Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/56DDA5FD95D4B52A76D05AE67A61CE41/242079859.pdf Number of Pages: 11 Markdown Content: V P C S p e c i a l t y L e n d i n g I n v e s t m e n t s P L C # Q u a r t e r l y R e p o r t – F i r s t Q u a r t e r 2 0 2 6 Confidential | Not For Distribution # Financial Highlights Net Asset Value per Ordinary Share 1 # 20.12p (3 1 December 2025: 22.34p ) Q1 2026 QTD NAV (Cum Income) Return # -2.30% (31 December 2025: -18.27% ) Total Shareholder Quarter Return at 31 March 2026 > (based on share price) # -14.84% (31 December 2025: 6.68 %) Trailing Twelve Month Dividend Yield # 41.30 % (31 December 2025: 19.68 %) Inception to Date NAV (Cum Income) Return # 17.65 % (31 December 2025: 18.17 %) Trailing Twelve Month Dividend # 4.75 p (31 December 2025: 3.05p ) # RETURN SUMMARY FOR THE QUARTER ENDED 31 MARCH 2026 > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. 2 Inception to Date Total Shareholder Return 2 (based on share price) # 6.67 % (31 December 2025: 8.97% ) Ordinary Share Price at 31 March 2026 # 11.50p (31 December 2025: 15.50 p) Discount to NAV at 31 March 2026 # 42.85 % (31 December 2025: 30.63% ) Net Asset Value (“NAV”) # £56.0 million (31 December 2025: £62.2 million )Confidential | Not For Distribution # Financial Highlights (Cont.) Composition of the Company’s Return for the Quarter Ended 31 March 2026 Composition of the Company’s Return for the 12 Months Ended 31 March 2026 > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. 3 1.59% -4.90% -0.23% -0.70% 1.94% -2.30% -5.00% -4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% Revenue Return Credit Investment Capital Return Equity Investment Capital Return Operating Expenses Performance Fees F/X and Other Returns Total Return -15.97% -0.64% -1.62% -2.95% -16.69% 4.49% -27.00% -22.00% -17.00% -12.00% -7.00% -2.00% 3.00% 8.00% Revenue Return Credit Investment Capital Return Equity Investment Capital Return Operating Expenses Performance Fees F/X and Other Returns Total Return Confidential | Not For Distribution # Portfolio Update SUMMARY AND HIGHLIGHTS FOR THE FIRST QUARTER OF 2026 Quarter Ended 31 March 2026 ▪ At 27 February 2026 , The Board of Directors of the Company declared an interim dividend of 1.70 pence per share in respect of the period to 31 December 2025 . The dividend was paid on 9 April 2026 to shareholders on the register as at 13 March 2026 . The ex -dividend date was 12 March 2026 . The 1.70 pence per share dividend represents the net revenue return earned by the Company for the period ended 31 December 2025 . The next dividend declaration is likely to be announced in February 2027 , then every year thereafter . The dividends will not be less than 85 % of net revenue return of the period distributed, as previously disclosed . ▪ The Company received approximately £0.7 million in proceeds from the sale of its FPL Capital Pte . Ltd . (f.k.a. FinAccel Pte . Ltd .) and VPC Impact Acquisition Holdings II shares in February 2026 . ▪ The Board has appointed PMB Capital, a corporate finance advisory firm, to explore options that may complement the initiatives being pursued by the Investment Manager to realise the Company’s remaining assets . The timing and outcome of this process is uncertain and the Board cannot predict whether it might result in an accelerated realisation of the portfolio . Subsequent Events ▪ WeFox Holding AG (“ WeFox ”) – The Company made a follow -on investment of €0.2 million in line with the Company’s Investment Policy . WeFox , a European insurtech company, conducted a €15 million convertible note financing round (CLA 4) to address a near -term liquidity constraint at its holding company level . Business performance otherwise remained broadly in line with projections, and management continued to execute on its turnaround strategy . The CLA 4 round closed in late April 2026 . VPC participated in the round on a pro rata basis, and in doing so, secured the option to uplift all existing equity holdings to a more senior tranche . > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. 