SOLIDUM INVESTMENT THESIS

Current openings:

I. EXECUTIVE SUMMARY

The post-Bretton Woods monetary architecture is structurally unsustainable. Central banks have become the buyers of last resort not just for sovereign debt, but for the credibility of the monetary system itself.

Gold—at consecutive all-time highs—is not speculation. It is a vote of no confidence by the institutions most positioned to understand the implications of current monetary arrangements.

We've spent five decades building financial infrastructure on the assumption that fiat currency has no alternative. That assumption is failing.

SOLIDUM exists to architect fixed income that doesn't depend on that assumption. It is built on something finite: physical gold, audited and held in regulated custody.

II. The Opportunity Gap

Most institutional capital faces a false binary: accept negative real yields in developed markets, or chase unsecured credit exposure in private markets. Both are bets on the continuation of current monetary arrangements.

We've identified a structural dislocation: Institutions need secured fixed income backed by tangible collateral at scale, yet institutional-grade credit infrastructure backed by physical gold does not exist.

The gap is material and widening:

$8.9 trillion in global negative-yielding debt persists despite rate normalization
$1.5 trillion in private credit markets concentrate primarily in corporate cash flow exposure and real estate—both dependent on credit quality and currency stability
Central banks added substantial volumes to gold reserves in recent periods alone, yet there is no institutional platform offering credit secured by the collateral they themselves are systematically acquiring
Institutional demand for differentiated collateral is acute, particularly among family offices, sovereign wealth funds, and allocators re-evaluating their exposure to unsecured credit and currency risk

This is not a niche opportunity. This is structural repositioning of global capital.

III. What We're Building

SOLIDUM is not a fund. It is a platform architecting the intersection of tangible collateral infrastructure and institutional fixed income at scale.

We structure senior secured and subordinated unsecured notes backed by allocated, audited physical gold held in professionally regulated custody. Ongoing capital issuances scale with collateral revaluation, creating a compounding alternative credit platform that benefits from gold price appreciation rather than depending on it.

IV. The Structure

Senior Secured Notes

Fully collateralized by physical gold at established LTV parameters. Fixed coupon. Multi-year tenor with periodic refinancing cycles. Quarterly distributions. First priority claim on collateral. The institutional anchor.

Subordinated Unsecured Notes

Premium coupon reflecting subordinated waterfall position. Flexible tenor structures. No collateral claim—pure credit exposure subordinated to senior tranche. Risk premium aligned with structural position.

Institutional Mechanics

Delaware SPV (U.S. law governed). Regulated custody arrangement (internationally recognized custodian). Independent periodic audit and valuation. Daily mark-to-market collateral monitoring. Transparent covenant structure (LTV ratios, coverage metrics, reserve provisions).

V. Why This Works Now

This is not 2008 credit arbitrage. This is not post-COVID yield hunting. This is structural repositioning for an environment where current monetary policy frameworks are exhausted.

Four structural drivers converge:

1. Monetary Debasement Is Policy Framework, Not Cyclical Feature

Central banks globally hold asset bases exceeding $35 trillion. Sovereign debt-to-GDP ratios in developed economies exceed sustainable levels. The fiscal arithmetic is clear: "printing" is structurally embedded in policy response to economic stress.

Gold does not care about fiscal discipline. It prices the absence of it. Central banks understand this, which is why they accumulate gold rather than other reserve assets. Their behavior is a market signal about the permanence of current monetary arrangements.

2. Geopolitical Fragmentation Favors Tangible Reserves Over Currency Denominated Assets

Sanctions regimes, weaponization of currency systems, and ongoing dedollarization trends are accelerating institutional preference for reserves that are politically neutral, universally recognized, and impossible to freeze.

This is not conjecture. Central bank reserve accumulation data documents this behavior in real time. The movement toward physical gold is not demand from investors seeking returns. It is demand from institutions managing regime risk.

3. Private Credit Markets Are Saturated With Corporate Cash Flow Exposure

The private credit ecosystem has expanded to $1.5 trillion. This concentration is weighted overwhelmingly toward corporate cash flows, real estate, and receivables—all credit exposures dependent on credit quality improvement and currency stability.

Physical gold is liquid, globally traded, politically neutral, and has zero default risk. It exists in no institutional allocator's credit portfolio at meaningful scale because the infrastructure to offer gold-backed credit does not exist. The opportunity gap is structural.

4. Institutions Need Fixed Income That Does Not Depend On Credit Quality Improving

Traditional fixed income underwrites the improvement (or non-deterioration) of the issuer's creditworthiness. This paradigm fails when creditworthiness depends on currency stability, which is the core thesis of current monetary policy.

