RICK Archives

RICK

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
2024 Q2	Aug 1, 2024	Tourlite Capital Management	4.5%	13.8%	FIP, FTAI, IMVT, LTCH, OABI, PRPL, REAL, RICK	aerospace, Biotechnology, consumer, industrials, infrastructure, Long/Short, small caps, special situations	FTAI Aviation benefits from aerospace market tailwinds with ongoing OEM shortfalls resulting in higher lease rates and extensions. The company announced V2500 as its second focus engine with EBITDA expected to grow from $40 million to $100 million by 2026. Multiple catalysts remain for the remainder of the year including potential PMA parts approvals.	PRPL RICK OABI LTCH FIP FTAI	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 Q1	Apr 15, 2024	Bireme Capital	-2.0%	-2.0%	AAPL, CGO.TO, HUM, IMB.L, META, NFLX, ORI, RICK	Behavioral Finance, Concentration, global, Long/Short, value	Bireme exploits cognitive biases to identify mispriced value opportunities, focusing on securities affected by availability, representativeness, extrapolation, familiarity, and anchoring biases. The firm expects the value factor to provide a long-term tailwind after underperforming for over a decade.		View
2025 Q3	Oct 7, 2025	1 Main Capital	6.3%	16.1%	BFIT.AS, DNTL.TO, IWG.L, KKR, LMB, MBUU, MCFT, RICK, RLGT	Capital Allocation, Concentration, cyclicals, fundamentals, Logistics, small caps, value	1MC invests in good businesses with aligned management at low multiples that have slowly de-rated but continued to execute over long periods. The fund seeks companies that have endured stagnant periods despite healthy underlying cash generation and growth, with poor investor sentiment signaling attractive entry points.	RLGT	View
2025 Q3	Oct 31, 2025	Bireme Capital	-	-	AAF.L, AAPL, BOL.PA, DIS, HUM, ITRN, ORI, RICK, SWON.SW	Alpha Generation, Behavioral Finance, Cognitive Biases, Concentration, Global Equities, value	Bireme focuses on exploiting cognitive biases to identify mispriced value opportunities in global equities. The firm targets concentrated positions in undervalued securities where behavioral biases create systematic mispricings. Their approach has allowed them to avoid value traps and significantly outperform traditional value strategies.		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
2023 Q3	Oct 13, 2023	Ace River Capital	2.0%	0.0%	DS, HZO, RICK	Concentration, Entertainment, Leisure, Long Term, Marine, small caps, value	The fund's largest position is RCI Hospitality, the only publicly traded owner of adult nightclubs in the US, which operates 56 clubs across 13 states plus Bombshells sports-bar restaurants. These businesses function as local monopolies with excellent unit economics due to few municipalities issuing new adult entertainment licenses.	HZO DSHK 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
2023 Q4	Sep 1, 2024	Ace River Capital	2.0%	0.0%	RICK, VOXR	concentrated, Entertainment, Microcap, Mining, royalties, SmallCap, value	Manager initiated a position in Vox Royalty Corp, which operates in mining royalties alternative financing. The company provides one-time payments for future revenue shares from mining operations, offering asymmetric risk/reward tied to commodity prices. Vox maintains a proprietary database of 8500+ existing royalties and recently monetized this asset through an IP licensing agreement.	VOXR RICK	View
2023 Q2	Jul 30, 2023	Greystone Capital	8.0%	16.0%	APG, BSFFF, CURN, LMB, RICK, SYZLF	Construction, Currency Exchange, Fitness, Hospitality, small cap, value	Manager emphasizes that small cap valuations are severely dislocated from larger businesses, creating the fourth such period in decades alongside 1974 Nifty-Fifty era, Dot-com bubble, and 2020 pandemic. Growing, well-managed, cash-generating small businesses are trading at single digit multiples while being underfollowed due to current market structure and fear from 2022 hangover effects.		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
2022 Q4	May 2, 2023	Greystone Capital	8.0%	16.0%	APG, BSFFF, EDR SM, GFF, IDT, POL, RICK	-			View
2023 Q1	Mar 31, 2023	Ace River Capital	2.0%	0.0%	HZO, RICK	Concentration, Entertainment, Long Term, small caps, Travel, value	Manager maintains concentrated portfolio of small and micro-cap companies with unique advantages and growth potential. Strategy focuses on substantial positions in companies that meet strict criteria, typically holding no more than 5 companies at a time. Approach requires significant research and patience with long periods of minimal trading.	HZO RICK	View
