Solas Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Solas Capital Management, LLC reported 22 stock positions worth $176.2 million. Its top holding was Fennec Pharmaceuticals (FENC) at 11.2% of the portfolio, followed by Epsilon Energy (EPSN, 9.3%) and Sonida Senior Living (SNDA, 8.4%). Compared with Q3 2025, it opened 6 new positions, sold out of 4, added to 8 and reduced 7. The biggest buy was a new position in Kyndryl (KD) and the biggest sale an exit from Regeneron Pharmaceuticals (REGN).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $176.2M (Q4 2025)
- SEC Filing
- 0001604867-26-000004 ↗ filed Feb 17, 2026
Holdings Value
Holdings 22 stocks · $176.2M
| FENC Fennec Pharmaceuticals Inc. | 11.19% | 2,560,726 | $19.7M | Add +17.0% |
| EPSN Epsilon Energy Ltd. | 9.33% | 3,545,186 | $16.4M | Reduce -2.1% |
| SNDA Sonida Senior Living Inc. | 8.43% | 455,537 | $14.9M | Reduce -2.6% |
| ACOG Alpha Cognition Inc. | 7.26% | 1,968,052 | $12.8M | Add +53.5% |
| MOH Molina Healthcare Inc. | 6.73% | 68,314 | $11.9M | Add +20.4% |
| GO Grocery Outlet Holding Corp. | 6.44% | 1,124,055 | $11.4M | Add +66.3% |
| KD Kyndryl Holdings Inc. | 6.14% | 407,634 | $10.8M | New |
| ASIX Advansix Inc. | 6.04% | 615,445 | $10.6M | Add +18.1% |
| SNWV Sanuwave Health Inc. | 4.97% | 293,529 | $8.8M | Add +45.8% |
| AAP Advance Auto Parts Inc. | 4.30% | 192,663 | $7.6M | Add +31.4% |
| PRMB Primo Brands Corp. | 4.27% | 460,619 | $7.5M | New |
| NSP Insperity Inc. | 4.00% | 182,132 | $7.1M | New |
| GT Goodyear Tire & Rubber Co. | 3.36% | 676,976 | $5.9M | Reduce -2.1% |
| EEFT Euronet Worldwide Inc. | 3.17% | 73,494 | $5.6M | New |
| GPRE Green Plains Inc. | 3.13% | 563,453 | $5.5M | New |
| SEG Seaport Entertainment Group | 2.55% | 227,578 | $4.5M | Reduce -2.0% |
| ASTL Algoma Steel Group Inc. | 2.49% | 1,069,351 | $4.4M | Reduce -2.0% |
| TEX Terex Corp. | 2.17% | 71,663 | $3.8M | New |
| MERC Mercer International Inc. | 1.81% | 1,607,315 | $3.2M | Reduce -2.6% |
| LEE Lee Enterprises | 1.26% | 472,748 | $2.2M | No change |
| MODULAR MED INC | 0.91% | 4,424,059 | $1.6M | Add +17.1% |
| SPWH Sportsman's Warehouse Holdin | 0.04% | 44,387 | $65K | Reduce -76.8% |
Portfolio Sells Q3 2025 → Q4 2025
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −6.25 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −6.13 |
| ODP The Odp Corp. | Sold out | 0.00% | −4.49 |
| EPSN Epsilon Energy Ltd. | Reduce -2.1% | 9.33% | −1.80 |
| VTOL Bristow Group Inc. | Sold out | 0.00% | −1.79 |
| MERC Mercer International Inc. | Reduce -2.6% | 1.81% | −1.09 |
| SEG Seaport Entertainment Group | Reduce -2.0% | 2.55% | −0.70 |
| SPWH Sportsman's Warehouse Holdin | Reduce -76.8% | 0.04% | −0.29 |
| ASTL Algoma Steel Group Inc. | Reduce -2.0% | 2.49% | +0.12 |
| GT Goodyear Tire & Rubber Co. | Reduce -2.1% | 3.36% | +0.21 |
| SNDA Sonida Senior Living Inc. | Reduce -2.6% | 8.43% | +0.52 |
Portfolio Buys Q3 2025 → Q4 2025
| KD Kyndryl Holdings Inc. | New | 6.14% | +6.14 |
| PRMB Primo Brands Corp. | New | 4.27% | +4.27 |
| NSP Insperity Inc. | New | 4.00% | +4.00 |
| EEFT Euronet Worldwide Inc. | New | 3.17% | +3.17 |
| GPRE Green Plains Inc. | New | 3.13% | +3.13 |
| TEX Terex Corp. | New | 2.17% | +2.17 |
| ACOG Alpha Cognition Inc. | Add +53.5% | 7.26% | +2.16 |
| SNWV Sanuwave Health Inc. | Add +45.8% | 4.97% | +0.36 |
| MOH Molina Healthcare Inc. | Add +20.4% | 6.73% | +0.10 |
| ASIX Advansix Inc. | Add +18.1% | 6.04% | −0.12 |
| GO Grocery Outlet Holding Corp. | Add +66.3% | 6.44% | −0.18 |
| MODULAR MED INC | Add +17.1% | 0.91% | −0.70 |
| AAP Advance Auto Parts Inc. | Add +31.4% | 4.30% | −1.20 |
| FENC Fennec Pharmaceuticals Inc. | Add +17.0% | 11.19% | −1.31 |
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 |