Solas Capital Management, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Solas Capital Management, LLC reported 21 stock positions worth $186.6 million. Its top holding was Fennec Pharmaceuticals (FENC) at 10.9% of the portfolio, followed by Epsilon Energy (EPSN, 10.1%) and Alpha Cognition (ACOG, 7.4%). Compared with Q1 2026, it opened 1 new position, sold out of 2, added to 7 and reduced 7. The biggest buy was Insperity (NSP, shares +12%) and the biggest sale an exit from Algoma Steel (ASTL).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $186.6M (Q2 2026)
- SEC Filing
- 0001604867-26-000017 ↗ filed Aug 14, 2026
Holdings Value
Holdings 21 stocks · $186.6M
| FENC Fennec Pharmaceuticals Inc. | 10.88% | 1,889,366 | $20.3M | Reduce -23.9% |
| EPSN Epsilon Energy Ltd. | 10.06% | 3,470,761 | $18.8M | No change |
| ACOG Alpha Cognition Inc. | 7.45% | 1,924,617 | $13.9M | No change |
| SNDA Sonida Senior Living Inc. | 7.38% | 337,679 | $13.8M | Reduce -24.3% |
| LEE Lee Enterprises | 7.36% | 1,549,944 | $13.7M | Reduce -8.0% |
| NSP Insperity Inc. | 6.24% | 281,852 | $11.6M | Add +11.9% |
| GO Grocery Outlet Holding Corp. | 6.09% | 1,139,058 | $11.4M | Reduce -18.4% |
| ASIX Advansix Inc. | 6.09% | 571,324 | $11.4M | Add +10.5% |
| AAP Advance Auto Parts Inc. | 5.64% | 169,163 | $10.5M | No change |
| KD Kyndryl Holdings Inc. | 5.55% | 915,443 | $10.4M | No change |
| MOH Molina Healthcare Inc. | 4.93% | 40,219 | $9.2M | Reduce -41.5% |
| EEFT Euronet Worldwide Inc. | 4.90% | 124,988 | $9.1M | Add +73.6% |
| SNWV Sanuwave Health Inc. | 3.27% | 610,968 | $6.1M | Add +112.5% |
| SEG Seaport Entertainment Group | 3.03% | 212,892 | $5.7M | Reduce -4.5% |
| BUR Burford Capital Ltd. | 2.66% | 1,210,944 | $5.0M | Add +23.4% |
| MAIA Maia Biotechnology Inc. | 2.34% | 3,030,845 | $4.4M | Reduce -29.5% |
| NVRI Enviri Corp. | 2.16% | 183,333 | $4.0M | Add +173.3% |
| LUXE Luxexperience BV | 1.37% | 344,529 | $2.6M | New |
| ALIT Alight Inc. Class A | 1.28% | 4,253,822 | $2.4M | No change |
| MODD Modular Medical Inc. | 1.06% | 438,095 | $2.0M | Add +52.1% |
| HAIN Hain Celestial Group Inc. | 0.26% | 856,064 | $480K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| ASTL Algoma Steel Group Inc. | Sold out | 0.00% | −2.49 |
| MAIA Maia Biotechnology Inc. | Reduce -29.5% | 2.34% | −1.12 |
| SNDA Sonida Senior Living Inc. | Reduce -24.3% | 7.38% | −0.89 |
| LEE Lee Enterprises | Reduce -8.0% | 7.36% | −0.66 |
| MERC Mercer International Inc. | Sold out | 0.00% | −0.65 |
| MOH Molina Healthcare Inc. | Reduce -41.5% | 4.93% | −0.34 |
| SEG Seaport Entertainment Group | Reduce -4.5% | 3.03% | +0.28 |
| GO Grocery Outlet Holding Corp. | Reduce -18.4% | 6.09% | +0.43 |
| FENC Fennec Pharmaceuticals Inc. | Reduce -23.9% | 10.88% | +2.10 |
Portfolio Buys Q1 2026 → Q2 2026
| NSP Insperity Inc. | Add +11.9% | 6.24% | +2.32 |
| EEFT Euronet Worldwide Inc. | Add +73.6% | 4.90% | +2.15 |
| LUXE Luxexperience BV | New | 1.37% | +1.37 |
| SNWV Sanuwave Health Inc. | Add +112.5% | 3.27% | +0.41 |
| MODD Modular Medical Inc. | Add +52.1% | 1.06% | +0.18 |
| BUR Burford Capital Ltd. | Add +23.4% | 2.66% | +0.11 |
| NVRI Enviri Corp. | Add +173.3% | 2.16% | −0.11 |
| ASIX Advansix Inc. | Add +10.5% | 6.09% | −1.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 21 | $186.6M | FENC, EPSN, ACOG, SNDA, LEE |
| Q1 2026 | 22 | $173.9M | EPSN, FENC, SNDA, LEE, ASIX |
| Q4 2025 | 22 | $176.2M | FENC, EPSN, SNDA, ACOG, MOH |
| Q3 2025 | 20 | $163.8M | FENC, EPSN, SNDA, MOH, GO |
| Q2 2025 | 20 | $178.7M | EPSN, FENC, GO, ACOG, SNDA |
| Q1 2025 | 21 | $177.7M | EPSN, SNWV, GO, FENC, SNDA |
| Q4 2024 | 19 | $150.6M | EPSN, FENC, PARR, SNDA, AAP |
| Q3 2024 | 18 | $142.5M | EPSN, KD, SNDA, WBA, AMBP |
| Q2 2024 | 20 | $182.9M | EPSN, KD, WBA, SNDA, AAN |
| Q1 2024 | 19 | $155.5M | EPSN, SNDA, WBA, ASTL, FENC |