RISING STONE - LA TARENTAISE — 11.0%/an · 24 mois

Plateforme · 17.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF AMF fonds propres-2023-31 obtained on 9 November 2023, in force
CIF and COA status registre ORIAS 16003112
Member of France FinTech and CNCEF

A2 · Track Record 3.0/6

Score adjusted thanks to live data: Default rate 0.0% → 6/6×0.5=3.0
Delay rate 33.98% → 0/6×0.3=0.0
Actual yield 10.16% compliant with announced range → 6/6×0.2=1.2
Weighted: (3.0+0.0+1.2)=4.2, but penalty −2 pts for significant deterioration: 110/112 projects in delay, 80 in collective insolvency proceedings, target IRR decline

A3 · Rigueur de sélection 2.0/4

Selection process via internal committee mentioned
Selection rate not published
Financial analysis present in files

A4 · Santé financière 3.0/4bon

Score adjusted thanks to live data: Tikehau Capital subsidiary (50bn€ AUM), solid institutional group
BUT net loss SAS Homunity −2.24m€ (2024) vs −12.5k€ (2023), fundraising −66.46% (2022-2025)
Platform risk moderate but no imminent distress

A5 · Protection investisseurs 1.0/3faible

Reflection period 4 days + documented BCP Capsens → 1 pt (mandatory agrément AMF)
Segregated accounts not mentioned → 0 pt
Secondary market not documented → 0 pt

Projet · 60.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple bond at fixed rate, French law

B1.2: 2/3 - Direct borrowing from operator Rising Stone, well documented

B1.3: 2/2 - No documented subordination, simple bond without known senior debt

B2 · Opérateur & Track record 13.0/15bon

B2.1: 4/4 - Jean-Thomas Olano appointed, CEO publicly identifiable

B2.2: 5/5 - Group created 2013, Euronext Growth IPO February 2026, turnover 71.2M€, net result 9.8M€, 18.1M€ cash

B2.3: 3/3 - 7 operations reimbursed without delay on Homunity, 5 in progress without incident

B2.4: 1/3 - Adjusted score thanks to live data: No collective insolvency proceeding identified on Rising Stone or JTO Holding. Sound balance sheets. BUT high gearing: (161.3-45.4)/45.4=2.55

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Joint and several guarantee from JTO Holding, capitalised holding, no registered real guarantee

B3.2: 2/4 - JTO Holding: equity 45.4M€, gearing 2.55 (tight but operational situation)

B3.3: 2/2 - Bank credit 16.5M€ granted

B4 · Structure financière 13.0/15bon

B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) calculated: 3.13M€/(49.996M€)=6.3% (cost covered at 115% by current sales plus bank plus equity plus Homunity)

B4.2: 4/4 - Operator equity 4.87M€ on 49.996M€ total TTC = 9.7%, close to 10%

B4.3: 2/4 - Scenario -30% on stock units: real estate cash flow remains positive at 5.0% of turnover TTC

B4.4: 2/2 - Net margin 11.4% plus real estate cash flow 16.4% of turnover TTC

B5 · Pré-commercialisation 8.0/10bon

57% in volume pre-marketed by reservations and agreements, of which 8 units out of 14 reserved
Majority in reservation (non-binding), remaining 6 units to sell
Break-even well exceeded

B6 · Permis & Maturité 5.0/5✓ max

Land secured, building permit obtained and purged, construction site rules and delivery notes obtained, general assessment obtained, building site scheduled May 2026

B7 · Marché & Localisation 3.0/3✓ max

Adjusted score thanks to live data: Meribel premium market (Three Valleys), supply below documented structural demand, demand 9% above supply in Tarentaise
Target prices 26K-35K€/m² consistent with high-end market (11.8-19.8K€/m² prestige segment, chalets >8K€/m²)

Points forts

✓Euronext Growth listing February 2026, fundraising 35.5M€.

✓Experienced operator: 7 projects reimbursed without delay on Homunity.

✓Pre-marketing 57% before start of works, operation cost covered at 115%.

✓Land secured, permit purged, premium Meribel market in Three Valleys.

✓Bank credit 16.5M€ obtained, identified financial partner.

✓Margin 11.4% and real estate cash flow 16.4% of turnover TTC.

✓Stress scenario -30% on stock units: cash flow remains positive at 5.0%.

✓Financial guarantee for completion obtained to secure delivery.

Risques identifiés

!High JTO Holding gearing at 2.55, pressure on guarantor financial structure.

!6 units remaining to market over 24 months, including 4 high-end T5 units.

!High mountain building site: limited work window 7 months/year May-November.

!No registered real guarantee, only joint and several guarantee without identified collateral.

!Homunity platform: 110/112 projects in delay, 33.98% delay rate by amount.

!Homunity net loss -2.24M€ in 2024, fundraising -66.46% 2022-2025.

!Climate: risks of snowfall medium-long term on attractiveness of alpine resorts.

!Exit price T5 prestige 30-38K€/m², demanding high-end segment in liquidity.