Loadstar Capital K.K.
3482・Prime Market・Real Estate
Business
Loadstar Capital is a comprehensive real estate financial group founded in 2012 and listed on the Tokyo Stock Exchange Prime Market. Centered on the Corporate Funding Business (Real Estate Investment & Leasing, Hotel Operations), the company also operates the Asset Management Business for institutional investors and the Crowdfunding Business (OwnersBook), which runs Japan's first real estate-specialized crowdfunding platform, OwnersBook. In December 2025, the company also entered the real estate STO (Security Token Offering) market through the full consolidation of Hash DasH Holdings as a wholly owned subsidiary. Its main customers span multiple layers, including real estate investment funds, business corporations, and individual investors, and its source of competitive advantage lies in its specialized expertise focused on the mid-sized office building market in Tokyo's 23 wards.
Business Model
The real estate investment business, which acquires mid-sized office buildings in Tokyo's 23 wards with low occupancy, poor management, or complex rights structures, enhances their value through renovation and leasing, and then sells them, accounts for approximately 77% of revenue. In addition, rental income from held properties, hotel operation income from HIRAMATSU HOTELS, asset management fees on AUM of over ¥110.0 billion, and real estate-secured lending fees through OwnersBook (loan execution amount of ¥13,307 million) support performance as recurring revenue.
Company Strengths
In FY2025, revenue reached ¥44,633 million (up 29.7% year on year) and operating profit reached ¥13,415 million (up 17.2% year on year), achieving an operating margin of 30.1%. From FY2021 to FY2025, revenue expanded approximately 2.5-fold and operating profit approximately 2.4-fold, achieving four consecutive periods of revenue and profit growth.
The company employs specialized personnel including real estate appraisers, licensed real estate transaction agents, and professionals with backgrounds in real estate investment funds. Under a solid market environment with a vacancy rate of 2.14% in Tokyo's 5 central wards and an average rent of ¥21,172 per tsubo, the company maintains competitiveness in property acquisition through speedy decision-making. Many staff members experienced the Lehman Shock, giving the company resilience in responding to economic fluctuations.
In 2014, the company launched OwnersBook, Japan's first real estate-focused crowdfunding platform, establishing a first-mover advantage. In addition to licenses for investment management business, Type II Financial Instruments Business, and money lending business, the company acquired a Type I Financial Instruments Business license and a blockchain infrastructure through the full consolidation of Hash DasH Holdings as a wholly owned subsidiary in December 2025, establishing a framework for entry into the STO market.
ENVALITH's Perspective
Performance Trend
Revenue expanded 2.5x from ¥17,920 million in FY2021 to ¥44,633 million in FY2025, achieving five consecutive fiscal years of increased revenue and profit. Cumulative results for FY2026 1Q showed revenue of ¥18,261 million (up 65.2% year on year), operating profit of ¥6,115 million (up 10.2% year on year), and quarterly net income attributable to owners of the parent of ¥3,829 million (up 6.8% year on year), a strong start. The substantial revenue increase was mainly driven by the sale of one office building property in Tokyo (real estate investment sales of ¥15,800 million, up 79.5% year on year). As an external factor, the Tokyo office market remained solid, with the vacancy rate in the five central Tokyo wards improving to 2.02% (from 3.39% in the same month of the previous year) and the average rent per tsubo rising to ¥22,001 (from ¥20,474), providing a tailwind. On the other hand, due to an increase in cost of sales (from ¥4,933 million to ¥11,456 million), the gross profit margin declined from 55.4% to 37.3%, and the rate of increase in operating profit was significantly lower than the rate of increase in revenue. The full-year earnings forecast was left unchanged (revenue of ¥56,150 million, operating profit of ¥15,976 million).
Growth Strategy
Accelerating growth through three pillars: building up real estate stock, expanding AUM, and pioneering the STO market
Through continued investment in Tokyo office buildings and other properties, the balance of real estate for sale was built up to ¥99,122 million (up 7.1% from the end of the previous fiscal year). During Q1, the company sold one property and acquired three properties, continuing to secure and rotate sources of sale revenue. Against the backdrop of a solid Tokyo office trading market, the company aims to realize high gains on sale.
Assets under management (AUM) reached over ¥120 billion, and revenue from the Asset Management Business increased significantly to ¥292 million (up 72.0% year on year) through the management and partial sale of existing entrusted assets. The company aims for stable expansion of fee income through the acquisition of new entrusted projects and appropriate timing management for the sale of existing assets.
As a result of loan disbursements of ¥4,577 million (up 54.6% year on year) and redemptions of ¥1,789 million during Q1, the balance of operating loans receivable expanded to ¥12,060 million (up 30.1% from the end of the previous fiscal year). The company continues to build up the balance by capturing robust funding demand, and continues to boost stock-type revenue through increased interest income.
Preparations are underway to launch the first STO project in the real estate ST domain around summer 2026. Through the fractionalization and liquidation of real estate using blockchain technology, the company aims to develop new fundraising methods and cultivate a new investor base. This is expected to establish a new revenue source leveraging the company's existing licensing infrastructure and real estate expertise.
Last updated: July 17, 2026