--- title: "Debitum Review 2026: Notes, Buyback and Related Parties" url: https://altstreet.investments/platforms/reviews/debitum kind: platform-review updated: 2026-11-03 description: "Debitum review: a Latvian licensed platform selling euro notes with no investor fees; buyback, collateral and related parties program by program, from its own filings." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Debitum Review 2026: Notes, Buyback and Related Parties Debitum is a Riga platform, run by a Latvijas Banka licensed investment firm, where investors buy euro notes financing small-business lenders and Latvian land and forest companies, with no investor fees. The operator publishes audited accounts, prospectuses and repayment status by originator. In the documents on the site, a buyback obligation appears only in the program over Sandbox Funding, a sister company of the operator; the land and forest notes have no buyback and no mortgage over the land. AltStreet score: 47.3 (C+), scored November 3, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Debitum | | What it is | Licensed EU Investment Platform Selling Business-Loan ABS and Corporate Notes (Latvia, MiFID II) | | Asset class | Euro asset-backed securities over SME and receivables loans, and corporate notes of Latvian land and forest companies | | Website | debitum.investments | | Review first published | November 3, 2026 | | Last updated | November 3, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Debitum sells euro notes from EUR 10 that pay interest daily or monthly and mature in one to 36 months, with no investor fees; the platform is paid by the lenders and companies whose notes it sells. Its operator, SIA DN Operator, is an investment brokerage company licensed by Latvijas Banka, audited by BDO, holds client money and securities off its own balance sheet, and participates in Latvia's investor protection scheme. It publishes more than most of its peers: audited accounts, the prospectus behind each program, and repayment status by originator. The questions are about what each note rests on and who the counterparties are. A buyback obligation appears only in the program over Sandbox Funding, a sister company of the operator. The forest fund, the land company and LMAF II pledge their assets to noteholders through Debitum's own collateral agent, but give no buyback and no mortgage over the land. The forest fund, which received about a third of all money ever invested on the platform, belonged to the Juno group until 2024, and Juno group companies are Sandbox Funding's main borrowers. - **EUR 74.66M outstanding** Outstanding investments at the end of October 2026, per Debitum's monthly update; EUR 234.21 million invested and EUR 159.62 million of principal repaid since 2018, per the statistics page. Platform figures, not audited. - **Sister-company buyback** Sandbox Funding and DN Operator are "sister companies with identical shareholders", per Sandbox's 2024 notes terms. Sandbox gives the only buyback obligation in the documents on the site. Its audited 2024 accounts show equity of EUR 449,223 and total assets of EUR 4.85 million. - **No buyback, no land mortgage** The forest fund (2025), Baltic Terra Capital (2025) and LMAF II (2026) prospectuses state there is no buyback. The forest programs pledge the issuer's movable assets and shares to DN Trustee for noteholders, but the collateral does not include a mortgage over the land. - **A third of cumulative funding** The Latvian Forest Development Fund received EUR 78.12 million of the EUR 234.21 million invested since 2018. Debitum does not publish outstanding principal by issuer, so its share of the current EUR 74.66 million is not stated; the fund's own unaudited June 2026 balance shows EUR 42.9 million of loans owed, to lenders it does not itemize. - **0%* defaults** The headline default rate is 0%, with the footnote "0.86% - restructured Ukraine borrower assets": claims on a Ukrainian lender frozen since February 2022, recorded among the client assets the operator services at EUR 2,005,994 since 2023, with no recovery reported. - **No investor fees** Investors pay nothing directly. Originators pay Debitum 1% to 3% a year and land and forest issuers up to 4% of each series; in the 2024 Zeta prospectus those fees rank ahead of noteholders. The borrower-to-investor margin, and how much of it Debitum receives, is not published. Data note: Figures are in euros. Operator results are from the audited IFRS annual reports; platform totals and per-originator repayment status are from the statistics page captured November 3, 2026 (20:32 CET), the originator pages and the October 2026 update. Partner amounts on the statistics page are cumulative funding since each partnership began, not current outstanding exposure; Debitum does not publish outstanding principal by issuer. Instrument terms are from the prospectuses, offer documents and notes terms; ownership is from the instruments' own disclosures and the Latvian Enterprise Register's open data, which shows current holders and name history but not past members. AltStreet had no account and did not see the Final Terms of individual notes. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | Sister companies | The one company that gives a buyback on Debitum is owned by the same people as the platform. | Sandbox Funding and DN Operator have identical shareholders, per Sandbox's 2024 notes terms. Equity EUR 449,223 and assets EUR 4.85 million at the end of 2024 (audited). | | No land mortgage | The forest and land note programs pledge the issuer's movable assets and shares, not the land. | Forest fund (January 2025), Baltic Terra Capital and LMAF II prospectuses; collateral agent DN Trustee, a Debitum subsidiary. | | EUR 74.66M | Outstanding investments across the platform at the end of October 2026. | The forest fund received EUR 78.12 million of cumulative funding since 2024; outstanding principal by issuer is not published. | | 0.0% | Investor costs per the ex-ante disclosure. | Originators pay 1% to 3% a year and issuers up to 4% of each series to Debitum. | ## Verdict Debitum is a licensed, audited European platform that sells short-term euro notes with no investor fees and publishes more of its record than most. What a note rests on depends on its program: a buyback from a related company in one, pledges through Debitum's own collateral agent without a land mortgage in the land and forest programs, and originator-held collateral in the ABS. With the largest counterparties related to the operator's owners or to each other, a buyer should size positions by issuer and read the prospectus behind each note. **Best for** - EEA investors who want short-term euro income and will read each program's documents. - Investors who value a regulated operator, segregated client assets and published accounts. **Look elsewhere if** - You rely on a buyback or a land mortgage behind your notes. - You may need the money before maturity. - You would be concentrated in one or two issuers. **Strengths** - Latvijas Banka investment firm license with an EEA passport and participation in the investor protection system. - Audited operator accounts with unmodified opinions for 2023 to 2025, and approved prospectuses for the newer programs. - No investor fees, stated plainly. - Repayment status published by originator, including restructured claims, and monthly platform updates. **Limitations** - The only buyback in the documents on the site comes from a sister company of the operator. - No land mortgage in the land and forest programs; the collateral agent is a Debitum subsidiary. - Largest counterparties related to the operator's owners or to each other; related parties unnamed in the annual reports. - Outstanding exposure by issuer not published. - Marketing statements on licensing, defaults and the buyback that go further than the documents. