A thick subcategory theorem for modules over certain ring spectra

Abstract: We classify thick subcategories of the $\infty$-categories of perfect modules over ring spectra which arise as functions on even periodic derived stacks satisfying affineness and regularity conditions. For example, we show that the thick subcategories of perfect modules over $\mathrm{TMF}$ are in natural bijection with the subsets of the underlying space of the moduli stack of elliptic curves which are closed under specialization.