CARRONADE CAPITAL MANAGEMENT, LP Hedge Fund

CIK: 0001866872 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $7,312,848 (100.0% shares, 0.0% debt)

Holdings (31)

New Positions (4)

IEF ISHARES TR 15.1%

Value ($000) $1,105,840 Shares 11,500,000 Est. Cost — Unrealized —

CMCSA COMCAST CORP NEW 2.3%

Value ($000) $168,011 Shares 6,000,000 Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.0%

Value ($000) $1,456 Shares 100,000 Est. Cost $17.44 Unrealized 0.0%

CYH COMMUNITY HEALTH SYS INC NEW 0.0%

Value ($000) $1,014 Shares 325,000 Est. Cost $3.36 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEF	ISHARES TR	11,500,000	$1,105,840	15.1%	—	—	PUT	464287440
CMCSA	COMCAST CORP NEW	6,000,000	$168,011	2.3%	—	—	CALL	20030N101
CORZ	CORE SCIENTIFIC INC NEW	100,000	$1,456	0.0%	$17.44	0.0%	COM	21874A106
CYH	COMMUNITY HEALTH SYS INC NEW	325,000	$1,014	0.0%	$3.36	0.0%	COM	203668108

Increased Positions (22)

SPY SPDR S&P 500 ETF TR 66.4%

Value ($000) $4,858,680 (+55.2%) Shares 7,125,000 (+51.6%) Est. Cost — Unrealized —

CTRI CENTURI HOLDINGS INC 1.4%

Value ($000) $100,714 (+55.8%) Shares 3,988,664 (+30.7%) Est. Cost $21.04 Unrealized +6.3%

TDS TELEPHONE & DATA SYS INC 2.4%

Value ($000) $172,347 (+19.3%) Shares 4,203,594 (+14.2%) Est. Cost $34.69 Unrealized +12.3%

VSAT VIASAT INC 1.4%

Value ($000) $102,512 (+36.0%) Shares 2,974,801 (+15.6%) Est. Cost $25.46 Unrealized +38.7%

— ECHOSTAR CORP 1.1%

Value ($000) $82,505 (+41.2%) Shares 24,638,496 (+3.8%) Est. Cost $1.20 Unrealized —

SATS ECHOSTAR CORP 1.0%

Value ($000) $69,994 (+46.7%) Shares 643,915 (+3.0%) Est. Cost $46.34 Unrealized +75.7%

TLN TALEN ENERGY CORP 3.0%

Value ($000) $216,372 (-9.3%) Shares 577,239 (+2.9%) Est. Cost $239.05 Unrealized +62.6%

SATS ECHOSTAR CORP 0.6%

Value ($000) $43,480 (+89.8%) Shares 400,000 (+33.3%) Est. Cost $46.34 Unrealized +75.7%

— SPHERE ENTERTAINMENT CO 0.8%

Value ($000) $58,361 (+52.9%) Shares 21,150,000 (+4.7%) Est. Cost $1.46 Unrealized —

BKD BROOKDALE SR LIVING INC 1.1%

Value ($000) $79,305 (+31.4%) Shares 7,349,874 (+3.1%) Est. Cost $6.63 Unrealized +48.4%

CNNE CANNAE HLDGS INC 0.7%

Value ($000) $51,321 (-12.1%) Shares 3,262,648 (+2.3%) Est. Cost $18.63 Unrealized -9.4%

OPTU OPTIMUM COMMUNICATIONS INC 0.1%

Value ($000) $9,926 (-28.6%) Shares 6,015,682 (+4.3%) Est. Cost $2.44 Unrealized -16.4%

DHC DIVERSIFIED HEALTHCARE TR 0.3%

Value ($000) $23,103 (+14.8%) Shares 4,763,537 (+4.4%) Est. Cost $5.20 Unrealized —

WW WW INTL INC 0.2%

Value ($000) $13,376 (+9.5%) Shares 457,835 (+2.5%) Est. Cost $34.19 Unrealized -18.3%

CZR CAESARS ENTERTAINMENT INC NE 0.1%

Value ($000) $6,015 (-10.3%) Shares 257,160 (+3.6%) Est. Cost $32.18 Unrealized -30.1%

