[Average Actual Yield 10.4%] Achieving Results Exceeding Projected Yields, Real Estate Crowdfunding 'To-Katsu' Releases FY2025 Operations Report

Trust Co., Ltd. (Head office: Chuo-ku, Tokyo; Representative Director: Ryunosuke Nagami), which operates the real estate crowdfunding service "To-Katsu," has released its "FY2025 Operations Report" (https://to-katsu.com/report/287).

This report organizes operational results up to FY2025, as well as operational data, project results, and investor data since the service launched in 2023, introducing "To-Katsu"'s past operational performance and service growth with data.

■ Overview of Cumulative Operational Results Since Service Launch

Since its launch in 2023, To-Katsu has steadily accumulated project numbers and cumulative funding amounts by forming projects primarily focused on urban condominium units.

As of March 31, 2026, the cumulative application amount is 964.64 million yen, the cumulative funding amount is 485.17 million yen, and the total number of projects is 34. No principal loss has occurred in any project that has been redeemed to date.

Within the framework of a small-scale real estate specified joint enterprise, we design funds that prioritize a balance between risk and return, and operate our business with an emphasis on accumulating stable operational results.

The average actual yield for projects completed in FY2025 was 10.4%, exceeding the average projected yield of 6.0% by 4.4 percentage points. Upside (results exceeding projected yield) occurred in 18 out of 31 completed projects, with an upside occurrence rate of 58%. The average operation period was 127 days, establishing a short-term rotation operation model.

Key operational data are as follows (as of March 31, 2026):

Indicator	Performance
Cumulative Application Amount	964.64 million yen
Cumulative Funding Amount	485.17 million yen
Average Projected Yield	6.0％
Average Actual Yield	10.4％
Average Operation Period	127 days
Total Projects	34 projects (31 completed, 3 in operation)
Principal Loss	0 cases

This report also includes trends in membership numbers and investor data (age groups, average investment amount, investment objectives, etc.) in addition to operational results since the service launched in 2023.

■Summary of FY2025 and Future Outlook

To-Katsu celebrated its 3rd anniversary on March 17, 2026. We sincerely thank all investors who have participated daily.

Since its launch, we have conducted sound operations as a small-scale real estate specified joint enterprise, commensurate with our business scale, and have accumulated operational results through project formation primarily focused on urban condominium units. In FY2025, we established an integrated process from project acquisition to operation and exit strategy, enhancing the reproducibility of our operational model.

On the other hand, while a high application rate is a sign of support, we also recognize it as a challenge in not being able to provide sufficient investment opportunities.

Going forward, in addition to strengthening our project formation capabilities, we will proceed with improving our business structure and capital base, and are preparing with a view to a license change to a "Real Estate Specified Joint Enterprise."

We look forward to your continued support for To-Katsu.

■What is "To-Katsu"?

"To-Katsu" (https://to-katsu.com/) is a real estate crowdfunding service operated by Trust Co., Ltd.

It forms funds targeting properties primarily urban condominium units, and investors can receive distributions such as rental income and capital gains by investing online.

Since its launch in 2023, it has steadily accumulated cumulative funding amounts and project numbers.

■About the Operating Company

【Company Profile】

Trust Co., Ltd.
Head office: Maruito Ginza 3rd Bldg. 3F, 3-10-6 Ginza, Chuo-ku, Tokyo
Established: February 2012
Representative Director: Ryunosuke Nagami
Capital: 100,000,000 yen

【Business Activities】
Real estate trading
Real estate leasing
Rental management
Real estate specified joint enterprise

【Licenses and Registrations】
Real Estate Transaction Business License: Tokyo Governor (3) No. 94098
Rental Housing Management Business Registration: Minister of Land, Infrastructure, Transport and Tourism (02) No. 000152
Small-scale Real Estate Specified Joint Enterprise Registration Number: Tokyo Governor (1) No. 15

【Homepage】

https://www.trust-realestate.jp/