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Solas Capital Management, LLC

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13F filer, CIK 1604867, DARIEN, CT

Solas Capital Management, LLC reported $176,240,593 across 22 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 70.83% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001604867-26-000004

Period
2025-12-31
Reported value
$176M
Holdings
22
Top 10 weight
70.83%
New
6
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KDnew+407,634$10.8M
PRMBnew+460,619$7.53M
NSPnew+182,132$7.05M
EEFTnew+73,494$5.59M
GPREnew+563,453$5.52M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
REGNexited-18,218-$10.2M
ZIMVIE INCexited-530,013-$10M
ODPexited-264,097-$7.36M
VTOLexited-81,443-$2.94M
SNDAreduced-12,172-$397K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001604867-26-000004, largest first. % of portfolio is the value over $176,240,593, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
FENCFENNEC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,923,536 shares; 2024Q4: 2,250,919 shares; 2025Q1: 2,250,919 shares; 2025Q2: 2,232,902 shares; 2025Q3: 2,187,902 shares; 2025Q4: 2,560,726 shares 2,560,726$19.7M11.19%+372,824Timeline
EPSNEPSILON ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,768,467 shares; 2024Q4: 3,768,467 shares; 2025Q1: 3,768,467 shares; 2025Q2: 3,694,040 shares; 2025Q3: 3,619,613 shares; 2025Q4: 3,545,186 shares 3,545,186$16.4M9.33%-74,427Timeline
SNDASONIDA SENIOR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 582,917 shares; 2024Q4: 508,917 shares; 2025Q1: 520,360 shares; 2025Q2: 474,711 shares; 2025Q3: 467,709 shares; 2025Q4: 455,537 shares 455,537$14.9M8.43%-12,172Timeline
ACOGALPHA COGNITION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,393,328 shares; 2025Q1: 1,393,328 shares; 2025Q2: 1,276,012 shares; 2025Q3: 1,282,192 shares; 2025Q4: 1,968,052 shares 1,968,052$12.8M7.26%+685,860Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 56,737 shares; 2025Q4: 68,314 shares 68,314$11.9M6.73%+11,577Timeline
GOGROCERY OUTLET HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 982,515 shares; 2025Q2: 979,681 shares; 2025Q3: 676,142 shares; 2025Q4: 1,124,055 shares 1,124,055$11.4M6.44%+447,913Timeline
KDKYNDRYL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 726,278 shares; 2024Q4: 26,818 shares; 2025Q1: 22,445 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 407,634 shares 407,634$10.8M6.14%newTimeline
ASIXADVANSIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 449,006 shares; 2025Q3: 521,141 shares; 2025Q4: 615,445 shares 615,445$10.6M6.04%+94,304Timeline
SNWVSANUWAVE HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 584,048 shares; 2025Q2: 296,691 shares; 2025Q3: 201,304 shares; 2025Q4: 293,529 shares 293,529$8.76M4.97%+92,225Timeline
AAPADVANCE AUTO PARTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,484 shares; 2024Q4: 235,484 shares; 2025Q1: 283,395 shares; 2025Q2: 214,061 shares; 2025Q3: 146,617 shares; 2025Q4: 192,663 shares 192,663$7.57M4.3%+46,046Timeline
PRMBPRIMO BRANDS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 460,619 shares 460,619$7.53M4.27%newTimeline
NSPINSPERITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 182,132 shares 182,132$7.05M4%newTimeline
GTGOODYEAR TIRE & RUBR COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 705,784 shares; 2025Q3: 691,569 shares; 2025Q4: 676,976 shares 676,976$5.93M3.36%-14,593Timeline
EEFTEURONET WORLDWIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 73,494 shares 73,494$5.59M3.17%newTimeline
GPREGREEN PLAINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 563,453 shares 563,453$5.52M3.13%newTimeline
SEGSEAPORT ENTMT GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 232,238 shares; 2025Q4: 227,578 shares 227,578$4.5M2.55%-4,660Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 990,646 shares; 2024Q4: 1,060,646 shares; 2025Q1: 1,460,646 shares; 2025Q2: 1,431,936 shares; 2025Q3: 1,091,248 shares; 2025Q4: 1,069,351 shares 1,069,351$4.38M2.49%-21,897Timeline
TEXTEREX CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 71,663 shares 71,663$3.83M2.17%newTimeline
MERCMERCER INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,077,000 shares; 2025Q1: 1,025,157 shares; 2025Q2: 1,675,142 shares; 2025Q3: 1,650,032 shares; 2025Q4: 1,607,315 shares 1,607,315$3.18M1.81%-42,717Timeline
LEELEE ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 482,212 shares; 2024Q4: 482,212 shares; 2025Q1: 482,212 shares; 2025Q2: 472,748 shares; 2025Q3: 472,748 shares; 2025Q4: 472,748 shares 472,748$2.22M1.26%0Timeline
MODDMODULAR MED INC COM NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,881,095 shares; 2024Q4: 2,481,095 shares; 2025Q1: 3,243,475 shares; 2025Q2: 3,179,590 shares; 2025Q3: 3,778,480 shares; 2025Q4: 4,424,059 shares 4,424,059$1.61M0.91%+645,579Timeline
SPWHSPORTSMANS WHSE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,456,963 shares; 2024Q4: 1,107,137 shares; 2025Q1: 1,852,091 shares; 2025Q2: 631,296 shares; 2025Q3: 191,116 shares; 2025Q4: 44,387 shares 44,387$64.8K0.04%-146,729Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
REGNREGENERON PHARMACEUTICALS18,218$10.2Mshares
ZIMVIE INCZIMVIE INC530,013$10Mshares
ODPTHE ODP CORP264,097$7.36Mshares
VTOLBRISTOW GROUP INC81,443$2.94Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001604867-26-000004 base2026-02-17acceptance time not in the bulk data set