We underwrite something simpler: the physics of a finite element. Gold's supply is constrained by geology, not policy. There is no credit committee at atomic number 79. The collateral doesn't care about central bank decisions—it merely reflects them.

VI. The Debasement Trade: Explicit Positioning

Let's be clear about what this is: This is secured fixed income for capital positioning for currency debasement.

The mechanism is structural:

When currencies debase, gold re-prices higher.
Central banks are already validating this by accumulating at record volumes.

When gold re-prices higher, our collateral coverage improves.
A $13.33M gold position that appreciates 10% becomes $14.66M of collateral, improving LTV from 75% to 68%.

When collateral coverage improves, borrowing capacity expands.
At 75% LTV, a $14.66M collateral position supports $11.0M of senior debt—an increase of $1.0M in issuance capacity.

When we issue additional debt, we acquire additional gold.
New capital plus existing gold position creates expanded collateral base.

The flywheel accelerates.
Subsequent periods repeat the cycle: collateral appreciation → capacity expansion → capital issuance → gold accumulation.

The compounding is not aspirational. It is mechanical, rooted in the structure of the platform rather than market sentiment or credit quality improvement.

Who Should Not Invest Here:

If you believe central banks will print materially less in the next decade than they did in the prior decade, this structure is not designed for you.

If you believe the dollar's reserve status is permanently unshakable regardless of monetary policy trajectory, this positioning is not aligned with your thesis.

If you believe negative real yields are a temporary cyclical feature that will normalize, SOLIDUM is a poor allocation.

If you believe institutional demand for differentiated collateral backing fixed income is satisfied by existing infrastructure, you don't see the dislocation we're addressing.

Who Should Consider This:

If you've read central bank meeting minutes and understand the constraints they face. If you monitor capital flows into gold venues and see the magnitude of institutional repositioning. If you believe currency regime change is more probable than regime continuation. If you seek fixed income that compounds with the collateral appreciating rather than betting on credit quality improvement.

VII. Why Wykco

We don't operate in speculative commodities. We don't pursue macro tourism. We don't build platforms around temporary dislocations.

We architect platforms where structural change creates enduring value.

Gold is not a commodity trade here. Gold is an architectural shift in how institutions think about reserves, collateral permanence, and the relationship between monetary policy and asset value.

SOLIDUM is the fixed income platform for that architectural shift.

Our institutional model:

Step 1 | Identify the Structural Dislocation
Fixed income investors globally have no access to institutional-grade credit backed by tangible collateral at scale. Private credit is drowning in corporate cash flows. Institutional allocators understand the currency risk but have no vehicle for hedging it through fixed income.

Step 2 | Build the Infrastructure
Structure a Delaware SPV with regulated custody, independent audit, transparent covenants, and tiered notes (senior secured and subordinated unsecured). Make it investable for institutions, not speculators.

Step 3 | Scale the Platform
Ongoing monthly issuances tied to collateral revaluation, not equity capital chasing. As gold appreciates, capacity expands. As capacity expands, new tranches issue. As new tranches issue, gold accumulation accelerates. The platform compounds.

Step 4 | Generate Deal Flow
As the platform grows and gold appreciates, capacity for additional vehicles emerges. Secured lending facilities. Term loans. Structured products tied to gold collateral. The platform becomes the institutional infrastructure for gold-backed credit.

This is the advisory-to-platform model applied to the most fundamental monetary dislocation of our era.

VIII. What This Becomes

SOLIDUM begins as institutional-grade secured credit and evolves into comprehensive alternative fixed income infrastructure.

As the platform matures, multiple vehicle types will serve diverse institutional bases. Refinancing cycles will become recurring structural features. Operational infrastructure will expand to support growing collateral management complexity.

The platform becomes what it is designed to become: the standard infrastructure for institutions seeking fixed income backed by tangible collateral rather than assumptions about currency permanence.

When gold is re-priced and currency instability accelerates—events that are not speculative but structural—there will be acute institutional demand for credit secured by the one asset central banks understand as permanent.

We are building that infrastructure now, while the opportunity gap is widest and capital remains skeptical of structural arguments about monetary change.

IX. Who This Is For

This is not for retail investors. This is not for generalists seeking yield. This is not for capital pursuing temporary dislocations.

This is for:

Family offices that understand wealth preservation in currency regime changes is more important than beating benchmarks
Institutional allocators that refuse to underwrite negative real yields or accept unsecured private credit exposure as the alternative
Sovereign wealth funds and official reserve managers that see the structural positioning but cannot articulate it publicly
Ultra-high-net-worth individuals who've already allocated substantial capital to physical gold and seek income on top of their debasement hedge
Private banks seeking credit strategies that differentiate from the private equity debt consensus
Alternative asset allocators that understand the monetary system is realigning and are positioning accordingly

Investment Qualification:
SOLIDUM is available exclusively to qualified investors, family offices, and institutions. Minimum subscriptions and lock-up periods reflect the tenor and structure of individual tranches.

