Nakano Investments
Nakano Investments
Quarterly report · Q3 2024 · Nakano & Centerpitch
Confidential
2024-09-30
01 · Overview
Consolidated cash
-$9k
-192.0% QoQ
Combined equity
$3.11M
Nakano $2.23M · CP $876k
Private portfolio (MTM)
$5.12M
on $2.44M invested · $244k returned
Public portfolio (MTM)
$1.11M
$332k unrealized
2024 expenses (ann.)
$48k
$40k YTD

Consolidated cash, quarterly

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

Balances by account

IBKRIBKR: -$33,746-$34kChaseCenterpitchChaseCenterpitch: $11,897$12kWFWF: $5,130$5kChaseNakanoChaseNakano: $4,578$5keTradeeTrade: $3,286$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$48,123
2023 full year$50,295
-4.3% 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$9,663
2023 full year$21,914
-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
2024 YTD$32,400
Annualized$38,460
2023 full year$28,381
+35.5% 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$2,232,795
Design target (D/W)80 / 20
Drexler $1,786,236 (80.0%)Wiesner $446,559 (20.0%)
$0$717k$1.4m$2.1m$2.9m20172018201920202021202220232024
Centerpitch Investments LLC
Total equity$876,500
Design target (D/W)50 / 50
Drexler $440,350 (50.2%)Wiesner $436,150 (49.8%)
$0$237k$473k$710k$947k2024
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$232,500$267,5002.00×$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$232,500$2,893,5491.94×
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
WeberFin
Jul 2024$24,000$12,000$12,0001.00×—
Centerpitch subtotal$828,618$12,000$2,225,8552.70×
Consolidated$2,437,301$244,500$5,119,4042.20×

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: $232,500Northfield remaining value: $267,500$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$100kWeberFinWeberFin invested: $24,000$24kWeberFin cash returned: $12,000WeberFin remaining value: $12,000$24k
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)
$1.11M
$332k vs cost
Realized G/L, 2024 YTD
$5k
+ $25k dividends
eTrade NAV
$819k
broker-reported, Sep 30
IBKR NAV
$319k
broker-reported, Sep 30

NAV bridge: open positions $1.11M + eTrade cash $3k + IBKR cash -$34k (margin loan) = $1.08M ≈ combined broker NAV $1.14M — 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+93.5%+13.1%+52.1%
Blended benchmark+98.8%+13.7%+19.3%
S&P 500+121.3%+16.0%+21.9%
MSCI ACWI+85.4%+12.2%+18.5%
Japan (EWJ)+46.1%+7.3%+12.4%
Europe (VGK)+58.5%+9.0%+12.8%

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 72%, Japan equities 22%, 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$167.19$108,674+71.2%9.8%
SBLK4,250$88,652$23.69$100,682+13.6%9.0%
ABBV500$54,308$197.48$98,740+81.8%8.9%
GS
Goldman Sachs Group
150$51,075$495.11$74,266+45.4%6.7%
NEE
NextEra Energy
700$39,534$84.53$59,171+49.7%5.3%
XOM
Exxon Mobil
500$49,873$117.22$58,610+17.5%5.3%
CMG1,000$45,060$57.62$57,620+27.9%5.2%
CVS800$60,382$62.88$50,304-16.7%4.5%
WMT
Walmart
600$31,378$80.75$48,450+54.4%4.4%
LMT50$16,498$584.56$29,228+77.2%2.6%
KO400$22,820$71.86$28,744+26.0%2.6%
CCJ
Cameco
600$27,288$47.76$28,656+5.0%2.6%
AMD
Advanced Micro Devices
150$24,553$164.08$24,612+0.2%2.2%
TPB500$14,213$43.15$21,575+51.8%1.9%
JNJ50$8,119$162.06$8,103-0.2%0.7%
ALRN2,000$10,172no price———
LUMO3,000$9,150no price———
eTrade subtotal$616,536$797,436
IBKR
7011.T
Mitsubishi Heavy Industries
12,500$61,551¥2,117.50$185,378+201.2%16.7%
8031.T
Mitsui & Co
2,000$33,084¥3,178.01$44,515+34.6%4.0%
BNP
BNP Paribas (BNP.PA)
600$40,999€61.55$41,250+0.6%3.7%
6367.T100$13,733¥20,075.00$14,060+2.4%1.3%
COIN
Coinbase Global
51$14,363$178.17$9,149-36.3%0.8%
BA.
BAE Systems (BA.L)
520$8,298£12.38$8,612+3.8%0.8%
FMNB
Leonardo SpA (LDO.MI)
300$6,836€20.02$6,709-1.9%0.6%
5020.T
ENEOS Holdings
1,000$4,099¥778.70$5,454+33.0%0.5%
RHM
Rheinmetall (RHM.DE)
90$31,258no price———
IBKR subtotal$214,221$315,126

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$5k$342k
Dividends$10k$23k$59k$84k$28k$25k$228k
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.