Callodine Capital Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Callodine Capital Management, LP reported 52 stock positions worth $1.2 billion. Its top holding was Spectrum Brands (SPB) at 9.8% of the portfolio, followed by Viatris (VTRS, 9.7%) and Blue Owl Capital (OWL, 6.1%). Compared with Q3 2025, it opened 9 new positions, sold out of 9, added to 28 and reduced 6. The biggest buy was Viatris (VTRS, shares +39%) and the biggest sale an exit from Equitable (EQH).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001741675
- Portfolio Value
- $1.2B (Q4 2025)
- SEC Filing
- 0001741675-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 52 stocks · $1.2B
| SPB Spectrum Brands Holdings Inc. | 9.80% | 2,065,216 | $122.0M | Add +20.4% |
| VTRS Viatris Inc. | 9.68% | 9,680,736 | $120.5M | Add +39.5% |
| OWL Blue Owl Capital Inc. | 6.06% | 5,047,402 | $75.4M | Add +29.3% |
| APO Apollo Global Management Inc. | 5.36% | 460,726 | $66.7M | Add +41.2% |
| WWW Wolverine World Wide Inc. | 5.14% | 3,524,326 | $64.0M | Add +30.5% |
| COF Capital One Financial Corp. | 4.41% | 226,345 | $54.9M | Add +1.9% |
| MTCH Match Group Inc. | 4.18% | 1,611,428 | $52.0M | Add +15.1% |
| GSK GSK PLC-Spon ADR | 3.96% | 1,004,327 | $49.3M | Add +43.1% |
| GPN Global Payments Inc. | 3.60% | 578,980 | $44.8M | Add +63.5% |
| LBRT Liberty Energy Inc. | 3.39% | 2,288,934 | $42.3M | Add +9.6% |
| BTI British American Tob-SP ADR | 3.09% | 680,377 | $38.5M | Add +11.9% |
| AQN Algonquin Power & Utilities | 2.84% | 5,749,636 | $35.4M | Add +3.0% |
| JACK Jack in the Box Inc. | 2.59% | 1,700,504 | $32.2M | Add +0.3% |
| O Realty Income Corp. | 2.54% | 560,083 | $31.6M | Add +30.8% |
| BAX Baxter International Inc. | 2.47% | 1,611,166 | $30.8M | Reduce -8.3% |
| FCPT Four Corners Property Trust | 2.42% | 1,309,282 | $30.2M | Add +71.1% |
| PRDO Perdoceo Education Corp. | 2.27% | 963,690 | $28.3M | Add +35.8% |
| MO Altria Group Inc. | 2.18% | 471,652 | $27.2M | Add +19.8% |
| ET Energy Transfer LP | 2.10% | 1,585,000 | $26.1M | Add +15.7% |
| OC Owens Corning | 2.08% | 231,168 | $25.9M | Add +88.0% |
| UGI Ugi Corp. | 2.03% | 675,369 | $25.3M | Add +13.2% |
| TSLX Sixth Street Specialty Lendi | 1.92% | 1,101,992 | $23.9M | Add +26.5% |
| SSNC Ss&c Technologies Holdings | 1.67% | 237,253 | $20.7M | Add +19.2% |
| SSTK Shutterstock Inc. | 1.59% | 1,033,963 | $19.7M | Add +34.5% |
| GPK Graphic Packaging Holding Co. | 1.24% | 1,026,776 | $15.5M | Add +193.4% |
| TGT Target Corp. | 0.99% | 126,000 | $12.3M | Add +93.8% |
| MRP Millrose Properties | 0.87% | 361,647 | $10.8M | New |
| PAGP Plains GP Holdings LP | 0.83% | 540,000 | $10.3M | No change |
| WFC Wells Fargo & Co. | 0.76% | 101,500 | $9.5M | New |
| SHEL Shell PLC-ADR | 0.69% | 117,000 | $8.6M | Reduce -29.9% |
| SOLS Solstice Adv Materials Inc. | 0.66% | 169,300 | $8.2M | New |
| GEL Genesis Energy L.P. | 0.59% | 470,287 | $7.3M | No change |
| NCDL Nuveen Churchill Direct Lend | 0.59% | 549,369 | $7.3M | Reduce -4.1% |
| UDR Udr Inc. | 0.56% | 190,000 | $7.0M | Add +1800.0% |
| ON On Semiconductor | 0.54% | 124,200 | $6.7M | New |
| EXR Extra Space Storage Inc. | 0.52% | 50,000 | $6.5M | Add +1150.0% |
