Callodine Capital Management, LP

BOSTON, MA · CIK 1741675 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2018 · limited partnership

Assets managed$2.0bn
Staff19 · 5 in investment roles
Main clients (by assets)Private funds 74%, Mutual funds and ETFs 22%, Companies 3%
Private funds2 (1 hedge) · $954.9m gross assets
Form ADV · 2026-09-15SEC adviser record

Legal entityCALLODINE CAPITAL MANAGEMENT, LP (US)

$1.5bn reported value +7.2% vs Q1 2026

62positions

50.3%in top 10

14 new 21 added 24 reduced 7 sold out vs Q1 2026

Options: 1 call positions ($11.8m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPECTRUM BRANDS HLDGS INC NE COM SPB	SPB	1,738,825	$149.1m9.81%	9.81%	Reduced -310.0k	-309,958 -15.1%
2	VIATRIS INC COM VTRS	VTRS	8,000,742	$127.1m8.36%	8.36%	Reduced -118.0k	-118,000 -1.4%
3	WOLVERINE WORLD WIDE INC COM WWW	WWW	4,882,318	$80.7m5.31%	5.31%	Added +377.2k	+377,153 8.4%
4	GLOBAL PMTS INC COM GPN	GPN	992,651	$72.0m4.74%	4.74%	Added +141.3k	+141,320 16.6%
5	MATCH GROUP INC NEW COM MTCH	MTCH	1,707,888	$65.0m4.27%	4.27%	Added +17.5k	+17,500 1.0%
6	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	1,008,609	$62.3m4.10%	4.10%	Reduced -68.9k	-68,882 -6.4%
7	CAPITAL ONE FINL CORP COM COF	COF	279,730	$56.1m3.69%	3.69%	Added +16.7k	+16,734 6.4%
8	OVINTIV INC COM OVV	OVV	996,807	$52.5m3.45%	3.45%	Added +263.0k	+263,000 35.8%
9	GSK PLC SPONSORED ADR GSK	GSK	979,740	$51.4m3.38%	3.38%	Reduced -279.7k	-279,737 -22.2%
10	BLACKSTONE INC COM BX	BX	407,621	$48.0m3.16%	3.16%	Reduced -43.3k	-43,349 -9.6%
11	UNITEDHEALTH GROUP INC COM UNH	UNH	114,904	$47.8m3.14%	3.14%	New
12	OWENS CORNING NEW COM OC	OC	290,130	$46.1m3.03%	3.03%	Reduced -36.6k	-36,600 -11.2%
13	FOUR CORNERS PPTY TR INC COM FCPT	FCPT	1,541,807	$37.9m2.49%	2.49%	Reduced -23.8k	-23,800 -1.5%
14	PERDOCEO ED CORP COM PRDO	PRDO	1,165,826	$37.3m2.45%	2.45%	Reduced -150.7k	-150,714 -11.4%
15	MERITAGE HOMES CORP COM MTH	MTH	440,000	$36.9m2.43%	2.43%	Added +305.0k	+305,000 225.9%
16	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	1,875,000	$35.9m2.36%	2.36%	Unchanged
17	REALTY INCOME CORP COM O	O	553,473	$34.3m2.26%	2.26%	Reduced -1.4k	-1,450 -0.3%
18	WELLS FARGO CO NEW COM WFC	WFC	408,270	$33.7m2.22%	2.22%	Added +12.3k	+12,300 3.1%
19	UDR INC COM UDR	UDR	804,619	$32.1m2.11%	2.11%	Reduced -29.3k	-29,306 -3.5%
20	BATH & BODY WORKS INC COM BBWI	BBWI	1,342,750	$31.1m2.04%	2.04%	Added +292.8k	+292,750 27.9%
21	APOLLO GLOBAL MGMT INC COM APO	APO	250,318	$29.6m1.95%	1.95%	Reduced -188.2k	-188,186 -42.9%
22	JACK IN THE BOX INC COM JACK	JACK	1,717,153	$27.1m1.79%	1.79%	Reduced -43.3k	-43,317 -2.5%
23	INVITATION HOMES INC COM INVH	INVH	850,000	$25.7m1.69%	1.69%	New
24	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	413,751	$25.7m1.69%	1.69%	Reduced -35.6k	-35,650 -7.9%
25	MILLROSE PPTYS INC COM CL A MRP	MRP	829,237	$24.9m1.64%	1.64%	Added +66.8k	+66,845 8.8%
26	TARGET CORP COM TGT	TGT	178,442	$23.3m1.53%	1.53%	Added +2.3k	+2,300 1.3%
27	FS KKR CAP CORP COM FSK	FSK	2,109,688	$22.2m1.46%	1.46%	Added +775.0k	+774,979 58.1%
28	DYNEX CAP INC COM DX	DX	1,642,300	$21.5m1.42%	1.42%	Reduced -28.6k	-28,554 -1.7%
29	BLUE OWL CAPITAL INC COM CL A OWL	OWL	2,370,486	$20.7m1.36%	1.36%	Reduced -580.6k	-580,569 -19.7%
30	SIXTH STREET SPECIALTY LENDI COM TSLX	TSLX	1,176,080	$20.2m1.33%	1.33%	Added +46.6k	+46,560 4.1%
31	SHUTTERSTOCK INC COM SSTK	SSTK	1,249,346	$17.4m1.15%	1.15%	Reduced -22.8k	-22,793 -1.8%
32	VALLEY NATL BANCORP COM VLY	VLY	1,058,323	$15.5m1.02%	1.02%	New
