Carlson Capital, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Carlson Capital, L.P. reported 57 stock positions worth $175.9 million. Its top holding was SWK (SWKH) at 71.2% of the portfolio, followed by Kellanova (K, 2.2%) and Hess (HES, 1.7%). Compared with Q1 2025, it opened 39 new positions, sold out of 17, added to 13 and reduced 3. The biggest buy was a new position in Mr Cooper (COOP) and the biggest sale an exit from Discover Financial Services (DFS).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001056973
- Portfolio Value
- $175.9M (Q2 2025)
- SEC Filing
- 0001056973-25-000013 ↗ filed Aug 13, 2025
Holdings Value
Holdings 57 stocks · $175.9M
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 71.16% | 8,493,088 | $125.2M | No change |
| K Kellanova | 2.17% | 48,000 | $3.8M | Add +54.3% |
| HES Hess Corp. | 1.73% | 22,000 | $3.0M | No change |
| COOP Mr Cooper Group Inc. | 1.37% | 16,200 | $2.4M | New |
| RDFN Redfin Corp. | 1.34% | 210,000 | $2.3M | New |
| NVDA Nvidia Corp. | 1.22% | 13,600 | $2.1M | New |
| AZEK The Azek Co. Inc. | 1.14% | 37,000 | $2.0M | New |
| GOOG Alphabet Inc. Class C | 0.87% | 8,600 | $1.5M | Add +273.9% |
| FITB Fifth Third Bancorp | 0.84% | 36,000 | $1.5M | Add +87.5% |
| SSB Southstate Bank Corp. | 0.83% | 15,900 | $1.5M | Add +261.4% |
| CCRN Cross Country Healthcare Inc. | 0.74% | 100,000 | $1.3M | Add +42.9% |
| SNV Synovus Financial Corp. | 0.67% | 22,900 | $1.2M | Add +100.9% |
| FANG Diamondback Energy Inc. | 0.55% | 7,000 | $962K | Add +94.4% |
| MS Morgan Stanley | 0.52% | 6,500 | $916K | New |
| TFC Truist Financial Corp. | 0.52% | 21,200 | $911K | New |
| PEP Pepsico Inc. | 0.50% | 6,700 | $885K | New |
| ANSS Ansys Inc. | 0.50% | 2,500 | $878K | Reduce -19.4% |
| FYBR Frontier Communications Pare | 0.50% | 24,000 | $874K | New |
| IWM iShares Russell 2000 ETF | 0.49% | 4,000 | $863K | New |
| PSX Phillips 66 | 0.47% | 7,000 | $835K | New |
| PNC PNC Financial Services Group | 0.47% | 4,400 | $820K | Reduce -37.1% |
| TLT iShares 20+ Year Treasury BD | 0.46% | 9,200 | $812K | New |
| ACI Albertsons Cos Inc. Class A | 0.45% | 37,200 | $800K | Add +35.3% |
| LOW Lowe's Cos Inc. | 0.45% | 3,600 | $799K | Add +140.0% |
| MTDR Matador Resources Co. | 0.44% | 16,400 | $783K | New |
| BOKF Bok Financial Corporation | 0.44% | 7,900 | $771K | Add +41.1% |
| MSFT Microsoft Corp. | 0.42% | 1,500 | $746K | New |
| WMT Walmart Inc. | 0.42% | 7,500 | $733K | New |
| BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG | 0.40% | 45,000 | $711K | New |
| DNB Dun & Bradstreet Holdings Inc. | 0.39% | 75,000 | $682K | New |
| CYTK Cytokinetics Inc. | 0.39% | 20,500 | $677K | Add +173.3% |
| LOCO El Pollo Loco Holdings Inc. | 0.38% | 61,000 | $672K | New |
| GPN Global Payments Inc. | 0.37% | 8,100 | $648K | Add +62.0% |
| SFNC Simmons First Natl Corp. Class A | 0.35% | 32,900 | $624K | New |
| FISV Fiserv Inc. | 0.35% | 3,600 | $621K | New |
| DECK Deckers Outdoor Corp. | 0.35% | 5,900 | $608K | Add +136.0% |
