Carronade Capital Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Carronade Capital Management, LP reported 24 stock positions worth $965.9 million. Its top holding was Talen Energy (TLN) at 24.7% of the portfolio, followed by Telephone and Data Systems (TDS, 15.0%) and Viasat (VSAT, 7.8%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 7 and reduced 3. The biggest buy was a new position in Viasat (VSAT) and the biggest sale Geo (GEO, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001866872
- Portfolio Value
- $965.9M (Q3 2025)
- SEC Filing
- 0001866872-25-000017 ↗ filed Nov 14, 2025
Holdings Value
Holdings 24 stocks · $965.9M
| TLN Talen Energy Corp. | 24.69% | 560,743 | $238.5M | Add +3.3% |
| TDS Telephone and Data Systems | 14.95% | 3,680,500 | $144.4M | Add +8.5% |
| VSAT Viasat Inc. | 7.80% | 2,572,692 | $75.4M | New |
| CTRI Centuri Holdings Inc. | 6.69% | 3,052,817 | $64.6M | Add +125.6% |
| BKD Brookdale Senior Living Inc. | 6.25% | 7,127,737 | $60.4M | Add +3.3% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | 6.05% | 23,728,496 | $58.4M | Add +4.4% |
| CNNE Cannae Holdings Inc. | 6.04% | 3,189,027 | $58.4M | No change |
| ECHO Echostar Corp. Class A | 4.94% | 625,000 | $47.7M | New |
| SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) | 3.95% | 20,200,000 | $38.2M | No change |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | 2.45% | 23,625,000 | $23.7M | No change |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 2.11% | 1,316,023 | $20.4M | Reduce -11.1% |
| DHC Diversified Healthcare Trust | 2.08% | 4,561,748 | $20.1M | Add +181.9% |
| GEO The Geo Group Inc. | 1.59% | 750,000 | $15.4M | Reduce -66.4% |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 1.44% | 5,768,682 | $13.9M | Add +42.3% |
| GBTG Global Business Travel Group | 1.43% | 1,705,039 | $13.8M | Reduce -34.7% |
| WW WW International Inc.-New filed as WW INTL INC | 1.26% | 446,615 | $12.2M | New |
| CPT Camden Property Trust | 1.06% | 95,936 | $10.2M | No change |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 1.02% | 152,549 | $9.9M | No change |
| AVB Avalonbay Communities Inc. | 1.02% | 51,047 | $9.9M | No change |
| UDR Udr Inc. | 1.00% | 258,116 | $9.6M | No change |
| CZR Caesars Entertainment Inc. | 0.69% | 248,173 | $6.7M | No change |
| MAA Mid-America Apartment Comm | 0.62% | 43,184 | $6.0M | No change |
| ESS Essex Property Trust Inc. | 0.61% | 21,947 | $5.9M | No change |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | 0.24% | 2,000,000 | $2.3M | No change |
Options reported separately and not counted above: SPY puts ($3.1B), VSAT calls ($78.7M), GEO calls ($35.9M), ECHO calls ($22.9M), JEF calls ($19.6M), JEF puts ($16.4M), KSS puts ($11.5M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $45.8M (not counted above)
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| VSAT Viasat Inc. | New | 7.80% | +7.80 |
| ECHO Echostar Corp. Class A | New | 4.94% | +4.94 |
| CTRI Centuri Holdings Inc. | Add +125.6% | 6.69% | +2.15 |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | Add +4.4% | 6.05% | +2.07 |
| WW WW International Inc.-New | New | 1.26% | +1.26 |
| DHC Diversified Healthcare Trust | Add +181.9% | 2.08% | +1.22 |
| TLN Talen Energy Corp. | Add +3.3% | 24.69% | +1.10 |
| OPTU Optimum Communications Inc. Class A | Add +42.3% | 1.44% | +0.14 |
| BKD Brookdale Senior Living Inc. | Add +3.3% | 6.25% | −0.93 |
| TDS Telephone and Data Systems | Add +8.5% | 14.95% | −3.09 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 4,700,000 | $3.1B |
| ITB iShares U.S. Home Constructi | put | Sold out | 3,000,000 | $647.4Mbefore exit |
| VSAT Viasat Inc. | call | Add +313.1% | 2,685,000 | $78.7M |
| GEO The Geo Group Inc. | call | Add +75.0% | 1,750,000 | $35.9M |
| ECHO Echostar Corp. Class A | call | New | 300,000 | $22.9M |
| JEF Jefferies Financial Group Inc. | call | New | 300,000 | $19.6M |
| JEF Jefferies Financial Group Inc. | put | New | 250,000 | $16.4M |
| KSS Kohls Corp. | put | New | 750,000 | $11.5M |
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 2025Amended | 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 2025Amended | 22 | $669.0M | TLN, TDS, CNNE, GEO, BKD |
| Q1 2025Amended | 24 | $589.2M | GEO, TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *), CNNE, GBTG, SBGI |
| Q4 2024Amended | 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) |