SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Carlson Capital, L.P.

CIK 0001056973 · 2100 MCKINNEY AVE, STE 1900, DALLAS, TX, 75201 · 2149329600

Reported Value
$282M
Q4 2025
Positions
70
Filings on Record
31
2019–present window
Filed
Feb 3, 2026
original filing

Summary

Carlson Capital, L.P. reported $282M in U.S.-listed holdings across 70 positions for Q4 2025.

The portfolio is heavily concentrated: SWKH alone accounts for 51.8% of reported value.

Compared with Q3 2025, the fund opened 36 new positions and exited 28.

Portfolio Metrics

Turnover
+20.4%
vs prior filed quarter
Top-10 Concentration
+59.1%
share of reported value
Largest Position
+51.8%
Swk
New / Exited
36 / 28
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $6.5BQ4 ’18Q1 ’19: $5.6BQ2 ’19: $6.6BQ3 ’19: $5.5BQ4 ’19: $5.5BQ4 ’19Q1 ’20: $3.8BQ2 ’20: $3.6BQ3 ’20: $6.8BQ4 ’20: $2.8BQ4 ’20Q1 ’21: $2.7BQ2 ’21: $2.1BQ3 ’21: $1.9BQ4 ’21: $1.7BQ4 ’21Q1 ’22: $1.5BQ2 ’22: $1.5BQ3 ’22: $1.3BQ4 ’22: $1.3BQ4 ’22Q1 ’23: $1.1BQ2 ’23: $1.2BQ3 ’23: $1.3BQ4 ’23: $1.3BQ4 ’23Q1 ’24: $1.2BQ2 ’24: $641MQ3 ’24: $166MQ4 ’24: $170MQ4 ’24Q1 ’25: $256MQ2 ’25: $242MQ3 ’25: $271MQ4 ’25: $282MQ4 ’25Q1 ’26: $318Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 75.6%ETP: 22.5%Other: 1.3%REIT: 0.5%
  • Common Stock · 75.6% · $213M
  • ETP · 22.5% · $63M
  • Other · 1.3% · $4M
  • REIT · 0.5% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CVNACARVANA CONEW+7.0K7.0K+$3M$3M
SDASEALED AIR CORP NEWNEW+54.0K54.0K+$2M$2M
EXKEXACT SCIENCES CORPNEW+20.0K20.0K+$2M$2M
RNAGBPAVIDITY BIOSCIENCES INCNEW+28.0K28.0K+$2M$2M
NSCNORFOLK SOUTHN CORPNEW+5.7K5.7K+$2M$2M
CDTXCIDARA THERAPEUTICS INCNEW+7.0K7.0K+$2M$2M
ALEXALEXANDER & BALDWIN INC NEWNEW+72.5K72.5K+$1M$1M
IBITISHARES BITCOIN TRUST ETFNEW+30.0K30.0K+$1M$1M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SWKHSWK HLDGS CORPhistory →COM NEW51.79%$146M8.49M
2CYBERARK SOFTWARE LTDSHS1.04%$3M6.6K
3SYU1SYNOVUS FINL CORPCOM NEW0.96%$3M54.3K
4FYBRFRONTIER COMMUNICATIONS PARECOM0.92%$3M68.0K
5EAELECTRONIC ARTS INCCOM0.87%$2M12.0K
6SDASEALED AIR CORP NEWCOM0.79%$2M54.0K
7EXKEXACT SCIENCES CORPCOM0.72%$2M20.0K
8RNAGBPAVIDITY BIOSCIENCES INCCOM0.72%$2M28.0K
9HBANHUNTINGTON BANCSHARES INCCOM0.69%$2M112.3K
10CFRCULLEN FROST BANKERS INCCOM0.59%$2M13.1K
11NSCNORFOLK SOUTHN CORPCOM0.58%$2M5.7K
12JPMJPMORGAN CHASE & CO.COM0.58%$2M5.1K
13CDTXCIDARA THERAPEUTICS INCCOM NEW0.55%$2M7.0K
14ALEXALEXANDER & BALDWIN INC NEWCOM0.53%$1M72.5K
15CHVCHEVRON CORP NEWCOM0.51%$1M9.5K
16HO1HOLOGIC INCCOM0.50%$1M19.0K
17TXNTEXAS INSTRS INCCOM0.43%$1M7.0K
18WBDWARNER BROS DISCOVERY INCCOM SER A0.41%$1M40.0K
19GTLSCHART INDS INCCOM0.37%$1M5.0K
20BHFBRIGHTHOUSE FINL INCCOM0.36%$1M15.5K
21IMXIINTERNATIONAL MNY EXPRESS INCOM0.35%$998,40065.0K
22SSBSOUTHSTATE BK CORPCOM0.32%$912,8679.7K
23ACIALBERTSONS COS INCCOMMON STOCK0.30%$858,50050.0K
24ON1OLD NATL BANCORP INDCOM0.30%$847,78038.0K
25OVVOVINTIV INCCOM0.30%$838,66621.4K
26MTDRMATADOR RES COCOM0.29%$827,58019.5K
27CLXCLOROX CO DELCOM0.29%$816,7238.1K
28GDENGOLDEN ENTMT INCCOM0.29%$815,70030.0K
29BACBANK AMERICA CORPCOM0.29%$814,00014.8K
30EOGEOG RES INCCOM0.29%$808,5777.7K
31LWLAMB WESTON HLDGS INCCOM0.29%$804,28819.2K
32PNCPNC FINL SVCS GROUP INCCOM0.28%$793,1743.8K
33HDHOME DEPOT INCCOM0.28%$791,4302.3K
34RLRALPH LAUREN CORPCL A0.28%$777,9422.2K
35STTSTATE STR CORPCOM0.27%$774,0606.0K
36OIIOCEANEERING INTL INCCOM0.27%$768,96032.0K
37FNDFLOOR & DECOR HLDGS INCCL A0.26%$742,85812.2K
38SUNCSUNOCOCORP LLCCOM SHS LLC0.26%$739,20015.0K
39FT2FIRST HORIZON CORPORATIONCOM0.25%$695,49029.1K
40XLESELECT SECTOR SPDR TRSTATE STREET ENE0.25%$693,00515.5K
41FRGEFORGE GLOBAL HOLDINGS INCCOM SHS0.24%$690,68015.5K
42COSTCOSTCO WHSL CORP NEWCOM0.24%$689,872800
43AZOAUTOZONE INCCOM0.24%$678,300200

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$318M72May 28, 202613F-HRchanges · EDGAR ↗
Q4 2025$282M70Feb 3, 202613F-HRchanges · EDGAR ↗
Q3 2025$271M63Nov 5, 202513F-HRchanges · EDGAR ↗
Q2 2025$242M65Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$256M40May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$170M33Feb 5, 202513F-HRchanges · EDGAR ↗
Q3 2024$166M4Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$641M93Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.2B114May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.3B121Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.3B134Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.2B118Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.1B110May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.3B117Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.3B120Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.5B124Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.5B151May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.7B144Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.9B161Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.1B152Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.7B169May 13, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.8B152Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020REVEALED$6.8B341Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$3.6B162Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.8B210May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$5.5B240Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$5.5B224Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$6.6B250Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$5.6B242May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$6.5B266Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.