Carronade Capital Management, LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Carronade Capital Management, LP reported 17 stock positions worth $265.5 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 36.3% of the portfolio, followed by Transocean Interntnl Ltd. (rig 4 12/15/25 *) (10.8%) and Dish Network Corp. (dish 0 12/15/25) (8.3%). Compared with Q1 2024, it opened 11 new positions, sold out of 4, added to 2 and reduced 2. The biggest buy was a new position in Centuri (CTRI) and the biggest sale an exit from Southwest Gas (SWX).

Most Recent 13F
Q2 2026
Location
DARIEN, CT
CIK
0001866872
Portfolio Value
$265.5M (Q2 2024)
SEC Filing
0001866872-24-000013 ↗ filed Aug 14, 2024

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $246.6M Q1 2024 Q2 2024: $265.5M $265.5M Q2 2024 Q3 2024: $337.3M Q3 2024 Q4 2024: $527.2M Q4 2024 Q1 2025: $589.2M Q1 2025 Q2 2025: $669.0M Q2 2025 Q3 2025: $965.9M Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 17 stocks · $265.5M
BKLN Invesco Senior Loan ETF 36.29% 4,579,608 $96.4M Add +7.0%
TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) 10.76% 22,500,000 $28.6M No change
DISH NETWORK CORP (DISH 0 12/15/25) 8.33% 30,490,000 $22.1M Reduce -11.6%
CTRI Centuri Holdings Inc. 8.11% 1,105,300 $21.5M New
GBTG Global Business Travel Group 7.95% 3,200,071 $21.1M Add +5.1%
GEO The Geo Group Inc. 7.57% 1,400,161 $20.1M New
ONYX Onyx Acquisition Co. I Class A 3.48% 814,082 $9.2M Reduce -18.1%
AVB Avalonbay Communities Inc. 2.88% 36,972 $7.6M New
UDR Udr Inc. 2.87% 185,241 $7.6M New
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 2.86% 109,626 $7.6M New
CPT Camden Property Trust 2.84% 69,162 $7.5M New
MAA Mid-America Apartment Comm 1.47% 27,331 $3.9M New
EBS Emergent Biosolutions Inc. 1.41% 550,597 $3.8M New
VAL Valaris Ltd. 1.40% 50,000 $3.7M No change
ESS Essex Property Trust Inc. 1.40% 13,665 $3.7M New
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.20% 257,772 $526K New
BHC Bausch Health Cos Inc. 0.17% 62,841 $438K New

Options reported separately and not counted above: SPY puts ($761.9M), IWM puts ($405.8M), SPY calls ($272.1M), RSP calls ($32.9M), RSP puts ($32.9M), XLE puts ($27.3M), FYBR puts ($18.3M), MPT calls ($17.2M), KSS puts ($14.7M), VSAT puts ($8.3M), OPTU calls ($2.9M), BHC calls ($2.8M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $39.0M (not counted above)
SecurityClassShares / PrincipalValueChange
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 457,002$30.0MNo change
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 686,633$9.0MNo change

Total filed on the 13F, all lines: $304.5M.

Portfolio Sells Q1 2024 → Q2 2024
SWX Southwest Gas Holdings Inc. Sold out 0.00% −15.40
GEO CORRECTIONS HLDGS (GEO 6.5 02/23/26) Sold out 0.00% −9.21
DISH NETWORK CORP (DISH 0 12/15/25) Reduce -11.6% 8.33% −1.68
OGN Organon & Co. Sold out 0.00% −1.57
ONYX Onyx Acquisition Co. I Class A Reduce -18.1% 3.48% −1.01
PELOTON INTERACTIVE INC (PTON 0 02/15/26) Sold out 0.00% −0.67

Portfolio Buys Q1 2024 → Q2 2024
CTRI Centuri Holdings Inc. New 8.11% +8.11
GEO The Geo Group Inc. New 7.57% +7.57
AVB Avalonbay Communities Inc. New 2.88% +2.88
UDR Udr Inc. New 2.87% +2.87
VMRK Vivmark Residential New 2.86% +2.86
CPT Camden Property Trust New 2.84% +2.84
MAA Mid-America Apartment Comm New 1.47% +1.47
EBS Emergent Biosolutions Inc. New 1.41% +1.41
ESS Essex Property Trust Inc. New 1.40% +1.40
GBTG Global Business Travel Group Add +5.1% 7.95% +0.54
OPTU Optimum Communications Inc. Class A New 0.20% +0.20
BHC Bausch Health Cos Inc. New 0.17% +0.17
BKLN Invesco Senior Loan ETF Add +7.0% 36.29% −0.42

Options Activity Q1 2024 → Q2 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +154.6% 1,400,000 $761.9M
IWM iShares Russell 2000 ETF put New 2,000,000 $405.8M
TLT iShares 20+ Year Treasury BD put Sold out 2,500,000 $236.6Mbefore exit
RSP Invesco S&P 500 Equal Weight put Reduce -91.7% 200,000 $32.9M
RSP Invesco S&P 500 Equal Weight call New 200,000 $32.9M
XLE SS Energy Select Sector put Reduce -60.0% 300,000 $27.3M
FYBR Frontier Communications Pare put New 700,000 $18.3M
MPT Medical Properties Trust Inc. call Add +100.0% 4,000,000 $17.2M
KSS Kohls Corp. put New 640,000 $14.7M
MPT Medical Properties Trust Inc. put Sold out 2,000,000 $9.4Mbefore exit
OGN Organon & Co. call Sold out 250,000 $4.7Mbefore exit
OPTU Optimum Communications Inc. Class A call New 1,400,000 $2.9M
NOVAQ Sunnova Energy International call Sold out 200,000 $1.2Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 Sold out 1,000,000 $4.4Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$5.8BSPY, VSAT, TLN, CMCSA, TDS
Q1 2026 24$1.4BTLN, TDS, VSAT, VISN, CTRI
Q4 2025Amended 24$1.1BTLN, TDS, VSAT, CTRI, ECHOSTAR CORP (ECHO 3.875 11/30/30)
Q3 2025 24$965.9MTLN, TDS, VSAT, CTRI, BKD
Q2 2025Amended 22$669.0MTLN, TDS, CNNE, GEO, BKD
Q1 2025Amended 24$589.2MGEO, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), CNNE, GBTG, SBGI
Q4 2024Amended 26$527.2MTLN, TDS, FYBR, GEO, CNNE
Q3 2024 22$337.3MTLN, FYBR, GBTG, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), BKLN
Q2 2024 17$265.5MBKLN, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), DISH NETWORK CORP (DISH 0 12/15/25), CTRI, GBTG
Q1 2024 10$246.6MBKLN, 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)