# Solas Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1604867. Source: https://holderbook.com/funds/1604867-solas-capital-management-llc/

- Reported value: $186.6M
- Positions: 21
- Weight of the ten largest: 72.7%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| FENNEC PHARMACEUTICALS INC | [FENC](https://holderbook.com/stocks/FENC/) | $20.3M | 1,889,366 | 10.9% | 29 |
| EPSILON ENERGY LTD | [EPSN](https://holderbook.com/stocks/EPSN/) | $18.8M | 3,470,761 | 10.1% | 27 |
| ALPHA COGNITION INC | [ACOG](https://holderbook.com/stocks/ACOG/) | $13.9M | 1,924,617 | 7.4% | 7 |
| SONIDA SENIOR LIVING INC | [SNDA](https://holderbook.com/stocks/SNDA/) | $13.8M | 337,679 | 7.4% | 20 |
| LEE ENTERPRISES INC | [LEE](https://holderbook.com/stocks/LEE/) | $13.7M | 1,549,944 | 7.4% | 22 |
| INSPERITY INC | [NSP](https://holderbook.com/stocks/NSP/) | $11.6M | 281,852 | 6.2% | 3 |
| GROCERY OUTLET HLDG CORP | [GO](https://holderbook.com/stocks/GO/) | $11.4M | 1,139,058 | 6.1% | 6 |
| ADVANSIX INC | [ASIX](https://holderbook.com/stocks/ASIX/) | $11.4M | 571,324 | 6.1% | 5 |
| ADVANCE AUTO PARTS INC | [AAP](https://holderbook.com/stocks/AAP/) | $10.5M | 169,163 | 5.6% | 12 |
| KYNDRYL HLDGS INC | [KD](https://holderbook.com/stocks/KD/) | $10.4M | 915,443 | 5.5% | 3 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $9.2M | 40,219 | 4.9% | 4 |
| EURONET WORLDWIDE INC | [EEFT](https://holderbook.com/stocks/EEFT/) | $9.1M | 124,988 | 4.9% | 3 |
| SANUWAVE HEALTH INC | [SNWV](https://holderbook.com/stocks/SNWV/) | $6.1M | 610,968 | 3.3% | 6 |
| SEAPORT ENTMT GROUP INC | [SEG](https://holderbook.com/stocks/SEG/) | $5.7M | 212,892 | 3.0% | 4 |
| BURFORD CAPITAL LIMITED | [BUR](https://holderbook.com/stocks/BUR/) | $5.0M | 1,210,944 | 2.7% | 2 |
| MAIA BIOTECHNOLOGY INC | [MAIA](https://holderbook.com/stocks/MAIA/) | $4.4M | 3,030,845 | 2.3% | 2 |
| ENVIRI CORP | - | $4.0M | 183,333 | 2.2% | 1 |
| LUXEXPERIENCE BV | [LUXE](https://holderbook.com/stocks/LUXE/) | $2.6M | 344,529 | 1.4% | 1 |
| ALIGHT INC | [ALIT](https://holderbook.com/stocks/ALIT/) | $2.4M | 4,253,822 | 1.3% | 2 |
| MODULAR MED INC | [MODD](https://holderbook.com/stocks/MODD/) | $2.0M | 438,095 | 1.1% | 2 |
| HAIN CELESTIAL GROUP INC | [HAIN](https://holderbook.com/stocks/HAIN/) | $479.6K | 856,064 | 0.3% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.4% | +14.8% | +0.6% | 100% |
| Q1 2026 | -3.9% | -4.6% | +0.8% | 99% |
| Q4 2025 | -8.5% | +2.4% | -10.8% | 89% |
| Q3 2025 | -0.8% | +7.8% | -8.7% | 100% |
| Q2 2025 | +15.4% | +10.5% | +4.9% | 100% |
| Q1 2025 | -9.4% | -4.6% | -4.9% | 100% |
| Q4 2024 | +8.1% | +2.1% | +5.9% | 100% |
| Q3 2024 | -0.3% | +5.4% | -5.8% | 94% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $186.6M | 21 |
| Q1 2026 | $173.9M | 22 |
| Q4 2025 | $176.2M | 22 |
| Q3 2025 | $163.8M | 20 |
| Q2 2025 | $178.7M | 20 |
| Q1 2025 | $177.7M | 21 |
| Q4 2024 | $150.6M | 19 |
| Q3 2024 | $142.5M | 18 |
| Q2 2024 | $182.9M | 20 |
| Q1 2024 | $155.5M | 19 |
| Q4 2023 | $161.1M | 23 |
| Q3 2023 | $142.9M | 19 |