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CARRONADE CAPITAL MANAGEMENT, LP

Q4 2025 · Filed 2026-05-15
Market Value
$930M
+6.3%
Holdings
22
+2
New Purchases
2
Added To
18
Closed
2
Reduced
0
Top 10 Concentration
92.4%
Turnover
18.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CTRI 10.83% 7.39% +3.44% $101M
VSAT 11.02% 8.61% +2.41% $103M
SATS 7.53% 5.45% +2.07% $70M
TDS 18.53% 16.50% +2.03% $172M
BKD 8.53% 6.90% +1.63% $79M
COMM 3.02% 2.33% +0.69% $28M
DHC 2.48% 2.30% +0.19% $23M
CORZ 0.16% 0.00% +0.16% $1M
CYH 0.11% 0.00% +0.11% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EXEEL 0.00% 5.01% -5.01% $0
TLN 23.26% 27.26% -3.99% $216M
GBTG 0.00% 1.57% -1.57% $0
CNNE 5.52% 6.67% -1.15% $51M
ATUS 1.07% 1.59% -0.52% $10M
CZR 0.65% 0.77% -0.12% $6M
AVB 1.02% 1.13% -0.11% $9M
EQR 1.06% 1.13% -0.07% $10M
UDR 1.04% 1.10% -0.06% $10M
ESS 0.63% 0.67% -0.04% $6M
GEO 1.72% 1.76% -0.04% $16M
MAA 0.66% 0.69% -0.03% $6M
CPT 1.16% 1.17% -0.01% $11M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 10 $441M 47.4%
Mid Cap 9 $427M 45.9%
Small Cap 3 $62M 6.7%

Portfolio Analytics

Avg Market Cap
$10.6B
Median Market Cap
$6.9B
Avg P/E
34.0
Median P/E
29.0
Avg Dividend Yield
0.06%
Avg Beta
1.35
# Stocks
22
# ETFs / Funds
0

Top Holdings (22 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TLN 23.26% 577,239 $216M $374.84 -$22M +16,496 +2.9%
2 TDS 18.53% 4,203,594 $172M $41.00 $28M +523,094 +14.2%
3 VSAT 11.02% 2,974,801 $103M $34.46 $27M +402,109 +15.6%
4 CTRI 10.83% 3,988,664 $101M $25.25 $36M +935,847 +30.7%
5 BKD 8.53% 7,349,874 $79M $10.79 $19M +222,137 +3.1%
6 SATS 7.53% 643,915 $70M $108.70 $22M +18,915 +3.0%
7 CNNE 5.52% 3,262,648 $51M $15.73 -$7M +73,621 +2.3%
8 COMM 3.02% 1,546,923 $28M $18.13 $8M +230,900 +17.6%
9 DHC 2.48% 4,763,537 $23M $4.85 $3M +201,789 +4.4%
10 GEO 1.72% 992,931 $16M $16.12 $638K +242,931 +32.4%
11 CPT 1.16% 98,344 $11M $110.08 $582K +2,408 +2.5%
12 ATUS 1.07% 6,015,682 $10M $1.65 -$4M +247,000 +4.3%
13 EQR 1.06% 156,378 $10M $63.04 -$16K +3,829 +2.5%
14 UDR 1.04% 264,595 $10M $36.68 $88K +6,479 +2.5%
15 AVB 1.02% 52,328 $9M $181.32 -$373K +1,281 +2.5%
16 MAA 0.66% 44,268 $6M $138.90 $115K +1,084 +2.5%
17 CZR 0.65% 257,160 $6M $23.39 -$692K +8,987 +3.6%
18 ESS 0.63% 22,498 $6M $261.67 $13K +551 +2.5%
19 CORZ 0.16% 100,000 $1M $14.56 +100,000 NEW
20 CYH 0.11% 325,000 $1M $3.12 +325,000 NEW
21 EXEEL —% -$44M -456,802 -100.0% SOLD
22 GBTG —% -$14M -1,705,039 -100.0% SOLD

Options Breakdown

5 Calls $271M Call Value 4 Puts $6.0B Put Value 22.04 P/C Ratio

Top Calls

SymbolSharesValueStatus
CMCSA 6,000,000 $168M NEW
VSAT 1,736,700 $60M
SATS 400,000 $43M
JEF $0 SOLD
GEO $0 SOLD

Top Puts

SymbolSharesValueStatus
SPY 7,125,000 $4.9B
IEF 11,500,000 $1.1B NEW
KSS 750,000 $15M
JEF $0 SOLD

New Positions

SymbolValue% Port
CORZ $1M 0.16%
CYH $1M 0.11%

Sold Out Positions

SymbolValue% Port
GBTG —%
EXEEL —%
View SEC EDGAR Filings for CARRONADE CAPITAL MANAGEMENT, LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms