Carronade Capital Management, LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 19, 2025), Carronade Capital Management, LP reported 22 stock positions worth $669.0 million . Its top holding was Talen Energy (TLN) at 23.6% of the portfolio, followed by Telephone and Data Systems (TDS, 18.0% ) and Cannae (CNNE, 9.9% ). Compared with Q1 2025, it sold out of 2, added to 14 and reduced 7. The biggest buy was Talen Energy (TLN, shares +1231% ) and the biggest sale Geo (GEO, shares −42% ).
Location DARIEN, CT
CIK 0001866872
Portfolio Value $669.0M (Q2 2025) Holdings 22 stocks · $669.0M 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 Q1 2025 TLN Talen Energy Corp. 542,743 $157.8M Add +1231.0% TDS Telephone and Data Systems 3,392,500 $120.7M Add +239.3% CNNE Cannae Holdings Inc. 3,189,027 $66.5M Add +5.8% GEO The Geo Group Inc. 2,232,854 $53.5M Reduce -42.3% BKD Brookdale Senior Living Inc. 6,902,737 $48.0M Add +904.4% CTRI Centuri Holdings Inc. 1,353,425 $30.4M Add +1394.5% SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) 20,200,000 $28.5M Add +720.7% ECHOSTAR CORP (ECHO 3.875 11/30/30) 22,728,496 $26.6M Add +2.1% TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) 23,625,000 $23.6M Add +5806.3% GBTG Global Business Travel Group 2,611,864 $16.5M Add +55.3% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1,479,923 $12.3M Add +35.8% CPT Camden Property Trust 95,936 $10.8M Reduce -97.6% UDR Udr Inc. 258,116 $10.5M Reduce -39.6% AVB Avalonbay Communities Inc. 51,047 $10.4M Add +5.9% VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 152,549 $10.3M Add +5.9% OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 4,053,609 $8.7M Reduce -28.1% CZR Caesars Entertainment Inc. 248,173 $7.0M Reduce -80.7% SBGI Sinclair Inc. 467,513 $6.5M Add +2.3% MAA Mid-America Apartment Comm 43,184 $6.4M Reduce -99.7% ESS Essex Property Trust Inc. 21,947 $6.2M Reduce -99.0% DHC Diversified Healthcare Trust 1,618,448 $5.8M Add +588.7% BROOKDALE SENIOR LIVING (BKD 2 10/15/26) 2,000,000 $2.1M No change
Options reported separately and not counted above: ITB puts ($647.4M), GEO calls ($23.9M), VSAT calls ($9.5M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $51.9M (not counted above) Security Class Shares / Principal Value Change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 456,802 $49.3M Add +2104.2% VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 687,260 $2.7M Reduce -97.1%
Total filed on the 13F, all lines: $720.9M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ GEO The Geo Group Inc. Reduce -42.3% 7.99% −16.94 CPT Camden Property Trust Reduce -97.6% 1.62% −2.58 CZR Caesars Entertainment Inc. Reduce -80.7% 1.05% −2.52 ITB iShares U.S. Home Constructi Sold out 0.00% −1.87 MAA Mid-America Apartment Comm Reduce -99.7% 0.96% −1.56 OPTU Optimum Communications Inc. Class A Reduce -28.1% 1.30% −1.25 VSAT Viasat Inc. Sold out 0.00% −1.23 UDR Udr Inc. Reduce -39.6% 1.58% −0.28 ESS Essex Property Trust Inc. Reduce -99.0% 0.93% +0.06
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ TLN Talen Energy Corp. Add +1231.0% 23.59% +22.43 TDS Telephone and Data Systems Add +239.3% 18.04% +17.38 BKD Brookdale Senior Living Inc. Add +904.4% 7.18% +6.59 CTRI Centuri Holdings Inc. Add +1394.5% 4.54% +2.66 SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) Add +720.7% 4.25% +1.22 VISN Vistance Networks Inc. Add +35.8% 1.83% +0.85 CNNE Cannae Holdings Inc. Add +5.8% 9.94% +0.56 DHC Diversified Healthcare Trust Add +588.7% 0.87% −0.13 AVB Avalonbay Communities Inc. Add +5.9% 1.55% −0.20 VMRK Vivmark Residential Add +5.9% 1.54% −0.21 ECHOSTAR CORP (ECHO 3.875 11/30/30) Add +2.1% 3.98% −0.24 GBTG Global Business Travel Group Add +55.3% 2.46% −5.88 SBGI Sinclair Inc. Add +2.3% 0.97% −6.79 TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) Add +5806.3% 3.52% −10.03
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call Sold out 2,000,000 $1.1Bbefore exit ITB iShares U.S. Home Constructi put New 3,000,000 $647.4M ITB iShares U.S. Home Constructi call Sold out 300,000 $28.6Mbefore exit GEO The Geo Group Inc. call New 1,000,000 $23.9M KSS Kohls Corp. put Sold out 1,600,000 $13.1Mbefore 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 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Add +2104.2% 456,802 $49.3M VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Reduce -97.1% 687,260 $2.7M
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)