Nakano Investments
Nakano Investments
Quarterly report · Q1 2026 · Nakano & Centerpitch
Confidential
2026-03-31
01 · Overview
Consolidated cash
-$127k
-260.4% QoQ
Combined equity
$2.66M
Nakano $1.51M · CP $1.15M
Private portfolio (MTM)
$5.21M
on $2.64M invested · $534k returned
Public portfolio (MTM)
$1.42M
$648k unrealized
2026 expenses (ann.)
$47k
$17k YTD

Consolidated cash, quarterly

-$260k$222k$704k$1.2m$1.7m201820192020202120222023202420252026

Balances by account

IBKRIBKR: -$211,637-$212keTradeeTrade: $35,447$35kWFWF: $31,861$32kChaseCenterpitchChaseCenterpitch: $14,869$15kChaseNakanoChaseNakano: $2,353$2kMSMS: $33$33NewBridgeNewBridge: $20$20WFBWFB: $1$1
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · “Running Cash Balances”
02 · Expenses
Consolidated (Nakano + Centerpitch)
2026 YTD$17,254
Annualized$47,116
2025 full year$26,173
+80.0% YoY (annualized)
2016: $0162017: $5,373172018: $12,647182019: $28,856192020: $23,494202021: $28,031212022: $36,308222023: $50,29523$50k2024: $39,759242025: $26,173252026: $17,25426$17k
Nakano
2026 YTD$2,006
Annualized$7,698
2025 full year$4,631
+66.2% YoY (annualized)
2016: $0162017: $5,373172018: $12,647182019: $28,856192020: $23,494202021: $28,031212022: $36,30822$36k2023: $21,914232024: $7,359242025: $4,631252026: $2,00626$2k
Centerpitch
2026 YTD$15,247
Annualized$39,418
2025 full year$21,542
+83.0% YoY (annualized)
2016: $0162017: $0172018: $0182019: $0192020: $0202021: $0212022: $0222023: $28,381232024: $32,40024$32k2025: $21,542252026: $15,24726$15k

2026 spend by line item (consolidated)

Office RentOffice Rent: $7,327$7,327Accountant FeesAccountant Fees: $3,850$3,850Client EntertainmentClient Entertainment: $2,488$2,488Webpage EmailWebpage Email: $1,525$1,525Internal EventsInternal Events: $860$860SubscriptionsSubscriptions: $439$439State/City FeesState/City Fees: $282$282Video Meeting ServicesVideo Meeting Services: $184$184Other Business ServicesOther Business Services: $149$149OtherOther: $173$173
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · Expenses_Summary / Expenses_Nakano / Expenses_Centerpitch · full tables in the appendix · annualization holds Accountant Fees, State/City Fees, Client Entertainment, and Internal Events at actuals
03 · Equity balances
Nakano Investments LLC
Total equity$1,509,795
Design target (D/W)80 / 20
Drexler $1,207,236 (80.0%)Wiesner $302,559 (20.0%)
$0$717k$1.4m$2.1m$2.9m2017201820192020202120222023202420252026
Centerpitch Investments LLC
Total equity$1,146,000
Design target (D/W)50 / 50
Drexler $591,550 (51.6%)Wiesner $554,450 (48.4%)
$0$309k$619k$928k$1.2m202420252026
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · Nakano_Equity / Centerpitch_Equity
04 · Private portfolio
DealFirst fundingInvestedCash receivedRemaining valueMOICOutperformance case
Nakano Investments LLC
Smartemis
Veterinary services — France, Germany (Principal: Bill Hughson)
Mar 2022$633,683—$2,500,0003.95×$5,500,000
ScreenMeet
Cloud-native remote support SaaS (Principal: Ben Lilienthal)
Jun 2021$574,999—$613,0001.07×$2,300,000
Northfield
Residential real-estate development (Principal: Patrick Zalupski)
Aug 2020$250,000$534,375$00.48×$625,000
BloomIntel
Restaurant marketing — Bloom Intelligence (Principal: Will Wilson)
Aug 2021$100,000—$00.00×$300,000
LungThera
Biotech — now Rein Therapeutics, RNTX (Principal: Brian Windsor)
Mar 2022$50,000—$00.00×$300,000
Nakano subtotal$1,608,682$534,375$3,113,0002.01×
Centerpitch Investments LLC
SmartemisCP
Veterinary services — Centerpitch tranche
Jun 2023$931,529—$2,100,0002.25×$4,600,000
PhotonVault
Waste-heat battery storage (Principals: Kent McCormick, John Langhus)
Mar 2023$100,000—$00.00×$300,000
Centerpitch subtotal$1,031,529$0$2,100,0002.04×
Consolidated$2,640,211$534,375$5,213,0002.02×

