Carronade Capital Management, LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Carronade Capital Management, LP reported 22 stock positions worth $337.3 million . Its top holding was Talen Energy (TLN) at 21.1% of the portfolio, followed by Frontier Communications Pare (FYBR, 12.1% ) and Global Business Travel (GBTG, 8.2% ). Compared with Q2 2024, it opened 7 new positions, sold out of 2, added to 5 and reduced 2. The biggest buy was a new position in Talen Energy (TLN) and the biggest sale Invesco Senior Loan ETF (BKLN, shares −75% ).
Location DARIEN, CT
CIK 0001866872
Portfolio Value $337.3M (Q3 2024) Holdings 22 stocks · $337.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 TLN Talen Energy Corp. 400,000 $71.3M New FYBR Frontier Communications Pare 1,151,721 $40.9M New GBTG Global Business Travel Group 3,583,320 $27.6M Add +12.0% TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) 22,500,000 $24.9M No change BKLN Invesco Senior Loan ETF 1,150,000 $24.2M Reduce -74.9% GEO The Geo Group Inc. 1,701,935 $21.9M Add +21.6% CTRI Centuri Holdings Inc. 1,196,791 $19.3M Add +8.3% DISH NETWORK CORP (DISH 0 12/15/25) 15,490,000 $13.4M Reduce -49.2% CNNE Cannae Holdings Inc. 704,263 $13.4M New BKD Brookdale Senior Living Inc. 1,529,834 $10.4M New ONYX Onyx Acquisition Co. I Class A 814,082 $9.2M No change CPT Camden Property Trust 69,162 $8.5M No change UDR Udr Inc. 185,241 $8.4M No change AVB Avalonbay Communities Inc. 36,972 $8.3M No change VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 109,626 $8.2M No change VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1,261,100 $7.7M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 1,888,450 $4.6M Add +632.6% MAA Mid-America Apartment Comm 27,331 $4.3M No change ESS Essex Property Trust Inc. 13,665 $4.0M No change VAL Valaris Ltd. 57,500 $3.2M Add +15.0% BROOKDALE SENIOR LIVING (BKD 2 10/15/26) 2,000,000 $2.1M New SBGI Sinclair Inc. 85,000 $1.3M New
Options reported separately and not counted above: SPY puts ($401.6M), IWM puts ($386.6M), SPY calls ($286.9M), FYBR puts ($24.9M), MPT calls ($23.4M), KSS puts ($13.5M), FYBR calls ($5.3M), OPTU calls ($3.4M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $35.5M (not counted above) Security Class Shares / Principal Value Change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 456,802 $29.8M Reduce -0.0% VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 686,633 $5.8M No change
Total filed on the 13F, all lines: $372.8M.
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ BKLN Invesco Senior Loan ETF Reduce -74.9% 7.16% −29.13 DISH NETWORK CORP (DISH 0 12/15/25) Reduce -49.2% 3.98% −4.34 EBS Emergent Biosolutions Inc. Sold out 0.00% −1.41 BHC Bausch Health Cos Inc. Sold out 0.00% −0.17
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ TLN Talen Energy Corp. New 21.14% +21.14 FYBR Frontier Communications Pare New 12.13% +12.13 CNNE Cannae Holdings Inc. New 3.98% +3.98 BKD Brookdale Senior Living Inc. New 3.08% +3.08 VISN Vistance Networks Inc. New 2.28% +2.28 OPTU Optimum Communications Inc. Class A Add +632.6% 1.38% +1.18 BROOKDALE SENIOR LIVING (BKD 2 10/15/26) New 0.62% +0.62 SBGI Sinclair Inc. New 0.39% +0.39 GBTG Global Business Travel Group Add +12.0% 8.17% +0.22 VAL Valaris Ltd. Add +15.0% 0.95% −0.45 GEO The Geo Group Inc. Add +21.6% 6.48% −1.09 CTRI Centuri Holdings Inc. Add +8.3% 5.73% −2.38
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -50.0% 700,000 $401.6M IWM iShares Russell 2000 ETF put Reduce -12.5% 1,750,000 $386.6M RSP Invesco S&P 500 Equal Weight put Sold out 200,000 $32.9Mbefore exit RSP Invesco S&P 500 Equal Weight call Sold out 200,000 $32.9Mbefore exit XLE SS Energy Select Sector put Sold out 300,000 $27.3Mbefore exit VSAT Viasat Inc. put Sold out 650,000 $8.3Mbefore exit FYBR Frontier Communications Pare call New 149,900 $5.3M BHC Bausch Health Cos Inc. call Sold out 400,000 $2.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Reduce -0.0% 456,802 $29.8M
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 2025 Amended 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 2025 Amended 22 $669.0M TLN, TDS, CNNE, GEO, BKD Q1 2025 Amended 24 $589.2M GEO, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), CNNE, GBTG, SBGI Q4 2024 Amended 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)