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CARRONADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1866872, DARIEN, CT

CARRONADE CAPITAL MANAGEMENT, LP reported $1,786,628,000 across 30 holdings for the quarter ended 2025-03-31, in a 13F-HR/A filed 2025-08-19. Its ten largest share positions make up 79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001866872-25-000011

Period
2025-03-31
Reported value
$1.79B
Holdings
30
Top 10 weight
79%
New
7
Sold out
15

Part of the filer group CARRONADE CAPITAL MANAGEMENT, LP

  • CARRONADE CAPITAL GP, LLC
  • CARRONADE CAPITAL MANAGEMENT GP, LLC
  • Carronade Capital Master, LP
  • GROPPER DAN
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GEOadded+2,213,252$84.1M
CPTadded+3,873,946$24.3M
VALWSadded+22,938,367$23.2M
CNNEadded+1,230,934$22.6M
CZRnew+1,285,724$21.1M

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
TRANSOCEAN INCreduced-22,825,000-$4.56B
CTRIreduced-1,173,666-$144M
EXEELreduced-436,078-$134M
TLNreduced-421,280-$70.6M
SPHERE ENTERTAINMENT COreduced-8,038,818-$58.4M

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, Q1 2025

Share positions as resolved from 13F-HR/A 0001866872-25-000011, largest first. % of portfolio is the value over $619,424,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,701,935 shares; 2024Q4: 1,653,934 shares; 2025Q1: 3,867,186 shares 3,867,186$147M23.72%+2,213,252Timeline
TRANSOCEAN INCTRANSOCEAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,500,000 shares; 2024Q4: 23,225,000 shares; 2025Q1: 400,000 shares 400,000$79.9M12.89%-22,825,000
CNNECANNAE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 704,263 shares; 2024Q4: 1,784,713 shares; 2025Q1: 3,015,647 shares 3,015,647$55.3M8.92%+1,230,9342026-10-01, 13D/A: 3,533,733 shares, 8.8% of the class, 13D/A filed 2026-10-05 Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,583,320 shares; 2024Q4: 2,969,258 shares; 2025Q1: 1,682,104 shares 1,682,104$49.1M7.93%-1,287,154Timeline
SBGISINCLAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,000 shares; 2024Q4: 454,398 shares; 2025Q1: 456,802 shares 456,802$45.7M7.38%+2,404Timeline
ECHOSTAR CORPECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 21,854,204 shares; 2025Q1: 22,254,204 shares 22,254,204$24.9M4.02%+400,000
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,162 shares; 2024Q4: 75,065 shares; 2025Q1: 3,949,011 shares 3,949,011$24.7M3.99%+3,873,946Timeline
VALWSVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 686,633 shares; 2024Q4: 686,633 shares; 2025Q1: 23,625,000 shares 23,625,000$23.9M3.85%+22,938,367Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,285,724 shares 1,285,724$21.1M3.4%newTimeline
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,500,000 shares; 2025Q1: 2,461,182 shares 2,461,182$17.9M2.88%-8,038,818
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,888,450 shares; 2024Q4: 2,017,188 shares; 2025Q1: 5,638,859 shares 5,638,859$15M2.42%+3,621,671Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,331 shares; 2024Q4: 29,664 shares; 2025Q1: 12,300,000 shares 12,300,000$14.8M2.39%+12,270,336Timeline
CTRICENTURI HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,196,791 shares; 2024Q4: 1,264,224 shares; 2025Q1: 90,558 shares 90,558$11.1M1.79%-1,173,666Timeline
ITBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 243,655 shares 243,655$11M1.78%newTimeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,241 shares; 2024Q4: 201,047 shares; 2025Q1: 427,500 shares 427,500$10.9M1.77%+226,453Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,972 shares; 2024Q4: 40,127 shares; 2025Q1: 48,185 shares 48,185$10.3M1.67%+8,058Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,626 shares; 2024Q4: 118,981 shares; 2025Q1: 144,001 shares 144,001$10.3M1.66%+25,020Timeline
VSATVIASAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 454,398 shares 454,398$7.24M1.17%newTimeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 462,056 shares; 2025Q1: 40,776 shares 40,776$6.83M1.1%-421,280Timeline
EXEELCHESAPEAKE ENERGY CORP -CW26Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 456,802 shares; 2024Q4: 456,802 shares; 2025Q1: 20,724 shares 20,724$6.35M1.03%-436,078Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 235,000 shares 235,000$5.88M0.95%newTimeline
VISNVISTANCE NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,261,100 shares; 2024Q4: 2,063,860 shares; 2025Q1: 1,090,051 shares 1,090,051$5.79M0.93%-973,809Timeline
ESSESSEX PPTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,665 shares; 2024Q4: 14,831 shares; 2025Q1: 2,124,704 shares 2,124,704$5.1M0.82%+2,109,873Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,900,707 shares; 2025Q1: 1,000,000 shares 1,000,000$3.92M0.63%-900,707Timeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,529,834 shares; 2024Q4: 3,333,196 shares; 2025Q1: 687,260 shares 687,260$3.5M0.56%-2,645,936Timeline
BROOKDALE SR LIVING INCBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares 2,000,000$2.02M0.33%0

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SPYSTATE STR SPDR S&P 500 ETF T SHScall2,000,000$1.12Bnew
ITBISHARES TR US HOME CONS ETFcall300,000$28.6Mnew
KSSKOHLS CORP COMput1,600,000$13.1M+913,900
VSATVIASAT INC COMcall650,000$6.77Mnew

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T1,500,000$879Mput
IWMISHARES TR500,000$110Mput
RSPINVESCO EXCHANGE TRADED FD T616,000$108Mput
MTUMISHARES TR500,000$103Mput
FYBRFRONTIER COMMUNICATIONS PARE1,484,894$51.5Mshares
OPTUOPTIMUM COMMUNICATIONS INC1,496,000$45.6Mcall
TQQQPROSHARES TR425,000$33.6Mcall
BKLNINVESCO EXCH TRADED FD TR II1,150,000$24.2Mshares
MPTMEDICAL PROPERTIES TRUST INC2,000,000$7.9Mcall
NBISNEBIUS GROUP N.V.220,000$6.09Mshares
SPHRSPHERE ENTERTAINMENT CO115,560$4.66Mshares
VALARIS LTDVALARIS LTD80,000$3.54Mcall
VNOVORNADO RLTY TR75,000$3.15Mput
KSSKOHLS CORP137,900$1.94Mshares
VALVALARIS LTD10,696$473Kshares

How Q1 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 0001866872-25-000005 superseded2025-05-15acceptance time not in the bulk data set
13F-HR/A 0001866872-25-000011 baserestatement2025-08-19acceptance time not in the bulk data set