Latvian Forest Development Fund — LV0000113462

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

• 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

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

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

• 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

• Active portfolio of ~52M€, >86% of total Debitum volume, documented repayment history
• Diversification not specified but regular NBFI activity
• Note: partial portfolio data - 6/10

LFDF operating for >2 years in Latvia, all legal documents in order, active licences, no missing information on authorisations

• Latvian SME lending market growing (+18.6% in 2025), credit-to-GDP low (29%), strong demand
• Stagflationary risks and 2026 slowdown (GDP 1.4%) moderately mitigate - 2/3