SCHEDULE: Investor Group Trims RCI Hospitality Stake Below 5%

A group of investors, including Robert Goldstein, has reduced its beneficial ownership in RCI Hospitality Holdings, Inc., with Goldstein's aggregate stake falling to 4.9%.

Summary

• Ash X LP and RLG GP LLC decreased their beneficial ownership in RCI Hospitality Holdings, Inc. from 4.0% (313,237 shares) as of December 31, 2025, to 3.8% (293,237 shares) as of March 27, 2026.
• RLG Capco II LLC reduced its beneficial ownership from 1.4% (107,277 shares) as of December 31, 2025, to 1.1% (87,277 shares) as of March 27, 2026.
• Gotham Asset Management, LLC, Gotham Asset Management Holdings, LP, and Gotham GP LLC collectively decreased their beneficial ownership from 223 shares as of December 31, 2025, to 42 shares as of March 27, 2026, remaining below 0.1% of the outstanding common stock.
• Robert Goldstein's aggregate beneficial ownership decreased from approximately 5.4% (420,737 shares) as of December 31, 2025, to 4.9% (380,556 shares) as of March 27, 2026.
• Joel Greenblatt's beneficial ownership also decreased from 223 shares as of December 31, 2025, to 42 shares as of March 27, 2026, remaining at 0% of the outstanding common stock.
• The percentages are based on 7,812,000 shares outstanding as of December 12, 2025, and 7,710,000 shares outstanding as of March 13, 2026.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a moderately negative signal, as a notable investor group has reduced its stake, with the lead investor's ownership falling below the 5% threshold. This suggests a potential decrease in conviction or a reallocation of capital.

Negatives

• A significant investor, Robert Goldstein, and associated entities have reduced their stake in RCI Hospitality Holdings, Inc., with Goldstein's aggregate beneficial ownership falling below the 5% threshold from 5.4% to 4.9%.
• Ash X LP and RLG Capco II LLC also decreased their holdings by 20,000 shares each.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that a reduction in stake by a prominent investor group, particularly one where the aggregate beneficial ownership falls below the 5% threshold, can sometimes signal a shift in investment strategy or a less favorable outlook on the company's near-term prospects. While not a definitive indicator of future performance, such a move by an experienced investor like Robert Goldstein warrants attention from the market.

Stakeholder Impact

• Shareholders may view the reduction in stake by a significant investor group as a negative signal, potentially influencing market sentiment and share price.

Key Dates

Recommendation

The reduction in beneficial ownership by a significant investor group, particularly Robert Goldstein's stake falling below 5%, indicates a decreased conviction in the company's prospects by a sophisticated investor. This could signal potential headwinds or a less attractive valuation, prompting a cautious stance or a recommendation to sell for investors who follow such institutional movements.

Keywords

RCI Hospitality Holdings, RICK, Schedule 13G, beneficial ownership, institutional ownership, Robert Goldstein, Ash X LP, RLG GP LLC, RLG Capco II LLC, Gotham Asset Management, Joel Greenblatt, common stock, equity stake