Carronade Capital Management, LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed May 15, 2026), Carronade Capital Management, LP reported 24 stock positions worth $1.1 billion . Its top holding was Talen Energy (TLN) at 19.9% of the portfolio, followed by Telephone and Data Systems (TDS, 15.9% ) and Viasat (VSAT, 9.4% ). Compared with Q3 2025, it opened 2 new positions, sold out of 2 and added to 21. The biggest buy was Centuri (CTRI, shares +31% ) and the biggest sale an exit from Transocean Interntnl Ltd. (rig 4 12/15/25 *) .
Location DARIEN, CT
CIK 0001866872
Portfolio Value $1.1B (Q4 2025) Holdings 24 stocks · $1.1B 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 2025 TLN Talen Energy Corp. 577,239 $216.4M Add +2.9% TDS Telephone and Data Systems 4,203,594 $172.3M Add +14.2% VSAT Viasat Inc. 2,974,801 $102.5M Add +15.6% CTRI Centuri Holdings Inc. 3,988,664 $100.7M Add +30.7% ECHOSTAR CORP (ECHO 3.875 11/30/30) 24,638,496 $82.5M Add +3.8% BKD Brookdale Senior Living Inc. 7,349,874 $79.3M Add +3.1% ECHO Echostar Corp. Class A 643,915 $70.0M Add +3.0% SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) 21,150,000 $58.4M Add +4.7% CNNE Cannae Holdings Inc. 3,262,648 $51.3M Add +2.3% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1,546,923 $28.0M Add +17.6% DHC Diversified Healthcare Trust 4,763,537 $23.1M Add +4.4% GEO The Geo Group Inc. 992,931 $16.0M Add +32.4% WW WW International Inc.-New filed as WW INTL INC 457,835 $13.4M Add +2.5% CPT Camden Property Trust 98,344 $10.8M Add +2.5% OPTU Optimum Communications Inc. Class A 6,015,682 $9.9M Add +4.3% VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 156,378 $9.9M Add +2.5% UDR Udr Inc. 264,595 $9.7M Add +2.5% AVB Avalonbay Communities Inc. 52,328 $9.5M Add +2.5% MAA Mid-America Apartment Comm 44,268 $6.1M Add +2.5% CZR Caesars Entertainment Inc. 257,160 $6.0M Add +3.6% ESS Essex Property Trust Inc. 22,498 $5.9M Add +2.5% BROOKDALE SENIOR LIVING (BKD 2 10/15/26) 2,000,000 $2.6M No change CORZ Core Scientific Inc. 100,000 $1.5M New CYH Community Health Systems Inc. 325,000 $1.0M New
Options reported separately and not counted above: SPY puts ($4.9B), IEF puts ($1.1B), CMCSA calls ($168.0M), VSAT calls ($59.8M), ECHO calls ($43.5M), KSS puts ($15.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.2M (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 687,260 $1.2M No change
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ CTRI Centuri Holdings Inc. Add +30.7% 9.27% +2.58 VSAT Viasat Inc. Add +15.6% 9.43% +1.63 ECHOSTAR CORP (ECHO 3.875 11/30/30) Add +3.8% 7.59% +1.54 ECHO Echostar Corp. Class A Add +3.0% 6.44% +1.50 SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) Add +4.7% 5.37% +1.42 BKD Brookdale Senior Living Inc. Add +3.1% 7.30% +1.05 TDS Telephone and Data Systems Add +14.2% 15.86% +0.91 VISN Vistance Networks Inc. Add +17.6% 2.58% +0.47 CORZ Core Scientific Inc. New 0.13% +0.13 CYH Community Health Systems Inc. New 0.09% +0.09 DHC Diversified Healthcare Trust Add +4.4% 2.13% +0.04 WW WW International Inc.-New Add +2.5% 1.23% −0.03 MAA Mid-America Apartment Comm Add +2.5% 0.57% −0.06 CPT Camden Property Trust Add +2.5% 1.00% −0.06 ESS Essex Property Trust Inc. Add +2.5% 0.54% −0.07 UDR Udr Inc. Add +2.5% 0.89% −0.10 VMRK Vivmark Residential Add +2.5% 0.91% −0.12 GEO The Geo Group Inc. Add +32.4% 1.47% −0.12 CZR Caesars Entertainment Inc. Add +3.6% 0.55% −0.14 AVB Avalonbay Communities Inc. Add +2.5% 0.87% −0.15 OPTU Optimum Communications Inc. Class A Add +4.3% 0.91% −0.53 CNNE Cannae Holdings Inc. Add +2.3% 4.72% −1.32 TLN Talen Energy Corp. Add +2.9% 19.91% −4.79
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +51.6% 7,125,000 $4.9B IEF iShares 7-10 Year Treasury B put New 11,500,000 $1.1B CMCSA Comcast Corp. Class A call New 6,000,000 $168.0M VSAT Viasat Inc. call Reduce -35.3% 1,736,700 $59.8M ECHO Echostar Corp. Class A call Add +33.3% 400,000 $43.5M GEO The Geo Group Inc. call Sold out 1,750,000 $35.9Mbefore exit JEF Jefferies Financial Group Inc. call Sold out 300,000 $19.6Mbefore exit JEF Jefferies Financial Group Inc. put Sold out 250,000 $16.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Sold out 456,802 $43.8Mbefore exit
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)