4▪ The table below contains the complete listing of asset -backed finance investments as at 31 March 2026 and the roll of each investment for the quarter . All these investments are valued at amortised cost under IFRS 9, and the exposures below represent the directly held exposures to each of the underlying portfolio companies . ▪ Counsel Financial Holding’s expected credit loss (“ECL”) increased quarter -over -quarter in Q1 2026 as a result of the broad restructuring that was completed during March 2026 . As part of the restructuring, the maturity date was extended to 6 February 2031 and all performing book assets (~ $100 M) were shifted to a new entity to enable a clean refinancing of the incumbent lender . The Company's new senior position at the parent lending entity (with a 23 .0% coupon) is marked with no reserve, as its value derives directly from the performing book . Repayment on the residual position is dependent on realisations of non - performing and uncertain timing of cash flows which may have the potential to diminish the repayments at net present value . ▪ Deinde Group's ECL increased quarter -over -quarter in Q1 2026 , reflecting a more conservative discount rate applied to the subordinated zero coupon note and expected delay of the timing of cash flows . Following a period of softer origination volumes and certain operational factors in the prior year, which have since been addressed, the portfolio has grown more slowly than originally targeted, delaying the onset of meaningful forecast excess cash flow generation . The Investment Manager has increased reserves accordingly as at 31 March 2026 . Credit performance in Q1 2026 has been encouraging, and the company continues to pursue portfolio growth, including potential expansion into new markets . ▪ The table below is a summary of the activity of the provision for expected credit losses on the investments held at amortised cost for the quarter . > Confidential |Not For Distribution As at 31 March 2026, the Company’s asset -backed finance investments comprise 46% of the Company’s Gross Investment Assets > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. # Asset -Backed Finance Investments (Loans at Amortised Cost) 5 Asset Backed Lending Investments: Expected Credit Loss Reserve Roll Forward Beginning Provision for Expected Credit Losses Change in Expected Credit Losses Currency Translation on Expected Credit Losses Ending Provision for Expected Credit Losses £ 18,429,730 £ 3,820,742 £ 290,553 £ 22,541,026 Loans at Amortised Cost 3 Portfolio Company Beginning Carrying Value Investment Activity 4 Change in Valuation Change in Fx 5 Ending Carrying Value 6 Essor Group, Inc. £ 9,425 £ 99 £ - £ 112 £ 9,636 Counsel Financial Holdings LLC 7,051 40 (563) 156 6,684 Deinde Group, LLC (d/b/a, Integra Credit) 9,090 177 (3,133) 209 6,343 Pattern Brands, LLC 743 26 (10) 18 777 SellerX Germany GMBH & Co. KG 363 13 (115) 15 276 Agora Finance, LLC (d/b/a Agora Brands) 355 (52) - 14 317 ▪ The table below contains the top ten investments held at fair market value as at 31 March 2026 and the quarter -over -quarter changes . These investments were received in conjunction with funding or restructuring of a debt position, including convertible debt, common and preferred stock, warrants, and other equity -like investments made by the Company . The exposures below represent the directly held exposures to each of the underlying portfolio companies . ▪ As at 31 March 2026 , the Investment Manager has increased the valuation of VPC Impact Acquisition Holdings II and FPL Capital Pte . Ltd . based on the FinAccel Series E price per ordinary share as part of the Secondary Sale opportunity of ordinary shares and SPAC shares . The new valuation assumes a total FinAccel Enterprise value of $1.92 billion on a fully diluted basis up from a $1.87 B at December 202 5. The broader Series E round implies a blended valuation of $2.0 billion (primary at $2.8bn / secondary at $1.75 bn) . FinAccel continues to perform and grow well ahead of an IPO . This approach resulted in a mark -up to VSL's equity from December 2025 . ▪ At 31 March, 2026 , the Investment Manager increased its value of Essor Group, Inc . (" Essor ") Equity by ~£0.3 million . Essor's total EV increased to $554 million (up from $485 million at 12 /31 /25 ). VPC continues to mark the senior debt with no reserve as the debt is well covered in the EV Waterfall and Credit Loss Modeling . > Confidential |Not For Distribution # Investments Held at Fair Market Value > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. 