Solas Capital Management, LLC

Registered adviser

CIK

1604867

Location

DARIEN, CT

Portfolio Value

Small $186,760,862

Diversification

Diversified

Filing Date

Global Rank

#6,591 / 8,807 ▼ 566

Top Industry

Biotechnology 20.7%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 159962

Roster of Oct 1, 2026

Regulatory AUM

$628,972,756

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

2 funds · Hedge funds

$65,768,884 gross assets

LEI

5493003SM8SZMT0C4H90

Private funds on Schedule D 7.B.(1)

As filed Mar 27, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$102,232,442 gross assets in 2 funds Hedge funds $102,232,442 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$628,972,756	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$599,370,742	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$599,105,084	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$537,737,000	Pooled investment vehicles (100%)
Apr 2023	$537,737,000	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$486,602,000	Pooled investment vehicles (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 72.8% of the book (60%+)

Turnover

Medium turnover

49.7% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 12.1 quarters (12+), a floor since 28.4% of the book was already held when coverage starts

Closest benchmark: the S&P SmallCap 600 as of 2026-06-30, active share 99.0%; sector active share 41.7% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

21 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

10.9%

−1.4 pts

Top 5

43.2%

−1.6 pts

Top 10

72.8%

−1.0 pts

HHI

650

Diversified−7

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	37.3%	$69,627,329	7
Technology	11.7%	$21,883,671	3
Energy	10.1%	$18,776,817	1
Industrials	8.4%	$15,667,465	2
Communication Services	7.4%	$13,887,498	1
Consumer Cyclical	7.0%	$13,085,171	2
Consumer Defensive	6.3%	$11,847,193	2
Basic Materials	6.1%	$11,357,921	1
Real Estate	3.0%	$5,662,927	1
Financial Services	2.7%	$4,964,870	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
SNWV	SANUWAVE Health, Inc.	+323,454	610,968	$6,109,680
BUR	Burford Capital Ltd	+230,000	1,210,944	$4,964,870
MODD	Modular Medical, Inc.	+150,000	438,095	$1,971,427
ASIX	AdvanSix Inc.	+54,295	571,324	$11,357,921
EEFT	Euronet Worldwide, Inc.	+53,000	124,988	$9,147,871
NSP	Insperity, Inc.	+30,000	281,852	$11,643,306
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
MAIA	MAIA Biotechnology, Inc.	−1,266,159	3,030,845	$4,364,416
FENC	Fennec Pharmaceuticals Inc.	−592,832	1,889,366	$20,310,684
GO	Grocery Outlet Holding Corp.	−256,127	1,139,058	$11,367,798
LEE	LEE ENTERPRISES, Inc	−134,542	1,549,944	$13,887,498
SNDA	Sonida Senior Living, Inc.	−108,200	337,679	$13,777,303
MOH	Molina Healthcare, Inc.	−28,500	40,219	$9,198,085
NVRI	Enviri Corp	−17,872	183,333	$4,024,159
SEG	Seaport Entertainment Group Inc.	−10,026	212,892	$5,662,927
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
LUXE	LuxExperience B.V.	344,529	$2,559,850
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
ASTL	Algoma Steel Group Inc.	1,047,454	$4,325,985
MERC	Mercer International Inc.	790,338	$1,122,279
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

21 tracked positions · $186,760,862 total · filing declares 21 positions · $186,606,047 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
FENC	Fennec Pharmaceuticals Inc. Healthcare	Reduced	1,889,366	-592,832	$20,310,684	+33.0%	10.88%
EPSN	Epsilon Energy Ltd. Energy	Held	3,470,761	0	$18,776,817	−12.2%	10.05%
ACOG	Alpha Cognition Inc. Healthcare	Held	1,924,617	0	$13,895,734	+31.5%	7.44%
LEE	LEE ENTERPRISES, Inc Communication Services	Reduced	1,549,944	-134,542	$13,887,498	−4.2%	7.44%
SNDA	Sonida Senior Living, Inc. Healthcare	Reduced	337,679	-108,200	$13,777,303	−4.2%	7.38%
NSP	Insperity, Inc. Industrials	Added	281,852	+30,000	$11,643,306	+71.0%	6.23%
GO	Grocery Outlet Holding Corp. Consumer Defensive	Reduced	1,139,058	-256,127	$11,367,798	+15.6%	6.09%
ASIX	AdvanSix Inc. Basic Materials	Added	571,324	+54,295	$11,357,921	−10.0%	6.08%
AAP	Advance Auto Parts Inc Consumer Cyclical	Held	169,163	0	$10,525,321	+18.0%	5.64%
KD	Kyndryl Holdings, Inc. Technology	Held	915,443	0	$10,353,660	−13.8%	5.54%
MOH	Molina Healthcare, Inc. Healthcare	Reduced	40,219	-28,500	$9,198,085	+0.4%	4.93%
EEFT	Euronet Worldwide, Inc. Technology	Added	124,988	+53,000	$9,147,871	+91.5%	4.90%
SNWV	SANUWAVE Health, Inc. Healthcare	Added	610,968	+323,454	$6,109,680	+22.9%	3.27%
SEG	Seaport Entertainment Group Inc. Real Estate	Reduced	212,892	-10,026	$5,662,927	+18.3%	3.03%
BUR	Burford Capital Ltd Financial Services	Added	1,210,944	+230,000	$4,964,870	+12.0%	2.66%
MAIA	MAIA Biotechnology, Inc. Healthcare	Reduced	3,030,845	-1,266,159	$4,364,416	−27.5%	2.34%
NVRI	Enviri Corp Industrials	Reduced	183,333	-17,872	$4,024,159	+1.9%	2.15%
LUXE	LuxExperience B.V. Consumer Cyclical	NEW	344,529	NEW	$2,559,850	NEW	1.37%
ALIT	Alight, Inc. / Delaware Technology	Held	4,253,822	0	$2,382,140	−3.9%	1.28%
MODD	Modular Medical, Inc. Healthcare	Added	438,095	+150,000	$1,971,427	+29.6%	1.06%
HAIN	Hain Celestial Group Inc Consumer Defensive	Held	856,064	0	$479,395	−20.0%	0.26%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.