ADW Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), ADW Capital Management, LLC reported 7 stock positions worth $174.9 million. Its top holding was GFL Environmental Inc.-Sub VT (GFL) at 27.4% of the portfolio, followed by Api (APG, 19.6%) and NCR Voyix (VYX, 16.1%). Compared with Q2 2025, it opened 1 new position, sold out of 1 and reduced 4. The biggest buy was a new position in NCR Voyix (VYX) and the biggest sale Par Technology (PAR, shares −77%).
- Most Recent 13F
- Q2 2026
- Location
- Miami Beach, FL
- CIK
- 0001745214
- Portfolio Value
- $174.9M (Q3 2025)
- SEC Filing
- 0001420506-25-003325 ↗ filed Nov 14, 2025
Holdings Value
Holdings 7 stocks · $174.9M
| GFL GFL Environmental Inc.-Sub VT | 27.36% | 1,010,000 | $47.9M | No change |
| APG Api Group Corp. | 19.65% | 1,000,000 | $34.4M | Reduce -37.5% |
| VYX NCR Voyix Corp. | 16.14% | 2,250,000 | $28.2M | New |
| RICK Rci Hospitality Holdings Inc. | 14.32% | 821,000 | $25.0M | Reduce -6.7% |
| PAR Par Technology Corp. | 13.51% | 597,229 | $23.6M | Reduce -77.0% |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 8.37% | 1,100,000 | $14.6M | Reduce -57.9% |
| FATAQ Fat Brands Inc. Class A | 0.65% | 587,400 | $1.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| VYX NCR Voyix Corp. | New | 16.14% | +16.14 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $273.9M | DRVN, APG, CODI, GFL, STGW |
| Q1 2026 | 8 | $229.0M | APG, DRVN, GFL, STGW, CODI |
| Q4 2025 | 5 | $133.9M | APG, GFL, PAR, TIC, SCHL |
| Q3 2025 | 7 | $174.9M | GFL, APG, VYX, RICK, PAR |
| Q2 2025 | 7 | $366.3M | PAR, APG, GFL, RICK, TIC |
| Q1 2025 | 6 | $308.2M | PAR, GFL, APG, RICK, TIC |
| Q4 2024 | 5 | $325.4M | PAR, RICK, GFL, APG, FATAQ |
| Q3 2024 | 5 | $262.6M | PAR, APG, RICK, GFL, FATAQ |
| Q2 2024 | 5 | $414.2M | APG, PAR, RICK, GFL, FATAQ |
| Q1 2024 | 5 | $453.4M | APG, PAR, GFL, RICK, FATAQ |