ADW Capital Management’s RCI Hospitality Holdings RICK Stock Holding History

ADW Capital Management’s Portfolio RICK Stock Details RICK Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-821,000	Closed	-$25M	–	7
2025 Q3	$25M	Sell	821,000 -58,782	-7%	-$2.11M	14.32%	4
2025 Q2	$33.5M	Sell	879,782 -6,686	-0.8%	-$270K	9.16%	4
2025 Q1	$38.1M	Sell	886,468 -2,000	-0.2%	-$102K	12.35%	4
2024 Q4	$51.1M	Sell	888,468 -10,746	-1%	-$525K	15.69%	2
2024 Q3	$40.1M	Sell	899,214 -32,878	-4%	-$1.47M	12.62%	4
2024 Q2	$40.6M	Sell	932,092 -2,500	-0.3%	-$121K	8.76%	4
2024 Q1	$54.2M	Hold	934,592	–	–	10.82%	4
2023 Q4	$61.9M	Sell	934,592 -6,408	-0.7%	-$374K	13.89%	3
2023 Q3	$57.1M	Sell	941,000 -8,000	-0.8%	-$536K	15.36%	3
2023 Q2	$72.1M	Hold	949,000	–	–	18.4%	2
2023 Q1	$74.2M	Buy	949,000 +50,000	+6%	+$4.34M	21.81%	2
2022 Q4	$83.8M	Hold	899,000	–	–	31.06%	1
2022 Q3	$58.7M	Hold	899,000	–	–	27.72%	1
2022 Q2	$43.5M	Sell	899,000 -50,000	-5%	-$2.87M	20.52%	3
2022 Q1	$58.3M	Hold	949,000	–	–	22.64%	3
2021 Q4	$73.9M	Buy	949,000 +49,300	+5%	+$3.43M	22.57%	3
2021 Q3	$61.6M	Hold	899,700	–	–	19.36%	3
2021 Q2	$59.6M	Hold	899,700	–	–	17.54%	3
2021 Q1	$57.2M	Sell	899,700 -12,700	-1%	-$684K	18.22%	3
2020 Q4	$36M	Hold	912,400	–	–	12.77%	4
2020 Q3	$18.6M	Buy	912,400 +400	+0%	+$6.34K	10.84%	4
2020 Q2	$12.6M	Buy	912,000 +736,600	+420%	+$9M	12.12%	4
2020 Q1	$1.75M	Buy	+175,400	New	+$3.12M	55.28%	1

Other funds holding RICK

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

SPH

Steel Partners Holdings New York $96.4M AUM

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

American Century Companies Kansas City, Missouri $194B AUM 35% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

Arrowstreet Capital Boston, Massachusetts $185B AUM 39.58% 1-Year Est. Return

Citadel Advisors Miami, Florida $618B AUM 30.34% 1-Year Est. Return

AQR Capital Management Greenwich, Connecticut $218B AUM 29.41% 1-Year Est. Return

ADW Capital Management's RICK Position: Q4 2025 in Review

ADW Capital Management sold out of RCI Hospitality Holdings (RICK) in Q4 2025, closing a stake of 821,000 shares — an estimated $25M sold.

ADW Capital Management first reported a position in RICK in Q1 2020 and held it in 23 quarters. The position peaked at $83.8M in Q4 2022. 97 funds tracked by Wall St. Rank hold RICK as of Q4 2025.

ADW Capital Management reported no remaining RCI Hospitality Holdings position as of Q4 2025 after selling out during the quarter.
ADW Capital Management sold 821,000 RCI Hospitality Holdings shares in Q4 2025, an estimated $25M.
ADW Capital Management first reported a position in RCI Hospitality Holdings in Q1 2020 and held it in 23 quarters.
ADW Capital Management's RCI Hospitality Holdings position peaked at $83.8M in Q4 2022.
97 funds tracked by Wall St. Rank held RCI Hospitality Holdings as of Q4 2025.

Based on ADW Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.