【Average Actual Yield 10.4%】Achieving Results Exceeding Expected Yield, Real Estate Crowdfunding "Tokatsu" 2025 Fiscal Year Operation Report Released

Trust Co., Ltd. (Headquarters: Chuo-ku, Tokyo; Representative Director: Ryunosuke Nagami), which operates the real estate crowdfunding service "Tokatsu," has released its "2025 Fiscal Year Operation Performance Report" (https://to-katsu.com/report/287).

This report organizes operational performance up to the 2025 fiscal year, as well as operational data, project achievements, and investor data since the service launched in 2023, introducing "Tokatsu"'s past operational results and service growth with data.

■ Overview of Cumulative Operational Performance Since Service Launch

Since its launch in 2023, Tokatsu has steadily accumulated projects and cumulative funding, primarily focusing on urban condominium properties.

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 projects that have 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 performance.

The **average actual yield for projects completed in the 2025 fiscal year was 10.4%, exceeding the average expected yield of 6.0% by 4.4 percentage points**. **Upside (results exceeding the expected yield) occurred in 18 out of 31 completed projects**, with an upside occurrence rate of 58%. In addition, the average operation period was 127 days, establishing a short-term rotation type operation model.

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

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

■Summary of 2025 Fiscal Year and Future Outlook

Tokatsu **celebrated its 3rd anniversary since service launch on March 17, 2026.** We sincerely thank all investors who have participated daily.

Since its launch, as a small-scale real estate specified joint enterprise, we have conducted sound operations commensurate with our business scale and accumulated operational performance through project formation centered on urban condominium properties. The 2025 fiscal year was a year in which we built an integrated process from property acquisition to operation and exit strategy, enhancing the reproducibility of our operational model.

On the other hand, we recognize that a high application rate is a sign of support, but also a challenge in that we are not providing sufficient investment opportunities.

Going forward, in addition to strengthening our project formation capabilities, we will proceed with preparations for improving our business structure and strengthening our capital base, **with a view to transitioning to a "real estate specified joint enterprise" license**.

We look forward to your continued support for Tokatsu.

■What is "Tokatsu"?

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

Funds are formed for properties primarily consisting of urban condominiums, 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 and the number of projects.

■About the Operating Company

【Company Profile】

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

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

【Licenses and Registrations】
Real Estate Transaction Business License: Tokyo Governor (3) No. 94098
Rental Housing Management Business License: 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/