Carlson Capital, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Carlson Capital, L.P. reported 62 stock positions worth $206.8 million. Its top holding was SWK (SWKH) at 70.6% of the portfolio, followed by Cyberark Software Ltd./Israel (CYBR, 1.4%) and Synovus Financial (SNV, 1.3%). Compared with Q3 2025, it opened 34 new positions, sold out of 27, added to 18 and reduced 8. The biggest buy was a new position in Sealed Air (SEE) and the biggest sale an exit from Kellanova (K).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001056973
- Portfolio Value
- $206.8M (Q4 2025)
- SEC Filing
- 0001056973-26-000003 ↗ filed Feb 3, 2026
Holdings Value
Holdings 62 stocks · $206.8M
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 70.63% | 8,493,088 | $146.1M | No change |
| CYBR Cyberark Software Ltd./Israel | 1.42% | 6,600 | $2.9M | Add +46.7% |
| SNV Synovus Financial Corp. | 1.31% | 54,300 | $2.7M | Add +41.4% |
| FYBR Frontier Communications Pare | 1.25% | 68,000 | $2.6M | Add +11.5% |
| EA Electronic Arts Inc. | 1.19% | 12,000 | $2.5M | Add +41.2% |
| SEE Sealed Air Corp. | 1.08% | 54,000 | $2.2M | New |
| EXAS Exact Sciences Corp. | 0.98% | 20,000 | $2.0M | New |
| RNAM Avidity Biosciences Inc. | 0.98% | 28,000 | $2.0M | New |
| HBAN Huntington Bancshares Inc. | 0.94% | 112,300 | $1.9M | Add +178.0% |
| CFR Cullen/Frost Bankers Inc. | 0.80% | 13,100 | $1.7M | Add +20.2% |
| NSC Norfolk Southern Corp. | 0.80% | 5,700 | $1.6M | New |
| JPM JPMorgan Chase & Co. | 0.79% | 5,100 | $1.6M | Add +24.4% |
| CDTX Cidara Therapeutics Inc. | 0.75% | 7,000 | $1.5M | New |
| ALEX Alexander & Baldwin Inc. | 0.72% | 72,496 | $1.5M | New |
| CVX Chevron Corp. | 0.70% | 9,500 | $1.4M | Add +111.1% |
| HOLX Hologic Inc. | 0.68% | 19,000 | $1.4M | New |
| TXN Texas Instruments Inc. | 0.59% | 7,000 | $1.2M | Add +45.8% |
| WBD Warner Bros Discovery Inc. | 0.56% | 40,000 | $1.2M | New |
| GTLS Chart Industries Inc. | 0.50% | 5,000 | $1.0M | New |
| BHF Brighthouse Financial Inc. | 0.49% | 15,500 | $1.0M | Add +3.3% |
| IMXI International Money Express | 0.48% | 65,000 | $998K | New |
| SSB Southstate Bank Corp. | 0.44% | 9,700 | $913K | Add +19.8% |
| ACI Albertsons Cos Inc. Class A | 0.42% | 50,000 | $859K | Add +6.4% |
| ONB Old National Bancorp | 0.41% | 38,000 | $848K | Add +1.1% |
| OVV Ovintiv Inc. | 0.41% | 21,400 | $839K | New |
| MTDR Matador Resources Co. | 0.40% | 19,500 | $828K | New |
| CLX Clorox Company | 0.39% | 8,100 | $817K | New |
| GDEN Golden Entertainment Inc. | 0.39% | 30,000 | $816K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 14,800 | $814K | Reduce -13.9% |
| EOG EOG Resources Inc. | 0.39% | 7,700 | $809K | New |
| LW Lamb Weston Holdings Inc. | 0.39% | 19,200 | $804K | New |
| PNC PNC Financial Services Group | 0.38% | 3,800 | $793K | New |
| HD Home Depot Inc. | 0.38% | 2,300 | $791K | New |
| RL Ralph Lauren Corp. | 0.38% | 2,200 | $778K | New |
| STT State Street Corp. | 0.37% | 6,000 | $774K | Reduce -21.1% |
| OII Oceaneering Intl Inc. | 0.37% | 32,000 | $769K | Add +23.6% |
| FND Floor & Decor Holdings Inc. Class A | 0.36% | 12,200 | $743K | New |
| SUNC Sunococorp LLC | 0.36% | 15,000 | $739K | New |
| FHN First Horizon Corp. | 0.34% | 29,100 | $695K | New |
| XLE SS Energy Select Sector | 0.34% | 15,500 | $693K | Add +33.6% |
| FRGE Forge Global Holdings Inc. | 0.33% | 15,500 | $691K | New |
| COST Costco Wholesale Corp. | 0.33% | 800 | $690K | New |
| AZO AutoZone Inc. | 0.33% | 200 | $678K | New |
