ADW Capital Management, LLC

Key Holdings

The portfolio is dominated by a few specific, high-conviction positions:

• GFL Environmental Inc. (GFL): This is the largest holding, valued at $47.85 million, representing 38.89% of the portfolio. With 1.01 million shares, ADW Capital has maintained a massive overweight position in this waste management utility, signaling strong confidence in the company's operational turnaround or long-term cash flow generation.
• API Group Corp (APG): The second-largest holding, valued at $34.37 million (27.93% allocation), consists of exactly 1.00 million shares. Despite a reduction in stake value this quarter, it remains a core anchor of the portfolio, suggesting the firm sees continued value in this safety and specialty services company.
• RCI Hospitality Holdings Inc: This position accounts for 20.36% of the portfolio ($25.05 million). Despite a reduction in shares, RCI remains a significant bet, likely reflecting a value-oriented or special situations play on the hospitality and adult entertainment sectors.
• Acuren Corp (TIC): Holding 11.90% of the portfolio ($14.64 million), this position saw the most significant relative reduction in share count (-57.9%) during the quarter, yet it remains the fourth-largest pillar of the fund's strategy.
• FAT Brands Inc: A minor position at 0.93% ($1.15 million), this appears to be a residual holding or a small speculative bet compared to the major allocations above.