Carlson Capital, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Carlson Capital, L.P. reported 55 stock positions worth $176.5 million. Its top holding was SWK (SWKH) at 70.0% of the portfolio, followed by Kellanova (K, 2.2%) and Verona Pharma (VRNA, 2.0%). Compared with Q2 2025, it opened 31 new positions, sold out of 33, added to 13 and reduced 7. The biggest buy was a new position in Verona Pharma (VRNA) and the biggest sale an exit from Hess (HES).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001056973
- Portfolio Value
- $176.5M (Q3 2025)
- SEC Filing
- 0001056973-25-000017 ↗ filed Nov 5, 2025
Holdings Value
Holdings 55 stocks · $176.5M
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 70.03% | 8,493,088 | $123.6M | No change |
| K Kellanova | 2.23% | 48,000 | $3.9M | No change |
| VRNA Verona Pharma Ltd. | 2.00% | 33,000 | $3.5M | New |
| COOP Mr Cooper Group Inc. | 1.79% | 15,000 | $3.2M | Reduce -7.4% |
| FYBR Frontier Communications Pare | 1.29% | 61,000 | $2.3M | Add +154.2% |
| CYBR Cyberark Software Ltd./Israel | 1.23% | 4,500 | $2.2M | New |
| SNV Synovus Financial Corp. | 1.07% | 38,400 | $1.9M | Add +67.7% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 1.04% | 24,000 | $1.8M | New |
| EA Electronic Arts Inc. | 0.97% | 8,500 | $1.7M | New |
| CCRN Cross Country Healthcare Inc. | 0.88% | 109,389 | $1.6M | Add +9.4% |
| MRUS Merus NV | 0.85% | 16,000 | $1.5M | New |
| PGRE Paramount Group Inc. | 0.85% | 230,000 | $1.5M | New |
| CFR Cullen/Frost Bankers Inc. | 0.78% | 10,900 | $1.4M | New |
| JPM JPMorgan Chase & Co. | 0.73% | 4,100 | $1.3M | New |
| MS Morgan Stanley | 0.59% | 6,500 | $1.0M | No change |
| PSX Phillips 66 | 0.54% | 7,000 | $952K | No change |
| LOCO El Pollo Loco Holdings Inc. | 0.51% | 92,000 | $892K | Add +50.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 17,200 | $887K | New |
| TXN Texas Instruments Inc. | 0.50% | 4,800 | $882K | Add +128.6% |
| STT State Street Corp. | 0.50% | 7,600 | $882K | Add +72.7% |
| KNF Knife River Corp. | 0.48% | 11,000 | $846K | Add +266.7% |
| CNI Canadian Natl Railway Co. | 0.48% | 8,900 | $839K | Add +81.6% |
| ONB Old National Bancorp | 0.47% | 37,600 | $825K | Add +35.3% |
| ACI Albertsons Cos Inc. Class A | 0.47% | 47,000 | $823K | Add +26.3% |
| SSB Southstate Bank Corp. | 0.45% | 8,100 | $801K | Reduce -49.1% |
| BHF Brighthouse Financial Inc. | 0.45% | 15,000 | $796K | New |
| PM Philip Morris International | 0.44% | 4,800 | $779K | New |
| OMC Omnicom Group | 0.44% | 9,540 | $778K | Add +38.7% |
| UPS United Parcel Service Class B | 0.42% | 8,800 | $735K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.41% | 3,700 | $731K | New |
| FANG Diamondback Energy Inc. | 0.41% | 5,100 | $730K | Reduce -27.1% |
| USB US Bancorp | 0.41% | 15,000 | $725K | New |
| MDLZ Mondelez International Inc. Class A | 0.40% | 11,200 | $700K | New |
| CVX Chevron Corp. | 0.40% | 4,500 | $699K | New |
| HBAN Huntington Bancshares Inc. | 0.40% | 40,400 | $698K | New |
| KRE SS SPDR S&P Regional Bank | 0.39% | 10,900 | $690K | Add +22.5% |
| TGT Target Corp. | 0.39% | 7,600 | $682K | New |
| MSFT Microsoft Corp. | 0.38% | 1,300 | $673K | Reduce -13.3% |
| OII Oceaneering Intl Inc. | 0.36% | 25,900 | $642K | Reduce -6.5% |
