Nakano Investments
Nakano Investments
Quarterly report · Q2 2024 · Nakano & Centerpitch
Confidential
2024-06-30
01 · Overview
Consolidated cash
-$3k
-102.7% QoQ
Combined equity
$3.19M
Nakano $2.32M · CP $870k
Private portfolio (MTM)
$5.19M
on $2.41M invested · $149k returned
Public portfolio (MTM)
$1.04M
$245k unrealized
2024 expenses (ann.)
$65k
$40k YTD

Consolidated cash, quarterly

-$220k$252k$723k$1.2m$1.7m2018201920202021202220232024

Balances by account

IBKRIBKR: -$46,366-$46kChaseCenterpitchChaseCenterpitch: $25,014$25kChaseNakanoChaseNakano: $11,359$11kWFWF: $9,870$10keTradeeTrade: -$2,946-$3kMSMS: $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)
2024 YTD$39,759
Annualized$65,082
2023 full year$50,295
+29.4% 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
2024 YTD$7,359
Annualized$14,335
2023 full year$21,914
-34.6% 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
2024 YTD$32,400
Annualized$50,747
2023 full year$28,381
+78.8% YoY (annualized)
2016: $0162017: $0172018: $0182019: $0192020: $0202021: $0212022: $0222023: $28,381232024: $32,40024$32k2025: $21,542252026: $15,24726$15k

2024 spend by line item (consolidated)

Office RentOffice Rent: $14,641$14,641Client EntertainmentClient Entertainment: $8,970$8,970Business TravelBusiness Travel: $5,438$5,438Internal EventsInternal Events: $3,105$3,105Accountant FeesAccountant Fees: $2,500$2,500CreditcardCreditcard: $2,127$2,127SubscriptionsSubscriptions: $819$819Webpage EmailWebpage Email: $728$728Wire FeesWire Fees: $425$425OtherOther: $1,109$1,109
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$2,316,545
Design target (D/W)80 / 20
Drexler $1,853,236 (80.0%)Wiesner $463,309 (20.0%)
$0$717k$1.4m$2.1m$2.9m20172018201920202021202220232024
Centerpitch Investments LLC
Total equity$869,500
Design target (D/W)50 / 50
Drexler $434,750 (50.0%)Wiesner $434,750 (50.0%)
$0$235k$470k$704k$939k2024
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—$1,901,0503.00×$4,435,783
ScreenMeet
Cloud-native remote support SaaS (Principal: Ben Lilienthal)
Jun 2021$574,999—$574,9991.00×—
Northfield
Residential real-estate development (Principal: Patrick Zalupski)
Aug 2020$250,000$148,750$351,2502.00×$575,000
BloomIntel
Restaurant marketing — Bloom Intelligence (Principal: Will Wilson)
Aug 2021$100,000—$100,0001.00×$200,000
LungThera
Biotech — now Rein Therapeutics, RNTX (Principal: Brian Windsor)
Mar 2022$50,000—$50,0001.00×$100,000
Nakano subtotal$1,608,682$148,750$2,977,2991.94×
Centerpitch Investments LLC
SmartemisCP
Veterinary services — Centerpitch tranche
Jun 2023$704,618—$2,113,8553.00×$4,932,328
PhotonVault
Waste-heat battery storage (Principals: Kent McCormick, John Langhus)
Mar 2023$100,000—$100,0001.00×$500,000
Centerpitch subtotal$804,618$0$2,213,8552.75×
Consolidated$2,413,301$148,750$5,191,1542.21×

