Callodine Capital Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Callodine Capital Management, LP reported 52 stock positions worth $1.1 billion. Its top holding was Spectrum Brands (SPB) at 8.0% of the portfolio, followed by Wolverine World Wide (WWW, 6.6%) and Viatris (VTRS, 6.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 4, added to 31 and reduced 9. The biggest buy was a new position in Four Corners Property Trust (FCPT) and the biggest sale Capital One Financial (COF, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001741675
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001741675-25-000005 ↗ filed Nov 13, 2025
Holdings Value
Holdings 52 stocks · $1.1B
| SPB Spectrum Brands Holdings Inc. | 7.97% | 1,714,955 | $90.1M | Add +26.6% |
| WWW Wolverine World Wide Inc. | 6.56% | 2,701,360 | $74.1M | Reduce -37.1% |
| VTRS Viatris Inc. | 6.08% | 6,941,000 | $68.7M | Add +15.8% |
| OWL Blue Owl Capital Inc. | 5.84% | 3,902,531 | $66.1M | Add +55.0% |
| EQH Equitable Holdings Inc. | 4.68% | 1,042,693 | $52.9M | Add +40.9% |
| MTCH Match Group Inc. | 4.37% | 1,399,833 | $49.4M | Add +3.3% |
| COF Capital One Financial Corp. | 4.18% | 222,079 | $47.2M | Reduce -16.4% |
| APO Apollo Global Management Inc. | 3.85% | 326,380 | $43.5M | Add +20.9% |
| BAX Baxter International Inc. | 3.54% | 1,756,000 | $40.0M | Add +20.1% |
| JACK Jack in the Box Inc. | 2.96% | 1,695,504 | $33.5M | Add +4.7% |
| SNY Sanofi-ADR | 2.91% | 698,046 | $32.9M | Add +35.5% |
| BTI British American Tob-SP ADR | 2.85% | 607,800 | $32.3M | Add +15.2% |
| GSK GSK PLC-Spon ADR | 2.68% | 702,051 | $30.3M | Add +17.3% |
| AQN Algonquin Power & Utilities | 2.65% | 5,581,841 | $30.0M | Add +15.3% |
| GPN Global Payments Inc. | 2.60% | 354,014 | $29.4M | Add +40.1% |
| PRDO Perdoceo Education Corp. | 2.36% | 709,582 | $26.7M | Add +11.9% |
| O Realty Income Corp. | 2.30% | 428,239 | $26.0M | Add +27.8% |
| MO Altria Group Inc. | 2.30% | 393,705 | $26.0M | Add +14.3% |
| LBRT Liberty Energy Inc. | 2.28% | 2,089,283 | $25.8M | Add +97.7% |
| CVS CVS Health Corp. | 2.09% | 313,427 | $23.6M | Reduce -39.5% |
| ET Energy Transfer LP | 2.08% | 1,370,000 | $23.5M | Add +32.4% |
| TSLX Sixth Street Specialty Lendi | 1.76% | 871,433 | $19.9M | Reduce -18.2% |
| UGI Ugi Corp. | 1.75% | 596,607 | $19.8M | Add +22.2% |
| FCPT Four Corners Property Trust | 1.65% | 765,275 | $18.7M | New |
| SSNC Ss&c Technologies Holdings | 1.56% | 198,967 | $17.7M | Add +3.2% |
| OC Owens Corning | 1.54% | 122,930 | $17.4M | New |
| SEE Sealed Air Corp. | 1.48% | 473,161 | $16.7M | Add +688.6% |
| SSTK Shutterstock Inc. | 1.42% | 768,705 | $16.0M | Add +86.0% |
| RGA Reinsurance Group of America | 1.22% | 71,637 | $13.8M | Add +3067.0% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 1.20% | 68,732 | $13.6M | Reduce -24.2% |
| C Citigroup Inc. | 1.09% | 120,897 | $12.3M | Reduce -46.6% |
| SHEL Shell PLC-ADR | 1.06% | 167,000 | $11.9M | Add +33.6% |
| PAGP Plains GP Holdings LP | 0.87% | 540,000 | $9.8M | Add +125.0% |
| NCDL Nuveen Churchill Direct Lend | 0.70% | 572,800 | $7.9M | Add +9.1% |
| GEL Genesis Energy L.P. | 0.69% | 470,287 | $7.9M | No change |
| GBDC Golub Capital BDC Inc. | 0.63% | 521,238 | $7.1M | No change |
| GPK Graphic Packaging Holding Co. | 0.61% | 350,000 | $6.8M | New |
| MFIC Midcap Financial Investment | 0.54% | 510,808 | $6.1M | Add +2.2% |
| TGT Target Corp. | 0.52% | 65,000 | $5.8M | Add +225.0% |
| CION Cion Investment Corp. | 0.47% | 562,388 | $5.3M | Add +2.3% |
| KBDC Kayne Anderson BDC Inc. | 0.47% | 400,000 | $5.3M | Add +18.4% |
| OBDC Blue Owl Capital Corp. | 0.34% | 300,000 | $3.8M | Reduce -7.7% |
| BBDC Barings BDC Inc. | 0.24% | 304,024 | $2.7M | Add +7.0% |
| BXSL Blackstone Secured Lending F | 0.23% | 100,000 | $2.6M | Reduce -41.9% |
| PAA Plains All Amer Pipeline LP | 0.23% | 150,000 | $2.6M | No change |
