VPC Specialty Lending - SPAC Holding $'s

Hi All

After a long time on the lookout for any information on SPAC's (was digging around for information on BeforePay), finally came across announcements here (https://vpcspecialtylending.com/announcements/). Announcements highlight SPAC ownership due to sponsorship, current value of SPAC's and the cost basis:

Historically, I thought the SPAC's were held in a Special Situation Fund that drew in other investor funds, but it is clear they are housed within VSL:LSE (VPC Specialty Lending Investments PLC). They have made a significant amount of money from investing $5M. If BAKKT had held above $40 per share, VPC would have turned $5M into over $106M in one year (excluding Warrants).

Leading into February half year announcement, the values should change around a bit. It will be interesting to see how much VSL:LSE make from each investment. The 5 year escrow period for warrants are money for jam, exercisable at nil cost as long as they are above $11.50 in five years after listing. This could look like this in five years time if all shares are held:

This assumes they hold onto the shares after 12 months escrow period.

In summary, the SPAC's are definitely something to watch in the future. I believe most of these stocks will be worth over $15 easily in another 2 years, which would mean VPC will make around $128M for its VPC Specialty Lending vehicle.

If VPC earns 1.2% management fees p.a. on value of assets then not large jump in earnings (estimate of $426k in earnings), however if there is a performance fee of 15% above money doubling, then $3.75M in performance fees ($950k share to PAC).

If Bakkt decides to go back above $40, then the performance fees could be $96M above $10M, or $14.4M for a 15% performance fee ($3.6M share to PAC).

Note, all above $ are in USD. $'s need to be converted into AUD. Above performance fee range is between $AUD1.32M and $AUD5M in performance fees at 72c AUD/USD exchange rate.

Thoughts and opinions welcome.

Best of Luck
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