Solas Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Solas Capital Management, LLC reported 21 stock positions worth $177.7 million. Its top holding was Epsilon Energy (EPSN) at 15.0% of the portfolio, followed by Sanuwave Health (SNWV, 11.6%) and Grocery Outlet (GO, 7.7%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 5 and reduced 7. The biggest buy was a new position in Sanuwave Health (SNWV) and the biggest sale Par Pacific (PARR, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $177.7M (Q1 2025)
- SEC Filing
- 0001604867-25-000011 ↗ filed May 15, 2025
Holdings Value
Holdings 21 stocks · $177.7M
| EPSN Epsilon Energy Ltd. | 14.97% | 3,768,467 | $26.6M | No change |
| SNWV Sanuwave Health Inc. | 11.62% | 584,048 | $20.7M | New |
| GO Grocery Outlet Holding Corp. | 7.73% | 982,515 | $13.7M | New |
| FENC Fennec Pharmaceuticals Inc. | 7.71% | 2,250,919 | $13.7M | No change |
| SNDA Sonida Senior Living Inc. | 6.82% | 520,360 | $12.1M | Add +2.3% |
| AAP Advance Auto Parts Inc. | 6.25% | 283,395 | $11.1M | Add +20.4% |
| PARR Par Pacific Holdings Inc. | 5.56% | 693,577 | $9.9M | Reduce -12.8% |
| WOOF Petco Health and Wellness Co. | 5.15% | 3,000,000 | $9.2M | New |
| AMBP Ardagh Metal Packaging SA | 5.12% | 3,013,910 | $9.1M | Reduce -10.3% |
| WBA Walgreens Boots Alliance Inc. | 4.94% | 786,787 | $8.8M | Reduce -29.6% |
| ASTL Algoma Steel Group Inc. | 4.45% | 1,460,646 | $7.9M | Add +37.7% |
| ACOG Alpha Cognition Inc. | 3.92% | 1,393,328 | $7.0M | No change |
| MERC Mercer International Inc. | 3.55% | 1,025,157 | $6.3M | Reduce -4.8% |
| LEE Lee Enterprises | 2.82% | 482,212 | $5.0M | No change |
| ZIMV Zimvie Inc. | 2.07% | 340,536 | $3.7M | Reduce -12.6% |
| MODULAR MED INC | 1.98% | 3,243,475 | $3.5M | Add +30.7% |
| CTRN Citi Trends Inc. | 1.89% | 151,412 | $3.4M | No change |
| CONTEXTLOGIC INC - A | 1.39% | 355,154 | $2.5M | No change |
| SPWH Sportsman's Warehouse Holdin | 1.04% | 1,852,091 | $1.8M | Add +67.3% |
| MURA Mural Oncology PLC | 0.63% | 887,995 | $1.1M | Reduce -30.0% |
| KD Kyndryl Holdings Inc. | 0.40% | 22,445 | $705K | Reduce -16.3% |
Portfolio Sells Q4 2024 → Q1 2025
| PARR Par Pacific Holdings Inc. | Reduce -12.8% | 5.56% | −3.09 |
| MURA Mural Oncology PLC | Reduce -30.0% | 0.63% | −2.08 |
| WBA Walgreens Boots Alliance Inc. | Reduce -29.6% | 4.94% | −1.98 |
| AMBP Ardagh Metal Packaging SA | Reduce -10.3% | 5.12% | −1.60 |
| ZIMV Zimvie Inc. | Reduce -12.6% | 2.07% | −1.54 |
| MERC Mercer International Inc. | Reduce -4.8% | 3.55% | −1.10 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.42 |
| KD Kyndryl Holdings Inc. | Reduce -16.3% | 0.40% | −0.22 |
Portfolio Buys Q4 2024 → Q1 2025
| SNWV Sanuwave Health Inc. | New | 11.62% | +11.62 |
| GO Grocery Outlet Holding Corp. | New | 7.73% | +7.73 |
| WOOF Petco Health and Wellness Co. | New | 5.15% | +5.15 |
| MODULAR MED INC | Add +30.7% | 1.98% | −0.28 |
| SPWH Sportsman's Warehouse Holdin | Add +67.3% | 1.04% | −0.93 |
| SNDA Sonida Senior Living Inc. | Add +2.3% | 6.82% | −0.98 |
| AAP Advance Auto Parts Inc. | Add +20.4% | 6.25% | −1.14 |
| ASTL Algoma Steel Group Inc. | Add +37.7% | 4.45% | −2.43 |
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 |