Markets, capital, and the discipline of patient investing.
RFC Capital Research publishes the independent analysis of Ruslan Averin — an investor focused on public markets, sovereign and corporate fixed income, cross-border real estate, and capital allocation across emerging and frontier markets.
No institutional mandate, no house view to defend — a working record of how one investor thinks about risk, value, and the markets most analysts avoid.
OnlyFans Was Valued at $3.15 Billion — Half of What Was Discussed a Year Earlier
Fenix International sold 16% of OnlyFans to Architect Capital for $535M at a $3.15B valuation, after earlier talks pointed to $8B. Ownership changed hands.
MarketsPlayboy Sold Half Its China Business and the Stock Costs $1.22
PLBY cut senior debt from $218M to $145M and sold 50% of its China business for $45M cash. Licensing carries 90% margins but revenue fell 5%.
MarketsYou Cannot Buy Pornhub Stock — Here Is What the Ownership Actually Looks Like
Pornhub's parent Aylo has been wholly owned by Ethical Capital Partners since March 2023, with no IPO announced. The listed alternatives are a short list.
MarketsRCI Hospitality Buys Back Its Own Shares Faster Than It Grows
RICK generates about $45.4M of free cash flow on $284M of revenue and has cut its share count from 10.29M to 8.68M. The 2029 plan targets 7.5M shares.
MarketsAdaptHealth Fell 44% — Reimbursement Risk in Home Medical Equipment
AdaptHealth fell 44% over the week to around $5.98. Home medical equipment distribution combines regulated pricing with acquisition-driven leverage.
MarketsA $16 Million Revenue Miss Cost AppLovin $40 Billion
AppLovin missed Q2 2026 revenue by $16.3 million and lost up to $40.2 billion in equity value. An analysis of what the reaction actually priced.