| OVV Ovintiv Inc. | 0.20% | 56,307 | $2.3M | New |
| BRKR Bruker Corp. | 0.10% | 34,000 | $1.1M | New |
| ARCC Ares Capital Corp. | 0.09% | 50,000 | $1.0M | Reduce -50.0% |
| STWD Starwood Property Trust Inc. | 0.07% | 39,360 | $762K | New |
| ADC Agree Realty Corp. | 0.06% | 10,000 | $710K | New |
| EXR Extra Space Storage Inc. | 0.05% | 4,000 | $564K | New |
| UDR Udr Inc. | 0.03% | 10,000 | $373K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | 40,000 | $10.9M | New |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 2025
| COF Capital One Financial Corp. | Reduce -16.4% | 4.18% | −1.68 |
| CVS CVS Health Corp. | Reduce -39.5% | 2.09% | −1.61 |
| DK Delek US Holdings Inc. | Sold out | 0.00% | −1.57 |
| WWW Wolverine World Wide Inc. | Reduce -37.1% | 6.56% | −1.49 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −1.23 |
| C Citigroup Inc. | Reduce -46.6% | 1.09% | −0.91 |
| TSLX Sixth Street Specialty Lendi | Reduce -18.2% | 1.76% | −0.86 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.77 |
| MTB M & T Bank Corp. | Reduce -24.2% | 1.20% | −0.62 |
| BXSL Blackstone Secured Lending F | Reduce -41.9% | 0.23% | −0.32 |
| FSK FS KKR Capital Corp. | Sold out | 0.00% | −0.15 |
| OBDC Blue Owl Capital Corp. | Reduce -7.7% | 0.34% | −0.14 |
| ARCC Ares Capital Corp. | Reduce -50.0% | 0.09% | −0.14 |
Portfolio Buys Q2 2025 → Q3 2025
| FCPT Four Corners Property Trust | New | 1.65% | +1.65 |
| OC Owens Corning | New | 1.54% | +1.54 |
| SEE Sealed Air Corp. | Add +688.6% | 1.48% | +1.29 |
| RGA Reinsurance Group of America | Add +3067.0% | 1.22% | +1.17 |
| LBRT Liberty Energy Inc. | Add +97.7% | 2.28% | +1.02 |
| OWL Blue Owl Capital Inc. | Add +55.0% | 5.84% | +0.84 |
| SSTK Shutterstock Inc. | Add +86.0% | 1.42% | +0.61 |
| GPK Graphic Packaging Holding Co. | New | 0.61% | +0.61 |
| SPB Spectrum Brands Holdings Inc. | Add +26.6% | 7.97% | +0.54 |
| VTRS Viatris Inc. | Add +15.8% | 6.08% | +0.53 |
| GPN Global Payments Inc. | Add +40.1% | 2.60% | +0.51 |
| PAGP Plains GP Holdings LP | Add +125.0% | 0.87% | +0.39 |
| EQH Equitable Holdings Inc. | Add +40.9% | 4.68% | +0.38 |
| SNY Sanofi-ADR | Add +35.5% | 2.91% | +0.34 |
| TGT Target Corp. | Add +225.0% | 0.52% | +0.31 |
| O Realty Income Corp. | Add +27.8% | 2.30% | +0.30 |
| GSK GSK PLC-Spon ADR | Add +17.3% | 2.68% | +0.30 |
| BTI British American Tob-SP ADR | Add +15.2% | 2.85% | +0.27 |
| PRDO Perdoceo Education Corp. | Add +11.9% | 2.36% | +0.22 |
| MO Altria Group Inc. | Add +14.3% | 2.30% | +0.21 |
| OVV Ovintiv Inc. | New | 0.20% | +0.20 |
| SHEL Shell PLC-ADR | Add +33.6% | 1.06% | +0.15 |
| ET Energy Transfer LP | Add +32.4% | 2.08% | +0.14 |
| BRKR Bruker Corp. | New | 0.10% | +0.10 |
| STWD Starwood Property Trust Inc. | New | 0.07% | +0.07 |
| ADC Agree Realty Corp. | New | 0.06% | +0.06 |
| EXR Extra Space Storage Inc. | New | 0.05% | +0.05 |
| MTCH Match Group Inc. | Add +3.3% | 4.37% | +0.04 |
| JACK Jack in the Box Inc. | Add +4.7% | 2.96% | +0.04 |
| UDR Udr Inc. | New | 0.03% | +0.03 |
| BBDC Barings BDC Inc. | Add +7.0% | 0.24% | −0.03 |
| KBDC Kayne Anderson BDC Inc. | Add +18.4% | 0.47% | −0.06 |
| CION Cion Investment Corp. | Add +2.3% | 0.47% | −0.07 |
| UGI Ugi Corp. | Add +22.2% | 1.75% | −0.09 |
| SSNC Ss&c Technologies Holdings | Add +3.2% | 1.56% | −0.09 |
| MFIC Midcap Financial Investment | Add +2.2% | 0.54% | −0.11 |
| APO Apollo Global Management Inc. | Add +20.9% | 3.85% | −0.12 |
| NCDL Nuveen Churchill Direct Lend | Add +9.1% | 0.70% | −0.18 |
| AQN Algonquin Power & Utilities | Add +15.3% | 2.65% | −0.22 |
| BAX Baxter International Inc. | Add +20.1% | 3.54% | −1.05 |
Notes & Other Activity Q2 2025 → Q3 2025
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | New | 40,000 | $10.9M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |