Glossary: tokenization, BESS, real-asset structures

Anchor tenant: The largest or most credit-worthy tenant in a multi-tenant property. Their commitment is what makes the property bankable. For the Brașov industrial park, the anchor tenant is a European clean energy technology company on a 5-year auto-renewal lease at €6/sqm/month, taking 5,000 m² across both buildings.
AUM Assets Under Management: The total value of assets managed by an institution or advisor. Most often used to describe the institutional scale of a brokerage desk or fund manager.
BESS Battery Energy Storage System: A utility-scale battery container, typically lithium-ion, plugged into the electricity grid through a substation. Charges when supply is abundant and prices are low, discharges when supply is scarce and prices peak. See the full BESS investment guide for revenue mechanics, EU market yields, and the three private-investor structures.
Burn-mint equilibrium: A token-economic model with no fixed maximum supply. Fees paid in the native token are burned (reducing supply), new tokens are minted as rewards to validators (increasing supply). Net dilution depends on whether activity-driven burns exceed mint rewards. Used by Canton Network and several others. The risk: if network activity slows, there is no floor on dilution.
Cap rate Capitalisation rate: The annual net operating income divided by the property's market value, expressed as a percentage. A €260K NOI on a €2.8M property gives a cap rate of approximately 9.4%. Used as the standard yardstick for commercial real-estate yield.
Capacity payment: A long-dated fixed payment from the grid to any asset that promises to be available during peak hours. Used in the UK, Italy, and Spain. Provides revenue stability for BESS operators that wins capacity auctions. Romania does not currently have a capacity auction; Hungary's is small.
Counterparty risk: The risk that the counterparty to a contract (the operator on a BESS lease, the anchor tenant on a property) stops paying. The primary risk in real-asset tokenization positions over a 10-year horizon. Mitigated by asset retention, re-lease optionality, and Tier-1 insurance on the physical asset.
Cycle Working capital: One complete inventory cycle: the SPV buys wholesale, holds inventory in a warehouse, sells through to retail, returns capital plus margin. The Worxspace solar panel SPV runs 45 to 60-day cycles, six to eight cycles per year.
Day-ahead arbitrage: Buying electricity at low daytime prices (often €30 per MWh in Romania during solar oversupply) and selling at higher evening peak prices (often €180 per MWh four hours later). The economic basis for BESS revenue in Romania. The wider the spread, the higher the operator's revenue and therefore the higher the rent paid to the investor under the lease.
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FCR Frequency Containment Reserve: A grid ancillary service. BESS operators are paid to keep capacity available to respond within seconds to frequency deviations on the grid. The dominant revenue stream for German BESS, where the day-ahead spread is too narrow to drive arbitrage-led returns. Romania's FCR market is smaller and less developed than Germany's.
First-demand release: A contractual right that lets the SPV pull its inventory or asset out of a custodian's possession at any time, without negotiating. Used in the Worxspace solar SPV structure for the panel inventory in the Brașov warehouse. Provides the investor with a recovery floor if the cycle stalls or the operator becomes uncooperative.
Gross yield: The annual rental or distribution income divided by the asset's price, before deducting operating costs, taxes, or financing. The headline yield used to compare investments. A €2.8M property paying €216K of annual rent shows a gross yield of approximately 7.7%.
ImmoLöwin: Real-estate broker (ImmoLöwin GmbH) that represents the Austrian and Romanian property assets on this desk. Anton Iakovlev is the partner most allocators interact with.
IRR Internal Rate of Return: The annualised return that makes the net present value of cash flows equal zero. The headline rate of return for time-weighted investments. A €500K real-asset position generating €100K of annual cash for 10 years produces an IRR in the high single digits to low double digits depending on residual value at exit.
Janus Henderson Anemoy: Janus Henderson's tokenized-fund product line, structured through Anemoy as a British Virgin Islands fund issuer. JTRSY (Anemoy Treasury Fund) holds ~$1.07B and JAAA (Anemoy AAA CLO Fund) holds ~$428M on Centrifuge as of May 2026. Together they make up roughly 95% of Centrifuge's TVL. See the Centrifuge RWA Roast for the concentration analysis.
MOIC Multiple On Invested Capital: Total cash returned to the investor divided by the original capital committed. A €500K investment that returns €1M total is a 2.0× MOIC. Used alongside IRR to describe investment outcomes; MOIC tells you absolute scale, IRR tells you time-weighted speed.
NAV Net Asset Value: The total value of an SPV's assets minus its liabilities, divided by the number of outstanding ownership tokens. Used to price tokens at issuance and at any internal transfer between qualified holders.
Net yield to investor: The annual cash actually received by the investor after operating costs, corporate tax, dividend withholding, and management fees. Typically 50 to 65% of gross yield in a Romanian SPV structure. The Brașov industrial park's 9.1% gross becomes ~5.3% net to an EU investor after Romanian corporate tax (16%) and 8% dividend withholding.
Prosumator: Romania's program allowing renewable-energy producers (typically rooftop solar owners) to sell surplus power back to the grid at a fixed regulated rate. Extended in June 2026 to direct sales between renewable producers and park tenants. The mechanism that lets the Brașov industrial park sell solar surplus at a guaranteed price after meeting tenant demand.
Reverse charge VAT: An intra-EU VAT mechanism where the buyer self-assesses VAT on imported capital goods rather than paying cash. Creates no working-capital impact for VAT-registered EU companies acquiring BESS units cross-border. Avoids the 20% Romanian VAT outlay that a Romanian-resident buyer would face on the same purchase.
RWA Real-World Asset: A physical or off-chain financial asset wrapped in a digital ownership token. Categories include real estate, energy infrastructure, private credit, treasuries, manufacturing equipment, and inventory cycles. The fastest-growing segment of tokenization in 2026.
SPC Special Purpose Company: A jurisdiction-specific form of SPV used in Malta and Singapore. Often structured under PIF (Professional Investor Fund) regulations in Malta. Higher setup and ongoing compliance cost than a Romanian SRL but useful for cross-border allocator bases requiring full regulatory wrapping.
SPV Special Purpose Vehicle: A legal entity created to hold a single asset (or a defined set of assets) and to isolate the asset's ownership, cash flows, and liabilities from the operator's broader business. The standard wrapper for tokenized real-asset deals. See the tokenization guide for wrapper choice across Romanian SRL, Austrian SPV, Maltese SPC, and Singapore SPC.
SRL Societate cu Răspundere Limitată: Romanian limited-liability company. The standard wrapper for tokenized Romanian energy and working-capital assets on this desk. Setup cost €500, annual overhead €3K. EU member jurisdiction, 5 to 7 days to incorporate.
Take rate: The percentage of gross fees that reaches the protocol or platform itself, as opposed to the asset managers, originators, or end-users. Centrifuge's take rate on $1.57B TVL producing $5.5M revenue is 0.35%. Used to compare the economic capture of competing tokenization platforms.
Tier-1 insurer: An EU insurance carrier with the highest credit rating, capable of underwriting full-replacement coverage for utility-scale physical assets. Allianz, Generali, AXA, Munich Re are the typical carriers. Every BESS and solar deal on this desk is insured with a Tier-1 carrier for the lease duration.
Triple-net lease: A lease structure where the tenant pays rent plus all operating costs (taxes, insurance, maintenance). The landlord receives a clean net cash flow with low operational overhead. Standard for industrial real estate in Austria and similar DACH jurisdictions.
TVL Total Value Locked: The total value of assets held inside a protocol or tokenization platform. Used in DeFi and RWA contexts as a headline scale metric. Centrifuge had $1.57B in TVL as of May 2026, with $0 of that translating into distributions to CFG token holders.
Worxspace: Romanian operating company (Worxspace Operations SRL, Brașov) that runs the solar panel trading SPV on this desk. Three years in the business. Currently runs roughly 20 containers per month through a single secured warehouse in Brașov, on B2B pre-order terms to wholesalers, EPCs, and rooftop installers.
ERC-3643 T-REX: The EU-leaning Ethereum standard for permissioned security tokens. Adds an identity registry, compliance checks, and forced-transfer recovery on top of the basic ERC-20 token. Used by Tokeny, Polymath, and most regulated tokenized-fund issuers in Europe.
ERC-1400: Earlier Ethereum security-token standard family (1400, 1410, 1594, 1643, 1644). Covers partitioned balances, transfer restrictions, and document references. Largely superseded by ERC-3643 for new issuances but still in use for legacy structures.
MiCA: Markets in Crypto-Assets Regulation. EU framework that came into force in stages through 2024-2025, covering crypto-asset service providers, stablecoins, and certain tokenized assets. Sets licensing requirements for issuers and exchanges across the EU.
DLT Pilot Regime: EU regulatory sandbox active from March 2023, allowing tokenized securities trading and settlement on distributed ledger infrastructure under modified MiFID/CSDR rules. Used to test on-chain settlement at institutional scale within the EU.
Permissioned token: A token whose holder set is restricted by KYC/AML checks at the smart-contract level. Only whitelisted addresses can hold or transfer the token. Standard for tokenized securities and most regulated RWA deals. Contrast with permissionless tokens like ETH or USDC, which any address can hold.
Qualified Investor: EU regulatory category (also called Professional Investor or Sophisticated Investor) for an individual or entity that meets minimum-net-worth, income, or investment-experience thresholds. Allows participation in private placements not available to retail. Threshold depends on jurisdiction (typically €500K+ net financial assets or €100K+ ticket size).
Cap table: The shareholder register of an SPV: list of every owner, the size of their position, the price they paid, and the date they joined. For tokenized SPVs, the cap table sits both in the legal company register and on-chain as the token holder set.
Subscription agreement: The legal document a private allocator signs to enter an SPV. Defines the ticket size, price per share or token, allocator representations (qualified-investor status, sanctions screening), and the closing date. The cap table is updated when the subscription closes.
Custody tokenized assets: Holding tokens on behalf of an allocator. Three models: self-custody (allocator holds keys), exchange custody (Coinbase Custody, Anchorage, Komainu), and bank custody (BNY Mellon, Standard Chartered, Sygnum). The choice affects insurance, tax treatment, and liquidity-window mechanics.
Primary vs secondary market: Primary: the original issuance of tokens by the SPV to subscribing allocators at the offering price. Secondary: subsequent transfers between qualified holders, either bilaterally or through a regulated venue. Most tokenized RWA structures focus on primary issuance with controlled secondary windows; pure secondary liquidity remains thin in 2026.

Glossary of tokenization, BESS, and real-asset structures.

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