Callodine Capital Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Callodine Capital Management, LP reported 43 stock positions worth $601.2 million. Its top holding was Spectrum Brands (SPB) at 8.7% of the portfolio, followed by Wolverine World Wide (WWW, 7.1%) and Viatris (VTRS, 5.3%). Compared with Q4 2024, it opened 8 new positions, sold out of 7, added to 19 and reduced 12. The biggest buy was a new position in CVS Health (CVS) and the biggest sale an exit from Dun & Bradstreet (DNB).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001741675
- Portfolio Value
- $601.2M (Q1 2025)
- SEC Filing
- 0001085146-25-003152 ↗ filed May 14, 2025
Holdings Value
Holdings 43 stocks · $601.2M
| SPB Spectrum Brands Holdings Inc. | 8.69% | 730,000 | $52.2M | Add +38.4% |
| WWW Wolverine World Wide Inc. | 7.05% | 3,047,071 | $42.4M | Add +60.2% |
| VTRS Viatris Inc. | 5.25% | 3,625,000 | $31.6M | Add +30.6% |
| BAX Baxter International Inc. | 5.00% | 877,500 | $30.0M | Add +36.6% |
| OWL Blue Owl Capital Inc. | 4.99% | 1,497,531 | $30.0M | Add +33.1% |
| COF Capital One Financial Corp. | 4.47% | 150,000 | $26.9M | Add +200.0% |
| MTCH Match Group Inc. | 4.20% | 810,000 | $25.3M | Add +77.0% |
| GPN Global Payments Inc. | 4.19% | 257,500 | $25.2M | Add +71.7% |
| TSLX Sixth Street Specialty Lendi | 3.97% | 1,065,076 | $23.8M | Reduce -0.9% |
| SNY Sanofi-ADR | 3.75% | 405,969 | $22.5M | Add +5.7% |
| GSK GSK PLC-Spon ADR | 3.67% | 570,000 | $22.1M | Reduce -18.6% |
| CVS CVS Health Corp. | 3.27% | 290,000 | $19.6M | New |
| JACK Jack in the Box Inc. | 3.06% | 675,667 | $18.4M | Add +121.3% |
| AQN Algonquin Power & Utilities | 2.97% | 3,475,000 | $17.9M | Add +33.6% |
| EQH Equitable Holdings Inc. | 2.78% | 320,289 | $16.7M | New |
| O Realty Income Corp. | 2.56% | 265,000 | $15.4M | New |
| SSNC Ss&c Technologies Holdings | 2.25% | 162,257 | $13.6M | Add +24.8% |
| ET Energy Transfer LP | 2.04% | 660,000 | $12.3M | Reduce -22.4% |
| PRDO Perdoceo Education Corp. | 2.02% | 481,245 | $12.1M | Reduce -13.5% |
| WBA Walgreens Boots Alliance Inc. | 1.92% | 1,030,882 | $11.5M | No change |
| APO Apollo Global Management Inc. | 1.83% | 80,307 | $11.0M | New |
| C Citigroup Inc. | 1.77% | 150,000 | $10.6M | New |
| DK Delek US Holdings Inc. | 1.69% | 674,661 | $10.2M | Add +1827.6% |
| UGI Ugi Corp. | 1.65% | 300,000 | $9.9M | Reduce -21.1% |
| NCDL Nuveen Churchill Direct Lend | 1.41% | 500,000 | $8.5M | Add +42.7% |
| GBDC Golub Capital BDC Inc. | 1.32% | 525,000 | $7.9M | No change |
| GEL Genesis Energy L.P. | 1.17% | 450,000 | $7.1M | Add +28.6% |
| AB Alliancebernstein Holding LP | 1.11% | 174,060 | $6.7M | Reduce -3.3% |
| BXSL Blackstone Secured Lending F | 1.08% | 200,000 | $6.5M | Reduce -11.1% |
| LBRT Liberty Energy Inc. | 0.92% | 348,547 | $5.5M | New |
| KBDC Kayne Anderson BDC Inc. | 0.91% | 337,730 | $5.5M | Reduce -0.8% |
| MFIC Midcap Financial Investment | 0.88% | 409,850 | $5.3M | Add +66.5% |
| CION Cion Investment Corp. | 0.86% | 500,000 | $5.2M | No change |
| CIM Chimera Investment Corp. | 0.85% | 400,000 | $5.1M | Reduce -11.1% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.82% | 27,500 | $4.9M | Reduce -33.4% |
| OBDC Blue Owl Capital Corp. | 0.79% | 325,000 | $4.8M | New |
| ARRY Array Technologies Inc. | 0.66% | 816,232 | $4.0M | Add +14.0% |
| PAA Plains All Amer Pipeline LP | 0.50% | 150,000 | $3.0M | Add +50.0% |
| BBDC Barings BDC Inc. | 0.48% | 300,000 | $2.9M | No change |
| ARCC Ares Capital Corp. | 0.37% | 100,000 | $2.2M | Reduce -50.0% |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | 0.30% | 25,000 | $1.8M | New |
