Solas Capital Management, LLC — 13F Holdings & Portfolio
CIK 1604867 · latest 13F-HR filed 2026-05-15
Solas Capital Management, LLC manages $173.9M in 13F-reported U.S. long-equity assets across 22 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are EPSN (12.30%), FENC (8.78%), SNDA (8.27%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 6 new positions, exited 6, added to 6, and trimmed 7.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$173.9M
Long-equity book
22
Distinct positions
2026-03-31
Filed 2026-05-15
+6 / −6 / ↑6 / ↓7
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- LEE ENTERPRISES INC$11.7M +529.0%
- EPSILON ENERGY LTD$4.9M +30.0%
- ADVANSIX INC$2.0M +18.5%
- ADVANCE AUTO PARTS INC$1.4M +17.9%
- KYNDRYL HLDGS INC$1.2M +10.9%
Top Trims
- FENNEC PHARMACEUTICALS INC-$4.5M -22.6%
- SANUWAVE HEALTH INC-$3.8M -43.2%
- MOLINA HEALTHCARE INC-$2.7M -22.7%
- ALPHA COGNITION INC-$2.2M -17.4%
- MERCER INTL INC-$2.1M -64.7%
New Positions
- MAIA BIOTECHNOLOGY INC$6.0M
- BURFORD CAPITAL LIMITED$4.4M
- ENVIRI CORP$3.9M
- ALIGHT INC$2.5M
- MODULAR MED INC$1.5M
Exited Positions
- PRIMO BRANDS CORPORATION$7.5M
- GOODYEAR TIRE & RUBR CO$5.9M
- GREEN PLAINS INC$5.5M
- TEREX CORP NEW$3.8M
- MODULAR MED INC$1.6M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | EPSILON ENERGY LTD | EPSN | 294375209 | $21.4M | 12.30% | 3,470,761 | SH |
| 2 | FENNEC PHARMACEUTICALS INC | FENC | 31447P100 | $15.3M | 8.78% | 2,482,198 | SH |
| 3 | SONIDA SENIOR LIVING INC | SNDA | 140475203 | $14.4M | 8.27% | 445,879 | SH |
| 4 | LEE ENTERPRISES INC | LEE | 523768406 | $13.9M | 8.02% | 1,684,486 | SH |
| 5 | ADVANSIX INC | ASIX | 00773T101 | $12.6M | 7.26% | 517,029 | SH |
| 6 | KYNDRYL HLDGS INC | KD | 50155Q100 | $12.0M | 6.91% | 915,443 | SH |
| 7 | ALPHA COGNITION INC | ACOG | 02074J501 | $10.6M | 6.08% | 1,924,617 | SH |
| 8 | GROCERY OUTLET HLDG CORP | GO | 39874R101 | $9.8M | 5.66% | 1,395,185 | SH |
| 9 | MOLINA HEALTHCARE INC | MOH | 60855R100 | $9.2M | 5.27% | 68,719 | SH |
| 10 | ADVANCE AUTO PARTS INC | AAP | 00751Y106 | $8.9M | 5.13% | 169,163 | SH |
| 11 | INSPERITY INC | NSP | 45778Q107 | $6.8M | 3.92% | 251,852 | SH |
| 12 | MAIA BIOTECHNOLOGY INC | MAIA | 552641102 | $6.0M | 3.46% | 4,297,004 | SH |
| 13 | SANUWAVE HEALTH INC | SNWV | 80303D305 | $5.0M | 2.86% | 287,514 | SH |
| 14 | SEAPORT ENTMT GROUP INC | SEG | 812215200 | $4.8M | 2.75% | 222,918 | SH |
| 15 | EURONET WORLDWIDE INC | EEFT | 298736109 | $4.8M | 2.75% | 71,988 | SH |
| 16 | BURFORD CAPITAL LIMITED | BUR | G17977110 | $4.4M | 2.55% | 980,944 | SH |
| 17 | ALGOMA STL GROUP INC | ASTL | 015658107 | $4.3M | 2.49% | 1,047,454 | SH |
| 18 | ENVIRI CORP | NVRI | 415864107 | $3.9M | 2.27% | 201,205 | SH |
| 19 | ALIGHT INC | ALIT | 01626W101 | $2.5M | 1.43% | 4,253,822 | SH |
| 20 | MODULAR MED INC | MODD | 60785L306 | $1.5M | 0.87% | 288,095 | SH |
| 21 | MERCER INTL INC | MERC | 588056101 | $1.1M | 0.65% | 790,338 | SH |
| 22 | HAIN CELESTIAL GROUP INC | HAIN | 405217100 | $597.4K | 0.34% | 856,064 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $173.9M | 22 | 0001604867-26-000009 |
| 2025-12-31 | 2026-02-17 | $176.2M | 22 | 0001604867-26-000004 |
| 2025-09-30 | 2025-11-14 | $163.8M | 20 | 0001604867-25-000022 |