Carronade Capital Management, LP In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Carronade Capital Management, LP reported 24 stock positions worth $1.4 billion . Its top holding was Talen Energy (TLN) at 15.1% of the portfolio, followed by Telephone and Data Systems (TDS, 14.3% ) and Viasat (VSAT, 10.8% ). Compared with Q4 2025, it opened 2 new positions, sold out of 2, added to 12 and reduced 8. The biggest buy was Vistance Networks (VISN, shares +394% ) and the biggest sale an exit from Geo (GEO).
Location DARIEN, CT
CIK 0001866872
Portfolio Value $1.4B (Q1 2026) Holdings 24 stocks · $1.4B 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 2025 TLN Talen Energy Corp. 644,484 $205.7M Add +11.7% TDS Telephone and Data Systems 4,623,934 $194.7M Add +10.0% VSAT Viasat Inc. 3,229,296 $147.9M Add +8.6% VISN Vistance Networks Inc. 7,646,722 $139.2M Add +394.3% CTRI Centuri Holdings Inc. 4,563,312 $133.3M Add +14.4% BKD Brookdale Senior Living Inc. 8,586,874 $117.5M Add +16.8% ECHOSTAR CORP (ECHO 3.875 11/30/30) 25,538,496 $91.9M Add +3.6% SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) 21,384,000 $71.9M Add +1.1% ECHO Echostar Corp. Class A 583,085 $68.3M Reduce -9.4% ACHC Acadia Healthcare Co. Inc. 2,337,236 $54.7M New CNNE Cannae Holdings Inc. 3,262,648 $37.1M No change DHC Diversified Healthcare Trust 5,268,435 $35.0M Add +10.6% OPTU Optimum Communications Inc. Class A 6,573,682 $8.5M Add +9.3% CPT Camden Property Trust 77,393 $7.6M Reduce -21.3% VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 123,062 $7.3M Reduce -21.3% UDR Udr Inc. 208,225 $7.0M Reduce -21.3% AVB Avalonbay Communities Inc. 41,180 $6.7M Reduce -21.3% WW WW International Inc.-New filed as WW INTL INC 456,720 $6.3M Reduce -0.2% SPHR Sphere Entertainment Co. 45,695 $5.4M New ESS Essex Property Trust Inc. 17,705 $4.3M Reduce -21.3% MAA Mid-America Apartment Comm 34,837 $4.3M Reduce -21.3% CYH Community Health Systems Inc. 1,321,923 $3.9M Add +306.8% BROOKDALE SENIOR LIVING (BKD 2 10/15/26) 2,000,000 $3.4M No change CORZ Core Scientific Inc. 101,103 $1.5M Add +1.1%
Options reported separately and not counted above: SPY puts ($5.9B), CMCSA calls ($200.5M), VSAT calls ($93.4M), ACHC puts ($35.1M), ECHO calls ($25.1M), JBLU calls ($10.8M), CTRI calls ($5.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $16.1M (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 1,006,319 $16.1M Add +46.4%
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ GEO The Geo Group Inc. Sold out 0.00% −1.47 ECHO Echostar Corp. Class A Reduce -9.4% 5.01% −1.43 WW WW International Inc.-New Reduce -0.2% 0.46% −0.77 CZR Caesars Entertainment Inc. Sold out 0.00% −0.55 CPT Camden Property Trust Reduce -21.3% 0.55% −0.44 AVB Avalonbay Communities Inc. Reduce -21.3% 0.49% −0.38 UDR Udr Inc. Reduce -21.3% 0.52% −0.38 VMRK Vivmark Residential Reduce -21.3% 0.53% −0.37 MAA Mid-America Apartment Comm Reduce -21.3% 0.31% −0.25 ESS Essex Property Trust Inc. Reduce -21.3% 0.31% −0.23
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ VISN Vistance Networks Inc. Add +394.3% 10.21% +7.63 ACHC Acadia Healthcare Co. Inc. New 4.01% +4.01 VSAT Viasat Inc. Add +8.6% 10.85% +1.42 BKD Brookdale Senior Living Inc. Add +16.8% 8.62% +1.32 CTRI Centuri Holdings Inc. Add +14.4% 9.78% +0.51 DHC Diversified Healthcare Trust Add +10.6% 2.57% +0.44 SPHR Sphere Entertainment Co. New 0.39% +0.39 CYH Community Health Systems Inc. Add +306.8% 0.29% +0.19 CORZ Core Scientific Inc. Add +1.1% 0.11% −0.02 SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) Add +1.1% 5.27% −0.09 OPTU Optimum Communications Inc. Class A Add +9.3% 0.63% −0.29 ECHOSTAR CORP (ECHO 3.875 11/30/30) Add +3.6% 6.74% −0.85 TDS Telephone and Data Systems Add +10.0% 14.28% −1.58 TLN Talen Energy Corp. Add +11.7% 15.09% −4.81
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +27.4% 9,075,000 $5.9B IEF iShares 7-10 Year Treasury B put Sold out 11,500,000 $1.1Bbefore exit CMCSA Comcast Corp. Class A call Add +16.4% 6,985,200 $200.5M VSAT Viasat Inc. call Add +17.4% 2,039,100 $93.4M ACHC Acadia Healthcare Co. Inc. put New 1,500,000 $35.1M ECHO Echostar Corp. Class A call Reduce -46.3% 214,700 $25.1M KSS Kohls Corp. put Sold out 750,000 $15.3Mbefore exit JBLU Jetblue Airways Corp. call New 2,433,500 $10.8M CTRI Centuri Holdings Inc. call New 200,000 $5.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Add +46.4% 1,006,319 $16.1M
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)