Overview
Real Estate

First Brothers Co.,Ltd.

First Brothers is a Tokyo-based alternative investment firm operating across three core segments: Investment Management (asset management services for institutional investors targeting large-scale real estate), Investment Banking (proprietary investments in income-generating rental real estate, private equity, renewable energy and social infrastructure, as well as M&A and restructuring advisory), and Facility Operations (hospitality and accommodation facility management). The company leverages its proprietary real estate portfolio, private fund co-investment capabilities, and deep structuring expertise to generate both income and capital gains across its diversified platform.

Market Cap
¥17.3B
US$111M
EV
¥—B
Stock¥1,237▼-0.32%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
—
LTM EV/EBIT
—
LTM PER
4.8
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-18.2%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
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Performance & Balance
Revenue 5Y (¥B)
26.7US$170M'21/1114.3US$91.1M'22/1122.3US$142M'23/1116.9US$108M'24/1119.1US$122M'25/11
EBITDA 5Y (¥B)
5.77US$36.8M'21/112.80US$17.9M'22/115.62US$35.8M'23/114.06US$25.9M'24/116.53US$41.6M'25/11
Net Income 5Y (¥B)
2.80US$17.8M'21/111.18US$7.53M'22/113.19US$20.3M'23/111.42US$9.03M'24/111.75US$11.2M'25/11
Capital Structure
34%
66%
EquityD/E 1.93xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
10.8US$69.1M49.7US$317M'21/117.39US$47.1M54.2US$346M'22/117.62US$48.6M55.5US$354M'23/114.92US$31.4M58.2US$371M'24/116.94US$44.3M56.5US$360M'25/11
Shareholders
Top 10 hold 81.3%
1
Tomonori YOSHIHARA
52.17%
2
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
10.27%
3
ACI Co., Ltd.
5.60%
4
PHILLIP SECURITIES CLIENTS (RETAIL; Standing Proxy: Phillip Securities Japan, Ltd.)
4.84%
5
Yoshinobu HOTTA
3.31%
6
Seigo NAITO
2.50%
7
Kazutaka TSUJINO
1.01%
8
Tomohiro SUZUKI
0.66%
9
Japan Securities Finance Co.,Ltd.
0.51%
10
JPMorgan Securities Japan Co., Ltd.
0.40%
Management
9 officers
Tomonori YOSHIHARA
Representative Director, President
Apr 1993 Joined Mitsui Trust Bank, Limited (now Sumitomo Mitsui Trust Bank, Limited) May 2001 Joined Morgan Stanley Properties Japan K.K. (now Morgan Stanley Capital K.K.) Feb 2004 Representative Director, President of the Company (current) Nov 2008 Representative Director, President of FB Properties Co., Ltd. (now First Brothers Capital Co., Ltd.) Jun 2011 Representative Director, President of FBAM Preparatory Company, Ltd. (now First Brothers Investment Advisors Co., Ltd.) Apr 2023 Representative Director, President of From First Hotels Co., Ltd.
1970-05-18
Kazutaka TSUJINO
Director, General Manager, Management Administration Department
Apr 1991 Joined Mitsui Trust Bank, Limited (now Sumitomo Mitsui Trust Bank, Limited) May 2001 Joined Morgan Stanley Properties Japan K.K. (now Morgan Stanley Capital K.K.) Sep 2003 Director, Aoyama Realty Advisors Co., Ltd. Feb 2006 Joined the Company May 2008 Director of the Company; Deputy General Manager, Risk Management Department Dec 2009 Director of the Company; General Manager, Risk Management Department Dec 2011 Director of the Company; General Manager, General Affairs Department Jun 2015 Director of the Company; General Manager, General Affairs Department and Manager, President's Office Mar 2020 Representative Director, President, First Brothers Development Co., Ltd. (current) Dec 2023 Director of the Company; General Manager, General Affairs Department Feb 2024 Director of the Company; General Manager, Management Administration Department (current)
1968-12-05
Mina ONISHI
Director
Oct 2017 Joined Ken Real Estate Leasing Co., Ltd. (now Ken Hotel & Resorts Holdings Co., Ltd.) Apr 2021 Joined Take and Give Needs Co., Ltd.; seconded to TRUNK Co., Ltd. Feb 2022 Joined the Company; seconded to First Brothers Capital Co., Ltd. Dec 2022 Manager, President's Office, the Company Nov 2023 Executive Officer, President's Office, the Company Feb 2024 Director of the Company; in charge of Corporate Planning Department (current)
1994-07-30
Kotaro TAMURA
Director
Apr 1983 Registered as attorney-at-law Apr 1985 Joined Ushijima Law Office (now Ushijima & Partners) Jan 1990 Partner, Ushijima & Partners (current) Sep 2005 Director of the Company (current) Sep 2008 Corporate Auditor, PGIM Real Estate Investors Japan K.K. (now PGIM Real Estate Japan K.K.) (current) Oct 2018 Corporate Auditor, Centerpoint Development Co., Ltd.
1957-01-31
Mitsuhiro USUI
Director
