DSHK

DSHK

DSHK

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Ace River Capital	-5.3%	-	DSHK, HZO, RICK, VOXR	Concentration, Mining, real estate, small caps, value	Manager maintains concentrated focus on small and micro-cap companies with unique advantages and growth potential. Strategy emphasizes tangible assets including special purpose licensed locations, waterfront property, and mineral deposits. Market continues to ignore small-caps while rewarding large-cap tech, creating attractive opportunities.	HZO VOXR RICK HZO VOXR RICK	View
2025 Q1	May 6, 2025	Ace River Capital	-14.4%	-14.4%	DSHK, HZO, RICK, VOXR	Acquisitions, concentrated, Long Term, real estate, small caps, value	Gold prices have increased just under 40% on the year due to economic uncertainty from US tariffs and trade battles. Vox Royalty benefits from this gold price run-up and has served as a hedge against market decline.	RICK	View
2024 Q1	May 3, 2024	Ace River Capital	2.0%	0.0%	DSHK, HZO, RICK, VOXR	Concentration, Entertainment, Long Term, Mining, royalties, small caps, value	RCI Hospitality operates adult nightclubs functioning as local monopolies with excellent unit economics due to limited licensing. The company is expanding into gaming with two Colorado casinos under construction and has acquisition opportunities in the adult entertainment space.	RICK	View
2024 Q3	Oct 23, 2024	Ace River Capital	2.0%	0.0%	DSHK, HZO, RICK, VOXR	Concentration, Entertainment, Mining, real estate, small caps, value	RCI Hospitality has responded to share price weakness with aggressive share buybacks, retiring 401,093 shares (4.5% of outstanding) year-to-date. Management's capital allocation strategy includes both share repurchases and dividend increases to create shareholder value.	RICK	View
2025 Q4	Jan 30, 2026	Ace River Capital	-4.6%	-22.0%	DSHK, GLFE, HZO, RICK, VOXR	Concentration, gold, real estate, royalties, small caps, value	Gold prices continue to reach record highs, driven by inflation concerns, geopolitical instability, and inconsistent trade and fiscal policy. Vox Royalty's royalty-based business model provides leveraged exposure to these trends while avoiding the capital intensity and operational risks faced by traditional mining companies. Markets continue to reward a narrow group of large-cap technology companies, while small-caps remain broadly ignored. History suggests these periods of dislocation tend to create some of the best long-term opportunities.	DSHK GLFE HZO RICK VOXR	View
2023 Q2	Sep 7, 2023	Ace River Capital	2.0%	0.0%	DSHK, RICK	Concentration, Entertainment, Long Term, small caps, value	Fund holds concentrated positions in unique entertainment concepts including adult nightclubs and golf entertainment venues. RICK operates as local monopolies due to licensing restrictions, while Drive Shack's Puttery concept offers attractive unit economics with 25-33% ROIC potential.	DSHK RICK	View
2024 Q2	Jul 15, 2024	Ace River Capital	2.0%	0.0%	DSHK, HZO, RICK, VOXR	Buybacks, Casinos, Concentration, Entertainment, Mining, small caps, value	Manager discusses RCI Hospitality's withdrawal from casino applications in Colorado and plans to sell those properties, viewing this positively as the company lacks competitive advantage in casinos and should focus capital on club acquisitions.	RICK	View
2024 Q4	Jan 25, 2025	Ace River Capital	8.8%	-14.5%	DSHK, HZO, RICK, VOXR	Concentration, Entertainment, Gold Royalties, real estate, small caps, tangible assets, value	The fund's largest position is RCI Hospitality, the only publicly traded owner of adult nightclubs in the US, which operates 57 clubs across 13 states. The company benefits from limited new licensing creating local monopolies with excellent unit economics. RICK has launched Favoritely.com, an OnlyFans-like platform that could become extremely profitable if it attracts sufficient users and entertainers.	VOXR.TO RICK	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ace River Capital	Drive Shack Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Asymmetric Risk, Entertainment Venues, Golf, Leisure Entertainment, Mini Golf, new management, profitability inflection, turnaround	View Pitch
Apr 28, 2026	Fund Letters	Ace River Capital	Drive Shack Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	OTC	bankruptcy risk, Golf Entertainment, Leisure Entertainment, Management Change, Mini Golf, ROIC, turnaround, Unit economics, Venue Expansion	View Pitch
Feb 4, 2026	Fund Letters	Nicholas D’Agnillo	Drive Shack Inc.	Consumer Discretionary	Leisure Facilities	Bull	Dubai Financial Market	asset monetization, illiquidity, Optionality, restructuring, Special situations	View Pitch

BSD Shareholders of DSHK

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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