Nakano Investments
Nakano Investments
Quarterly report · Q3 2021 · Nakano & Centerpitch
Confidential
2021-09-30
01 · Overview
Consolidated cash
$1.14M
+1423.6% QoQ
Combined equity
$2.65M
Nakano $2.65M · CP —
Private portfolio (MTM)
$1.28M
on $1.28M invested · $0 returned
Public portfolio (MTM)
$1.33M
$5k unrealized
2021 expenses (ann.)
$37k
$28k YTD

Consolidated cash, quarterly

-$220k$252k$723k$1.2m$1.7m2018201920202021

Balances by account

eTradeeTrade: $1,017,758$1.02MIBKRIBKR: $109,998$110kWFWF: $11,215$11k
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · “Running Cash Balances”
02 · Expenses
Consolidated (Nakano + Centerpitch)
2021 YTD$28,031
Annualized$36,635
2020 full year$23,494
+55.9% 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
2021 YTD$28,031
Annualized$36,635
2020 full year$23,494
+55.9% 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
2021 YTD$0
Annualized$0
2020 full year$0
2016: $0162017: $0172018: $0182019: $0192020: $0202021: $0212022: $0222023: $28,381232024: $32,40024$32k2025: $21,542252026: $15,24726$15k

2021 spend by line item (consolidated)

Office RentOffice Rent: $15,391$15,391CreditcardCreditcard: $6,120$6,120Office FurnitureOffice Furniture: $4,329$4,329Accountant FeesAccountant Fees: $2,500$2,500ErrorError: $1,316$1,316Webpage EmailWebpage Email: $354$354Business ApplicationsBusiness Applications: $249$249Bank Service FeesBank Service Fees: $175$175Video Meeting ServicesVideo Meeting Services: $167$167OtherOther: $62$62
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$2,654,236
Design target (D/W)80 / 20
Drexler $2,124,236 (80.0%)Wiesner $530,000 (20.0%)
$0$717k$1.4m$2.1m$2.9m20172018201920202021
Centerpitch Investments LLC

no data

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
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—$250,0001.00×—
Smartemis
Veterinary services — France, Germany (Principal: Bill Hughson)
Mar 2022$185,490—$185,4901.00×—
NextAlim
May 2021$120,426—$120,4261.00×—
BloomIntel
Restaurant marketing — Bloom Intelligence (Principal: Will Wilson)
Aug 2021$100,000—$100,0001.00×—
TAAEquity
Apr 2021$50,000—$50,0001.00×—
Nakano subtotal$1,280,915$0$1,280,9151.00×
Consolidated$1,280,915$0$1,280,9151.00×

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

ScreenMeetScreenMeet invested: $574,999$575kScreenMeet remaining value: $574,999$575kNorthfieldNorthfield invested: $250,000$250kNorthfield remaining value: $250,000$250kSmartemisSmartemis invested: $185,490$185kSmartemis remaining value: $185,490$185kNextAlimNextAlim invested: $120,426$120kNextAlim remaining value: $120,426$120kBloomIntelBloomIntel invested: $100,000$100kBloomIntel remaining value: $100,000$100kTAAEquityTAAEquity invested: $50,000$50kTAAEquity remaining value: $50,000$50k
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)
$1.33M
$5k vs cost
Realized G/L, 2021 YTD
$395k
+ $41k dividends
eTrade NAV
$2.35M
broker-reported, Sep 30
IBKR NAV
$10k
broker-reported, Sep 30

NAV bridge: open positions $1.33M + eTrade cash $1.02M + IBKR cash $110k (margin loan) = $2.46M ≈ combined broker NAV $2.36M — brokerage NAV nets cash and margin against the securities.

Daily marks — securities value by account

$0$748k$1.5m$2.2m$3.0m20202021
TotaleTradeIBKR

Performance vs indexes (time-weighted)

CumulativeCAGR2021 YTD
Portfolio+44.7%+17.0%+36.0%
Blended benchmark+51.2%+19.2%+15.9%
S&P 500+58.4%+21.6%+15.9%
MSCI ACWI+46.6%+17.6%+10.9%
Japan (EWJ)+36.0%+14.0%+4.7%
Europe (VGK)+32.3%+12.6%+11.2%

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 100%. T-bill discounts recognize at purchase; delisted names (ALRN, LUMO) excluded.

Open positions

TickerQtyCost basisLast price (local)MTM (USD)GainWeight
eTrade
GLD1,300$211,826$164.22$213,486+0.8%16.0%
GS
Goldman Sachs Group
450$138,367$378.03$170,114+22.9%12.8%
MO3,000$141,842$45.52$136,560-3.7%10.2%
ABBV1,250$130,774$107.87$134,838+3.1%10.1%
BABA850$195,507$148.05$125,843-35.6%9.4%
NEE
NextEra Energy
1,500$117,981$78.52$117,780-0.2%8.8%
JNJ700$106,123$161.50$113,050+6.5%8.5%
CVS1,300$96,371$84.86$110,318+14.5%8.3%
SBLK3,000$55,124$24.04$72,120+30.8%5.4%
SLRC3,500$58,150$19.13$66,955+15.1%5.0%
FMC400$44,479$91.56$36,624-17.7%2.7%
BAC500$16,098$42.45$21,225+31.9%1.6%
CMPS500$16,561$29.87$14,935-9.8%1.1%
eTrade subtotal$1,329,201$1,333,846

Realized results by year

201920202021Total
Realized G/L$33k$169k$395k$597k
Dividends$10k$23k$41k$74k
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.