Apr 1977 Joined Japan Development Bank (now Development Bank of Japan Inc.) Oct 2008 Managing Executive Officer, Japan Development Bank Jun 2009 Director and Managing Executive Officer (in charge of corporate planning), Japan Development Bank Jun 2012 Director, Institute of Capital Investment Research, Development Bank of Japan Inc. Sep 2014 Visiting Professor, Faculty of Policy Studies, Chuo University Jun 2015 Representative Director, President, Shin-Mutsu Ogawara Co., Ltd. Jun 2015 Outside Director, The Higashi-Nippon Bank, Limited Jul 2016 Co-Chairman, Creative Town Promotion Organization (current) Feb 2022 Outside Director of the Company (current)
1953-06-06
Tadashi IWASHITA
Director
Apr 1970 Joined the Ministry of Finance Jun 1993 Director, Research and Planning Division, Minister's Secretariat, Ministry of Finance Apr 1994 Secretary to the Prime Minister (administrative affairs) Jul 1996 Minister, Embassy of Japan in the United States, Ministry of Foreign Affairs Jul 1999 Deputy Director-General, International Bureau, Ministry of Finance Jul 2002 Director-General, Policy Research Institute, Ministry of Finance Apr 2003 Executive Director, Japan Bank for International Cooperation Nov 2006 Chairman, Lone Star Japan Acquisitions, Ltd. Oct 2012 Advisor of the Company Jun 2018 Representative Director, Chairman, Lawson Bank, Inc. Apr 2023 Outside Director, International Crisis Management Institute (current) Feb 2024 Outside Director of the Company (current)
1948-01-01
Toshihiro SUGI
Full-time Corporate Auditor
Apr 1988 Joined National Police Agency Apr 1998 Seconded to Ministry of Foreign Affairs (Head of Consular Section, Embassy of Japan in Israel) Apr 2010 Director, Diet Liaison Office, General Affairs Division, Secretariat of the Commissioner-General, National Police Agency Sep 2012 Director of Police Affairs, Nagasaki Prefectural Police Headquarters Jun 2017 Director, Automated Driving Planning Office, Traffic Planning Division, Traffic Bureau, National Police Agency Jan 2020 Director, Information Disclosure and Personal Information Protection Office, General Affairs Division, Secretariat of the Commissioner-General, National Police Agency Aug 2021 Commander, Hakodate Area Headquarters, Hokkaido Prefectural Police Aug 2022 Director, Traffic Guidance Division, Traffic Bureau, National Police Agency Feb 2024 Full-time Corporate Auditor of the Company (current) Feb 2024 Corporate Auditor, First Brothers Investment Advisors Co., Ltd. (current)
1963-06-05
Takeshi USUI
Corporate Auditor
Apr 1994 Joined Kanto Nihon Food Co., Ltd. Oct 1995 Joined Nakagawa Judicial Scrivener Office (now Shinagawa Legal and Registration Office) Sep 1998 Joined Tamai Judicial Scrivener Office Nov 1999 Joined Funasaki Judicial Scrivener Office (now Funasaki Judicial Scrivener Corporation) Mar 2005 Opened Usui Judicial Scrivener Office (current) Sep 2005 Corporate Auditor of the Company Feb 2007 Outside Corporate Auditor of the Company (current)
1971-09-23
Yoshihiro KANEDA
Corporate Auditor
Apr 1983 Joined Tokyo Regional Taxation Bureau Jul 2009 Deputy Director, Kanda Tax Office Jul 2015 Deputy Director, Investigation and Inspection Division, Sendai Regional Taxation Bureau Jul 2016 Deputy Director, Investigation Division I, Tokyo Regional Taxation Bureau Jul 2017 Director, Kyobashi Tax Office Aug 2018 Opened Yoshihiro Kaneda Certified Tax Accountant Office (current) Feb 2023 Outside Corporate Auditor of the Company (current)
1958-01-24
Large Shareholding Reports
Gordian Capital Singapore Private Limited
2026-06-18
9.08%→10.09%
Gordian Capital Singapore Private Limited
2026-04-28
8.08%→9.08%
Gordian Capital Singapore Private Limited
2026-01-23
7.05%→8.08%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-09
Q3 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-13
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-04-28
Large Shareholding Report
TDnet
2026-04-10
Q1 Earnings Flash
FY ending Nov 2026
EDINET
2026-02-25
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2026-01-23
Large Shareholding Report
TDnet
2025-10-07
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-07-09
Semi-Annual Securities Report
Period: Dec 2024 – Nov 2025
TDnet
2025-04-08
Q1 Earnings Flash
FY ending Nov 2025
EDINET
2025-02-27
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2024-07-10
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-10
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-28
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-10
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-10
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-10
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-22
Annual Securities Report
Period: Dec 2021 – Nov 2022
EDINET
2022-10-11
Quarterly Securities Report
EDINET
2022-07-11
Quarterly Securities Report
EDINET
2022-04-11
Quarterly Securities Report
EDINET
2022-02-25
Annual Securities Report
EDINET
2021-10-11
Quarterly Securities Report
EDINET
2021-07-12
Quarterly Securities Report
EDINET
2021-04-12
Quarterly Securities Report
EDINET
2021-02-25
Annual Securities Report
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