| SEE Sealed Air Corp. | 0.29% | 60,000 | $1.7M | Add +200.0% |
| FSK FS KKR Capital Corp. | 0.25% | 72,040 | $1.5M | Reduce -83.5% |
Portfolio Sells Q4 2024 → Q1 2025
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −2.18 |
| AMG Affiliated Managers Group | Sold out | 0.00% | −1.91 |
| FSK FS KKR Capital Corp. | Reduce -83.5% | 0.25% | −1.71 |
| ET Energy Transfer LP | Reduce -22.4% | 2.04% | −1.40 |
| TXNM TXNM Energy Inc. | Sold out | 0.00% | −1.27 |
| GSK GSK PLC-Spon ADR | Reduce -18.6% | 3.67% | −1.22 |
| MO Altria Group Inc. | Sold out | 0.00% | −1.08 |
| PRDO Perdoceo Education Corp. | Reduce -13.5% | 2.02% | −1.02 |
| SHLS Shoals Technologies Group -A | Sold out | 0.00% | −0.91 |
| RJF Raymond James Financial Inc. | Sold out | 0.00% | −0.80 |
| MTB M & T Bank Corp. | Reduce -33.4% | 0.82% | −0.78 |
| TSLX Sixth Street Specialty Lendi | Reduce -0.9% | 3.97% | −0.76 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.58 |
| UGI Ugi Corp. | Reduce -21.1% | 1.65% | −0.57 |
| ARCC Ares Capital Corp. | Reduce -50.0% | 0.37% | −0.54 |
| CIM Chimera Investment Corp. | Reduce -11.1% | 0.85% | −0.45 |
| BXSL Blackstone Secured Lending F | Reduce -11.1% | 1.08% | −0.42 |
| AB Alliancebernstein Holding LP | Reduce -3.3% | 1.11% | −0.27 |
| KBDC Kayne Anderson BDC Inc. | Reduce -0.8% | 0.91% | −0.25 |
Portfolio Buys Q4 2024 → Q1 2025
| CVS CVS Health Corp. | New | 3.27% | +3.27 |
| EQH Equitable Holdings Inc. | New | 2.78% | +2.78 |
| COF Capital One Financial Corp. | Add +200.0% | 4.47% | +2.63 |
| O Realty Income Corp. | New | 2.56% | +2.56 |
| APO Apollo Global Management Inc. | New | 1.83% | +1.83 |
| C Citigroup Inc. | New | 1.77% | +1.77 |
| DK Delek US Holdings Inc. | Add +1827.6% | 1.69% | +1.56 |
| BAX Baxter International Inc. | Add +36.6% | 5.00% | +1.13 |
| MTCH Match Group Inc. | Add +77.0% | 4.20% | +1.11 |
| LBRT Liberty Energy Inc. | New | 0.92% | +0.92 |
| OBDC Blue Owl Capital Corp. | New | 0.79% | +0.79 |
| GPN Global Payments Inc. | Add +71.7% | 4.19% | +0.72 |
| AQN Algonquin Power & Utilities | Add +33.6% | 2.97% | +0.58 |
| GEL Genesis Energy L.P. | Add +28.6% | 1.17% | +0.44 |
| JACK Jack in the Box Inc. | Add +121.3% | 3.06% | +0.43 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | New | 0.30% | +0.30 |
| SSNC Ss&c Technologies Holdings | Add +24.8% | 2.25% | +0.22 |
| NCDL Nuveen Churchill Direct Lend | Add +42.7% | 1.41% | +0.20 |
| MFIC Midcap Financial Investment | Add +66.5% | 0.88% | +0.19 |
| SEE Sealed Air Corp. | Add +200.0% | 0.29% | +0.15 |
| PAA Plains All Amer Pipeline LP | Add +50.0% | 0.50% | +0.15 |
| SNY Sanofi-ADR | Add +5.7% | 3.75% | −0.08 |
| ARRY Array Technologies Inc. | Add +14.0% | 0.66% | −0.23 |
| OWL Blue Owl Capital Inc. | Add +33.1% | 4.99% | −0.41 |
| SPB Spectrum Brands Holdings Inc. | Add +38.4% | 8.69% | −0.51 |
| WWW Wolverine World Wide Inc. | Add +60.2% | 7.05% | −1.67 |
| VTRS Viatris Inc. | Add +30.6% | 5.25% | −1.88 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 62 | $1.5B | SPB, VTRS, WWW, GPN, MTCH |
| Q1 2026 | 55 | $1.4B | SPB, VTRS, WWW, GSK, BTI |
| Q4 2025 | 52 | $1.2B | SPB, VTRS, OWL, APO, WWW |
| Q3 2025 | 52 | $1.1B | SPB, WWW, VTRS, OWL, EQH |
| Q2 2025 | 47 | $965.7M | WWW, SPB, COF, VTRS, OWL |
| Q1 2025 | 43 | $601.2M | SPB, WWW, VTRS, BAX, OWL |
| Q4 2024 | 42 | $484.3M | SPB, WWW, VTRS, OWL, GSK |
| Q3 2024 | 42 | $475.6M | WWW, SPB, VTRS, OWL, BAX |
| Q2 2024 | 42 | $425.7M | WWW, VTRS, SPB, OWL, GSK |
| Q1 2024 | 37 | $411.7M | VTRS, TSLX, WWW, SPB, AY |