Dear Investor,
As the year gently winds down and the festive lights start to glow across Europe, it’s a natural moment to pause, reflect- and take stock of how our money has really been working for us. 2025 has been anything but a quiet year for alternative investments. It has been a year of sharp contrasts, valuable lessons, and clear reminders of why balance matters more than ever.
If we were to wrap 2025 in one sentence, it would be this: stability quietly did its job, real assets held their ground, and volatility reminded us of its double-edged nature.
Stable, asset-backed investments such as loan-note and ABS structures once again proved their role as the unsung heroes of portfolios. While they didn’t make headlines, they did what investors value most in uncertain times- delivered predictable income and resilience. In a year where excitement often turned into disappointment elsewhere, these instruments were a steady source of calm.
Real estate told a more nuanced story. Residential assets benefited from Europe’s structural housing shortage, with rents rising and income streams strengthening. Commercial real estate had to work harder, navigating higher interest rates and changing usage patterns- yet even here, quality assets showed resilience. It was a year that rewarded patience, selectivity, and a long-term view.
And then there was crypto. After the euphoria of previous years, 2025 brought a reality check. Sharp swings, sudden reversals, and a late-year pullback reminded everyone that volatility is not a bug- it’s a feature. For disciplined investors, it reinforced an important truth: volatile assets can be powerful tools, but only when sized appropriately and approached with humility.
Taken together, 2025 delivered a powerful reminder of a timeless investing principle- no single asset class wins every year. The real strength lies in combining different behaviors: income-generating stability, tangible real assets, and carefully measured innovation.
As we move into the holiday season, I find this lesson particularly fitting. Just like a well-balanced festive table, a well-constructed portfolio isn’t about one standout tasty dish- it’s about how everything comes together to make great celebration.
Latest on TWINO:
We are continuing to refine the TWINO platform with a strong focus on usability and clarity. Over the past weeks, we have been working on new design enhancements- including improved filtering, sorting, and navigation- to make investing more convenient and intuitive. At the same time, we are putting the finishing touches on a redesigned TWINO blog, which we plan to introduce shortly after the New Year.
Latest on Rentals:
We have successfully completed the sale of one of the Rentals apartments and have now started the process of reducing equity and releasing principal for involved investors. We will send out more information to involved investors shortly after holidays.
Latest on Recoveries: Russia, Vietnam & Philippines
We have received an update from our Russian claims counterparty indicating that they are considering repayment of a larger portion of outstanding claims, subject to a discount. In January, we will provide investors with the option to participate in a discounted repayment should this proposal proceed.
In Vietnam, the recovery process is ongoing- we have formally registered as a creditor in the liquidation proceedings and will continue to monitor and pursue any recoverable amounts, with this expected to extend into 2026.
The Philippines recovery process is also moving forward, although it has taken longer than anticipated, and some final steps remain before we can consider it fully completed.
Latest on Poland:
2025 has been a strong year for Polish loan originator, and in December the local team presented a clear strategy for 2026, centered on continued growth. The main drivers will be deeper focus on prime-segment customers, the introduction of BNPL product offerings, and ongoing expansion of existing products. At the same time, uncertainty around the adaptation of European wide Consumer Credit Directive II in the Polish credit market remains the key challenge that team continue to monitor closely.
As I look back on 2025, it feels very much like a year of home-coming and home-cleaning- a time to simplify, strengthen foundations, and address the things that truly matter for the long term. It was not about chasing rapid growth, but about creating a solid, resilient base on which future growth can stand. Partly we have succeeded in that, partly there is still work to be done in 2026. But with clearer structures, improved products, and lessons well absorbed, we move into the new year better prepared and more focused.
Thank you for your patience, trust, and continued engagement throughout this important phase. I wish you a calm holiday season and a steady, confident start to 2026.
Nauris Bloks,
CEO of TWINO
