Nakano Investments
Nakano Investments
Quarterly report · Q2 2025 · Nakano & Centerpitch
Confidential
2025-06-30
01 · Overview
Consolidated cash
$2k
-99.3% QoQ
Combined equity
$2.72M
Nakano $1.72M · CP $996k
Private portfolio (MTM)
$4.85M
on $2.52M invested · $485k returned
Public portfolio (MTM)
$1.07M
$478k unrealized
2025 expenses (ann.)
$48k
$26k YTD

Consolidated cash, quarterly

-$220k$252k$723k$1.2m$1.7m20182019202020212022202320242025

Balances by account

WFWF: $6,146$6keTradeeTrade: -$4,080-$4kIBKRIBKR: -$3,935-$4kChaseCenterpitchChaseCenterpitch: $3,438$3kChaseNakanoChaseNakano: $125$125MSMS: $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)
2025 YTD$26,173
Annualized$47,908
2024 full year$39,759
+20.5% 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
2025 YTD$4,631
Annualized$9,338
2024 full year$7,359
+26.9% 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
2025 YTD$21,542
Annualized$38,569
2024 full year$32,400
+19.0% YoY (annualized)
2016: $0162017: $0172018: $0182019: $0192020: $0202021: $0212022: $0222023: $28,381232024: $32,40024$32k2025: $21,542252026: $15,24726$15k

2025 spend by line item (consolidated)

Office RentOffice Rent: $16,061$16,061Accountant FeesAccountant Fees: $2,500$2,500Webpage EmailWebpage Email: $2,345$2,345Client EntertainmentClient Entertainment: $2,015$2,015SubscriptionsSubscriptions: $1,589$1,589CreditcardCreditcard: $1,099$1,099ErrorError: $643$643Other Business ServicesOther Business Services: $402$402State/City FeesState/City Fees: $278$278OtherOther: $527$527
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$1,720,295
Design target (D/W)80 / 20
Drexler $1,376,236 (80.0%)Wiesner $344,059 (20.0%)
$0$717k$1.4m$2.1m$2.9m201720182019202020212022202320242025
Centerpitch Investments LLC
Total equity$996,000
Design target (D/W)50 / 50
Drexler $517,550 (52.0%)Wiesner $478,450 (48.0%)
$0$269k$538k$807k$1.1m20242025
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$485,000$15,0002.00×$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$485,000$2,641,0491.94×
Centerpitch Investments LLC
SmartemisCP
Veterinary services — Centerpitch tranche
Jun 2023$812,750—$2,113,8552.60×$4,932,328
PhotonVault
Waste-heat battery storage (Principals: Kent McCormick, John Langhus)
Mar 2023$100,000—$100,0001.00×$500,000
Centerpitch subtotal$912,750$0$2,213,8552.43×
Consolidated$2,521,433$485,000$4,854,9042.12×

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: $485,000Northfield remaining value: $15,000$500kBloomIntelBloomIntel invested: $100,000$100kBloomIntel remaining value: $100,000$100kLungTheraLungThera invested: $50,000$50kLungThera remaining value: $50,000$50kSmartemisCPSmartemisCP invested: $812,750$813kSmartemisCP 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)
$1.07M
$478k vs cost
Realized G/L, 2025 YTD
$61k
+ $15k dividends
eTrade NAV
$590k
broker-reported, Jun 30
IBKR NAV
$650k
broker-reported, Jun 30

NAV bridge: open positions $1.07M + eTrade cash -$4k + IBKR cash -$4k (margin loan) = $1.06M ≈ combined broker NAV $1.24M — brokerage NAV nets cash and margin against the securities.

Daily marks — securities value by account

$0$748k$1.5m$2.2m$3.0m202020212022202320242025
TotaleTradeIBKR

Performance vs indexes (time-weighted)

CumulativeCAGR2025 YTD
Portfolio+167.3%+17.5%+39.7%
Blended benchmark+119.1%+13.7%+10.4%
S&P 500+140.5%+15.5%+6.1%
MSCI ACWI+102.7%+12.3%+10.3%
Japan (EWJ)+56.8%+7.6%+12.6%
Europe (VGK)+78.0%+9.9%+24.4%

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 59%, Japan equities 29%, Europe equities 11%. 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$177.39$115,303+81.7%10.8%
GS
Goldman Sachs Group
150$51,075$707.75$106,162+107.9%9.9%
ABBV500$54,308$185.62$92,810+70.9%8.7%
WMT
Walmart
600$31,378$97.78$58,668+87.0%5.5%
NEE
NextEra Energy
700$39,534$69.42$48,594+22.9%4.5%
AMZN
Amazon.com
200$37,000$219.39$43,878+18.6%4.1%
TPB500$14,213$75.77$37,885+166.5%3.5%
CMG500$26,370$56.15$28,075+6.5%2.6%
LMT50$16,498$463.14$23,157+40.4%2.2%
ECC
Eagle Point Credit
3,000$22,350$7.66$22,980+2.8%2.2%
APO
Apollo Global Management
100$11,284$141.87$14,187+25.7%1.3%
eTrade subtotal$367,471$591,700
IBKR
7011.T
Mitsubishi Heavy Industries
10,000$57,939¥3,610.01$249,798+331.1%23.4%
BNP
BNP Paribas (BNP.PA)
1,000$71,973€76.32$89,504+24.4%8.4%
8031.T
Mitsui & Co
2,200$36,504¥2,947.01$44,863+22.9%4.2%
COIN
Coinbase Global
121$24,899$350.49$42,531+70.8%4.0%
5020.T
ENEOS Holdings
4,000$16,721¥715.10$19,793+18.4%1.9%
FMNB
Leonardo SpA (LDO.MI)
300$6,836€47.78$16,810+145.9%1.6%
BA.
BAE Systems (BA.L)
520$8,298£18.86$13,459+62.2%1.3%
RHM
Rheinmetall (RHM.DE)
90$31,258no price———
IBKR subtotal$254,428$476,757

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

Realized results by year

2019202020212022202320242025Total
Realized G/L$33k$169k$408k-$277k$4k-$361$61k$398k
Dividends$10k$23k$59k$84k$28k$31k$15k$249k
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.