Loadstar Capital K.K.
3482・Prime Market・Real Estate
Loadstar Capital K.K. (Real Estate-Related Business, Single Segment)
A comprehensive real estate finance group centered on real estate investment in mid-sized office buildings in Tokyo's 23 wards
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (1Q FY2026 cumulative) | ¥18,261 million | ¥11,052 million (1Q FY2025) | ↑ |
| Operating profit (1Q FY2026 cumulative) | ¥6,115 million | ¥5,550 million (1Q FY2025) | ↑ |
| Operating profit margin (1Q FY2026 cumulative) | 33.5% | 50.2% (1Q FY2025) | ↓ |
| Ordinary profit (1Q FY2026 cumulative) | ¥5,727 million | ¥5,341 million (1Q FY2025) | ↑ |
| Quarterly net income attributable to owners of parent (1Q FY2026 cumulative) | ¥3,829 million | ¥3,584 million (1Q FY2025) | ↑ |
| Quarterly net income per share | ¥227.24 | ¥216.48 (1Q FY2025) | ↑ |
| Total assets | ¥131,117 million | ¥124,068 million (end of FY2025, December fiscal year-end) | ↑ |
| Net assets | ¥35,402 million | ¥32,943 million (end of FY2025, December fiscal year-end) | ↑ |
| Equity ratio | 26.6% | 26.1% (end of FY2025, December fiscal year-end) | ↑ |
| Balance of real estate for sale | ¥99,122 million | ¥92,568 million (end of FY2025, December fiscal year-end) | ↑ |
| Crowdfunding operating loans receivable balance | ¥12,060 million | ¥9,272 million (end of FY2025, December fiscal year-end) | ↑ |
| AUM (assets under management) | exceeding ¥120.0 billion | exceeding ¥110.0 billion (end of FY2025, December fiscal year-end) | ↑ |
| Full-year sales forecast | ¥56,150 million (up 25.8% year on year) | ¥44,633 million (FY2025 actual, December fiscal year-end) | ↑ |
| Full-year operating profit forecast | ¥15,976 million (up 19.1% year on year) | ¥13,415 million (FY2025 actual, December fiscal year-end) | ↑ |
| Annual dividend forecast | ¥98.00 | ¥86.00 (FY2025, December fiscal year-end) | ↑ |
Business Details
Comprised of three pillars: the Corporate Funding Business (Real Estate Investment & Leasing, and Hotel Operations), the Asset Management Business, and the Crowdfunding Business (OwnersBook). The group's core focus is value-up investment in mid-sized office buildings in Tokyo's 23 wards, operating a real estate finance platform that combines AM services for institutional investors with crowdfunding for individual investors. The company is also preparing to enter the real estate STO field. Real estate investment sales accounted for 86.5% of total sales in 1Q FY2026 (ending March 2026).
Recent Overview
1Q sales up 65.2%, driven by real estate investment sales; full-year forecast maintained
In 1Q FY2026 (January to March), the sale of one office building in Tokyo drove a substantial increase in real estate investment sales to ¥15,800 million (up 79.5% year on year). Total sales reached ¥18,261 million (up 65.2% year on year). However, an increase in cost of sales (from ¥4,933 million to ¥11,456 million) caused the operating profit margin to decline to 33.5% (versus 50.2% in the same period of the prior year). After recording a gain of ¥107 million on interest rate swap valuation and interest expenses of ¥340 million, ordinary profit came to ¥5,727 million (up 7.2% year on year). As 1Q results were broadly in line with the initial plan, the full-year forecast (sales of ¥56,150 million, operating profit of ¥15,976 million) remains unrevised. The office vacancy rate in Tokyo's five central wards was 2.02% (versus 3.39% in the same month of the prior year), with average rent per tsubo of ¥22,001, reflecting a solid market. The first real estate STO project is being prepared for launch around summer 2026.
Key Products
Growth Drivers
- Expansion of real estate investment sales against the backdrop of a solid Tokyo office building sales market (2.02% vacancy rate in the five central wards, average rent of ¥22,001 per tsubo)
- Securing future sources of sales revenue through the buildup of the balance of real estate for sale to ¥99,122 million (up 7.1% from the end of the prior fiscal year)
- Increased revenue from new asset entrustments and sales of existing assets through the buildup of AUM in the Asset Management Business (exceeding ¥120.0 billion)
- Robust demand for funding in the Crowdfunding Business (1Q loans executed of ¥4,577 million, up 54.6% year on year) and expansion of the operating loans receivable balance (¥12,060 million)
- Development of a new revenue source through the launch of the first real estate STO project around summer 2026
Risks
- Risk of rising floating-rate funding costs due to Bank of Japan interest rate hike trends (long-term borrowings balance of ¥71,333 million, mostly at floating rates)
- Risk of price declines and delayed sales of real estate for sale (¥99,122 million) due to deterioration in real estate market conditions
- Risk of declining profit margin due to a rising cost of sales ratio (1Q cost of sales of ¥11,456 million, cost of sales ratio of 62.7%)
- Risk of impairment of goodwill (¥1,073 million) associated with the acquisition of Hash DasH Holdings, and risk of regulatory changes affecting the STO business
- Impact of geopolitical risks, including U.S. trade policy and heightened tensions in the Middle East, on the real estate market
Last updated: March 26, 2026