Resolute: The 400% Scream & Nine Ten’s Exit

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February 17, 2026. The date the market officially LOST ITS MIND. Nine Ten Capital, those… careful souls, just shaved $5 million off their Resolute Holdings (RHLD 1.91%) stake. Five. Million. Dollars. After a year where this thing – this beast – quadrupled in value. It’s like watching a rocket ship jettison fuel… while still hurtling towards the sun. They held 92,980 shares, thank you very much, and decided enough was enough. The vultures are circling, I can feel it in my teeth.

The Numbers, Man, THE NUMBERS

Let’s dissect this, shall we? Nine Ten dumped 33,797 shares. A cool five mil. They still cling to 92,980, valued at $19.19 million. A $10.05 million increase… mostly due to the stock going completely, utterly BONKERS. They’re not panicking, not exactly. They’re just… recalibrating. Like a brain surgeon gently removing a tumor… that happens to be a rapidly inflating balloon.

The Usual Suspects & The Weight of AUM

Their top holdings? A predictable parade of tech and… whatever GPGI is. Let’s break it down: Magnite ($48.75M – 15.4% of AUM), GPGI ($46.64M – 14.8%), Cellebrite ($44.71M – 14.2%), AGYS ($43.17M – 13.7%), and IRMD ($41.68M – 13.2%). Resolute, at 1.4% of assets? A blip. A minor inconvenience. But a blip that’s been screaming upwards like a banshee.

A Staggering Ascent & The S&P 500 Black Hole

As of February 16th, RHLD was trading at $186.43. ONE HUNDRED AND EIGHTY-SIX DOLLARS. Up 419.45% in a year. A YEAR, people! I tried to calculate the alpha versus the S&P 500, but my slide rule melted. Seriously. The numbers are… obscene. It’s a statistical anomaly, a glitch in the Matrix. And Nine Ten, bless their cold, calculating hearts, is trimming the sails before this thing capsizes.

Resolute Holdings: The Anatomy of a Bubble?

Let’s get down to brass tacks. Resolute Holdings Management is an alternative asset management platform. They lean and mean, apparently. Scalable. They serve the institutional and high-net-worth crowd. The usual suspects. Based in New York. They’re basically financial alchemists, turning lead into… slightly less lead, but charging a hefty fee for the privilege.

Metric Value
Price (Feb 13, 2026) $186.43
Market Cap $1.53 Billion
Revenue (TTM) $344.35 Million
Net Income (TTM) ($2.3 Billion)

What Does This All MEAN?

Here’s the kicker. A 400% run-up and they’re selling? It’s not about doubt, it’s about discipline. They reported $120.9 million in net sales (up from $107.1 million), with $41.5 million in operating income. But… a LOSS of $0.03 per share. A loss! They’re swimming in fees ($0.13 per share), but the underlying structure is… precarious.

This whole thing is tied to CompoSecure and some deal with Husky. More complexity. More potential for fireworks. They have $98.2 million in cash, but $173 million in long-term debt. They’re walking a tightrope, folks. A very, very thin tightrope. For long-term investors, the question isn’t “Can this continue?” It’s “How much pain are you willing to endure when it inevitably doesn’t?” The fee stream is attractive, sure, but the volatility… the sheer, unadulterated volatility… warrants a healthy dose of skepticism. And after a 400% run? Risk management isn’t just sensible, it’s survival. I need a drink.

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2026-02-17 21:55