Major stake: LEIFRAS (LFS) insider controls over half of shares

Rhea-AI Filing Summary

LEIFRAS Co., Ltd. is reported to be majority-owned by Ito Kiyotaka, who beneficially holds 13,176,142 ordinary shares, representing 52.89% of the company’s outstanding shares as of September 30, 2025, based on 24,910,619 ordinary shares outstanding.

These holdings include 7,314,502 ordinary shares held directly by Ito Kiyotaka and 5,861,640 ordinary shares held through K2MY Co., Ltd., a Japanese asset management company he controls. K2MY alone holds 5,861,640 ordinary shares, or 23.53% of the class.

Insights

Equity ownership analyst

LEIFRAS has a highly concentrated ownership structure under Ito Kiyotaka.

Ito Kiyotaka beneficially owns 13,176,142 ordinary shares of LEIFRAS Co., Ltd., equal to 52.89% of 24,910,619 ordinary shares outstanding as of September 30, 2025. This makes him a controlling shareholder with significant influence over corporate decisions.

The stake combines 7,314,502 shares held directly and 5,861,640 shares held via K2MY Co., Ltd., which he controls. K2MY’s position alone represents 23.53% of the class, reinforcing the concentrated control around a single shareholder group.

Such majority ownership can provide strategic stability and clear decision-making authority. At the same time, it may limit the influence of minority shareholders, so future governance disclosures and shareholder communications will be important to understand how this control is exercised.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

LEIFRAS Co., Ltd.

(Name of Issuer)

American depositary shares, each representing one ordinary share

(Title of Class of Securities)

525330106

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 525330106

1

Names of Reporting Persons

Ito Kiyotaka

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,314,502.00
6	Shared Voting Power 5,861,640.00
7	Sole Dispositive Power 7,314,502.00
8	Shared Dispositive Power 5,861,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,176,142.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

52.89 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Note to Rows 5, & 7: *Represents 7,314,502 ordinary shares held by Ito Kiyotaka. Note to Rows 6, & 8: **Represents 5,861,640 ordinary shares held by held by K2MY Co., Ltd., a Japanese asset management company, which is controlled by Ito Kiyotaka as of September 30, 2025. Note to Row 11: ***Percentage of class is calculated based on 24,910,619 ordinary shares outstanding as of September 30, 2025.

SCHEDULE 13G

CUSIP No. 525330106

1

Names of Reporting Persons

K2MY Co., Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,861,640.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,861,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,861,640.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

23.53 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: *Represents 5,861,640 ordinary shares held by held by K2MY Co., Ltd., a Japanese asset management company, which is controlled by Ito Kiyotaka as of September 30, 2025. **Percentage of class is calculated based on 24,910,619 ordinary shares outstanding as of September 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LEIFRAS Co., Ltd.
(b)	Address of issuer's principal executive offices: Ebisu Garden Place Tower Floor 20, 4-20-3, Ebisu, Shibuya-ku, Tokyo, Japan
Item 2.
(a)	Name of person filing: Ito Kiyotaka K2MY Co., Ltd. This report includes 5,861,640 ordinary shares held by K2MY Co., Ltd. Ito Kiyotaka is the sole shareholder of K2MY Co., Ltd. Accordingly, Ito Kiyotaka may be deemed to indirectly beneficially own the securities of the Issuer held by K2MY Co., Ltd.
(b)	Address or principal business office or, if none, residence: The business address of Ito Kiyotaka is Ebisu Garden Place Tower Floor 20, 4-20-3, Ebisu, Shibuya-ku, Tokyo, Japan. The registered address of K2MY Co., Ltd. is 2-15-14 Toyohama, Nishi-ku, Fukuoka City, Fukuoka, Japan.
(c)	Citizenship: Ito Kiyotaka: Japan K2MY Co., Ltd.: Japan
(d)	Title of class of securities: American depositary shares, each representing one ordinary share
(e)	CUSIP No.: 525330106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G.
(b)	Percent of class: The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G.
	(ii) Shared power to vote or to direct the vote: The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G.
	(iii) Sole power to dispose or to direct the disposition of: The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G.
	(iv) Shared power to dispose or to direct the disposition of: The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ito Kiyotaka

Signature:	/s/ Ito Kiyotaka
Name/Title:	Ito Kiyotaka
Date:	02/13/2026

K2MY Co., Ltd.

Signature:	/s/ Ito Kiyotaka
Name/Title:	Ito Kiyotaka, Representative Director
Date:	02/13/2026

Comments accompanying signature: 99.1 Joint Filing Agreement

FAQ

Who is the major shareholder of LEIFRAS (LFS) according to this Schedule 13G?

The major shareholder is Ito Kiyotaka, who beneficially owns 13,176,142 ordinary shares of LEIFRAS Co., Ltd.. This holding gives him 52.89% of the company’s outstanding ordinary shares as of September 30, 2025, making him a controlling shareholder.

What percentage of LEIFRAS (LFS) shares does Ito Kiyotaka own?

Ito Kiyotaka beneficially owns 52.89% of LEIFRAS’s ordinary shares. This percentage is based on 24,910,619 ordinary shares outstanding as of September 30, 2025, and reflects both his direct holdings and shares held through K2MY Co., Ltd., which he controls.

How many LEIFRAS (LFS) shares are held directly and indirectly by Ito Kiyotaka?

Ito Kiyotaka holds 7,314,502 ordinary shares directly and is deemed to beneficially own an additional 5,861,640 ordinary shares held by K2MY Co., Ltd. Together, this totals 13,176,142 ordinary shares of LEIFRAS as of September 30, 2025.

What is K2MY Co., Ltd.’s role in LEIFRAS (LFS) ownership?

K2MY Co., Ltd. is a Japanese asset management company controlled by Ito Kiyotaka. It holds 5,861,640 ordinary shares of LEIFRAS with shared voting and dispositive power, representing 23.53% of the class as of September 30, 2025.

What class of securities of LEIFRAS (LFS) is covered and what is the CUSIP?

The securities covered are American depositary shares, each representing one ordinary share of LEIFRAS Co., Ltd. The CUSIP number for these American depositary shares is 525330106, providing a unique identifier for trading and settlement purposes.

As of what date are LEIFRAS (LFS) ownership percentages calculated in this Schedule 13G?

All ownership percentages and share counts are calculated as of September 30, 2025. The filing states that 24,910,619 ordinary shares of LEIFRAS were outstanding on that date, providing the basis for the 52.89% and 23.53% ownership figures reported.