Kruso Kapital meeting page

Credit under pledge → investor-ready debt → execution at closing.

artadys.com is the live demo. It shows the process: eligible credit perimeter → investor-ready debt → execution at closing. ARTedyX is not an advisor, consultant, or broker. Kruso does not pay advisory or brokerage fees. The transaction economics are made at closing.

View Simulated Tape Open ARTedyS Demo

€155.1M

public outstanding 2025

€36M

public total income 2025

29.7%

public TCR 2025

Simple oral transaction logic

1Kruso has credit receivables under pledge.

2ARTedyX reviews the eligible credit perimeter.

3Price, yield, transfer terms and recovery package are agreed.

4The SPV buys the credit exposure at closing.

5Investors fund the SPV / note issuance.

6Borrower cashflows repay the SPV and noteholders.

7Credit pays normally. Collateral pays only if the credit fails.

Fitch Ratings context

External rating review perimeter: SPV ISIN bond notes.

Where appropriate, the bond notes issued by the SPV may be prepared for external rating review under Fitch structured-finance criteria. The rating target is the ISIN bond note backed by a defined performing asset pool, not ARTedyS AI and not the operating companies.

The credits to be reviewed are the SPV-issued notes backed by performing pools such as SME loans, consumer receivables, auto loans, leasing receivables, credit-card receivables and unsecured consumer loans.

Collateral focusPerforming, granular and diversified asset pools.

Structural featuresOver-collateralisation, liquidity reserve, coverage tests and priority of payments.

Reporting disciplinePool factors, stratifications, arrears, defaults, recoveries and waterfall reporting.

ApproachOutcome depends on collateral quality, structure, servicing, data integrity and applicable criteria.

A target outcome, including above BBB-, may be pursued only subject to Fitch Ratings' own criteria, assumptions, analysis and final committee decision. No Fitch rating is assigned or guaranteed by this demo.

Public balance-sheet context

Numbers used to frame the simulated perimeter.

Public 2025 consolidated balance-sheet figures, used only to size a realistic demo discussion. They are not the simulated tape itself.

€215.0M

total assets

€155.1M

loans to customers

€134.7M

financial liabilities

€49.5M

capital, reserves and valuation reserves

€8.8M

consolidated net profit

€87.7M

RWA, individual basis

Two contracts

Credit exposure first. Collateral recovery package second.

Contract 1 — Credit exposure

Kruso credits → eligible perimeter → agreed price / yield → SPV purchase at closing → borrower cashflows → noteholder repayment → SPV economics.

Receivable / loan identifier
Borrower segment and geography
Outstanding balance and maturity
Rate, fees, DPD and repayment status
Eligibility and pool inclusion logic

Contract 2 — Collateral recovery package

If the borrower repays, collateral is released back to the borrower. If the borrower defaults, enforcement / auction / sale proceeds repay the SPV and noteholders under the agreed waterfall.

Collateral category: gold, art, collectible, mortgage security
Valuation, LTV, custody and insurance
Default trigger and enforcement process
Auction / sale route and recovery proceeds
Waterfall: costs, SPV, noteholders, residual allocation

Simulated data tape

Fields investors would need to see.

Demo data only. Not Kruso confidential data. The tape below simulates the type of portfolio fields required to move from credit perimeter to investor-ready debt output.

Loan ID	Country	Product	Borrower	Balance	Rate	Term	DPD	Collateral	Est. Value	LTV	Custody	Insurance	Valuation	Recovery Route	Eligibility
KK-SIM-001	Italy	Pawn credit	Retail	€18,500	8.6%	6m	0	Gold jewelry	€30,800	60%	Branch vault	Yes	Internal + market ref.	Auction / sale	Eligible
KK-SIM-002	Italy	Art-Kredit	Collector	€125,000	9.2%	6m	0	Contemporary art	€250,000	50%	Insured custody	Yes	External expert	Art-Rite auction	Eligible
KK-SIM-003	Portugal	Pawn credit	Retail	€7,900	8.1%	6m	4	Watches	€13,200	60%	Branch vault	Yes	Expert valuation	Auction / sale	Eligible
KK-SIM-004	Greece	Pawn credit	Retail	€11,400	8.4%	6m	0	Gold coins	€19,000	60%	Branch vault	Yes	Gold reference	Auction / sale	Eligible
KK-SIM-005	Italy	Art-Kredit	Collector	€210,000	9.5%	6m	0	Ancient art	€420,000	50%	Insured custody	Yes	External expert	Art-Rite auction	Eligible
KK-SIM-006	Italy	Pawn credit	Retail	€5,600	7.9%	6m	18	Jewelry	€8,000	70%	Branch vault	Yes	Internal valuation	Auction / sale	Watchlist
KK-SIM-007	Italy	Art-Kredit	Collector	€80,000	9.0%	6m	0	Numismatic collection	€160,000	50%	Insured custody	Yes	Specialist expert	Auction / sale	Eligible
KK-SIM-008	Portugal	Pawn credit	Retail	€14,200	8.3%	6m	0	Gold bars	€23,700	60%	Branch vault	Yes	Gold reference	Auction / sale	Eligible
KK-SIM-009	Italy	Secured credit	SME	€340,000	7.8%	24m	0	Mortgage security	€620,000	55%	Registry security	N/A	Real estate appraisal	Enforcement	Eligible subject to legal review
KK-SIM-010	Italy	Art-Kredit	Collector	€65,000	8.9%	6m	0	Classic car collectible	€130,000	50%	Insured custody	Yes	Expert valuation	Auction / sale	Eligible

Investor output

What we show to investors.

Eligible perimeter

Pool size, jurisdictions, product mix, borrower segments, seasoning, DPD, exclusions, concentration limits.

Credit cashflows

Outstanding balance, weighted average rate, maturity profile, expected borrower repayment flows, stress assumptions.

Collateral recovery

Collateral type, value, LTV, valuation source, custody, insurance, enforcement route, auction/sale recovery logic.

Waterfall

Borrower payments, collateral recovery proceeds, fees/costs, senior repayment, residual allocation and triggers.

Note input

SPV issuer, purchase price, senior/equity split, coupon, maturity, eligibility covenants, reporting package.

Execution file

Investor-ready data room, term sheet inputs, ISIN/listing path, DVP settlement logic, reporting dashboard.

Public context used for this demo: Kruso Kapital key financials 2025; Kruso public press release dated 10 March 2026; Kruso Art-Kredit public product description. Simulated tape is not Kruso data.