Q1 2021 gross returns: 6.1%, or $189.2k (+13.0% YoY, annualized). I'm changing how I'm looking at this, slightly. I've tried to simplify the calculation by just comparing our returned cash net (on private deals) + the excess value (on eTrade, including realized and unrealized gains) to our average capital used. Basically, our profit should be the excess gains we've received minus our expenses. Not only does this give a more accurate picture of profits, but it also gives a better sense of how much money we have out there at risk in any given period. Our exposure has gradually increased over time, as we reinvest gains, or at least park them in eTrade. In total, we've gained 42.2% on the average amount of exposure we have in any period. This should be compared to the 49.6% (13.9% annualized) we've gained against the total capital of Nakano, ex-expenses.

Interestingly, we've returned approx. 67.0% ($684.8k/$1,022.5k) on average capital on private deals vs. 61.8% ($630.5k/$1,019.4k) on public sector investments. This should come as no surprise since 1) there has been a huge run-up in the stock market, and 2) most of our private investments have not paid out yet.

Q1 2021 expenses: $4.1k (-30.9% YoY annualized). This is mostly meaningless at this stage, since there are seasonal items which will boost this run-rate later in the year (accountant's fees, various subscriptions, city taxes, etc.). Our rent is slightly up, incidentally, to $1,278 per month from $1,250. This is just the normal inflation that is baked into our contract.

Private deals done: None. We've committed to a $50k investment in The Assembly Authority, which is a purchase of a white-glove equipment installation company sponsored by Blue Jay Capital, but funding was delayed until April. It will be accounted for in Q2.