| KNF Knife River Corp. | 0.33% | 9,600 | $675K | Reduce -12.7% |
| MDLZ Mondelez International Inc. Class A | 0.32% | 12,400 | $667K | Add +10.7% |
| FANG Diamondback Energy Inc. | 0.32% | 4,400 | $661K | Reduce -13.7% |
| NVRI Enviri Corp. | 0.30% | 35,000 | $627K | New |
| BRSL Brightstar Lottery PLC | 0.29% | 38,700 | $599K | New |
| AMTM Amentum Holdings Inc. | 0.27% | 19,000 | $551K | Reduce -20.8% |
| UPS United Parcel Service Class B | 0.25% | 5,300 | $526K | Reduce -39.8% |
| SFNC Simmons First Natl Corp. Class A | 0.25% | 27,000 | $509K | New |
| AD Array Digital Infrastructure | 0.24% | 9,400 | $504K | New |
| NGD New Gold Inc. | 0.21% | 50,000 | $436K | New |
| PSX Phillips 66 | 0.21% | 3,300 | $426K | Reduce -52.9% |
| LOCO El Pollo Loco Holdings Inc. | 0.20% | 40,000 | $418K | Reduce -56.5% |
| TDS Telephone and Data Systems | 0.18% | 9,000 | $369K | New |
| CYTK Cytokinetics Inc. | 0.17% | 5,600 | $356K | Add +19.1% |
| LION Lionsgate Studios Corp. | 0.13% | 30,000 | $274K | New |
| ANNA Aleanna Inc. | 0.13% | 92,000 | $265K | Add +7.0% |
| LEG Leggett & Platt Inc. | 0.11% | 20,000 | $220K | New |
| AON Aon PLC Class A | 0.10% | 600 | $212K | No change |
| TRUE Truecar Inc. | 0.04% | 32,007 | $72K | New |
Options reported separately and not counted above: HYG puts ($61.3M), AFRM puts ($4.5M), CVNA puts ($3.0M), SOFI puts ($2.4M), IBIT calls ($1.5M), QS puts ($1.1M), TSLA puts ($899K), CYTK calls ($635K).
Portfolio Sells Q3 2025 → Q4 2025
| K Kellanova | Sold out | 0.00% | −2.23 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −2.00 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −1.79 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −1.04 |
| CCRN Cross Country Healthcare Inc. | Sold out | 0.00% | −0.88 |
| MRUS Merus NV | Sold out | 0.00% | −0.85 |
| PGRE Paramount Group Inc. | Sold out | 0.00% | −0.85 |
| MS Morgan Stanley | Sold out | 0.00% | −0.59 |
| CNI Canadian Natl Railway Co. | Sold out | 0.00% | −0.48 |
| PM Philip Morris International | Sold out | 0.00% | −0.44 |
| OMC Omnicom Group | Sold out | 0.00% | −0.44 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.41 |
| USB US Bancorp | Sold out | 0.00% | −0.41 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.39 |
| TGT Target Corp. | Sold out | 0.00% | −0.39 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.38 |
| PSX Phillips 66 | Reduce -52.9% | 0.21% | −0.33 |
| LOCO El Pollo Loco Holdings Inc. | Reduce -56.5% | 0.20% | −0.30 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.30 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.29 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −0.27 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.23 |
| MIDD Middleby Corp. | Sold out | 0.00% | −0.20 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.17 |
| UPS United Parcel Service Class B | Reduce -39.8% | 0.25% | −0.16 |
| MBC Masterbrand Inc. | Sold out | 0.00% | −0.15 |
| KNF Knife River Corp. | Reduce -12.7% | 0.33% | −0.15 |
| STT State Street Corp. | Reduce -21.1% | 0.37% | −0.13 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.12 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.12 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.11 |
| BAC Bank of America Corp. | Reduce -13.9% | 0.39% | −0.11 |
| FANG Diamondback Energy Inc. | Reduce -13.7% | 0.32% | −0.09 |
| AMTM Amentum Holdings Inc. | Reduce -20.8% | 0.27% | −0.06 |
| SLDP Solid Power Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| SEE Sealed Air Corp. | New | 1.08% | +1.08 |