GEO GEO GROUP INC NEW 0.2%

Value ($000) $16,006 (+4.2%) Shares 992,931 (+32.4%) Est. Cost $21.03 Unrealized -20.7%

CPT CAMDEN PPTY TR 0.1%

Value ($000) $10,826 (+5.7%) Shares 98,344 (+2.5%) Est. Cost $112.72 Unrealized -8.5%

AVB AVALONBAY CMNTYS INC 0.1%

Value ($000) $9,488 (-3.8%) Shares 52,328 (+2.5%) Est. Cost $189.38 Unrealized -5.1%

MAA MID-AMER APT CMNTYS INC 0.1%

Value ($000) $6,149 (+1.9%) Shares 44,268 (+2.5%) Est. Cost $152.68 Unrealized -12.9%

UDR UDR INC 0.1%

Value ($000) $9,705 (+0.9%) Shares 264,595 (+2.5%) Est. Cost $39.06 Unrealized -9.0%

EQR EQUITY RESIDENTIAL 0.1%

Value ($000) $9,858 (-0.2%) Shares 156,378 (+2.5%) Est. Cost $62.70 Unrealized -3.2%

ESS ESSEX PPTY TR INC 0.1%

Value ($000) $5,887 (+0.2%) Shares 22,498 (+2.5%) Est. Cost $280.72 Unrealized -8.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	7,125,000 (+51.6%)	$4,858,680 (+55.2%)	66.4%	—	—	PUT	78462F103
CTRI	CENTURI HOLDINGS INC	3,988,664 (+30.7%)	$100,714 (+55.8%)	1.4%	$21.04	+6.3%	COM SHS	155923105
TDS	TELEPHONE & DATA SYS INC	4,203,594 (+14.2%)	$172,347 (+19.3%)	2.4%	$34.69	+12.3%	COM NEW	879433829
VSAT	VIASAT INC	2,974,801 (+15.6%)	$102,512 (+36.0%)	1.4%	$25.46	+38.7%	COM	92552V100
—	ECHOSTAR CORP	24,638,496 (+3.8%)	$82,505 (+41.2%)	1.1%	$1.20	—	NOTE 3.875%11/3	278768AB2
SATS	ECHOSTAR CORP	643,915 (+3.0%)	$69,994 (+46.7%)	1.0%	$46.34	+75.7%	CL A	278768106
TLN	TALEN ENERGY CORP	577,239 (+2.9%)	$216,372 (-9.3%)	3.0%	$239.05	+62.6%	COM	87422Q109
SATS	ECHOSTAR CORP	400,000 (+33.3%)	$43,480 (+89.8%)	0.6%	$46.34	+75.7%	CALL	278768106
—	SPHERE ENTERTAINMENT CO	21,150,000 (+4.7%)	$58,361 (+52.9%)	0.8%	$1.46	—	NOTE 3.500%12/0	55826TAB8
BKD	BROOKDALE SR LIVING INC	7,349,874 (+3.1%)	$79,305 (+31.4%)	1.1%	$6.63	+48.4%	COM	112463104
CNNE	CANNAE HLDGS INC	3,262,648 (+2.3%)	$51,321 (-12.1%)	0.7%	$18.63	-9.4%	COM	13765N107
OPTU	OPTIMUM COMMUNICATIONS INC	6,015,682 (+4.3%)	$9,926 (-28.6%)	0.1%	$2.44	-16.4%	CL A	02156K103
DHC	DIVERSIFIED HEALTHCARE TR	4,763,537 (+4.4%)	$23,103 (+14.8%)	0.3%	$5.20	—	COM SH BEN INT	25525P107
WW	WW INTL INC	457,835 (+2.5%)	$13,376 (+9.5%)	0.2%	$34.19	-18.3%	COM NEW	98262P200
CZR	CAESARS ENTERTAINMENT INC NE	257,160 (+3.6%)	$6,015 (-10.3%)	0.1%	$32.18	-30.1%	COM	12769G100
GEO	GEO GROUP INC NEW	992,931 (+32.4%)	$16,006 (+4.2%)	0.2%	$21.03	-20.7%	COM	36162J106
CPT	CAMDEN PPTY TR	98,344 (+2.5%)	$10,826 (+5.7%)	0.1%	$112.72	-8.5%	SH BEN INT	133131102
AVB	AVALONBAY CMNTYS INC	52,328 (+2.5%)	$9,488 (-3.8%)	0.1%	$189.38	-5.1%	COM	053484101
MAA	MID-AMER APT CMNTYS INC	44,268 (+2.5%)	$6,149 (+1.9%)	0.1%	$152.68	-12.9%	COM	59522J103
UDR	UDR INC	264,595 (+2.5%)	$9,705 (+0.9%)	0.1%	$39.06	-9.0%	COM	902653104
EQR	EQUITY RESIDENTIAL	156,378 (+2.5%)	$9,858 (-0.2%)	0.1%	$62.70	-3.2%	SH BEN INT	29476L107
ESS	ESSEX PPTY TR INC	22,498 (+2.5%)	$5,887 (+0.2%)	0.1%	$280.72	-8.7%	COM	297178105