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | EEA savers looking for short-term euro income with no fees | neutral | | | Investors who want a buyback behind every note | poor-fit | | | Investors who want security over the underlying land | poor-fit | | | Investors who may need their money before maturity | poor-fit | | ## Questions **Is Debitum legit?** Debitum is run by SIA DN Operator, an investment brokerage company licensed by Latvijas Banka since 2021 and audited by BDO, and AltStreet located no regulatory sanction against it in the sources searched. That makes the operator legitimate; it does not make every note safe. The protections behind the notes differ by program, and several of the largest counterparties are related to the operator's owners or to each other. **Does Debitum have a buyback guarantee?** Not across the platform. In the documents on the site, a buyback obligation appears only in the 2024 DN Funding Zeta program, where Sandbox Funding, a sister company of the operator, must buy back a loan more than 90 days late, with no guarantee behind it. The forest fund, Baltic Terra Capital and LMAF II prospectuses say there is no buyback. **What happens if Debitum goes bankrupt?** Client money and securities are held outside the operator's estate. DN Operator participates in the Latvian investor protection system, which can compensate an eligible investor who applies for the firm's outstanding obligations to them, up to EUR 20,000, once Latvijas Banka or a court establishes the firm's failure. It does not cover losses on the notes themselves. **What are Debitum's fees?** Investors pay nothing directly. Debitum is paid 1% to 3% a year by originators and up to 4% of each series by land and forest issuers, out of the cash flows that also pay investors. The margin between borrower and investor rates is not published. **Has anyone lost money on Debitum?** The platform says no investor has lost money. About EUR 2.0 million of claims on a Ukrainian lender has been frozen since February 2022 and restructured; it is recorded at the investment amount with no recovery reported, and the statistics page shows it as 0.86% of investments. ## Evidence appendix Platform website captured November 3, 2026. The operator's annual reports, auditors' reports and the client-asset assurance report were read in full; the prospectuses, offer documents and notes terms were read for the issuer, collateral, buyback, waterfall, fees, approval and related-party sections; the forest fund's prospectus, audited 2025 report and operating balances were taken from its own site; the site was captured with Firecrawl, including a scripted click through each originator's tab on the statistics page and the expanded financial-reports list; ownership was traced in the Latvian Enterprise Register's open data and in the instruments' own disclosures; the license, scheme participation and compensation rule were taken from Latvijas Banka. Two research agents extracted terms and figures from the documents under instruction to quote verbatim; AltStreet checked the material quotes against the files and corrected two. **Highlights** - Sister companies: Sandbox Funding and DN Operator, identical shareholders. - Buyback only in the Zeta program in the documents on the site; none in the forest, Baltic Terra and LMAF II programs. - Land and forest notes: pledges through DN Trustee, no land mortgage. - EUR 74.66 million outstanding on the platform; forest fund EUR 78.12 million of cumulative funding. - Investor costs 0.0%; platform paid by originators and issuers. **Primary source pages** - Sandbox Funding notes terms (March 2024) 2.6: "The Issuer and SIA DN Operator are sister companies with identical shareholders." Sandbox Funding 2024 annual report: equity EUR 449,223, total assets EUR 4,851,273. - DN Funding Zeta base prospectus (June 2024) 2.1.1 and 9.1: buyback when a payment is "delayed by more than 90 days"; "the Buyback Obligation is only as strong as the company providing this obligation." - Latvian Forest Development Fund base prospectus (January 31, 2025, EUR 40 million, approved by Latvijas Banka): no buyback; collateral agent SIA DN Trustee; section 4.4.3, the collateral does not include a mortgage over the land portfolio. - Baltic Terra Capital base prospectus (November 2025) 3.2: "There are no buyback or similar obligations." LMAF II base prospectus (July 2026) 4.4.3: "The Collateral does not include a mortgage over the Land Portfolio." - Forest fund audited 2025 annual report (S. Vilcānes Audits): total assets EUR 38,510,709, equity EUR 3,041,799, profit EUR 1,562,617. Unaudited operating balance June 30, 2026: total assets EUR 54,761,471, loans EUR 42,913,790. - Investment Services Agreement 9.9 and 10.2: "Debitum shall not provide any services related to the collection of debts from the Originator"; the ABS collateral and repurchase obligation "shall not be assigned in favor of the Investor". - 2025 annual report: commission income EUR 2,414,713; profit EUR 507,358 (statements) and EUR 531,597 (management report); off-balance servicing assets include EUR 2,005,994 of claims for assignment-agreement investments (also at end 2023 and 2024). - October 2026 update: "outstanding investments on Debitum reached €74.66 million". Statistics page, 3 Nov 2026: EUR 234.21M invested, EUR 159.62M repaid, "0.86% - restructured Ukraine borrower assets". - Latvijas Banka, investor protection: compensation "in the amount of outstanding liabilities, but not more than 20 000 euro"; SIA DN Operator listed among participating investment firms. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/debitum - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/private-credit-rbf --- Source page: https://altstreet.investments/platforms/reviews/debitum Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.