Adam Wyden – ADW Capital Management Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the ADW Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys – NCR Voyix Corporation

Increases –

None reported

Reductions – APi Group Corporation, PAR Technology Corporation, RCI Hospitality Holdings, Inc., Acuren

Complete Exits – Olo Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	APG APi Group Corporation	APi Group Corporation	Sell	-66,922	-6.3%	$34.37M	1,000,000
Q3 2025	OLO Olo Inc.	Olo Inc.	Sell - Position Exit	-1,900,000	-100.0%	$0.00	-
Q3 2025	PAR PAR Technology Corporation	PAR Technology Corporation	Sell	-2,000,000	-77.0%	$23.64M	597,229
Q3 2025	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-58,782	-6.7%	$25.05M	821,000
Q3 2025	TIC Acuren	Acuren	Sell	-1,513,803	-57.9%	$14.64M	1,100,000
Q3 2025	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy - Position Entry	+2,250,000	-	$28.24M	2,250,000
Q2 2025	OLO Olo Inc.	Olo Inc.	Buy - Position Entry	+1,900,000	-	$16.91M	1,900,000
Q2 2025	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-6,686	-0.8%	$33.54M	879,782
Q2 2025	TIC Acuren	Acuren	Buy	+619,285	+31.0%	$28.86M	2,613,803
Q1 2025	GFL GFL Environmental Inc. Subordin	GFL Environmental Inc. Subordin	Buy	+20,000	+2.0%	$48.79M	1,010,000
Q1 2025	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-2,000	-0.2%	$38.06M	886,468
Q1 2025	TIC Acuren	Acuren	Buy - Position Entry	+1,994,518	-	$22.18M	1,994,518
Q4 2024	APG APi Group Corporation	APi Group Corporation	Sell	-995,983	-48.3%	$38.38M	1,066,922
Q4 2024	PAR PAR Technology Corporation	PAR Technology Corporation	Buy	+445,229	+20.7%	$188.74M	2,597,229
Q4 2024	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-10,746	-1.2%	$51.06M	888,468
Q3 2024	APG APi Group Corporation	APi Group Corporation	Sell	-3,887,095	-65.3%	$68.12M	2,062,905
Q3 2024	PAR PAR Technology Corporation	PAR Technology Corporation	Sell	-144,944	-6.3%	$112.08M	2,152,000
Q3 2024	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-32,878	-3.5%	$40.06M	899,214
Q2 2024	GFL GFL Environmental Inc. Subordin	GFL Environmental Inc. Subordin	Sell	-660,000	-40.0%	$38.54M	990,000
Q2 2024	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-2,500	-0.3%	$40.60M	932,092
Q1 2024	PAR PAR Technology Corporation	PAR Technology Corporation	Buy	+646,830	+39.2%	$104.19M	2,296,944
Q4 2023	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-6,408	-0.7%	$61.93M	934,592
Q3 2023	PLBY PLBY Group, Inc.	PLBY Group, Inc.	Sell - Position Exit	-410,000	-100.0%	$0.00	-
Q3 2023	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Sell	-8,000	-0.8%	$57.08M	941,000
Q2 2023	APG APi Group Corporation	APi Group Corporation	Buy	+950,000	+19.0%	$162.20M	5,950,000
Q1 2023	APG APi Group Corporation	APi Group Corporation	Buy	+700,000	+16.3%	$112.40M	5,000,000
Q1 2023	GFL GFL Environmental Inc. Subordin	GFL Environmental Inc. Subordin	Buy	+673,112	+68.9%	$56.83M	1,650,000
Q1 2023	RICK RCI Hospitality Holdings, Inc.	RCI Hospitality Holdings, Inc.	Buy	+50,000	+5.6%	$74.18M	949,000
Q4 2022	APG APi Group Corporation	APi Group Corporation	Buy	+500,000	+13.2%	$80.88M	4,300,000
Q4 2022	GFL GFL Environmental Inc. Subordin	GFL Environmental Inc. Subordin	Buy	+317,888	+48.2%	$28.55M	976,888