| AMTM Amentum Holdings Inc. | 0.33% | 24,000 | $575K | New |
| AR Antero Resources Corp. | 0.30% | 15,900 | $534K | Add +52.9% |
| XLE SS Energy Select Sector | 0.29% | 5,800 | $518K | New |
| EXE Expand Energy Corp. | 0.29% | 4,800 | $510K | New |
| CAG Conagra Brands Inc. | 0.27% | 26,300 | $482K | Reduce -0.4% |
| CCL Carnival Corp. | 0.23% | 14,000 | $405K | New |
| ANNA Aleanna Inc. | 0.20% | 86,000 | $362K | New |
| MIDD Middleby Corp. | 0.20% | 2,600 | $346K | New |
| BILL Bill Holdings Inc. | 0.17% | 5,600 | $297K | New |
| MBC Masterbrand Inc. | 0.15% | 20,600 | $271K | New |
| CYTK Cytokinetics Inc. | 0.15% | 4,700 | $258K | Reduce -77.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.12% | 700 | $217K | New |
| AON Aon PLC Class A | 0.12% | 600 | $214K | New |
| WTW Willis Towers Watson PLC | 0.12% | 600 | $207K | New |
| MRSH Marsh & McLennan Cos | 0.11% | 1,000 | $202K | New |
| SLDP Solid Power Inc. | 0.02% | 10,000 | $35K | New |
Options reported separately and not counted above: HYG puts ($73.1M), TLT puts ($6.3M), TSLA puts ($6.2M), TLT calls ($3.6M), AFRM puts ($2.2M), SOFI puts ($1.7M), QS puts ($1.2M), SLDP puts ($174K).
Portfolio Sells Q2 2025 → Q3 2025
| HES Hess Corp. | Sold out | 0.00% | −1.73 |
| RDFN Redfin Corp. | Sold out | 0.00% | −1.34 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −1.22 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −1.14 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.87 |
| FITB Fifth Third Bancorp | Sold out | 0.00% | −0.84 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.52 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.50 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.50 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.49 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.47 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.46 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.45 |
| MTDR Matador Resources Co. | Sold out | 0.00% | −0.44 |
| BOKF Bok Financial Corporation | Sold out | 0.00% | −0.44 |
| WMT Walmart Inc. | Sold out | 0.00% | −0.42 |
| BRSL Brightstar Lottery PLC | Sold out | 0.00% | −0.40 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.39 |
| SSB Southstate Bank Corp. | Reduce -49.1% | 0.45% | −0.38 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.37 |
| SFNC Simmons First Natl Corp. Class A | Sold out | 0.00% | −0.35 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.35 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.35 |
| ROST Ross Stores Inc. | Sold out | 0.00% | −0.34 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.34 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.33 |
| ZION Zions Bancorp NA | Sold out | 0.00% | −0.32 |
| FND Floor & Decor Holdings Inc. Class A | Sold out | 0.00% | −0.29 |
| CLX Clorox Company | Sold out | 0.00% | −0.25 |
| CYTK Cytokinetics Inc. | Reduce -77.1% | 0.15% | −0.24 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.22 |
| CVAC Curevac NV | Sold out | 0.00% | −0.17 |
| LWAY Lifeway Foods Inc. | Sold out | 0.00% | −0.14 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.14 |
| FANG Diamondback Energy Inc. | Reduce -27.1% | 0.41% | −0.13 |
| ALMS Alumis Inc. | Sold out | 0.00% | −0.05 |