Investor Profile:
The ideal investor for SOLIDUM understands that currency regime change is structural, not cyclical. They have already formed a thesis about gold's role in institutional reserves. They seek fixed income exposure that is uncorrelated with credit quality improvement and protected by collateral that central banks themselves are accumulating.

X. The Risk Framework

We engage with risks directly because they are material:

Significant Gold Price Decline
This is possible. Gold is volatile. Our structure incorporates a 25% LTV cushion at 75% leverage, meaning collateral can decline substantially before covenant triggers. However, this risk should be understood in context: if gold experiences significant sustained declines, your broader portfolio is likely experiencing worse drawdowns. We would recommend evaluating this risk against your overall gold positioning rather than in isolation.

Refinancing Risk at Maturity
Possible but structured against through reserve provisions, staggered maturity cohorts, and sponsor capital commitment. We've also structured partial amortization (not full bullet repayment) to reduce refinancing pressure. That said, refinancing risk in any credit structure is real. We manage it, but it exists.

Custody / Operational Risk
Low probability but catastrophic if it occurs. This is why we use internationally regulated custodians, maintain independent periodic audits, require full insurance coverage, and segregate gold as allocated rather than pooled. The custody infrastructure mirrors that of institutional gold trading desks, not commodity speculation. The risk is mitigated but not eliminated.

Regulatory and Jurisdictional Risk
Real risk. We operate across Delaware (SPV jurisdiction), the jurisdiction of the regulated custodian, and potentially others. Regulatory changes in any jurisdiction could affect the platform. We maintain legal flexibility and diversification across jurisdictions, but regulatory risk is inherent in any structured product. We stay ahead of compliance and maintain optionality to restructure if needed.

Sponsor Execution Risk
This is the largest risk. If we fail to close ongoing monthly issuances, manage covenants transparently, or maintain investor confidence, the platform stalls. This is why we've over-engineered documentation, hired institutional-grade counsel, aligned our compensation with successful issuances (not AUM accumulation), and retained portions of subordinated tranches to align our interests with platform risk.

XI. Alignment of Interests

We don't employ the traditional 2-and-20 fee structure. We don't charge AUM management fees. We don't have performance incentives that encourage risk-taking or asset gathering for asset gathering's sake.

Our compensation is an origination fee on each successfully closed capital raise.

This alignment is deliberate: We make money when we successfully execute issuances. We lose money when issuances fail. We have zero revenue from stale AUM. Our incentive is to keep issuing, keep growing, keep refining the platform—which means keeping collateral stable, maintaining investor confidence, and executing flawlessly on operations.

We also retain a portion of subordinated tranches (when capital structure allows), directly aligning us with mezzanine risk alongside our investors.

XII. What We Are Not

We are not:

A gold commodity fund or ETF (we are credit infrastructure, not commodities exposure)
A hedge fund (we do not trade; we structure secured income)
A private equity vehicle (we do not acquire companies; we finance collateral)
A thematic macro bet (we are not betting on gold "going to the moon"; we're architecting infrastructure for institutional positioning)

We are also not offering "safety." We are offering institutional-grade credit infrastructure for capital positioning for currency debasement and monetary regime change.

If you seek absolute safety, buy government treasuries and accept negative real returns.
If you seek maximum returns, private equity and venture capital offer higher expected IRRs (with higher risk).
If you seek yield generation backed by tangible collateral in a context of currency debasement and institutional repositioning, this is the institutional infrastructure designed for that thesis.

XIII. The Realignment

The monetary system is realigning. This is not hypothesis. This is observable:

Central banks are accumulating gold at record volumes
Negative real yields persist despite rate normalization
Geopolitical fragmentation is accelerating dedollarization and reserve diversification
Institutions are re-evaluating the permanence of current monetary arrangements

SOLIDUM is how sophisticated capital structures that realignment into secured, yield-generating fixed income rather than speculation.

We are not predicting fiat currency collapse. We are architecting institutional infrastructure for what follows when institutions stop pretending current arrangements are permanent.

SOLIDUM

A Wykco Investment Platform

Secured Fixed Income for Structural Monetary Realignment

SOLIDUM is an alternative credit platform available exclusively to qualified investors, family offices, and institutions. All investments carry risk. Gold prices are volatile. Credit structures are complex. Monetary policy is uncertain. Read the offering documents.

For qualified investor inquiries:

partner@wykco.com

SOLIDUM PLATFORM