How do you protect against client default?

Our business model and the nature of our assets allow us to assume this risk.

- Defaults are rare: furniture is not a budget adjustment variable.

- In case of default, we can relocate the furniture to another client within a few weeks, without interrupting interest payments: the furniture is standardized, mobile, and interchangeable.

- The high margins generated allow us to absorb these potential defaults: we select high-end furniture, purchased at wholesale prices (around 30% of market value) and resold at full price (driven by rising raw material costs, inflation, and refurbishment).