In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Carlson Capital, L.P. reported 35 stock positions worth $179.0 million . Its top holding was SWK (SWKH) at 82.5% of the portfolio, followed by Hess (HES, 2.0% ) and Discover Financial Services (DFS, 2.0% ). Compared with Q4 2024, it opened 20 new positions, sold out of 17, added to 5 and reduced 9. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Ishr Ibx Usd Hiyld CB ETF-Ui (HYG).
Location DALLAS, TX
CIK 0001056973
Portfolio Value $179.0M (Q1 2025) Holdings 35 stocks · $179.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 SWKH SWK Holdings Corp. filed as SWK HLDGS CORP 8,493,088 $147.7M No change HES Hess Corp. 22,000 $3.5M Reduce -25.2% DFS Discover Financial Services 20,500 $3.5M Add +99.0% ITCI Intra-Cellular Therapies Inc. 23,000 $3.0M New K Kellanova 31,100 $2.6M Reduce -11.1% PNC PNC Financial Services Group 7,000 $1.2M Add +89.2% HAL Halliburton Co. 42,400 $1.1M New CCRN Cross Country Healthcare Inc. 70,000 $1.0M New ANSS Ansys Inc. 3,100 $981K New CMRX Chimerix Inc. 114,000 $970K New CHX Championx Corp. 32,000 $954K New STT State Street Corp. 10,500 $940K Add +144.2% FITB Fifth Third Bancorp 19,200 $753K Add +64.1% XOM Exxon Mobil Corp. 6,300 $749K New BAC Bank of America Corp. filed as BANK AMERICA CORP 17,900 $747K Reduce -76.1% FAF First American Financial 9,600 $630K New ACI Albertsons Cos Inc. Class A 27,500 $605K Reduce -27.6% DLTR Dollar Tree Inc. 7,800 $586K New BOKF Bok Financial Corporation 5,600 $583K Reduce -45.6% MAGN Magnera Corp. 32,100 $583K Reduce -38.9% FANG Diamondback Energy Inc. 3,600 $576K Add +24.1% SNV Synovus Financial Corp. 11,400 $533K New AMTM Amentum Holdings Inc. 28,000 $510K New CSX CSX Corp. 17,000 $500K New GPN Global Payments Inc. 5,000 $490K New USB US Bancorp 10,800 $456K Reduce -63.3% COP Conocophillips 4,300 $452K Reduce -67.2% SSB Southstate Bank Corp. 4,400 $408K New NTRS Northern Trust Corp. 4,100 $404K New CARR Carrier Global Corp. 6,000 $380K New GOOG Alphabet Inc. Class C 2,300 $359K New LOW Lowe's Cos Inc. 1,500 $350K Reduce -34.8% CYTK Cytokinetics Inc. 7,500 $301K New DECK Deckers Outdoor Corp. 2,500 $280K New CKPT Checkpoint Therapeutics Inc. 60,000 $242K New
Options reported separately and not counted above: HYG puts ($68.6M), TSLA puts ($3.1M), SOFI puts ($2.9M), AFRM puts ($1.4M), NVDA calls ($1.2M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −1.85 BAC Bank of America Corp. Reduce -76.1% 0.42% −1.52 HCP Hashicorp Inc. Class A Sold out 0.00% −1.22 WFC Wells Fargo & Co. Sold out 0.00% −0.87 FHN First Horizon Corp. Sold out 0.00% −0.64 USB US Bancorp Reduce -63.3% 0.25% −0.57 PTVE Pactiv Evergreen Inc. Sold out 0.00% −0.55 COP Conocophillips Reduce -67.2% 0.25% −0.51 UPS United