Carronade Capital Management, LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed August 19, 2025), Carronade Capital Management, LP reported 26 stock positions worth $527.2 million . Its top holding was Talen Energy (TLN) at 17.7% of the portfolio, followed by Telephone and Data Systems (TDS, 12.3% ) and Frontier Communications Pare (FYBR, 9.8% ). Compared with Q3 2024, it opened 6 new positions, sold out of 2, added to 15 and reduced 3. The biggest buy was a new position in Telephone and Data Systems (TDS) and the biggest sale an exit from Dish Network Corp. (dish 0 12/15/25) .
Location DARIEN, CT
CIK 0001866872
Portfolio Value $527.2M (Q4 2024) Holdings 26 stocks · $527.2M 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 Q3 2024 TLN Talen Energy Corp. 462,056 $93.1M Add +15.5% TDS Telephone and Data Systems 1,900,707 $64.8M New FYBR Frontier Communications Pare 1,484,894 $51.5M Add +28.9% GEO The Geo Group Inc. 1,653,934 $46.3M Reduce -2.8% CNNE Cannae Holdings Inc. 1,784,713 $35.4M Add +153.4% GBTG Global Business Travel Group 2,969,258 $27.6M Reduce -17.1% CTRI Centuri Holdings Inc. 1,264,224 $24.4M Add +5.6% BKLN Invesco Senior Loan ETF 1,150,000 $24.2M No change TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) 23,225,000 $24.2M Add +3.2% ECHOSTAR CORP (ECHO 3.875 11/30/30) 21,854,204 $23.1M New BKD Brookdale Senior Living Inc. 3,333,196 $16.8M Add +117.9% SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) 10,500,000 $14.3M New VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 2,063,860 $10.8M Add +63.7% AVB Avalonbay Communities Inc. 40,127 $8.8M Add +8.5% UDR Udr Inc. 201,047 $8.7M Add +8.5% CPT Camden Property Trust 75,065 $8.7M Add +8.5% VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 118,981 $8.5M Add +8.5% SBGI Sinclair Inc. 454,398 $7.3M Add +434.6% NBIS Nebius Group NV 220,000 $6.1M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 2,017,188 $4.9M Add +6.8% SPHR Sphere Entertainment Co. 115,560 $4.7M New MAA Mid-America Apartment Comm 29,664 $4.6M Add +8.5% ESS Essex Property Trust Inc. 14,831 $4.2M Add +8.5% KSS Kohls Corp. 137,900 $1.9M New BROOKDALE SENIOR LIVING (BKD 2 10/15/26) 2,000,000 $1.8M No change VAL Valaris Ltd. 10,696 $473K Reduce -81.4%
Options reported separately and not counted above: SPY puts ($879.1M), IWM puts ($110.5M), RSP puts ($107.9M), MTUM puts ($103.5M), OPTU calls ($45.6M), TQQQ calls ($33.6M), KSS puts ($9.6M), MPT calls ($7.9M), VALARIS LTD calls ($3.5M), VNO puts ($3.2M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $43.7M (not counted above) Security Class Shares / Principal Value Change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 456,802 $39.0M No change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 686,633 $4.7M No change
Total filed on the 13F, all lines: $570.9M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ DISH NETWORK CORP (DISH 0 12/15/25) Sold out 0.00% −3.98 GBTG Global Business Travel Group Reduce -17.1% 5.23% −2.94 ONYX Onyx Acquisition Co. I Class A Sold out 0.00% −2.73 VAL Valaris Ltd. Reduce -81.4% 0.09% −0.86 GEO The Geo Group Inc. Reduce -2.8% 8.78% +2.29
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ TDS Telephone and Data Systems New 12.30% +12.30 ECHOSTAR CORP (ECHO 3.875 11/30/30) New 4.37% +4.37 CNNE Cannae Holdings Inc. Add +153.4% 6.72% +2.74 SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) New 2.70% +2.70 NBIS Nebius Group NV New 1.16% +1.16 SBGI Sinclair Inc. Add +434.6% 1.39% +1.01 SPHR Sphere Entertainment Co. New 0.88% +0.88 KSS Kohls Corp. New 0.37% +0.37 BKD Brookdale Senior Living Inc. Add +117.9% 3.18% +0.10 VISN Vistance Networks Inc. Add +63.7% 2.04% −0.24 ESS Essex Property Trust Inc. Add +8.5% 0.80% −0.39 MAA Mid-America Apartment Comm Add +8.5% 0.87% −0.42 OPTU Optimum Communications Inc. Class A Add +6.8% 0.92% −0.46 AVB Avalonbay Communities Inc. Add +8.5% 1.67% −0.79 VMRK Vivmark Residential Add +8.5% 1.62% −0.80 UDR Udr Inc. Add +8.5% 1.66% −0.83 CPT Camden Property Trust Add +8.5% 1.65% −0.88 CTRI Centuri Holdings Inc. Add +5.6% 4.63% −1.10 FYBR Frontier Communications Pare Add +28.9% 9.77% −2.36 TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) Add +3.2% 4.59% −2.81 TLN Talen Energy Corp. Add +15.5% 17.66% −3.48
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +114.3% 1,500,000 $879.1M SPY SS SPDR S&P 500 ETF Trust-US call Sold out 500,000 $286.9Mbefore exit IWM iShares Russell 2000 ETF put Reduce -71.4% 500,000 $110.5M RSP Invesco S&P 500 Equal Weight put New 616,000 $107.9M MTUM iShares MSCI USA Momentum Fa put New 500,000 $103.5M OPTU Optimum Communications Inc. Class A call Add +6.9% 1,496,000 $45.6M TQQQ Proshares Ultrapro QQQ call New 425,000 $33.6M FYBR Frontier Communications Pare put Sold out 700,000 $24.9Mbefore exit KSS Kohls Corp. put Add +7.2% 686,100 $9.6M MPT Medical Properties Trust Inc. call Reduce -50.0% 2,000,000 $7.9M FYBR Frontier Communications Pare call Sold out 149,900 $5.3Mbefore exit VALARIS LTD call New 80,000 $3.5M VNO Vornado Realty Trust put New 75,000 $3.2M
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 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)