Invested (light) vs total value — paler segment is cash already returned

SmartemisSmartemis invested: $633,683$634kSmartemis remaining value: $2,500,000$2.50MScreenMeetScreenMeet invested: $574,999$575kScreenMeet remaining value: $613,000$613kNorthfieldNorthfield invested: $250,000$250kNorthfield cash returned: $534,375$534kBloomIntelBloomIntel invested: $100,000$100kBloomIntel remaining value: $0$0LungTheraLungThera invested: $50,000$50kLungThera remaining value: $0$0SmartemisCPSmartemisCP invested: $931,529$932kSmartemisCP remaining value: $2,100,000$2.10MPhotonVaultPhotonVault invested: $100,000$100kPhotonVault remaining value: $0$0
Source: Nakano_Portfolio_Data.xlsx · Deal_Registry / Deal_Transactions / Deal_Valuations · marks are total deal value (report-sourced); Remaining value = mark − cash received, which is what counts toward portfolio value (received cash already sits in the cash accounts) · MOIC = total value / invested · deals, marks, and cash received are as of the report date · open deals with no dated mark yet are carried at cost
05 · Public portfolio

All public securities are held at Nakano Investments (eTrade and Interactive Brokers). Centerpitch holds no public positions.

Open positions (MTM)
$1.42M
$648k vs cost
Realized G/L, 2026 YTD
$96k
+ $3k dividends
eTrade NAV
$551k
broker-reported, Mar 31
IBKR NAV
$702k
broker-reported, Mar 31

NAV bridge: open positions $1.42M + eTrade cash $35k + IBKR cash -$212k (margin loan) = $1.24M ≈ combined broker NAV $1.25M — brokerage NAV nets cash and margin against the securities.

Daily marks — securities value by account

$0$748k$1.5m$2.2m$3.0m2020202120222023202420252026
TotaleTradeIBKR

Performance vs indexes (time-weighted)

CumulativeCAGR2026 YTD
Portfolio+210.9%+18.0%+0.4%
Blended benchmark+139.1%+13.6%-1.3%
S&P 500+155.3%+14.7%-4.4%
MSCI ACWI+120.1%+12.2%-2.2%
Japan (EWJ)+83.2%+9.2%+4.6%
Europe (VGK)+92.5%+10.0%-0.9%

Time-weighted: daily returns of the securities book chained with buys/sells neutralized as external flows; dividends and option premiums count as return. Base 100 on 2019-05-24. The blended benchmark applies the portfolio's own daily bucket weights to matching index returns (US equities→SPY, Japan equities→EWJ, Europe equities→VGK, China equities→MCHI, US bonds/bills→BIL, Crypto→ETH-USD; dividend-adjusted USD ETFs). Current mix: Europe equities 36%, US equities 36%, Japan equities 25%, China equities 2%. T-bill discounts recognize at purchase; delisted names (ALRN, LUMO) excluded.

Open positions

TickerQtyCost basisLast price (local)MTM (USD)GainWeight
eTrade
GOOG
Alphabet (Class C)
550$64,861$286.86$157,773+143.2%11.1%
GS
Goldman Sachs Group
90$28,500$845.99$76,139+167.2%5.4%
WMT
Walmart
550$28,773$124.28$68,354+137.6%4.8%
ABBV300$32,585$217.49$65,247+100.2%4.6%
NEE
NextEra Energy
600$32,852$92.88$55,728+69.6%3.9%
AMZN
Amazon.com
165$30,525$208.27$34,365+12.6%2.4%
LMT50$16,498$604.39$30,220+83.2%2.1%
TPB300$8,528$86.79$26,037+205.3%1.8%
eTrade subtotal$243,121$513,862
IBKR
7011.T
Mitsubishi Heavy Industries
8,500$52,395¥4,223.00$224,570+328.6%15.8%
BNP
BNP Paribas (BNP.PA)
2,000$164,237€80.99$185,629+13.0%13.1%
RHM
Rheinmetall (RHM.DE)
110$70,248€1,444.50$182,094+159.2%12.9%
ASML
ASML Holding (ASML.AS)
80$104,449€1,119.20$102,608-1.8%7.2%
8031.T
Mitsui & Co
2,100$37,238¥5,959.00$78,290+110.2%5.5%
5020.T
ENEOS Holdings
4,100$17,600¥1,410.50$36,180+105.6%2.6%
FMNB
Leonardo SpA (LDO.MI)
300$6,836€58.04$19,954+191.9%1.4%
3382.T
Seven & i Holdings
1,500$20,085¥2,123.50$19,928-0.8%1.4%
651
Gree Electric (000651.SZ)
3,000$16,504CN¥37.82$16,416-0.5%1.2%
BA.
BAE Systems (BA.L)
520$8,298£22.00$15,070+81.6%1.1%
SIE
Siemens (SIE.DE)
50$14,057€205.70$11,787-16.2%0.8%
9988
Alibaba (9988.HK)
700$13,996HK$119.00$10,631-24.0%0.8%
IBKR subtotal$525,943$903,156

