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Information on Default Rates
Transparency and Investor Protection First
Our goal is to keep you regularly informed about the development of our portfolio. We are convinced that open and comprehensive information helps you make well-founded decisions and build greater trust in our platform and projects. For this reason, we would like to provide you with an insight into the development of our default rate. This figure is updated regularly to provide you with a reliable basis for decision-making. Presenting the default rate is intended to support you in making informed and independent investment decisions.
We consider a project to be in default if:
-
the project owner is more than 90 days overdue with a payment obligation from the financial instrument amounting to at least 10% of the total repayment amount,
or
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we deem it unlikely that the project owner will make full payment without recourse to measures such as the enforcement of collateral.
Indicators of payment improbability include situations where the project owner seeks a distressed restructuring that is expected to lead to a significant waiver or deferral, or when insolvency or bankruptcy proceedings (or a comparable protective procedure) have been filed against the project owner’s assets.
If the contractual terms of the financial instrument allow the project owner to modify the repayment schedule within a defined framework or to suspend or defer payments under certain conditions, then payments made in accordance with the adjusted plan are not considered overdue. The same applies if a new repayment plan has been validly approved by the crowd investors within the contractual framework of the financial instrument.
The table below shows the default rates for the past two years, as required under Regulation (EU) 2020/1503 (European Crowdfunding Service Providers Regulation / ECSP Regulation). Please note that the default rate reflects a snapshot of past developments and does not represent a forecast of future performance. It may change at any time, even shortly after publication. We will update the data regularly to provide you with up-to-date information.
These figures include all debt-based financings arranged by us under the ECSP Regulation, reduced by the volume of convertible bonds arranged. The latter are not included in this calculation, as convertible bonds are typically converted from debt into equity. The ECSP Regulation explicitly requires the publication of loan default rates only. However, in order to provide more meaningful figures and to reflect the fact that we generally prefer the issuance of bonds/notes as transferable securities over the conclusion of loan agreements, we follow a more conservative approach and also include bonds/notes (with the exception of convertible bonds) in the calculation, thereby covering the entire debt-financing perspective.
| Year | Defaulted Volume | Performing Volume at Start of Year | One-Year Default Rate |
|---|---|---|---|
| 2023 | 0,00 | 2,996,017.49 € | 0.00 % |
| 2024 | 380,610.00 | 20,649,535.65 € | 1.84 % |
| 2025 | 0,00 | 41,378,035.65 € | 0.00 % |