Carronade Capital Management, LP
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Carronade Capital Management, LP reported 10 stock positions worth $246.6 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 36.7% of the portfolio, followed by Southwest Gas (SWX, 15.4%) and Transocean Interntnl Ltd. (rig 4 12/15/25 *) (13.0%). Compared with Q4 2023, it opened 4 new positions, sold out of 2, added to 2 and reduced 2. The biggest buy was a new position in Transocean Interntnl Ltd. (rig 4 12/15/25 *) and the biggest sale an exit from Echostar Class A (ECHO).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001866872
- Portfolio Value
- $246.6M (Q1 2024)
- SEC Filing
- 0001866872-24-000011 ↗ filed May 15, 2024
Holdings Value
Holdings 10 stocks · $246.6M
| BKLN Invesco Senior Loan ETF | 36.71% | 4,279,608 | $90.5M | Add +48.6% |
| SWX Southwest Gas Holdings Inc. | 15.40% | 498,685 | $38.0M | No change |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | 13.00% | 22,500,000 | $32.1M | New |
| DISH NETWORK CORP (DISH 0 12/15/25) | 10.01% | 34,490,000 | $24.7M | New |
| GEO CORRECTIONS HLDGS (GEO 6.5 02/23/26) | 9.21% | 13,300,000 | $22.7M | New |
| GBTG Global Business Travel Group | 7.42% | 3,043,779 | $18.3M | Add +1.5% |
| ONYX Onyx Acquisition Co. I Class A | 4.49% | 994,082 | $11.1M | No change |
| OGN Organon & Co. | 1.57% | 205,463 | $3.9M | Reduce -59.5% |
| VAL Valaris Ltd. | 1.53% | 50,000 | $3.8M | Reduce -50.0% |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | 0.67% | 1,959,000 | $1.7M | New |
Options reported separately and not counted above: RSP puts ($406.5M), SPY puts ($287.7M), SPY calls ($261.5M), TLT puts ($236.6M), XLE puts ($70.8M), VSAT puts ($11.8M), MPT puts ($9.4M), MPT calls ($9.4M), OGN calls ($4.7M), BHC calls ($4.2M), NOVAQ calls ($1.2M).
Other holdings (3): bonds, preferreds, convertibles and warrants · $47.1M (not counted above)
Total filed on the 13F, all lines: $293.7M.
Portfolio Sells Q4 2023 → Q1 2024
Portfolio Buys Q4 2023 → Q1 2024
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | New | 13.00% | +13.00 |
| DISH NETWORK CORP (DISH 0 12/15/25) | New | 10.01% | +10.01 |
| GEO CORRECTIONS HLDGS (GEO 6.5 02/23/26) | New | 9.21% | +9.21 |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | New | 0.67% | +0.67 |
| BKLN Invesco Senior Loan ETF | Add +48.6% | 36.71% | −3.55 |
| GBTG Global Business Travel Group | Add +1.5% | 7.42% | −5.36 |
Options Activity Q4 2023 → Q1 2024
| RSP Invesco S&P 500 Equal Weight | put | New | 2,400,000 | $406.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -52.2% | 550,000 | $287.7M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 500,000 | $261.5M |
| TLT iShares 20+ Year Treasury BD | put | New | 2,500,000 | $236.6M |
| XLE SS Energy Select Sector | put | New | 750,000 | $70.8M |
| AAL American Airlines Group Inc. | call | Sold out | 1,500,000 | $20.6Mbefore exit |
| VSAT Viasat Inc. | put | Add +100.0% | 650,000 | $11.8M |
| MPT Medical Properties Trust Inc. | call | New | 2,000,000 | $9.4M |
| MPT Medical Properties Trust Inc. | put | Reduce -20.0% | 2,000,000 | $9.4M |
| DISH Dish Network Corp. Class A | put | Sold out | 1,425,000 | $8.2Mbefore exit |
| PSEC Prospect Capital Corp. | put | Sold out | 1,200,000 | $7.2Mbefore exit |
| HE Hawaiian Electric Inds | put | Sold out | 430,800 | $6.1Mbefore exit |
| OGN Organon & Co. | call | New | 250,000 | $4.7M |
| BHC Bausch Health Cos Inc. | call | Reduce -55.6% | 400,000 | $4.2M |
| NOVAQ Sunnova Energy International | call | New | 200,000 | $1.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | DEB 4.000%12/1 · principal | Sold out | 22,500,000 | $32.6Mbefore exit |
| GEO CORRECTIONS HLDGS (GEO 6.5 02/23/26) | NOTE 6.500% 2/2 · principal | Sold out | 13,300,000 | $18.5Mbefore exit |
| DISH NETWORK CORP (DISH 2.375 03/15/24) | NOTE 2.375% 3/1 · principal | Sold out | 10,000,000 | $9.8Mbefore exit |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | Reduce -12.9% | 686,633 | $9.1M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 22 | $5.8B | SPY, VSAT, TLN, CMCSA, TDS |
| Q1 2026 | 24 | $1.4B | TLN, TDS, VSAT, VISN, CTRI |
| Q4 2025Amended | 24 | $1.1B | TLN, TDS, VSAT, CTRI, ECHOSTAR CORP (ECHO 3.875 11/30/30) |
| Q3 2025 | 24 | $965.9M | TLN, TDS, VSAT, CTRI, BKD |
| Q2 2025Amended | 22 | $669.0M | TLN, TDS, CNNE, GEO, BKD |
| Q1 2025Amended | 24 | $589.2M | GEO, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), CNNE, GBTG, SBGI |
| Q4 2024Amended | 26 | $527.2M | TLN, TDS, FYBR, GEO, CNNE |
| Q3 2024 | 22 | $337.3M | TLN, FYBR, GBTG, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), BKLN |
| Q2 2024 | 17 | $265.5M | BKLN, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), DISH NETWORK CORP (DISH 0 12/15/25), CTRI, GBTG |
| Q1 2024 | 10 | $246.6M | BKLN, SWX, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), DISH NETWORK CORP (DISH 0 12/15/25), GEO CORRECTIONS HLDGS (GEO 6.5 02/23/26) |