Exited Positions (6)

EXEEL EXPAND ENERGY CORPORATION 0.6%

Value ($000) $43,848 Shares 456,802 Est. Cost $105.24 Unrealized —

GEO GEO GROUP INC NEW 0.5%

Value ($000) $35,858 Shares 1,750,000 Est. Cost $21.03 Unrealized -20.7%

— TRANSOCEAN INC 0.3%

Value ($000) $23,663 Shares 23,625,000 Est. Cost $1.00 Unrealized —

JEF JEFFERIES FINL GROUP INC 0.3%

Value ($000) $19,626 Shares 300,000 Est. Cost — Unrealized —

JEF JEFFERIES FINL GROUP INC 0.2%

Value ($000) $16,355 Shares 250,000 Est. Cost — Unrealized —

GBTG GLOBAL BUSINESS TRAVEL GROUP 0.2%

Value ($000) $13,777 Shares 1,705,039 Est. Cost $6.15 Unrealized +26.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXEEL	EXPAND ENERGY CORPORATION	456,802	$43,848	0.6%	$105.24	—	—	165167180
GEO	GEO GROUP INC NEW	1,750,000	$35,858	0.5%	$21.03	-20.7%	CALL	36162J106
—	TRANSOCEAN INC	23,625,000	$23,663	0.3%	$1.00	—	—	893830BT5
JEF	JEFFERIES FINL GROUP INC	300,000	$19,626	0.3%	—	—	CALL	47233W109
JEF	JEFFERIES FINL GROUP INC	250,000	$16,355	0.2%	—	—	PUT	47233W109
GBTG	GLOBAL BUSINESS TRAVEL GROUP	1,705,039	$13,777	0.2%	$6.15	+26.0%	—	37890B100

Decreased Positions (2)

VSAT VIASAT INC 0.8%

Value ($000) $59,847 (-23.9%) Shares 1,736,700 (-35.3%) Est. Cost $25.46 Unrealized +38.7%

VISN COMMSCOPE HLDG CO INC 0.0%

Value ($000) $1,603 (-92.1%) Shares 88,390 (-93.3%) Est. Cost $4.53 Unrealized +281.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VSAT	VIASAT INC	1,736,700 (-35.3%)	$59,847 (-23.9%)	0.8%	$25.46	+38.7%	CALL	92552V100
VISN	COMMSCOPE HLDG CO INC	88,390 (-93.3%)	$1,603 (-92.1%)	0.0%	$4.53	+281.1%	COM	20337X109

Unchanged Positions (3)

KSS KOHLS CORP 0.2%

Value ($000) $15,308 Shares 750,000 Est. Cost — Unrealized —

VAL/WS VALARIS LTD 0.0%

Value ($000) $1,210 Shares 687,260 Est. Cost $1.14 Unrealized —

— BROOKDALE SR LIVING INC 0.0%

Value ($000) $2,629 Shares 2,000,000 Est. Cost $1.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KSS	KOHLS CORP	750,000	$15,308	0.2%	—	—	PUT	500255104
VAL/WS	VALARIS LTD	687,260	$1,210	0.0%	$1.14	—	*W EXP 04/29/202	G9460G119
—	BROOKDALE SR LIVING INC	2,000,000	$2,629	0.0%	$1.04	—	NOTE 2.000%10/1	112463AC8