Volta Finance Limited Net Asset Value(s) as at 28 February 2026

Performance Overview - Volta Finance reported a net return of -3% for February 2026, underperforming compared to US High Yield bonds (+0.2%) and Euro High Yield bonds (+0.3%) [4] - The company's NAV at the end of February 2026 was €248.5 million, equating to €6.79 per share [10] Market Context - The month began with President Trump's announcement of an increase in the baseline import tariff rate from 10% to 15%, which shifted focus to artificial intelligence and its disruption risks [5] - Credit markets experienced a significant revaluation of risk, particularly in direct lending, leading to increased redemption requests and activation of redemption gates by some managers [5] CLO and Loan Market Activity - Loans and CLOs faced notable spread repricing due to their historical concentration in the software industry, with Euro Loans declining approximately 0.7 points and US Loans falling by more than one point [6] - CLO Primary markets saw a winding down as volatility increased, while secondary markets experienced significant repricing across all tranches, particularly impacting junior tranches [6] Trading and Investment Activity - The company reset one of its amortizing US CLO positions, requiring around USD 4 million of additional equity, resulting in a debt cost reduction of approximately 130 bps [8] - Trading activity included purchases of EUR BBs and single-B tranches within a spread range of +[860-950] bps, and a controlling EUR equity tranche was acquired for EUR 5.6 million [9] Economic and Geopolitical Factors - The end of February was marked by a new conflict in Iran, causing sharp declines in Treasuries and surges in oil prices, raising concerns about global oil supply disruptions and inflation [7] - Persistent oil price increases may impact economic growth and delay anticipated rate reductions from central banks, adding pressure on credit markets [7]