Summary

• Resolute Holdings Management, Inc. operates via management agreements, earning fees based on underlying businesses' EBITDA, not equity stakes.
• RHLD's fee income is secure due to long-term contracts, but its value is tied to Husky and CompoSecure's profitability and operational risks.
• CompoSecure faces reintegration trends and business model sustainability concerns, while Husky contends with tariff and resin price volatility but shows recurring revenue potential.
• With a 30–37x annualized P/E, RHLD trades at a premium to industrial peers; lacking a compelling upside case though fair on capital lite considerations.
• They can always make more deals with new companies, almost as if they are a growth equity fund, but through these management fee deals instead.
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Resolute Holdings Management, Inc (RHLD) is a bit of a nuisance to look at because management agreements that confer effective control over holdings, though on a non-majority basis, result in a consolidated picture that reflects the

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