Solas Capital Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Solas Capital Management, LLC reported 22 stock positions worth $173.9 million. Its top holding was Epsilon Energy (EPSN) at 12.3% of the portfolio, followed by Fennec Pharmaceuticals (FENC, 8.8%) and Sonida Senior Living (SNDA, 8.3%). Compared with Q4 2025, it opened 6 new positions, sold out of 6, added to 5 and reduced 11. The biggest buy was Lee Enterprises (LEE, shares +256%) and the biggest sale an exit from Primo Brands (PRMB).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001604867
- Portfolio Value
- $173.9M (Q1 2026)
- SEC Filing
- 0001604867-26-000009 ↗ filed May 15, 2026
Holdings Value
Holdings 22 stocks · $173.9M
| EPSN Epsilon Energy Ltd. | 12.30% | 3,470,761 | $21.4M | Reduce -2.1% |
| FENC Fennec Pharmaceuticals Inc. | 8.78% | 2,482,198 | $15.3M | Reduce -3.1% |
| SNDA Sonida Senior Living Inc. | 8.27% | 445,879 | $14.4M | Reduce -2.1% |
| LEE Lee Enterprises | 8.02% | 1,684,486 | $13.9M | Add +256.3% |
| ASIX Advansix Inc. | 7.26% | 517,029 | $12.6M | Reduce -16.0% |
| KD Kyndryl Holdings Inc. | 6.91% | 915,443 | $12.0M | Add +124.6% |
| ACOG Alpha Cognition Inc. | 6.08% | 1,924,617 | $10.6M | Reduce -2.2% |
| GO Grocery Outlet Holding Corp. | 5.66% | 1,395,185 | $9.8M | Add +24.1% |
| MOH Molina Healthcare Inc. | 5.27% | 68,719 | $9.2M | Add +0.6% |
| AAP Advance Auto Parts Inc. | 5.13% | 169,163 | $8.9M | Reduce -12.2% |
| NSP Insperity Inc. | 3.92% | 251,852 | $6.8M | Add +38.3% |
| MAIA Maia Biotechnology Inc. | 3.46% | 4,297,004 | $6.0M | New |
| SNWV Sanuwave Health Inc. | 2.86% | 287,514 | $5.0M | Reduce -2.0% |
| SEG Seaport Entertainment Group | 2.75% | 222,918 | $4.8M | Reduce -2.0% |
| EEFT Euronet Worldwide Inc. | 2.75% | 71,988 | $4.8M | Reduce -2.0% |
| BUR Burford Capital Ltd. | 2.55% | 980,944 | $4.4M | New |
| ASTL Algoma Steel Group Inc. | 2.49% | 1,047,454 | $4.3M | Reduce -2.0% |
| NVRI Enviri Corp. | 2.27% | 201,205 | $3.9M | New |
| ALIT Alight Inc. Class A | 1.43% | 4,253,822 | $2.5M | New |
| MODD Modular Medical Inc. | 0.87% | 288,095 | $1.5M | New |
| MERC Mercer International Inc. | 0.65% | 790,338 | $1.1M | Reduce -50.8% |
| HAIN Hain Celestial Group Inc. | 0.34% | 856,064 | $597K | New |
Portfolio Sells Q4 2025 → Q1 2026
| PRMB Primo Brands Corp. | Sold out | 0.00% | −4.27 |
| GT Goodyear Tire & Rubber Co. | Sold out | 0.00% | −3.36 |
| GPRE Green Plains Inc. | Sold out | 0.00% | −3.13 |
| FENC Fennec Pharmaceuticals Inc. | Reduce -3.1% | 8.78% | −2.41 |
| TEX Terex Corp. | Sold out | 0.00% | −2.17 |
| SNWV Sanuwave Health Inc. | Reduce -2.0% | 2.86% | −2.11 |
| ACOG Alpha Cognition Inc. | Reduce -2.2% | 6.08% | −1.18 |
| MERC Mercer International Inc. | Reduce -50.8% | 0.65% | −1.16 |
| MODULAR MED INC | Sold out | 0.00% | −0.91 |
| EEFT Euronet Worldwide Inc. | Reduce -2.0% | 2.75% | −0.43 |
| SNDA Sonida Senior Living Inc. | Reduce -2.1% | 8.27% | −0.16 |
| SPWH Sportsman's Warehouse Holdin | Sold out | 0.00% | −0.04 |
| ASTL Algoma Steel Group Inc. | Reduce -2.0% | 2.49% | +0.00 |
| SEG Seaport Entertainment Group | Reduce -2.0% | 2.75% | +0.20 |
| AAP Advance Auto Parts Inc. | Reduce -12.2% | 5.13% | +0.84 |
| ASIX Advansix Inc. | Reduce -16.0% | 7.26% | +1.21 |
| EPSN Epsilon Energy Ltd. | Reduce -2.1% | 12.30% | +2.96 |
Portfolio Buys Q4 2025 → Q1 2026
| LEE Lee Enterprises | Add +256.3% | 8.02% | +6.76 |
| MAIA Maia Biotechnology Inc. | New | 3.46% | +3.46 |
| BUR Burford Capital Ltd. | New | 2.55% | +2.55 |
| NVRI Enviri Corp. | New | 2.27% | +2.27 |
| ALIT Alight Inc. Class A | New | 1.43% | +1.43 |
| MODD Modular Medical Inc. | New | 0.87% | +0.87 |
| KD Kyndryl Holdings Inc. | Add +124.6% | 6.91% | +0.76 |
| HAIN Hain Celestial Group Inc. | New | 0.34% | +0.34 |
| NSP Insperity Inc. | Add +38.3% | 3.92% | −0.08 |
| GO Grocery Outlet Holding Corp. | Add +24.1% | 5.66% | −0.78 |
| MOH Molina Healthcare Inc. | Add +0.6% | 5.27% | −1.46 |
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 |