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CARRONADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1866872, DARIEN, CT

CARRONADE CAPITAL MANAGEMENT, LP reported $4,327,707,000 across 33 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 82.03% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001866872-25-000017

Period
2025-09-30
Reported value
$4.33B
Holdings
33
Top 10 weight
82.03%
New
8
Sold out
2

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
VSATnew+2,572,692$75.4M
ECHOnew+625,000$47.7M
CTRIadded+1,699,392$36M
DHCadded+2,943,300$13M
WWnew+446,615$12.2M

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
GEOreduced-1,482,854-$30.4M
GBTGreduced-906,825-$7.33M
SBGIexited-467,513-$6.46M
VISNreduced-163,900-$2.54M

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, Q3 2025

Share positions as resolved from 13F-HR 0001866872-25-000017, largest first. % of portfolio is the value over $1,011,715,000, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 462,056 shares; 2025Q1: 40,776 shares; 2025Q2: 542,743 shares; 2025Q3: 560,743 shares 560,743$239M23.58%+18,000Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,900,707 shares; 2025Q1: 1,000,000 shares; 2025Q2: 3,392,500 shares; 2025Q3: 3,680,500 shares 3,680,500$144M14.28%+288,000Timeline
VSATVIASAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 454,398 shares; 2025Q2: not reported; 2025Q3: 2,572,692 shares 2,572,692$75.4M7.45%newTimeline
CTRICENTURI HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,052,817 shares 3,052,817$64.6M6.39%+1,699,392Timeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 7,127,737 shares 7,127,737$60.4M5.97%+225,000Timeline
ECHOSTAR CORPECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 21,854,204 shares; 2025Q1: 22,254,204 shares; 2025Q2: 22,728,496 shares; 2025Q3: 23,728,496 shares 23,728,496$58.4M5.77%+1,000,000
CNNECANNAE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,189,027 shares 3,189,027$58.4M5.77%02026-10-01, 13D/A: 3,533,733 shares, 8.8% of the class, 13D/A filed 2026-10-05 Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 625,000 shares 625,000$47.7M4.72%newTimeline
EXEELCHESAPEAKE ENERGY CORP -CW26Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 456,802 shares; 2024Q4: 456,802 shares; 2025Q1: 20,724 shares; 2025Q2: 456,802 shares; 2025Q3: 456,802 shares 456,802$43.8M4.33%0Timeline
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,500,000 shares; 2025Q1: 2,461,182 shares; 2025Q2: 20,200,000 shares; 2025Q3: 20,200,000 shares 20,200,000$38.2M3.77%0
TRANSOCEAN INCTRANSOCEAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 23,625,000 shares 23,625,000$23.7M2.34%0
VISNVISTANCE NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,316,023 shares 1,316,023$20.4M2.01%-163,900Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 235,000 shares; 2025Q2: 1,618,448 shares; 2025Q3: 4,561,748 shares 4,561,748$20.1M1.99%+2,943,300Timeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 750,000 shares 750,000$15.4M1.52%-1,482,854Timeline
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,768,682 shares 5,768,682$13.9M1.37%+1,715,073Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,705,039 shares 1,705,039$13.8M1.36%-906,825Timeline
WWWW INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 446,615 shares 446,615$12.2M1.21%newTimeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,162 shares; 2024Q4: 75,065 shares; 2025Q1: 3,949,011 shares; 2025Q2: 95,936 shares; 2025Q3: 95,936 shares 95,936$10.2M1.01%0Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,626 shares; 2024Q4: 118,981 shares; 2025Q1: 144,001 shares; 2025Q2: 152,549 shares; 2025Q3: 152,549 shares 152,549$9.87M0.98%0Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,972 shares; 2024Q4: 40,127 shares; 2025Q1: 48,185 shares; 2025Q2: 51,047 shares; 2025Q3: 51,047 shares 51,047$9.86M0.97%0Timeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,241 shares; 2024Q4: 201,047 shares; 2025Q1: 427,500 shares; 2025Q2: 258,116 shares; 2025Q3: 258,116 shares 258,116$9.62M0.95%0Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,285,724 shares; 2025Q2: 248,173 shares; 2025Q3: 248,173 shares 248,173$6.71M0.66%0Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,331 shares; 2024Q4: 29,664 shares; 2025Q1: 12,300,000 shares; 2025Q2: 43,184 shares; 2025Q3: 43,184 shares 43,184$6.03M0.6%0Timeline
ESSESSEX PPTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,665 shares; 2024Q4: 14,831 shares; 2025Q1: 2,124,704 shares; 2025Q2: 21,947 shares; 2025Q3: 21,947 shares 21,947$5.87M0.58%0Timeline
BROOKDALE SR LIVING INCBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,000,000 shares 2,000,000$2.27M0.22%0
VALWSVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 686,633 shares; 2024Q4: 686,633 shares; 2025Q1: 23,625,000 shares; 2025Q2: 687,260 shares; 2025Q3: 687,260 shares 687,260$1.92M0.19%0Timeline

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 SHSput4,700,000$3.13Bnew
VSATVIASAT INC COMcall2,685,000$78.7M+2,035,000
GEOGEO GROUP INC COMcall1,750,000$35.9M+750,000
ECHOECHOSTAR CORP CL Acall300,000$22.9Mnew
JEFJEFFERIES FINANCIAL GROUP IN COMcall300,000$19.6Mnew
JEFJEFFERIES FINANCIAL GROUP IN COMput250,000$16.4Mnew
KSSKOHLS CORP COMput750,000$11.5Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ITBISHARES TR3,000,000$647Mput
SBGISINCLAIR INC467,513$6.46Mshares

How Q3 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 0001866872-25-000017 base2025-11-14acceptance time not in the bulk data set