Solas Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Solas Capital Management, LLC reported 20 stock positions worth $163.8 million. Its top holding was Fennec Pharmaceuticals (FENC) at 12.5% of the portfolio, followed by Epsilon Energy (EPSN, 11.1%) and Sonida Senior Living (SNDA, 7.9%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 4 and reduced 13. The biggest buy was a new position in Molina Healthcare (MOH) and the biggest sale an exit from Walgreens Boots Alliance (WBA).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $163.8M (Q3 2025)
- SEC Filing
- 0001604867-25-000022 ↗ filed Nov 14, 2025
Holdings Value
Holdings 20 stocks · $163.8M
| FENC Fennec Pharmaceuticals Inc. | 12.50% | 2,187,902 | $20.5M | Reduce -2.0% |
| EPSN Epsilon Energy Ltd. | 11.13% | 3,619,613 | $18.2M | Reduce -2.0% |
| SNDA Sonida Senior Living Inc. | 7.91% | 467,709 | $13.0M | Reduce -1.5% |
| MOH Molina Healthcare Inc. | 6.63% | 56,737 | $10.9M | New |
| GO Grocery Outlet Holding Corp. | 6.62% | 676,142 | $10.9M | Reduce -31.0% |
| REGN Regeneron Pharmaceuticals | 6.25% | 18,218 | $10.2M | Reduce -2.0% |
| ASIX Advansix Inc. | 6.16% | 521,141 | $10.1M | Add +16.1% |
| ZIMV Zimvie Inc. | 6.13% | 530,013 | $10.0M | Reduce -22.8% |
| AAP Advance Auto Parts Inc. | 5.49% | 146,617 | $9.0M | Reduce -31.5% |
| ACOG Alpha Cognition Inc. | 5.09% | 1,282,192 | $8.3M | Add +0.5% |
| SNWV Sanuwave Health Inc. | 4.61% | 201,304 | $7.5M | Reduce -32.1% |
| ODP The Odp Corp. filed as THE ODP CORP | 4.49% | 264,097 | $7.4M | Add +87.1% |
| SEG Seaport Entertainment Group | 3.25% | 232,238 | $5.3M | New |
| GT Goodyear Tire & Rubber Co. | 3.16% | 691,569 | $5.2M | Reduce -2.0% |
| MERC Mercer International Inc. | 2.90% | 1,650,032 | $4.8M | Reduce -1.5% |
| ASTL Algoma Steel Group Inc. | 2.37% | 1,091,248 | $3.9M | Reduce -23.8% |
| VTOL Bristow Group Inc. | 1.79% | 81,443 | $2.9M | Reduce -67.5% |
| MODULAR MED INC | 1.61% | 3,778,480 | $2.6M | Add +18.8% |
| LEE Lee Enterprises | 1.57% | 472,748 | $2.6M | No change |
| SPWH Sportsman's Warehouse Holdin | 0.32% | 191,116 | $529K | Reduce -69.7% |
Portfolio Sells Q2 2025 → Q3 2025
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −4.95 |
| EPSN Epsilon Energy Ltd. | Reduce -2.0% | 11.13% | −4.12 |
| ASTL Algoma Steel Group Inc. | Reduce -23.8% | 2.37% | −3.15 |
| VTOL Bristow Group Inc. | Reduce -67.5% | 1.79% | −2.82 |
| GT Goodyear Tire & Rubber Co. | Reduce -2.0% | 3.16% | −0.94 |
| SPWH Sportsman's Warehouse Holdin | Reduce -69.7% | 0.32% | −0.90 |
| SNWV Sanuwave Health Inc. | Reduce -32.1% | 4.61% | −0.85 |
| MERC Mercer International Inc. | Reduce -1.5% | 2.90% | −0.38 |
| GO Grocery Outlet Holding Corp. | Reduce -31.0% | 6.62% | −0.19 |
| CTRN Citi Trends Inc. | Sold out | 0.00% | −0.09 |
| AAP Advance Auto Parts Inc. | Reduce -31.5% | 5.49% | −0.07 |
| REGN Regeneron Pharmaceuticals | Reduce -2.0% | 6.25% | +0.79 |
| SNDA Sonida Senior Living Inc. | Reduce -1.5% | 7.91% | +1.29 |
| FENC Fennec Pharmaceuticals Inc. | Reduce -2.0% | 12.50% | +2.13 |
| ZIMV Zimvie Inc. | Reduce -22.8% | 6.13% | +2.53 |
Portfolio Buys Q2 2025 → Q3 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 |