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CARRONADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1866872, DARIEN, CT

CARRONADE CAPITAL MANAGEMENT, LP reported $1,401,729,000 across 27 holdings for the quarter ended 2025-06-30, in a 13F-HR/A filed 2025-08-19. Its ten largest share positions make up 83.9% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001866872-25-000010

Period
2025-06-30
Reported value
$1.4B
Holdings
27
Top 10 weight
83.9%
New
2
Sold out
5

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
TLNadded+501,967$146M
TDSadded+2,392,500$85.1M
EXEELadded+436,078$47M
BKDadded+6,215,477$43.3M
CTRIadded+1,262,867$28.3M

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
MAAreduced-12,256,816-$1.81B
ESSreduced-2,102,757-$596M
CPTreduced-3,853,075-$434M
VALWSreduced-22,937,740-$88.5M
GEOreduced-1,634,332-$39.1M

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.

Holdings, Q2 2025

Share positions as resolved from 13F-HR/A 0001866872-25-000010, largest first. % of portfolio is the value over $720,919,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 462,056 shares; 2025Q1: 40,776 shares; 2025Q2: 542,743 shares 542,743$158M21.89%+501,967Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,900,707 shares; 2025Q1: 1,000,000 shares; 2025Q2: 3,392,500 shares 3,392,500$121M16.74%+2,392,500Timeline
CNNECANNAE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 704,263 shares; 2024Q4: 1,784,713 shares; 2025Q1: 3,015,647 shares; 2025Q2: 3,189,027 shares 3,189,027$66.5M9.22%+173,3802026-10-01, 13D/A: 3,533,733 shares, 8.8% of the class, 13D/A filed 2026-10-05 Timeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,701,935 shares; 2024Q4: 1,653,934 shares; 2025Q1: 3,867,186 shares; 2025Q2: 2,232,854 shares 2,232,854$53.5M7.42%-1,634,332Timeline
EXEELCHESAPEAKE ENERGY CORP -CW26Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 456,802 shares; 2024Q4: 456,802 shares; 2025Q1: 20,724 shares; 2025Q2: 456,802 shares 456,802$49.3M6.83%+436,078Timeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,529,834 shares; 2024Q4: 3,333,196 shares; 2025Q1: 687,260 shares; 2025Q2: 6,902,737 shares 6,902,737$48M6.66%+6,215,477Timeline
CTRICENTURI HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,196,791 shares; 2024Q4: 1,264,224 shares; 2025Q1: 90,558 shares; 2025Q2: 1,353,425 shares 1,353,425$30.4M4.21%+1,262,867Timeline
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,500,000 shares; 2025Q1: 2,461,182 shares; 2025Q2: 20,200,000 shares 20,200,000$28.5M3.95%+17,738,818
ECHOSTAR CORPECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 21,854,204 shares; 2025Q1: 22,254,204 shares; 2025Q2: 22,728,496 shares 22,728,496$26.6M3.69%+474,292
TRANSOCEAN INCTRANSOCEAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,500,000 shares; 2024Q4: 23,225,000 shares; 2025Q1: 400,000 shares; 2025Q2: 23,625,000 shares 23,625,000$23.6M3.27%+23,225,000
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,583,320 shares; 2024Q4: 2,969,258 shares; 2025Q1: 1,682,104 shares; 2025Q2: 2,611,864 shares 2,611,864$16.5M2.28%+929,760Timeline
VISNVISTANCE NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,261,100 shares; 2024Q4: 2,063,860 shares; 2025Q1: 1,090,051 shares; 2025Q2: 1,479,923 shares 1,479,923$12.3M1.7%+389,872Timeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,162 shares; 2024Q4: 75,065 shares; 2025Q1: 3,949,011 shares; 2025Q2: 95,936 shares 95,936$10.8M1.5%-3,853,075Timeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,241 shares; 2024Q4: 201,047 shares; 2025Q1: 427,500 shares; 2025Q2: 258,116 shares 258,116$10.5M1.46%-169,384Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,972 shares; 2024Q4: 40,127 shares; 2025Q1: 48,185 shares; 2025Q2: 51,047 shares 51,047$10.4M1.44%+2,862Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,626 shares; 2024Q4: 118,981 shares; 2025Q1: 144,001 shares; 2025Q2: 152,549 shares 152,549$10.3M1.43%+8,548Timeline
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,888,450 shares; 2024Q4: 2,017,188 shares; 2025Q1: 5,638,859 shares; 2025Q2: 4,053,609 shares 4,053,609$8.68M1.2%-1,585,250Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,285,724 shares; 2025Q2: 248,173 shares 248,173$7.05M0.98%-1,037,551Timeline
SBGISINCLAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,000 shares; 2024Q4: 454,398 shares; 2025Q1: 456,802 shares; 2025Q2: 467,513 shares 467,513$6.46M0.9%+10,711Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,331 shares; 2024Q4: 29,664 shares; 2025Q1: 12,300,000 shares; 2025Q2: 43,184 shares 43,184$6.39M0.89%-12,256,816Timeline
ESSESSEX PPTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,665 shares; 2024Q4: 14,831 shares; 2025Q1: 2,124,704 shares; 2025Q2: 21,947 shares 21,947$6.22M0.86%-2,102,757Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 235,000 shares; 2025Q2: 1,618,448 shares 1,618,448$5.79M0.8%+1,383,448Timeline
VALWSVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 686,633 shares; 2024Q4: 686,633 shares; 2025Q1: 23,625,000 shares; 2025Q2: 687,260 shares 687,260$2.65M0.37%-22,937,740Timeline
BROOKDALE SR LIVING INCBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares 2,000,000$2.1M0.29%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
ITBISHARES TR US HOME CONS ETFput3,000,000$647Mnew
GEOGEO GROUP INC COMcall1,000,000$23.9Mnew
VSATVIASAT INC COMcall650,000$9.49M0

Sold out in Q2 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 T2,000,000$1.12Bcall
ITBISHARES TR300,000$28.6Mcall
KSSKOHLS CORP1,600,000$13.1Mput
ITBISHARES TR243,655$11Mshares
VSATVIASAT INC454,398$7.24Mshares

How Q2 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 0001866872-25-000008 superseded2025-08-14acceptance time not in the bulk data set
13F-HR/A 0001866872-25-000010 baserestatement2025-08-19acceptance time not in the bulk data set