6 As at 31 March 2026, the Company has investments held at fair market value, of which the top ten investments comprise 54% of the Company’s Gross Investment Assets Investment Assets Designated as held at Fair Value Through Profit or Loss 3 Portfolio Company Beginning Carrying Value Investment Activity 4 Change in Valuation Change in Fx Ending Carrying Value 5 FPL Capital Pte. Ltd. (f.k.a. FinAccel Pte. Ltd.) £ 5,652 £ (360) £ 197 £ 107 £ 5,596 VPC Impact Acquisition Holdings II 5,771 (290) 120 (16) 5,585 Essor Group, Inc. 4,644 - 262 88 4,994 Wefox Holding AG 2,931 - (130) 9 2,810 CalCap Pre JV MS, LLC 2,227 (6) (55) 42 2,208 Caribbean Financial Group Holdings, L.P. 2,086 - 15 39 2,140 Kueski, Inc. 1,861 - - 35 1,896 Statera Capital Partners, LLC 1,766 - 50 34 1,850 Wonder Brands 576 - - 11 587 Nelo, Inc. 470 - - 8 478 Confidential | Not For Distribution Q4 2025 vs. Q1 2026 Forecast Values 6,7 > (in £millions) Forecast vs. Actual Values 6 > (in £millions) Maturity Profile Updates ▪ As noted, the Investment Manager performs a continuing evaluation of the portfolio in order to assess the most appropriate realisation strategy to be pursued for each position . Whilst some positions may be considered appropriate for sale in the shorter term, other positions may be held for a longer period to enable their inherent value to be realised successfully . In the case of the latter, the maturity date may be extended on the Company’s asset -backed positions . ▪ The decrease in quarter on quarter in maturities in 2029 is a result of deferral of cash flow from Integra Credit, as noted on previous slides . ▪ The maturity date for Counsel Financial Holdings, LLC was extended from 31 March 2026 to 6 February 2031 . Cash Collection Updates ▪ The Company received minimal, ad -hoc repayments from Agora Finance, LLC and CalCap Pre JV MS, LLC . # Asset -Backed Finance Investments: Contractual Maturities less # Projected Borrowing Paydowns > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. 7 £0 £5 £10 £15 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q4 2028 Q3 2029 Q4 2029 Q1 2030 Q1 2031 Q2 2031 Q4 2025 Forecast Values Q1 2026 Forecast Values £0 £5 £10 £15 £20 £25 £30 £35 £40 £45 Prior Quarter Forecast Values Actuals Investment Exposure by Sector 9Gross Asset Allocation 8, 9 Investment Exposure by Geography 9 Confidential | Not For Distribution # Ordinary Share Portfolio Composition (as at 31 March 202 6) See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. United States 74% Latin America 9% Europe 6% Asia 11% Debt 39% Common Stock 18% Preferred Stock 13% Warrant 9% Convertible Debt 8% Cash 13% E-Commerce 32% Fintech 37% Legal Finance 21% SPAC 10% 8Confidential | Not For Distribution # Ordinary Share Performance and Dividend Summary # (As at 31 March 202 6) > See “Endnotes” at the end of this presentation. Please refer to the Glossary of Terms posted on the Company’s website. 9 NAV Return 11 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD 2026 - - -2.30% -2.30% 2025 - - -8.58% - - -6.09% - - 2.96% - - -18.27% -22.53% 2024 -0.05% -0.97% 0.64% -1.05% -3.07% -0.64% -3.57% 1.65% -8.16% - - -9.98% -20.78% 2023 1.05% 0.47% -2.45% 0.34% 0.49% -1.90% 1.53% 0.05% -1.39% 0.40% -1.09% -7.77% -9.45% 2022 -2.07% -0.26% 2.54% -1.94% 0.38% -2.77% 1.47% -0.25% -3.26% 0.61% -0.25% -1.22% -6.97% 2021 7.14% 1.89% -0.18% 0.85% 1.03% 3.87% 0.36% 3.89% 2.01% 14.44% -4.78% -3.97% 27.60% Share Price 10, 11 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD 2026 - - -25.81% -25.81% 2025 - - -4.29% - - -46.17% - - 10.28% - - -2.39% -44.54% 2024 -7.40% -13.54% 0.00% -8.68% -9.09% -3.41% 2.82% -0.92% -8.08% - - -29.77% -57.78% 2023 0.36% 0.48% -9.31% 5.00% -4.51% -9.19% 5.49% -4.11% -1.86% -0.44% 0.29% 41.30% -20.34% 2022 0.22% -1.08% -1.75% -3.12% 0.00% -4.14% -4.08% -1.25% -5.57% 9.79% 1.34% 0.12% -9.87% 2021 9.78% 3.01% -5.84% 2.63% -1.40% -0.94% 5.71% -2.82% 1.97% 8.18% -3.36% 0.22% 17.15% Dividend Per Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD Share 2026 - - 1.70p 1.70p 2025 - - 1.06p - - 0.55p - - 0.00p - - 1.44p 3.05p 2024 - 2.00p - - - 1.89p - - 1.89p - - 1.34p 7.12p 2023 - - 2.00p - - - 2.00p - 2.00p - 2.00p - 8.00p 2022 - - 2.00p - - 2.00p - - 2.00p - - 2.00p 8.00p 2021 - - 2.00p - 2.00p - - 2.00p - - 2.00p - 8.00p B Share Distribution Per Share Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD 2026 - - - 0.00p 2025 - - - - 15.45p - - - - - - - 15.45p 2024 - - - 4.26p - - - - - - - - 4.26p 2023 - - - - - - - - - - - - 0.00p 2022 - - - - - - - - - - - - 0.00p 2021 - - - - - - - - - - - - 0.00p Company Overview VPC Specialty Lending Investments PLC (“VSL” or the “Company”) is a UK -listed investment trust focused on asset -backed financing to emerging and established businesses (“Portfolio Companies”) with the goal of building long -term, sustainable income generation . VSL identifies investment opportunities across various industries and geographies to offer shareholders access to a diversified portfolio of opportunistic credit investments, originated by non -bank lenders with a focus on the rapidly developing technology -enabled lending sector . The Company completed its IPO on 17 March 2015 and is listed in the closed -ended investment funds category of the Financial Conduct Authority and trading on the Main Market of the London Stock Exchange . The Company’s trading symbol is VSL for the Ordinary Shares . The Company’s investment manager is Victory Park Capital Advisors, LLC (“VPC” or the “Investment Manager”) . VPC is an SEC -registered investment adviser and acts as the AIFM of the Company . Since 2007 , the Investment Manager has been actively involved in the specialty lending marketplace and has made more than $11 .5 billion of investments and commitments across various financial technology Portfolio Companies, spanning multiple geographies, products and structures and continues to deploy capital into existing and new Portfolio Companies . All data in this quarterly report (the “report”) is at or to the final day of the calendar month identified in the heading of the report’s front page unless otherwise stated . The Company’s Investment Objective The Company’s investment objective is to conduct an orderly realisation of the assets of the Company, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value . Important Information Past performance should not be seen as an indication of future performance . The value of investments and any income may fluctuate, and investors may not get back the full amount invested . The views expressed are those of VPC at the time of writing, are subject to change without notice and do not constitute investment advice . Whilst VPC has used all reasonable efforts to ensure the accuracy of the information contained in this report, we cannot guarantee the reliability, completeness or accuracy of the content . This report is provided for the purpose of information only, and if you are unsure of the suitability of this investment you should take independent advice . NAV performance is not linked to share price performance and shareholders may realise returns that are lower or higher in performance . Issued in the U.K. by VPC . This report may not be distributed or transmitted in or into the United States of America, Canada, Australia or Japan, or in any other country outside the United Kingdom where such distribution may lead to a breach of law of regulatory requirements, or transmitted, distributed or sent to or by any national, resident or citizen of such countries . The distribution of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions . Any such distribution could result in a violation of the law of such jurisdiction . The Company is registered in England (registered number 9385218 ) with its registered office at 19 th Floor 51 Lime Street, London, United Kingdom, EC 3M 7DQ, United Kingdom . # Important Information > Confidential |Not For Distribution 10 1. Based on total shares outstanding, less shares held in treasury . 2. Inclusive of inception -to -date dividend returns . 3. Amounts shown in thousands . The tables represent the quarterly roll forward of the top ten Asset -Backed Finance and Equity positions held as at 31 March 2026 . The carrying values are not inclusive of interest/fees received . 4. Investment activity is inclusive of follow on fundings, paydowns and PIK capitalized during the period in accordance with the terms of the investment policy agreed for the wind -down . 5. Totals may not foot due to rounding . 6. The Gross Investment Assets has been converted to the reporting currency of the Company and may fluctuate quarter over quarter to changes in the foreign exchange rates . 7. Amounts shown in millions . The table reflects the current stated maturities on the underlying asset -backed finance investment facilities and the amounts shown reflect the current carrying value of the investments . These investments can and may be held for a longer period than the current stated maturities with a view to enabling their inherent value to be realised successfully . The strategy for realising individual investments will be flexible and may need to be altered to reflect changes in the circumstances of a particular investment or in the prevailing market conditions . Amounts shown in £ millions . Please refer to the Glossary of Terms posted on the Company’s website . 8. Percentages calculated on a look -through basis to the Company’s investee entities and SPVs . 9. Calculations using fair market value . Excludes cash . 10. Based on issue price of 100 p. 11. Beginning with the September 2024 Quarterly Report, NAV Returns and Share Prices are produced on a quarterly basis . # Endnotes > Confidential |Not For Distribution 11