| ROST Ross Stores Inc. | 0.34% | 4,700 | $600K | New |
| ONB Old National Bancorp | 0.34% | 27,800 | $593K | New |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.34% | 5,500 | $593K | New |
| ORLY O'reilly Automotive Inc. | 0.33% | 6,400 | $577K | New |
| OII Oceaneering Intl Inc. | 0.33% | 27,700 | $574K | New |
| ZION Zions Bancorp NA | 0.32% | 10,800 | $561K | New |
| CAG Conagra Brands Inc. | 0.31% | 26,400 | $540K | New |
| KRE SS SPDR S&P Regional Bank | 0.30% | 8,900 | $529K | New |
| CNI Canadian Natl Railway Co. | 0.29% | 4,900 | $510K | New |
| FND Floor & Decor Holdings Inc. Class A | 0.29% | 6,700 | $509K | New |
| OMC Omnicom Group | 0.28% | 6,880 | $495K | New |
| STT State Street Corp. | 0.27% | 4,400 | $468K | Reduce -58.1% |
| CLX Clorox Company | 0.25% | 3,700 | $444K | New |
| TXN Texas Instruments Inc. | 0.25% | 2,100 | $436K | New |
| AR Antero Resources Corp. | 0.24% | 10,400 | $419K | New |
| SKX Skechers USA Inc. Class A | 0.22% | 6,000 | $379K | New |
| CVAC Curevac NV | 0.17% | 55,000 | $299K | New |
| LWAY Lifeway Foods Inc. | 0.14% | 10,000 | $247K | New |
| SNPS Synopsys Inc. | 0.14% | 480 | $246K | New |
| KNF Knife River Corp. | 0.14% | 3,000 | $245K | New |
| ALMS Alumis Inc. | 0.05% | 30,000 | $90K | New |
Options reported separately and not counted above: HYG puts ($52.4M), NVDA puts ($4.7M), AFRM puts ($2.8M), SOFI puts ($2.7M), TSLA puts ($2.5M), QS puts ($672K), ENVX puts ($207K), SLDP puts ($110K).
Portfolio Sells Q1 2025 → Q2 2025
| DFS Discover Financial Services | Sold out | 0.00% | −1.96 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.70 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.60 |
| CMRX Chimerix Inc. | Sold out | 0.00% | −0.54 |
| CHX Championx Corp. | Sold out | 0.00% | −0.53 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.42 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.42 |
| FAF First American Financial | Sold out | 0.00% | −0.35 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.33 |
| MAGN Magnera Corp. | Sold out | 0.00% | −0.33 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.28 |
| CSX CSX Corp. | Sold out | 0.00% | −0.28 |
| STT State Street Corp. | Reduce -58.1% | 0.27% | −0.26 |
| USB US Bancorp | Sold out | 0.00% | −0.25 |
| COP Conocophillips | Sold out | 0.00% | −0.25 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.23 |
| PNC PNC Financial Services Group | Reduce -37.1% | 0.47% | −0.22 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.21 |
| CKPT Checkpoint Therapeutics Inc. | Sold out | 0.00% | −0.14 |
| ANSS Ansys Inc. | Reduce -19.4% | 0.50% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| COOP Mr Cooper Group Inc. | New | 1.37% | +1.37 |
| RDFN Redfin Corp. | New | 1.34% | +1.34 |
| NVDA Nvidia Corp. | New | 1.22% | +1.22 |
| AZEK The Azek Co. Inc. | New | 1.14% | +1.14 |
| K Kellanova | Add +54.3% | 2.17% | +0.74 |
| GOOG Alphabet Inc. Class C | Add +273.9% | 0.87% | +0.67 |
