Solas Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Solas Capital Management, LLC reported 20 stock positions worth $178.7 million. Its top holding was Epsilon Energy (EPSN) at 15.3% of the portfolio, followed by Fennec Pharmaceuticals (FENC, 10.4%) and Grocery Outlet (GO, 6.8%). Compared with Q1 2025, it opened 5 new positions, sold out of 6, added to 2 and reduced 13. The biggest buy was a new position in Advansix (ASIX) and the biggest sale Sanuwave Health (SNWV, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $178.7M (Q2 2025)
- SEC Filing
- 0001604867-25-000014 ↗ filed Aug 14, 2025
Holdings Value
Holdings 20 stocks · $178.7M
| EPSN Epsilon Energy Ltd. | 15.26% | 3,694,040 | $27.3M | Reduce -2.0% |
| FENC Fennec Pharmaceuticals Inc. | 10.37% | 2,232,902 | $18.5M | Reduce -0.8% |
| GO Grocery Outlet Holding Corp. | 6.81% | 979,681 | $12.2M | Reduce -0.3% |
| ACOG Alpha Cognition Inc. | 6.66% | 1,276,012 | $11.9M | Reduce -8.4% |
| SNDA Sonida Senior Living Inc. | 6.63% | 474,711 | $11.8M | Reduce -8.8% |
| ASIX Advansix Inc. | 5.97% | 449,006 | $10.7M | New |
| AAP Advance Auto Parts Inc. | 5.57% | 214,061 | $10.0M | Reduce -24.5% |
| ASTL Algoma Steel Group Inc. | 5.52% | 1,431,936 | $9.9M | Reduce -2.0% |
| REGN Regeneron Pharmaceuticals | 5.46% | 18,594 | $9.8M | New |
| SNWV Sanuwave Health Inc. | 5.46% | 296,691 | $9.7M | Reduce -49.2% |
| WBA Walgreens Boots Alliance Inc. | 4.95% | 771,300 | $8.9M | Reduce -2.0% |
| VTOL Bristow Group Inc. | 4.62% | 250,194 | $8.2M | New |
| GT Goodyear Tire & Rubber Co. | 4.10% | 705,784 | $7.3M | New |
| ZIMV Zimvie Inc. | 3.59% | 686,634 | $6.4M | Add +101.6% |
| MERC Mercer International Inc. | 3.28% | 1,675,142 | $5.9M | Add +63.4% |
| LEE Lee Enterprises | 1.69% | 472,748 | $3.0M | Reduce -2.0% |
| ODP The Odp Corp. filed as THE ODP CORP | 1.43% | 141,145 | $2.6M | New |
| MODULAR MED INC | 1.33% | 3,179,590 | $2.4M | Reduce -2.0% |
| SPWH Sportsman's Warehouse Holdin | 1.22% | 631,296 | $2.2M | Reduce -65.9% |
| CTRN Citi Trends Inc. | 0.09% | 4,875 | $163K | Reduce -96.8% |
Portfolio Sells Q1 2025 → Q2 2025
| SNWV Sanuwave Health Inc. | Reduce -49.2% | 5.46% | −6.17 |
| PARR Par Pacific Holdings Inc. | Sold out | 0.00% | −5.56 |
| WOOF Petco Health and Wellness Co. | Sold out | 0.00% | −5.15 |
| AMBP Ardagh Metal Packaging SA | Sold out | 0.00% | −5.12 |
| CTRN Citi Trends Inc. | Reduce -96.8% | 0.09% | −1.79 |
| CONTEXTLOGIC INC - A | Sold out | 0.00% | −1.39 |
| LEE Lee Enterprises | Reduce -2.0% | 1.69% | −1.12 |
| GO Grocery Outlet Holding Corp. | Reduce -0.3% | 6.81% | −0.92 |
| AAP Advance Auto Parts Inc. | Reduce -24.5% | 5.57% | −0.68 |
| MODULAR MED INC | Reduce -2.0% | 1.33% | −0.65 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.63 |
| KD Kyndryl Holdings Inc. | Sold out | 0.00% | −0.40 |
| SNDA Sonida Senior Living Inc. | Reduce -8.8% | 6.63% | −0.19 |
| WBA Walgreens Boots Alliance Inc. | Reduce -2.0% | 4.95% | +0.01 |
| SPWH Sportsman's Warehouse Holdin | Reduce -65.9% | 1.22% | +0.18 |
| EPSN Epsilon Energy Ltd. | Reduce -2.0% | 15.26% | +0.29 |
| ASTL Algoma Steel Group Inc. | Reduce -2.0% | 5.52% | +1.07 |
| FENC Fennec Pharmaceuticals Inc. | Reduce -0.8% | 10.37% | +2.66 |
| ACOG Alpha Cognition Inc. | Reduce -8.4% | 6.66% | +2.75 |
Portfolio Buys Q1 2025 → Q2 2025
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 |