Realized results by year

20192020202120222023202420252026Total
Realized G/L$33k$169k$408k-$277k$4k-$361$139k$96k$572k
Dividends$10k$23k$59k$84k$28k$31k$26k$3k$263k
Source: Nakano_Portfolio_Data.xlsx · Public_Trades / Prices / Account_NAV · daily marks: nakano_reporting daily_marks engine (month-ends tie IBKR PortfolioAnalyst within ±1.1%)
06 · Appendix — expense detail
Consolidated
Line item20162017201820192020202120222023202420252026Total
Office Rent4,17014,77815,06515,39115,85516,63814,64116,0617,327119,925
Office Furniture4,3292,9413,40010,670
Office Supplies0
Office-Related Expenses4,17014,77815,06519,72118,79520,03814,64116,0617,327130,595
Webpage Email3934805781803541925227282,3451,5257,295
Subscriptions13,0978191,5894395,945
Video Meeting Services1581671481541611731841,145
Business Applications2492494413831201,442
Other Business Services2252402149625
Operational Expenses3935015783387706434,2142,0904,6292,29716,452
Client Entertainment8,0448,9702,0152,48821,517
Internal Events4,5063,1058608,471
Business Travel1,1575,4386,595
Client Expenses13,70717,5142,0153,34836,584
Legal Fees2,3768391,4591642785,115
Accountant Fees2,8901,8002,5002,5001,6002,5002,5002,5003,85022,640
State/City Fees751693192782821,122
Bank Service Fees295110175382611512341101,866
Wire Fees2252402901006065425501,455
Foreign Currency Charges20323702244
Advisory and Fees2255,5813,2244,3382,7372,5293,1143,3883,0124,29432,443
Other Expenses2,8811,400991,580
Error7061,1391,316681643844
Miscellaneous2,1752611,316780643736
Creditcard4,7552,3958,1024,0156,12014,3408,4412,1271,0991251,382
Total Expenses5,37312,64728,85623,49428,03136,30850,29539,75926,17317,254268,191
Nakano
Line item20162017201820192020202120222023202420252026Total
Office Rent4,17014,77815,06515,39115,8556,37471,633
Office Furniture4,3292,9413,40010,670
Office Supplies0
Office-Related Expenses4,17014,77815,06519,72118,7959,77482,303
Webpage Email3934805781803541925226782,3451,5257,246
Subscriptions1402393873541,723
Video Meeting Services1581671481541611731841,145
Business Applications2492493362781201,232
Other Business Services225274
Operational Expenses3935015783387706431,4141,5103,5111,76311,419
Client Entertainment3,3233,323
Internal Events2,5254222,946
Business Travel3,3223,322
Client Expenses7993,7432,944
Legal Fees2,3768391,4591641394,976
Accountant Fees2,8901,8002,5002,5001,6002,50013,790
State/City Fees75169319144706
Bank Service Fees2951101753825801802341101,706
Wire Fees2252402901006065980
Foreign Currency Charges203210228
Advisory and Fees2255,5813,2244,3382,7372,5293,0832023425522,187
Other Expenses2,8811,4001,481
Error7061,1391,3162131,096
Miscellaneous2,1752611,316213384
Creditcard4,7552,3958,1024,0156,12014,3408,4412,1271,0991251,382
Total Expenses5,37312,64728,85623,49428,03136,30821,9147,3594,6312,006170,620
Centerpitch
Line item20162017201820192020202120222023202420252026Total
Office Rent10,26414,64116,0617,32748,292
Office Furniture0
Office Supplies0
Office-Related Expenses10,26414,64116,0617,32748,292
Webpage Email5050
Subscriptions2,6954267163854,222
Video Meeting Services0
Business Applications105105210
Other Business Services402149551
Operational Expenses2,8005801,1185345,032
Client Entertainment11,3688,9702,0152,48824,841
Internal Events1,9822,6848605,525
Business Travel1,1572,1173,274
Client Expenses14,50613,7712,0153,34833,640
Legal Fees139139
Accountant Fees2,5002,5003,8508,850
State/City Fees278139416
Bank Service Fees31129160
Wire Fees42550475
Foreign Currency Charges216216
Advisory and Fees313,4082,7784,03910,256
Other Expenses9999
Error681429252
Miscellaneous780429351
Creditcard0
Total Expenses28,38132,40021,54215,24797,571
Sources: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · Nakano_Portfolio_Data.xlsx · unmarked private deals carried at zero.