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1st year of Devon: a journey of growth and shared success
It feels like just yesterday that we launched Devon, but already today, as we close the books on our first year of operations, we couldn’t be prouder of what we’ve built together.
This year hasn’t just been about numbers; it’s been about proving that our model of disciplined execution and transparency works. From the streets of Jūrmala to the affordable housing development in Jelgava, we are seeing our vision take shape in many forms.
The year in review
Full review you can find here (PDF document)!Our first year was marked by steady growth and the achievement of our core objectives. Here are a few highlights from the journey so far:
- A growing portfolio: We successfully attracted over €10.4 million in mezzanine funding, bringing the total project portfolio value to €44.1 million.
- Real results on the ground: We’ve seen major successes, including the commissioning of the Amber Park project in Jūrmala and the first building of our affordable housing project in Jelgava.
- Rewarding lenders’ trust: Our community has grown to 1,319 active lenders, earning a total of €1,167,996 in interest. With an average annual return of 15.40%.
- Security first: We’ve maintained a conservative weighted-average Loan-to-Value (LTV) of 43.5%, ensuring that all mezzanine positions are backed by real estate assets and group guarantee.
We believe in being honest about the work it takes to succeed. This year, MJL Enterprises (our parent group) settled over €1.45M in historical liabilities, reinforcing a 30-year reputation for integrity. We also strengthened our core team by welcoming Toms Bērzkalns as our new COO, bringing institutional-grade expertise from corporate finance to help us scale responsibly.
As we move into 2026, our focus remains on the Latvian market. We are actively evaluating new sites and investing in our vertical integration, such as expanding the production facilities for Rebalt Modular Systems to make our construction even more efficient.
We’ve put together a 1st year review that covers our capital structure, project updates, and risk management pillars. We invite you to download the review below to see exactly how your support is shaping the future of Devon.
Read more here (PDF document)!To our community of lenders: thank you for believing in Devon. Here’s to many more years of building wealth and real estate together.
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Operations overview / September
The first month of autumn is behind us, and we continue to actively work on MJL Group’s projects and funding developments. September brought further progress across construction projects, alongside continued work on strengthening platform's legal and regulatory framework, including a positive legal assessment from KPMG Germany.
Operations overview / August
August was an important month for Devon, with progress across both the platform’s regulatory foundation and its underlying development portfolio. A key milestone was the publication of the KPMG Germany legal opinion, providing further clarity on Devon’s loan structure and its treatment under German regulatory requirements.
Executive Summary - KPMG Germany Legal Opinion
KPMG Germany has conducted a legal assessment of Devon’s loan structure and contractual framework under the applicable German regulatory requirements, with particular focus on whether Devon could be classified as conducting deposit-taking business. Below is a summary of KPMG’s general findings and regulatory conclusions.