| SSB Southstate Bank Corp. | Add +261.4% | 0.83% | +0.60 |
| MS Morgan Stanley | New | 0.52% | +0.52 |
| TFC Truist Financial Corp. | New | 0.52% | +0.52 |
| PEP Pepsico Inc. | New | 0.50% | +0.50 |
| FYBR Frontier Communications Pare | New | 0.50% | +0.50 |
| IWM iShares Russell 2000 ETF | New | 0.49% | +0.49 |
| PSX Phillips 66 | New | 0.47% | +0.47 |
| TLT iShares 20+ Year Treasury BD | New | 0.46% | +0.46 |
| MTDR Matador Resources Co. | New | 0.44% | +0.44 |
| MSFT Microsoft Corp. | New | 0.42% | +0.42 |
| FITB Fifth Third Bancorp | Add +87.5% | 0.84% | +0.42 |
| WMT Walmart Inc. | New | 0.42% | +0.42 |
| BRSL Brightstar Lottery PLC | New | 0.40% | +0.40 |
| DNB Dun & Bradstreet Holdings Inc. | New | 0.39% | +0.39 |
| LOCO El Pollo Loco Holdings Inc. | New | 0.38% | +0.38 |
| SNV Synovus Financial Corp. | Add +100.9% | 0.67% | +0.38 |
| SFNC Simmons First Natl Corp. Class A | New | 0.35% | +0.35 |
| FISV Fiserv Inc. | New | 0.35% | +0.35 |
| ROST Ross Stores Inc. | New | 0.34% | +0.34 |
| ONB Old National Bancorp | New | 0.34% | +0.34 |
| BJ Bj's Wholesale Club Holdings | New | 0.34% | +0.34 |
| ORLY O'reilly Automotive Inc. | New | 0.33% | +0.33 |
| OII Oceaneering Intl Inc. | New | 0.33% | +0.33 |
| ZION Zions Bancorp NA | New | 0.32% | +0.32 |
| CAG Conagra Brands Inc. | New | 0.31% | +0.31 |
| KRE SS SPDR S&P Regional Bank | New | 0.30% | +0.30 |
| CNI Canadian Natl Railway Co. | New | 0.29% | +0.29 |
| FND Floor & Decor Holdings Inc. Class A | New | 0.29% | +0.29 |
| OMC Omnicom Group | New | 0.28% | +0.28 |
| LOW Lowe's Cos Inc. | Add +140.0% | 0.45% | +0.26 |
| CLX Clorox Company | New | 0.25% | +0.25 |
| TXN Texas Instruments Inc. | New | 0.25% | +0.25 |
| AR Antero Resources Corp. | New | 0.24% | +0.24 |
| FANG Diamondback Energy Inc. | Add +94.4% | 0.55% | +0.23 |
| CYTK Cytokinetics Inc. | Add +173.3% | 0.39% | +0.22 |
| SKX Skechers USA Inc. Class A | New | 0.22% | +0.22 |
| DECK Deckers Outdoor Corp. | Add +136.0% | 0.35% | +0.19 |
| CVAC Curevac NV | New | 0.17% | +0.17 |
| CCRN Cross Country Healthcare Inc. | Add +42.9% | 0.74% | +0.16 |
| LWAY Lifeway Foods Inc. | New | 0.14% | +0.14 |
| SNPS Synopsys Inc. | New | 0.14% | +0.14 |
| KNF Knife River Corp. | New | 0.14% | +0.14 |
| ACI Albertsons Cos Inc. Class A | Add +35.3% | 0.45% | +0.12 |
| BOKF Bok Financial Corporation | Add +41.1% | 0.44% | +0.11 |
Options Activity Q1 2025 → Q2 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -25.3% | 650,000 | $52.4M |
| NVDA Nvidia Corp. | put | New | 30,000 | $4.7M |
| AFRM Affirm Holdings Inc. | put | Add +33.3% | 40,000 | $2.8M |
| SOFI Sofi Technologies Inc. | put | Reduce -40.0% | 150,000 | $2.7M |
| TSLA Tesla Inc. | put | Reduce -33.3% | 8,000 | $2.5M |
| NVDA Nvidia Corp. | call | Sold out | 11,000 | $1.2Mbefore exit |
| QS Quantumscape Corp. | put | New | 100,000 | $672K |
| ENVX Enovix Corp. | put | New | 20,000 | $207K |
| SLDP Solid Power Inc. | put | New | 50,000 | $110K |
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 |