Solas Capital Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Solas Capital Management, LLC reported 19 stock positions worth $150.6 million. Its top holding was Epsilon Energy (EPSN) at 15.5% of the portfolio, followed by Fennec Pharmaceuticals (FENC, 9.4%) and Par Pacific (PARR, 8.7%). Compared with Q3 2024, it opened 2 new positions, sold out of 1, added to 8 and reduced 6. The biggest buy was Par Pacific (PARR, shares +418%) and the biggest sale Kyndryl (KD, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $150.6M (Q4 2024)
- SEC Filing
- 0001604867-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 19 stocks · $150.6M
| EPSN Epsilon Energy Ltd. | 15.54% | 3,768,467 | $23.4M | No change |
| FENC Fennec Pharmaceuticals Inc. | 9.45% | 2,250,919 | $14.2M | Add +17.0% |
| PARR Par Pacific Holdings Inc. | 8.65% | 795,000 | $13.0M | Add +417.7% |
| SNDA Sonida Senior Living Inc. | 7.80% | 508,917 | $11.7M | Reduce -12.7% |
| AAP Advance Auto Parts Inc. | 7.40% | 235,484 | $11.1M | Add +9.3% |
| WBA Walgreens Boots Alliance Inc. | 6.92% | 1,116,787 | $10.4M | Reduce -13.1% |
| ASTL Algoma Steel Group Inc. | 6.89% | 1,060,646 | $10.4M | Add +7.1% |
| AMBP Ardagh Metal Packaging SA | 6.72% | 3,361,378 | $10.1M | Add +10.9% |
| ACOG Alpha Cognition Inc. | 5.38% | 1,393,328 | $8.1M | New |
| LEE Lee Enterprises | 4.73% | 482,212 | $7.1M | No change |
| MERC Mercer International Inc. | 4.65% | 1,077,000 | $7.0M | New |
| ZIMV Zimvie Inc. | 3.61% | 389,756 | $5.4M | Reduce -2.6% |
| MURA Mural Oncology PLC | 2.71% | 1,269,000 | $4.1M | No change |
| CTRN Citi Trends Inc. | 2.64% | 151,412 | $4.0M | Add +17.6% |
| MODULAR MED INC | 2.26% | 2,481,095 | $3.4M | Add +31.9% |
| SPWH Sportsman's Warehouse Holdin | 1.96% | 1,107,137 | $3.0M | Reduce -24.0% |
| CONTEXTLOGIC INC - A | 1.66% | 355,154 | $2.5M | Add +186.3% |
| KD Kyndryl Holdings Inc. | 0.62% | 26,818 | $928K | Reduce -96.3% |
| VSTS Vestis Corp. | 0.42% | 41,386 | $631K | Reduce -92.7% |
Portfolio Sells Q3 2024 → Q4 2024
| KD Kyndryl Holdings Inc. | Reduce -96.3% | 0.62% | −11.10 |
| VSTS Vestis Corp. | Reduce -92.7% | 0.42% | −5.47 |
| SNDA Sonida Senior Living Inc. | Reduce -12.7% | 7.80% | −3.14 |
| WBA Walgreens Boots Alliance Inc. | Reduce -13.1% | 6.92% | −1.16 |
| ZIMV Zimvie Inc. | Reduce -2.6% | 3.61% | −0.85 |
| SPWH Sportsman's Warehouse Holdin | Reduce -24.0% | 1.96% | −0.81 |
| GIFI Gulf Island Fabrication Inc. | Sold out | 0.00% | −0.12 |
Portfolio Buys Q3 2024 → Q4 2024
| PARR Par Pacific Holdings Inc. | Add +417.7% | 8.65% | +6.76 |
| ACOG Alpha Cognition Inc. | New | 5.38% | +5.38 |
| MERC Mercer International Inc. | New | 4.65% | +4.65 |
| FENC Fennec Pharmaceuticals Inc. | Add +17.0% | 9.45% | +2.70 |
| AAP Advance Auto Parts Inc. | Add +9.3% | 7.40% | +1.50 |
| CONTEXTLOGIC INC - A | Add +186.3% | 1.66% | +1.18 |
| CTRN Citi Trends Inc. | Add +17.6% | 2.64% | +0.98 |
| ASTL Algoma Steel Group Inc. | Add +7.1% | 6.89% | −0.23 |
| MODULAR MED INC | Add +31.9% | 2.26% | −0.71 |
| AMBP Ardagh Metal Packaging SA | Add +10.9% | 6.72% | −1.30 |
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 |