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

SmartemisSmartemis invested: $633,683$634kSmartemis remaining value: $1,901,050$1.90MScreenMeetScreenMeet invested: $574,999$575kScreenMeet remaining value: $574,999$575kNorthfieldNorthfield invested: $250,000$250kNorthfield cash returned: $148,750Northfield remaining value: $351,250$500kBloomIntelBloomIntel invested: $100,000$100kBloomIntel remaining value: $100,000$100kLungTheraLungThera invested: $50,000$50kLungThera remaining value: $50,000$50kSmartemisCPSmartemisCP invested: $704,618$705kSmartemisCP remaining value: $2,113,855$2.11MPhotonVaultPhotonVault invested: $100,000$100kPhotonVault remaining value: $100,000$100k
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)
$1.04M
$245k vs cost
Realized G/L, 2024 YTD
$8k
+ $18k dividends
eTrade NAV
$769k
broker-reported, Jun 30
IBKR NAV
$283k
broker-reported, Jun 30

NAV bridge: open positions $1.04M + eTrade cash -$3k + IBKR cash -$46k (margin loan) = $991k ≈ combined broker NAV $1.05M — brokerage NAV nets cash and margin against the securities.

Daily marks — securities value by account

$0$748k$1.5m$2.2m$3.0m20202021202220232024
TotaleTradeIBKR

Performance vs indexes (time-weighted)

CumulativeCAGR2024 YTD
Portfolio+77.8%+11.9%+39.8%
Blended benchmark+88.0%+13.2%+12.8%
S&P 500+109.2%+15.6%+15.2%
MSCI ACWI+74.3%+11.5%+11.4%
Japan (EWJ)+39.4%+6.7%+7.2%
Europe (VGK)+48.5%+8.1%+5.7%

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: US equities 74%, Japan equities 21%, Europe equities 5%. 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)
650$63,462$183.42$119,223+87.9%11.5%
SBLK4,250$88,652$24.38$103,615+16.9%10.0%
ABBV500$54,308$171.52$85,760+57.9%8.2%
GS
Goldman Sachs Group
150$51,075$452.32$67,848+32.8%6.5%
CMG1,000$45,060$62.65$62,650+39.0%6.0%
XOM
Exxon Mobil
500$49,873$115.12$57,560+15.4%5.5%
NEE
NextEra Energy
700$39,534$70.81$49,567+25.4%4.8%
CVS800$60,382$59.06$47,248-21.8%4.5%
WMT
Walmart
600$31,378$67.71$40,626+29.5%3.9%
CCJ
Cameco
600$27,288$49.20$29,520+8.2%2.8%
KO400$22,820$63.65$25,460+11.6%2.4%
AMD
Advanced Micro Devices
150$24,553$162.21$24,332-0.9%2.3%
LMT50$16,498$467.10$23,355+41.6%2.2%
TPB500$14,213$32.09$16,045+12.9%1.5%
JNJ50$8,119$146.16$7,308-10.0%0.7%
ALRN2,000$10,172no price———
LUMO3,000$9,150no price———
eTrade subtotal$616,536$760,116
IBKR
7011.T
Mitsubishi Heavy Industries
12,000$56,075¥1,723.00$128,672+129.5%12.4%
8031.T
Mitsui & Co
2,000$33,084¥3,651.00$45,442+37.4%4.4%
6367.T300$41,162¥22,370.01$41,764+1.5%4.0%
BNP
BNP Paribas (BNP.PA)
500$34,207€59.53$31,874-6.8%3.1%
COIN
Coinbase Global
51$14,363$222.23$11,411-20.6%1.1%
BA.
BAE Systems (BA.L)
520$8,298£13.20$8,680+4.6%0.8%
FMNB
Leonardo SpA (LDO.MI)
300$6,836€21.68$6,965+1.9%0.7%
5020.T
ENEOS Holdings
1,000$4,099¥826.61$5,144+25.5%0.5%
RHM
Rheinmetall (RHM.DE)
90$31,258no price———
IBKR subtotal$229,383$279,953

No market price (delisted / corporate action pending): RHM, ALRN, LUMO — carried outside MTM totals.

Realized results by year

201920202021202220232024Total
Realized G/L$33k$169k$408k-$277k$4k$8k$345k
Dividends$10k$23k$59k$84k$28k$18k$222k
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.