Parcel Service Class B Sold out 0.00% −0.48 XBI SS SPDR S&P Biotech ETF Sold out 0.00% −0.46 DVN Devon Energy Corp. Sold out 0.00% −0.44 ALTM Arcadium Lithium PLC Sold out 0.00% −0.36 HES Hess Corp. Reduce -25.2% 1.96% −0.34 BOKF Bok Financial Corporation Reduce -45.6% 0.33% −0.32 RF Regions Financial Corp. Sold out 0.00% −0.30 UBS UBS Group AG-Reg Sold out 0.00% −0.28 MSFT Microsoft Corp. Sold out 0.00% −0.27 SFNC Simmons First Natl Corp. Class A Sold out 0.00% −0.27 CTRA Coterra Energy Inc. Sold out 0.00% −0.25 CIVI Civitas Resources Inc. Sold out 0.00% −0.24 K Kellanova Reduce -11.1% 1.43% −0.24 MAGN Magnera Corp. Reduce -38.9% 0.33% −0.24 NVDA Nvidia Corp. Sold out 0.00% −0.18 LOW Lowe's Cos Inc. Reduce -34.8% 0.20% −0.14 SLDP Solid Power Inc. Sold out 0.00% −0.11 ACI Albertsons Cos Inc. Class A Reduce -27.6% 0.34% −0.10
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ ITCI Intra-Cellular Therapies Inc. New 1.70% +1.70 DFS Discover Financial Services Add +99.0% 1.96% +0.90 HAL Halliburton Co. New 0.60% +0.60 CCRN Cross Country Healthcare Inc. New 0.58% +0.58 ANSS Ansys Inc. New 0.55% +0.55 CMRX Chimerix Inc. New 0.54% +0.54 CHX Championx Corp. New 0.53% +0.53 XOM Exxon Mobil Corp. New 0.42% +0.42 FAF First American Financial New 0.35% +0.35 DLTR Dollar Tree Inc. New 0.33% +0.33 SNV Synovus Financial Corp. New 0.30% +0.30 AMTM Amentum Holdings Inc. New 0.28% +0.28 CSX CSX Corp. New 0.28% +0.28 STT State Street Corp. Add +144.2% 0.53% +0.28 GPN Global Payments Inc. New 0.27% +0.27 PNC PNC Financial Services Group Add +89.2% 0.69% +0.27 SSB Southstate Bank Corp. New 0.23% +0.23 NTRS Northern Trust Corp. New 0.23% +0.23 CARR Carrier Global Corp. New 0.21% +0.21 GOOG Alphabet Inc. Class C New 0.20% +0.20 CYTK Cytokinetics Inc. New 0.17% +0.17 DECK Deckers Outdoor Corp. New 0.16% +0.16 CKPT Checkpoint Therapeutics Inc. New 0.14% +0.14 FITB Fifth Third Bancorp Add +64.1% 0.42% +0.13 FANG Diamondback Energy Inc. Add +24.1% 0.32% +0.04
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 870,000 $68.6M TSLA Tesla Inc. put New 12,000 $3.1M SOFI Sofi Technologies Inc. put New 250,000 $2.9M AFRM Affirm Holdings Inc. put New 30,000 $1.4M NVDA Nvidia Corp. call New 11,000 $1.2M UPST Upstart Holdings Inc. put Sold out 300 $201Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 67 $485.2M HBAN, WFC, PNFP, COF, JPM Q1 2026 66 $253.1M SWKH, PNFP, HBAN, CFR, WFC Q4 2025 62 $206.8M SWKH, CYBR, SNV, FYBR, EA Q3 2025 55 $176.5M SWKH, K, VRNA, COOP, FYBR Q2 2025 57 $175.9M SWKH, K, HES, COOP, RDFN Q1 2025 35 $179.0M SWKH, HES, DFS, ITCI, K Q4 2024 32 $169.6M SWKH, HES, BAC, HYG, K Q3 2024 4 $165.9M SWKH, GLATFELTER CORP, HES, TFFP Q2 2024 92 $640.4M SWKH, HES, CFG, LEN, HUBS Q1 2024 109 $1.2B SWKH, HES, PXD, DOOR, CPRI