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CARRONADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1866872, DARIEN, CT

CARRONADE CAPITAL MANAGEMENT, LP reported $7,339,291,000 across 31 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-05-15. Its ten largest share positions make up 88.36% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001866872-26-000005

Period
2025-12-31
Reported value
$7.34B
Holdings
31
Top 10 weight
88.36%
New
4
Sold out
6

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
CTRIadded+935,847$23.6M
TDSadded+523,094$21.4M
VSATadded+402,109$13.9M
TLNadded+16,496$6.18M
VISNadded+230,900$4.19M

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
EXEELexited-456,802-$43.8M
TRANSOCEAN INCexited-23,625,000-$23.7M
GBTGexited-1,705,039-$13.8M

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/A 0001866872-26-000005, largest first. % of portfolio is the value over $1,088,125,000, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 462,056 shares; 2025Q1: 40,776 shares; 2025Q2: 542,743 shares; 2025Q3: 560,743 shares; 2025Q4: 577,239 shares 577,239$216M19.88%+16,496Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,203,594 shares 4,203,594$172M15.84%+523,094Timeline
VSATVIASAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 454,398 shares; 2025Q2: not reported; 2025Q3: 2,572,692 shares; 2025Q4: 2,974,801 shares 2,974,801$103M9.42%+402,109Timeline
CTRICENTURI HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,988,664 shares 3,988,664$101M9.26%+935,847Timeline
ECHOSTAR CORPECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 24,638,496 shares 24,638,496$82.5M7.58%+910,000
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 7,349,874 shares 7,349,874$79.3M7.29%+222,137Timeline
ECHOECHOSTAR CORPQuarterly 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: 625,000 shares; 2025Q4: 643,915 shares 643,915$70M6.43%+18,915Timeline
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 21,150,000 shares 21,150,000$58.4M5.36%+950,000
CNNECANNAE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,262,648 shares 3,262,648$51.3M4.72%+73,6212026-10-01, 13D/A: 3,533,733 shares, 8.8% of the class, 13D/A filed 2026-10-05 Timeline
VISNVISTANCE NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,546,923 shares 1,546,923$28M2.58%+230,900Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 235,000 shares; 2025Q2: 1,618,448 shares; 2025Q3: 4,561,748 shares; 2025Q4: 4,763,537 shares 4,763,537$23.1M2.12%+201,789Timeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 992,931 shares 992,931$16M1.47%+242,931Timeline
WWWW INTL 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: 446,615 shares; 2025Q4: 457,835 shares 457,835$13.4M1.23%+11,220Timeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 98,344 shares 98,344$10.8M0.99%+2,408Timeline
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,015,682 shares 6,015,682$9.93M0.91%+247,000Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,626 shares; 2024Q4: 118,981 shares; 2025Q1: 144,001 shares; 2025Q2: 152,549 shares; 2025Q3: 152,549 shares; 2025Q4: 156,378 shares 156,378$9.86M0.91%+3,829Timeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,241 shares; 2024Q4: 201,047 shares; 2025Q1: 427,500 shares; 2025Q2: 258,116 shares; 2025Q3: 258,116 shares; 2025Q4: 264,595 shares 264,595$9.71M0.89%+6,479Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,972 shares; 2024Q4: 40,127 shares; 2025Q1: 48,185 shares; 2025Q2: 51,047 shares; 2025Q3: 51,047 shares; 2025Q4: 52,328 shares 52,328$9.49M0.87%+1,281Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 44,268 shares 44,268$6.15M0.57%+1,084Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,285,724 shares; 2025Q2: 248,173 shares; 2025Q3: 248,173 shares; 2025Q4: 257,160 shares 257,160$6.01M0.55%+8,987Timeline
ESSESSEX PPTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 22,498 shares 22,498$5.89M0.54%+551Timeline
BROOKDALE SR LIVING INCBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,000,000 shares 2,000,000$2.63M0.24%0
CORZCORE SCIENTIFIC INC 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: 100,000 shares 100,000$1.46M0.13%newTimeline
VALWSVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 687,260 shares 687,260$1.21M0.11%0Timeline
CYHCOMMUNITY HEALTH SYS INC 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: 325,000 shares 325,000$1.01M0.09%newTimeline

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 SHSput7,125,000$4.86B+2,425,000
IEFISHARES TR 7-10 YR TRSY BDput11,500,000$1.11Bnew
CMCSACOMCAST CORP NEW COMcall6,000,000$168Mnew
VSATVIASAT INC COMcall1,736,700$59.8M-948,300
ECHOECHOSTAR CORP CL Acall400,000$43.5M+100,000
KSSKOHLS CORP COMput750,000$15.3M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
EXEELCHESAPEAKE ENERGY CORP -CW26456,802$43.8Mshares
GEOGEO GROUP INC1,750,000$35.9Mcall
TRANSOCEAN INCTRANSOCEAN INC23,625,000$23.7Mshares
JEFJEFFERIES FINANCIAL GROUP IN300,000$19.6Mcall
JEFJEFFERIES FINANCIAL GROUP IN250,000$16.4Mput
GBTGGLOBAL BUSINESS TRAVEL GROUP1,705,039$13.8Mshares

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 0001866872-26-000002 superseded2026-02-13acceptance time not in the bulk data set
13F-HR/A 0001866872-26-000005 baserestatement2026-05-15acceptance time not in the bulk data set