2022 Q4	Feb 21, 2022	Bireme Capital	-2.0%	-2.0%	BOL FP, NFLX, NKLA, OSTK, RICK, TSLA, TWTR	-			View
2023 Q4	Jan 31, 2024	Bireme Capital	-2.0%	-2.0%	AAPL, AI, ARM, BTI, CLX, META, NFLX, ORI, RICK, TR, TSLA	fiscal policy, inflation, Magnificent 7, Shorts, technology, Tobacco, value	Manager emphasizes exploiting investor biases to find high-conviction investments in undervalued equities. Rebalanced from richly-valued positions to traditional value names with undemanding valuations. Continues to find enticing opportunities in US and overseas markets where valuations are more attractive.		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
2023 Q4	Jan 23, 2024	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, KKR, LMB, RICK	Concentration, Quality, Roll-ups, small caps, value	Manager focuses on high-quality, well-managed businesses trading at attractive multiples that represent upside rather than downside to investment value. Emphasizes finding undervalued companies with attractive growth prospects where multiple expansion can contribute to returns alongside earnings growth.	CLMB	View
2022 Q4	Jan 3, 2023	Deep Sail Capital Partners	13.8%	23.5%	AEP CN, LEAT, 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	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	acquisition growth, Adult Entertainment, Casinos, digital platform, Franchising, hospitality, Local Monopoly, Nightclubs, Restaurants	View Pitch
Apr 28, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Adult Entertainment, capital allocation, Cash Flow Yield, Franchising, hospitality, Local Monopoly, Restaurants, Share Buybacks, Sports Bars	View Pitch
Apr 28, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Adult Entertainment, casino, Franchising, hospitality, Local Licenses, Monopoly, Sports Bars, Unit economics	View Pitch
Apr 27, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Adult Entertainment, capital allocation, consolidation, defensive, Franchising, Local Monopolies, Niche Industry, Roll-up	View Pitch
Apr 13, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	acquisition strategy, Adult Entertainment, cash generation, consolidation, Equity, hospitality, Local Monopoly, Regulatory Moat	View Pitch
Apr 13, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	acquisition target, Adult Entertainment, cash flow generation, Consolidation Play, Defensive Moat, digital platform, Local Monopolies, Real Estate, Roll-up Strategy, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Tourlite Capital Management	RCI Hospitality Holdings	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	cash flow, hospitality, insider ownership, low valuation, same-store sales, share repurchases, Value	View Pitch
Apr 13, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Adult Entertainment, digital platform, Equity, Franchising, hospitality, Local Monopoly, same-store sales, Share Buyback	View Pitch
Apr 13, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Adult Entertainment, digital platform, Gaming, hospitality, Local Monopoly, M&A, Restaurants, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	acquisition strategy, Adult Entertainment, cash generation, Consolidation Play, Licensed Locations, Local Monopoly, Nightclubs, OnlyFans Competitor, Real Estate, Share Buybacks, Tech Platform	View Pitch
Apr 13, 2026	Fund Letters	Ace River Capital	RCI Hospitality Holdings Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Adult Entertainment, consolidation, digital platform, dividend, Free Cash Flow, Monopolistic, Nightclubs, Real Estate, regulatory barriers, Share Buybacks	View Pitch
Feb 4, 2026	Fund Letters	Nicholas D’Agnillo	RCI Hospitality Holdings Inc.	Consumer Discretionary	Leisure Facilities	Bull	NASDAQ	Asset Coverage, buybacks, cash flow, Governance, Real Estate	View Pitch
Dec 3, 2025	Fund Letters	Nicholas D’Agnillo	RCI Hospitality Holdings, Inc.	Consumer Discretionary	Restaurants	Bull	NASDAQ	cashflow, consolidation, Monopolies, Reinvestment, valuation	View Pitch
Sep 16, 2025	Short Thesis	Bear Cave	RCI Hospitality Holdings Inc	Consumer Discretionary	Restaurants (Adult Entertainment & Nightlife)	Bear	NASDAQ	Adult, Governance, Licensing, Nightclubs, Roll-up	View Pitch

BSD Shareholders of RICK

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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Letters With This Ticker

Pitches With This Ticker

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