Triple Dragon — LV0000113421 — 11.25%/an · 5 mois

Plateforme · 17.0/25

A1 · Statut réglementaire 5.0/8

FCMC investment licence (Latvia) obtained in September 2021
Recognised EU regulator, but investment licence ≠ explicit ECSP passport
Recognised EU equivalent → 5 points

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay >90 days 0% → 6/6
Actual return vs announced return not disclosed → 0/6
A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8, rounded to 5
Caveat: statistics cover ABS, not underlying loans

A3 · Rigueur de sélection 2.0/4

Transition to ABS model involves a structured selection process (FCMC licenced), but selection rate not published and process poorly detailed publicly → 2 points

A4 · Santé financière 3.0/4bon

Independent platform operational for >3 years (2021+), active in 2026, no platform distress signal identified
No known institutional shareholder → 3 points

A5 · Protection investisseurs 2.0/3

Investor protection EUR 20,000 provided by Latvian law (1 regulatory point)
FCMC licence implies continuity plan (1 point)
Secondary market or segregated escrow not confirmed → 0 points third criterion

Projet · 43.0/75

B1 · Instrument & Structure 7.0/10

B1.1: 2/5 - Fractional note on loan pool, complex ABS instrument

B1.2: 2/3 - Borrowing via UK originator on Latvian platform, documented structure

B1.3: 1/2 - No formal rank registered, no known senior debt on this pool

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Named entity (Triple Dragon), managers not identified in the file

B2.2: 4/5 - NBFI active >2 years, performing portfolio, 0% default, 50M€+ financed

B2.3: 1/3 - Presence on Debitum but specific history on this platform not documented

B2.4: 1/3 - Light file, UK balance sheet not communicated

B3 · Garanties & Sûretés 8.0/15

B3.1: 5/9 - Implicit joint and several guarantee from originator on the pool; no registered mortgage or pledge

B3.2: 1/4 - Originator balance sheet not communicated, assets not valued

B3.3: 2/2 - NBFI licensed, active >2 years, confirmed institutional quality

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 based on performance history; precise data not communicated

B4.2: 2/4 - Triple Dragon's own activity as implicit equity; ratio not documented

B4.3: 1/4 - No stress test presented; Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) unknown

B4.4: 1/2 - Portfolio 100% performing, operating margin not specified

B5 · Pré-commercialisation 6.0/10

Active portfolio >50 clients, 100% performing as of September 2026, sectoral diversification (video games/apps)
Concentration data not communicated → 6/10

B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established for >2 years, legal documents in order, licence pending in Luxembourg (agrément AMF Q2 2026)
Sound legal structures → 5/5

B7 · Marché & Localisation 2.0/3

Latvian SME lending market in growth (+18.6% in 2025), credit-to-GDP low (29%), strong demand
Geopolitical risks and forecast slowdown 2026 (GDP +1.4%) → 2/3

Points forts

✓Triple Dragon: 0% default on 50M€+ financed, portfolio 100% performing as of September 2026.

✓Latvian SME lending market in strong growth (+18.6% business portfolio outstanding in 2025).

✓Rate 11.25%/year within SME-NBFI norm, short duration (5 months) limiting exposure.

✓Debitum: operational platform >3 years, FCMC licence, zero published ABS default.

✓Triple Dragon: PSFP Luxembourg licence application expected - structuring in progress.

Risques identifiés

!Triple Dragon financial balance sheet (UK) not communicated - guarantor solvency not verifiable.

!ABS/fractional note instrument: opacity on individual underlying loans in the pool.

!Triple Dragon managers not identified by name in the file.

!Forecast Latvian GDP slowdown 2026 (+1.4%) and geopolitical risks to exposed sectors.

!Debitum rating C on this loan - high risk category per internal scale.

⚠ Avertissement sur les risques

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