Carronade Capital Management, LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed August 19, 2025), Carronade Capital Management, LP reported 24 stock positions worth $589.2 million . Its top holding was Geo (GEO) at 24.9% of the portfolio, followed by Transocean Interntnl Ltd. (rig 4 12/15/25 *) (13.6% ) and Cannae (CNNE, 9.4% ). Compared with Q4 2024, it opened 4 new positions, sold out of 6, added to 11 and reduced 8. The biggest buy was Geo (GEO, shares +134% ) and the biggest sale Talen Energy (TLN, shares −91% ).
Location DARIEN, CT
CIK 0001866872
Portfolio Value $589.2M (Q1 2025) Holdings 24 stocks · $589.2M 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 Q4 2024 GEO The Geo Group Inc. 3,867,186 $146.9M Add +133.8% TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) 400,000 $79.9M Reduce -98.3% CNNE Cannae Holdings Inc. 3,015,647 $55.3M Add +69.0% GBTG Global Business Travel Group 1,682,104 $49.1M Reduce -43.4% SBGI Sinclair Inc. 456,802 $45.7M Add +0.5% ECHOSTAR CORP (ECHO 3.875 11/30/30) 22,254,204 $24.9M Add +1.8% CPT Camden Property Trust 3,949,011 $24.7M Add +5160.8% CZR Caesars Entertainment Inc. 1,285,724 $21.1M New SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) 2,461,182 $17.9M Reduce -76.6% OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 5,638,859 $15.0M Add +179.5% MAA Mid-America Apartment Comm 12,300,000 $14.8M Add +41364.4% CTRI Centuri Holdings Inc. 90,558 $11.1M Reduce -92.8% ITB iShares U.S. Home Constructi 243,655 $11.0M New UDR Udr Inc. 427,500 $10.9M Add +112.6% AVB Avalonbay Communities Inc. 48,185 $10.3M Add +20.1% VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 144,001 $10.3M Add +21.0% VSAT Viasat Inc. 454,398 $7.2M New TLN Talen Energy Corp. 40,776 $6.8M Reduce -91.2% DHC Diversified Healthcare Trust 235,000 $5.9M New VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1,090,051 $5.8M Reduce -47.2% ESS Essex Property Trust Inc. 2,124,704 $5.1M Add +14226.1% TDS Telephone and Data Systems 1,000,000 $3.9M Reduce -47.4% BKD Brookdale Senior Living Inc. 687,260 $3.5M Reduce -79.4% BROOKDALE SENIOR LIVING (BKD 2 10/15/26) 2,000,000 $2.0M No change
Options reported separately and not counted above: SPY calls ($1.1B), ITB calls ($28.6M), KSS puts ($13.1M), VSAT calls ($6.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $30.2M (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 23,625,000 $23.9M Add +3340.7% EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 20,724 $6.4M Reduce -95.5%
Total filed on the 13F, all lines: $619.4M.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ TLN Talen Energy Corp. Reduce -91.2% 1.16% −16.50 TDS Telephone and Data Systems Reduce -47.4% 0.67% −11.63 FYBR Frontier Communications Pare Sold out 0.00% −9.77 BKLN Invesco Senior Loan ETF Sold out 0.00% −4.60 CTRI Centuri Holdings Inc. Reduce -92.8% 1.88% −2.75 BKD Brookdale Senior Living Inc. Reduce -79.4% 0.59% −2.59 NBIS Nebius Group NV Sold out 0.00% −1.16 VISN Vistance Networks Inc. Reduce -47.2% 0.98% −1.06 SPHR Sphere Entertainment Co. Sold out 0.00% −0.88 KSS Kohls Corp. Sold out 0.00% −0.37 VAL Valaris Ltd. Sold out 0.00% −0.09 SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) Reduce -76.6% 3.03% +0.33 GBTG Global Business Travel Group Reduce -43.4% 8.34% +3.11 TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) Reduce -98.3% 13.56% +8.97
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ GEO The Geo Group Inc. Add +133.8% 24.94% +16.16 SBGI Sinclair Inc. Add +0.5% 7.76% +6.37 CZR Caesars Entertainment Inc. New 3.58% +3.58 CNNE Cannae Holdings Inc. Add +69.0% 9.38% +2.66 CPT Camden Property Trust Add +5160.8% 4.20% +2.54 ITB iShares U.S. Home Constructi New 1.87% +1.87 MAA Mid-America Apartment Comm Add +41364.4% 2.51% +1.65 OPTU Optimum Communications Inc. Class A Add +179.5% 2.55% +1.62 VSAT Viasat Inc. New 1.23% +1.23 DHC Diversified Healthcare Trust New 1.00% +1.00 UDR Udr Inc. Add +112.6% 1.86% +0.20 VMRK Vivmark Residential Add +21.0% 1.75% +0.13 AVB Avalonbay Communities Inc. Add +20.1% 1.76% +0.08 ESS Essex Property Trust Inc. Add +14226.1% 0.87% +0.06 ECHOSTAR CORP (ECHO 3.875 11/30/30) Add +1.8% 4.22% −0.15
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call New 2,000,000 $1.1B SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,500,000 $879.1Mbefore exit IWM iShares Russell 2000 ETF put Sold out 500,000 $110.5Mbefore exit RSP Invesco S&P 500 Equal Weight put Sold out 616,000 $107.9Mbefore exit MTUM iShares MSCI USA Momentum Fa put Sold out 500,000 $103.5Mbefore exit OPTU Optimum Communications Inc. Class A call Sold out 1,496,000 $45.6Mbefore exit TQQQ Proshares Ultrapro QQQ call Sold out 425,000 $33.6Mbefore exit ITB iShares U.S. Home Constructi call New 300,000 $28.6M KSS Kohls Corp. put Add +133.2% 1,600,000 $13.1M MPT Medical Properties Trust Inc. call Sold out 2,000,000 $7.9Mbefore exit VSAT Viasat Inc. call New 650,000 $6.8M VALARIS LTD call Sold out 80,000 $3.5Mbefore exit VNO Vornado Realty Trust put Sold out 75,000 $3.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Add +3340.7% 23,625,000 $23.9M EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Reduce -95.5% 20,724 $6.4M
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)