| EXAS Exact Sciences Corp. | New | 0.98% | +0.98 |
| RNAM Avidity Biosciences Inc. | New | 0.98% | +0.98 |
| NSC Norfolk Southern Corp. | New | 0.80% | +0.80 |
| CDTX Cidara Therapeutics Inc. | New | 0.75% | +0.75 |
| ALEX Alexander & Baldwin Inc. | New | 0.72% | +0.72 |
| HOLX Hologic Inc. | New | 0.68% | +0.68 |
| WBD Warner Bros Discovery Inc. | New | 0.56% | +0.56 |
| HBAN Huntington Bancshares Inc. | Add +178.0% | 0.94% | +0.55 |
| GTLS Chart Industries Inc. | New | 0.50% | +0.50 |
| IMXI International Money Express | New | 0.48% | +0.48 |
| OVV Ovintiv Inc. | New | 0.41% | +0.41 |
| MTDR Matador Resources Co. | New | 0.40% | +0.40 |
| CLX Clorox Company | New | 0.39% | +0.39 |
| GDEN Golden Entertainment Inc. | New | 0.39% | +0.39 |
| EOG EOG Resources Inc. | New | 0.39% | +0.39 |
| LW Lamb Weston Holdings Inc. | New | 0.39% | +0.39 |
| PNC PNC Financial Services Group | New | 0.38% | +0.38 |
| HD Home Depot Inc. | New | 0.38% | +0.38 |
| RL Ralph Lauren Corp. | New | 0.38% | +0.38 |
| FND Floor & Decor Holdings Inc. Class A | New | 0.36% | +0.36 |
| SUNC Sunococorp LLC | New | 0.36% | +0.36 |
| FHN First Horizon Corp. | New | 0.34% | +0.34 |
| FRGE Forge Global Holdings Inc. | New | 0.33% | +0.33 |
| COST Costco Wholesale Corp. | New | 0.33% | +0.33 |
| AZO AutoZone Inc. | New | 0.33% | +0.33 |
| CVX Chevron Corp. | Add +111.1% | 0.70% | +0.30 |
| NVRI Enviri Corp. | New | 0.30% | +0.30 |
| BRSL Brightstar Lottery PLC | New | 0.29% | +0.29 |
| SFNC Simmons First Natl Corp. Class A | New | 0.25% | +0.25 |
| SNV Synovus Financial Corp. | Add +41.4% | 1.31% | +0.25 |
| AD Array Digital Infrastructure | New | 0.24% | +0.24 |
| EA Electronic Arts Inc. | Add +41.2% | 1.19% | +0.21 |
| NGD New Gold Inc. | New | 0.21% | +0.21 |
| CYBR Cyberark Software Ltd./Israel | Add +46.7% | 1.42% | +0.19 |
| TDS Telephone and Data Systems | New | 0.18% | +0.18 |
| LION Lionsgate Studios Corp. | New | 0.13% | +0.13 |
| LEG Leggett & Platt Inc. | New | 0.11% | +0.11 |
| TXN Texas Instruments Inc. | Add +45.8% | 0.59% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +24.4% | 0.79% | +0.06 |
| XLE SS Energy Select Sector | Add +33.6% | 0.34% | +0.04 |
| TRUE Truecar Inc. | New | 0.04% | +0.04 |
| BHF Brighthouse Financial Inc. | Add +3.3% | 0.49% | +0.03 |
| CYTK Cytokinetics Inc. | Add +19.1% | 0.17% | +0.03 |
| CFR Cullen/Frost Bankers Inc. | Add +20.2% | 0.80% | +0.02 |
| OII Oceaneering Intl Inc. | Add +23.6% | 0.37% | +0.01 |
| SSB Southstate Bank Corp. | Add +19.8% | 0.44% | −0.01 |
| FYBR Frontier Communications Pare | Add +11.5% | 1.25% | −0.04 |
| ACI Albertsons Cos Inc. Class A | Add +6.4% | 0.42% | −0.05 |
| ONB Old National Bancorp | Add +1.1% | 0.41% | −0.06 |
Options Activity Q3 2025 → Q4 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -15.6% | 760,000 | $61.3M |
| TLT iShares 20+ Year Treasury BD | put | Sold out | 70,000 | $6.3Mbefore exit |
| AFRM Affirm Holdings Inc. | put | Add +100.0% | 60,000 | $4.5M |
| TLT iShares 20+ Year Treasury BD | call | Sold out | 40,000 | $3.6Mbefore exit |
| CVNA Carvana Co. | put | New | 7,000 | $3.0M |
| SOFI Sofi Technologies Inc. | put | Add +38.5% | 90,000 | $2.4M |
| IBIT iShares Bitcoin Trust ETF | call | New | 30,000 | $1.5M |
| QS Quantumscape Corp. | put | Add +10.0% | 110,000 | $1.1M |
| TSLA Tesla Inc. | put | Reduce -85.7% | 2,000 | $899K |
| CYTK Cytokinetics Inc. | call | New | 10,000 | $635K |
| SLDP Solid Power Inc. | put | Sold out | 50,000 | $174Kbefore 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 |