| MSFT Microsoft Corp. | Reduce -13.3% | 0.38% | −0.04 |
| CAG Conagra Brands Inc. | Reduce -0.4% | 0.27% | −0.03 |
| OII Oceaneering Intl Inc. | Reduce -6.5% | 0.36% | +0.04 |
| COOP Mr Cooper Group Inc. | Reduce -7.4% | 1.79% | +0.42 |
Portfolio Buys Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | New | 2.00% | +2.00 |
| CYBR Cyberark Software Ltd./Israel | New | 1.23% | +1.23 |
| WNS WNS Holdings Ltd. | New | 1.04% | +1.04 |
| EA Electronic Arts Inc. | New | 0.97% | +0.97 |
| MRUS Merus NV | New | 0.85% | +0.85 |
| PGRE Paramount Group Inc. | New | 0.85% | +0.85 |
| FYBR Frontier Communications Pare | Add +154.2% | 1.29% | +0.79 |
| CFR Cullen/Frost Bankers Inc. | New | 0.78% | +0.78 |
| JPM JPMorgan Chase & Co. | New | 0.73% | +0.73 |
| BAC Bank of America Corp. | New | 0.50% | +0.50 |
| BHF Brighthouse Financial Inc. | New | 0.45% | +0.45 |
| PM Philip Morris International | New | 0.44% | +0.44 |
| UPS United Parcel Service Class B | New | 0.42% | +0.42 |
| MTB M & T Bank Corp. | New | 0.41% | +0.41 |
| USB US Bancorp | New | 0.41% | +0.41 |
| MDLZ Mondelez International Inc. Class A | New | 0.40% | +0.40 |
| CVX Chevron Corp. | New | 0.40% | +0.40 |
| HBAN Huntington Bancshares Inc. | New | 0.40% | +0.40 |
| SNV Synovus Financial Corp. | Add +67.7% | 1.07% | +0.39 |
| TGT Target Corp. | New | 0.39% | +0.39 |
| KNF Knife River Corp. | Add +266.7% | 0.48% | +0.34 |
| AMTM Amentum Holdings Inc. | New | 0.33% | +0.33 |
| XLE SS Energy Select Sector | New | 0.29% | +0.29 |
| EXE Expand Energy Corp. | New | 0.29% | +0.29 |
| TXN Texas Instruments Inc. | Add +128.6% | 0.50% | +0.25 |
| STT State Street Corp. | Add +72.7% | 0.50% | +0.23 |
| CCL Carnival Corp. | New | 0.23% | +0.23 |
| ANNA Aleanna Inc. | New | 0.20% | +0.20 |
| MIDD Middleby Corp. | New | 0.20% | +0.20 |
| CNI Canadian Natl Railway Co. | Add +81.6% | 0.48% | +0.19 |
| BILL Bill Holdings Inc. | New | 0.17% | +0.17 |
| OMC Omnicom Group | Add +38.7% | 0.44% | +0.16 |
| MBC Masterbrand Inc. | New | 0.15% | +0.15 |
| CCRN Cross Country Healthcare Inc. | Add +9.4% | 0.88% | +0.14 |
| ONB Old National Bancorp | Add +35.3% | 0.47% | +0.13 |
| LOCO El Pollo Loco Holdings Inc. | Add +50.8% | 0.51% | +0.12 |
| AJG Arthur J Gallagher & Co. | New | 0.12% | +0.12 |
| AON Aon PLC Class A | New | 0.12% | +0.12 |
| WTW Willis Towers Watson PLC | New | 0.12% | +0.12 |
| MRSH Marsh & McLennan Cos | New | 0.11% | +0.11 |
| KRE SS SPDR S&P Regional Bank | Add +22.5% | 0.39% | +0.09 |
| AR Antero Resources Corp. | Add +52.9% | 0.30% | +0.06 |
| SLDP Solid Power Inc. | New | 0.02% | +0.02 |
| ACI Albertsons Cos Inc. Class A | Add +26.3% | 0.47% | +0.01 |
Options Activity Q2 2025 → Q3 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +38.5% | 900,000 | $73.1M |
| TLT iShares 20+ Year Treasury BD | put | New | 70,000 | $6.3M |
| TSLA Tesla Inc. | put | Add +75.0% | 14,000 | $6.2M |
| NVDA Nvidia Corp. | put | Sold out | 30,000 | $4.7Mbefore exit |
| TLT iShares 20+ Year Treasury BD | call | New | 40,000 | $3.6M |
| AFRM Affirm Holdings Inc. | put | Reduce -25.0% | 30,000 | $2.2M |
| SOFI Sofi Technologies Inc. | put | Reduce -56.7% | 65,000 | $1.7M |
| ENVX Enovix Corp. | put | Sold out | 20,000 | $207Kbefore 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 |