33	GRAPHIC PACKAGING HLDG CO COM GPK	GPK	1,405,319	$14.9m0.98%	0.98%	Added +374.5k	+374,543 36.3%
34	PLAINS GP HLDGS L P LTD PARTNR INT A PAGP	PAGP	340,000	$8.3m0.54%	0.54%	Reduced -50.0k	-50,000 -12.8%
35	VIRTU FINL INC CL A VIRT	VIRT	136,000	$8.1m0.53%	0.53%	New
36	TRIPADVISOR INC COM TRIP	TRIP	533,349	$7.3m0.48%	0.48%	Reduced -42.9k	-42,900 -7.4%
37	EXTRA SPACE STORAGE INC COM EXR	EXR	50,000	$7.3m0.48%	0.48%	Reduced -6.5k	-6,500 -11.5%
38	GENESIS ENERGY L P UNIT LTD PARTN GEL	GEL	484,963	$6.9m0.45%	0.45%	Unchanged
39	BLUE OWL CAPITAL CORPORATION COM OBDC	OBDC	525,000	$5.7m0.38%	0.38%	Added +75.0k	+75,000 16.7%
40	SHELL PLC SPON ADS SHEL	SHEL	66,000	$5.1m0.34%	0.34%	Unchanged
41	NUVEEN CHURCHILL DIRECT LEND COM SHS NCDL	NCDL	398,400	$4.9m0.33%	0.33%	Reduced -51.6k	-51,600 -11.5%
42	CION INVT CORP COM CION	CION	674,138	$4.2m0.28%	0.28%	Added +61.8k	+61,750 10.1%
43	BLACKSTONE SECD LENDING FD COMMON STOCK BXSL	BXSL	169,800	$4.0m0.26%	0.26%	Added +132.3k	+132,300 352.8%
44	CITIZENS FINL GROUP INC COM CFG	CFG	50,000	$3.5m0.23%	0.23%	New
45	BLUE OWL TECHNOLOGY FIN CORP COMMON STOCK OTF	OTF	300,000	$3.1m0.20%	0.20%	Added +125.0k	+125,000 71.4%
46	BAIN CAP SPECIALTY FIN INC COM STK BCSF	BCSF	200,000	$2.5m0.16%	0.16%	Added +92.7k	+92,651 86.3%
47	BARINGS BDC INC COM BBDC	BBDC	290,000	$2.5m0.16%	0.16%	Added +30.0k	+30,000 11.5%
48	GOLDMAN SACHS BDC INC SHS GSBD	GSBD	250,000	$2.4m0.16%	0.16%	New
49	CARLYLE SECURED LENDING INC COM CGBD	CGBD	225,000	$2.4m0.16%	0.16%	New
50	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	702,234	$2.4m0.16%	0.16%	Added +324.5k	+324,508 85.9%
51	BAXTER INTL INC COM BAX	BAX	107,922	$2.3m0.15%	0.15%	Reduced -1.2m	-1,204,694 -91.8%
52	CRESCENT CAP BDC INC COM CCAP	CCAP	191,958	$2.1m0.14%	0.14%	Added +72.0k	+71,958 60.0%
53	MORGAN STANLEY DIRECT LENDIN COM SHS MSDL	MSDL	100,000	$1.5m0.10%	0.10%	New
54	KAYNE ANDERSON BDC INC COM SHS KBDC	KBDC	101,375	$1.4m0.09%	0.09%	Reduced -190.4k	-190,366 -65.2%
55	LAZARD INC COM LAZ	LAZ	30,000	$1.3m0.08%	0.08%	Reduced -278.4k	-278,420 -90.3%
56	OAKTREE SPECIALTY LENDING CO COM OCSL	OCSL	100,000	$1.2m0.08%	0.08%	New
57	ARES CAPITAL CORP COM ARCC	ARCC	50,000	$926.5k0.06%	0.06%	New
58	BLACKSTONE MTG TR INC COM CL A BXMT	BXMT	48,881	$828.5k0.05%	0.05%	New
59	PENNANTPARK INVT CORP COM PNNT	PNNT	224,000	$777.3k0.05%	0.05%	New
60	GOLUB CAP BDC INC COM GBDC	GBDC	58,112	$748.5k0.05%	0.05%	Reduced -141.9k	-141,888 -70.9%
61	VERIZON COMMUNICATIONS INC COM VZ	VZ	10,000	$423.4k0.03%	0.03%	New
62	OFS CAP CORP COM OFS	OFS	107,346	$380.0k0.02%	0.02%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ON SEMICONDUCTOR CORP ON	ON	330,730	$20.5m330.7k shares
ALTRIA GROUP INC MO	MO	264,844	$17.5m264.8k shares
UGI CORP NEW UGI	UGI	387,287	$14.1m387.3k shares
MIDCAP FINANCIAL INVSTMNT CO MFIC	MFIC	458,108	$5.1m458.1k shares
PLAINS ALL AMERN PIPELINE L PAA	PAA	200,000	$4.5m200.0k shares
GETTY IMAGES HOLDINGS INC GETYQ	GETYQ	600,000	$476.0k600.0k shares
STARWOOD PPTY TR INC STWD	STWD	20,000	$344.4k20.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
BLUE OWL CAPITAL INC OWL · Call	OWL	Call	1,345,500	$11.8m1.3m shares	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
JACK IN THE BOX INC JACK · 13G · filed 2025-08-14	JACK	8.6%≈ $25.6m	new	13G	2025-08-14
SPECTRUM BRANDS HLDGS INC NE SPB · 13G · filed 2026-08-14	SPB	7.6%≈ $149.1m	-1.3 pts	13G	2026-08-14
WOLVERINE WORLD WIDE INC WWW · 13G · filed 2026-05-15	WWW	6.0%≈ $74.5m	+2.6 pts	13G	2026-05-15