprise 9% 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 indirect
Slide 13: Asset Backed Lending Investments: Contractual Maturities less Projected Borrowing Paydowns
Confidential | Not For Distribution 13 Asset Backed Lending Investments: Contractual Maturities less Projected Borrow ing Paydow ns Q1 2024 vs. Q2 2024 Forecast Values7,8 Forecast vs. Actual Values7 (in £ millions) (in £ millions) £45 £40 £20 £35 £30 £15 £25 £20 £10 £15 £10 £5 £5 £0 £0 Q1 2024 Q2 20
Slide 14: Ordinary Share Portfolio Composition
Confidential | Not For Distribution 14 Ordinary Share Portfolio Composition (as at 30 June 2024) 9 Gross Asset Allocation9 Investment Exposure by Sector10 Investment Exposure by Geography10 See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s
Slide 15: Ordinary Share Performance and Dividend Summary
Confidential | Not For Distribution 15 Ordinary Share Performance and Dividend Summary Inception to Date (As at 30 June 2024) NAV Return Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD 2024 -0.03% -0.97% 0.64% -1.05% -3.07% -0.64% -4.76% 2023 1.05% 0.47% -2.45% 0.34% 0.49% -1.90% 1.53% 0.05% -1
Slide 16: Subsequent Events
Confidential | Not For Distribution 16 Subsequent Events PORTFOLIO UPDATE SUMMARY AND HIGHLIGHTS July 2024 ▪ As announced by Wefox on 1 July 2024, “Wefox is actively seeking additional funding to address its financial situation. The board has approved a convertible loan agreement worth approximately
Slide 17: Important Information
Confidential | Not For Distribution 17 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 18 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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