ADW Capital exits RCI Hospitality (RICK), reports 0% ownership in 13G/A

Rhea-AI Filing Summary

RCI Hospitality Holdings, Inc. received an amended Schedule 13G/A showing that ADW Capital Partners, L.P., ADW Capital Management, LLC and Adam D. Wyden now report 0 shares of the company’s common stock as beneficially owned, representing 0% of the outstanding class as of 12/31/2025.

Each reporting person indicates no sole or shared voting or dispositive power over any RCI Hospitality shares and certifies that the securities previously covered were not acquired or held for the purpose of changing or influencing control of the issuer.

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Accepted by SEC EDGAR 02/17/2026 - 10:00 AM Learn about SEC filing dates

FAQ

What does the Schedule 13G/A filing report for RCI Hospitality (RICK)?

The filing reports that ADW Capital and Adam D. Wyden now hold 0% of RCI Hospitality’s common stock. All three reporting persons disclose zero beneficially owned shares and no voting or dispositive power as of December 31, 2025.

Who are the reporting persons in this RCI Hospitality (RICK) Schedule 13G/A?

The reporting persons are ADW Capital Partners, L.P., ADW Capital Management, LLC and Adam D. Wyden. ADW Capital Partners was the direct owner, ADW Capital Management served as general partner, and Wyden is the sole manager of ADW Capital Management.

How many RCI Hospitality (RICK) shares do the reporting persons now beneficially own?

They report beneficial ownership of 0.00 shares, or 0% of the class. Each of ADW Capital Partners, ADW Capital Management and Adam D. Wyden lists zero sole or shared voting and dispositive power over RCI Hospitality common stock.

What is the date of the event triggering this RCI Hospitality (RICK) Schedule 13G/A?

The event date triggering the amended ownership report is December 31, 2025. As of that date, the filing shows that the reporting persons’ beneficial ownership of RCI Hospitality common stock had fallen to five percent or less, specifically to zero.

Do the reporting persons seek to influence control of RCI Hospitality (RICK)?

The certification states the securities were not acquired or held to change or influence control of RCI Hospitality. The filing emphasizes they are not acting as part of a group for control purposes under the Exchange Act.

What class of securities is covered in this RCI Hospitality (RICK) Schedule 13G/A?

The filing covers RCI Hospitality’s common stock, $0.01 par value. The securities are identified with CUSIP number 74934Q108, and the report focuses solely on this class for ownership disclosure purposes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

RCI Hospitality Holdings, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

74934Q108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 74934Q108

1

Names of Reporting Persons

ADW Capital Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 74934Q108

1

Names of Reporting Persons

ADW Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC, IA

SCHEDULE 13G

CUSIP No. 74934Q108

1

Names of Reporting Persons

Adam D. Wyden

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RCI Hospitality Holdings, Inc.
(b)	Address of issuer's principal executive offices: 10737 Cutten Road, Houston, Texas 77066
Item 2.
(a)	Name of person filing: This statement is jointly filed by and on behalf of each of ADW Capital Partners, L.P., ADW Capital Management, LLC and Adam D. Wyden. ADW Capital Partners, L.P. is the record and direct beneficial owner of the securities covered by this statement. ADW Capital Management, LLC is the general partner and investment manager of, and may be deemed to beneficially own securities owned by, ADW Capital Partners, L.P. Mr. Wyden is the sole manager of, and may be deemed to beneficially own securities owned by, ADW Capital Management, LLC. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each of the reporting persons may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended (the "Act"). Each of the reporting persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the reporting persons is 6431 Allison Road, Miami Beach, Florida.
(c)	Citizenship: See Item 4 on the cover page(s) hereto.
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 74934Q108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page(s) hereto.
(b)	Percent of class: See Item 11 on the cover page(s) hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ADW Capital Partners, L.P.

Signature:	/s/ Adam D. Wyden
Name/Title:	Sole Manager of ADW Capital Management, LLC, its general partner
Date:	02/17/2026

ADW Capital Management, LLC

Signature:	/s/ Adam D. Wyden
Name/Title:	Sole Manager
Date:	02/17/2026

Adam D. Wyden

Signature:	/s/ Adam D. Wyden
Name/Title:	Adam D. Wyden
Date:	02/17/2026

Exhibit Information

Joint Acquisition Statement (incorporated herein by reference to Exhibit 1 to the Schedule 13G filed on May 21, 2020, by the reporting persons with the Securities and Exchange Commission).