| GBDC Golub Capital BDC Inc. | 0.49% | 450,000 | $6.1M | Reduce -13.7% |
| KBDC Kayne Anderson BDC Inc. | 0.46% | 400,000 | $5.7M | No change |
| MFIC Midcap Financial Investment | 0.44% | 483,408 | $5.5M | Reduce -5.4% |
| CION Cion Investment Corp. | 0.44% | 562,388 | $5.4M | No change |
| OBDC Blue Owl Capital Corp. | 0.30% | 300,000 | $3.7M | No change |
| BBDC Barings BDC Inc. | 0.26% | 356,544 | $3.3M | Add +17.3% |
| SRLN SS Blackstone Sr Loan ETF | 0.23% | 70,000 | $2.9M | New |
| PAA Plains All Amer Pipeline LP | 0.22% | 150,000 | $2.7M | No change |
| JAAA Janus Henderson Aaa Clo ETF | 0.20% | 50,000 | $2.5M | New |
| OVV Ovintiv Inc. | 0.18% | 56,307 | $2.2M | No change |
| BXSL Blackstone Secured Lending F | 0.16% | 75,000 | $2.0M | Reduce -25.0% |
| CCAP Crescent Capital BDC Inc. | 0.14% | 120,000 | $1.7M | New |
| BCSF Bain Capital Specialty Finan | 0.12% | 107,349 | $1.5M | New |
| ADC Agree Realty Corp. | 0.06% | 10,000 | $720K | No change |
| STWD Starwood Property Trust Inc. | 0.06% | 39,360 | $709K | No change |
| GETY Getty Images Holdings Inc. | 0.05% | 500,000 | $670K | New |
Portfolio Sells Q3 2025 → Q4 2025
| EQH Equitable Holdings Inc. | Sold out | 0.00% | −4.68 |
| SNY Sanofi-ADR | Sold out | 0.00% | −2.91 |
| CVS CVS Health Corp. | Sold out | 0.00% | −2.09 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −1.48 |
| RGA Reinsurance Group of America | Sold out | 0.00% | −1.22 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −1.20 |
| C Citigroup Inc. | Sold out | 0.00% | −1.09 |
| BAX Baxter International Inc. | Reduce -8.3% | 2.47% | −1.06 |
| SHEL Shell PLC-ADR | Reduce -29.9% | 0.69% | −0.37 |
| GBDC Golub Capital BDC Inc. | Reduce -13.7% | 0.49% | −0.14 |
| NCDL Nuveen Churchill Direct Lend | Reduce -4.1% | 0.59% | −0.11 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.10 |
| MFIC Midcap Financial Investment | Reduce -5.4% | 0.44% | −0.10 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.09 |
| BXSL Blackstone Secured Lending F | Reduce -25.0% | 0.16% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| VTRS Viatris Inc. | Add +39.5% | 9.68% | +3.60 |
| SPB Spectrum Brands Holdings Inc. | Add +20.4% | 9.80% | +1.83 |
| APO Apollo Global Management Inc. | Add +41.2% | 5.36% | +1.51 |
| GSK GSK PLC-Spon ADR | Add +43.1% | 3.96% | +1.28 |
| LBRT Liberty Energy Inc. | Add +9.6% | 3.39% | +1.11 |
| GPN Global Payments Inc. | Add +63.5% | 3.60% | +1.00 |
| MRP Millrose Properties | New | 0.87% | +0.87 |
| FCPT Four Corners Property Trust | Add +71.1% | 2.42% | +0.77 |
| WFC Wells Fargo & Co. | New | 0.76% | +0.76 |
| SOLS Solstice Adv Materials Inc. | New | 0.66% | +0.66 |
| GPK Graphic Packaging Holding Co. | Add +193.4% | 1.24% | +0.64 |
| ON On Semiconductor | New | 0.54% | +0.54 |
| OC Owens Corning | Add +88.0% | 2.08% | +0.54 |
| UDR Udr Inc. | Add +1800.0% | 0.56% | +0.53 |
| TGT Target Corp. | Add +93.8% | 0.99% | +0.47 |
| EXR Extra Space Storage Inc. | Add +1150.0% | 0.52% | +0.47 |
| UGI Ugi Corp. | Add +13.2% | 2.03% | +0.28 |
| BTI British American Tob-SP ADR | Add +11.9% | 3.09% | +0.24 |
| O Realty Income Corp. | Add +30.8% | 2.54% | +0.23 |
| SRLN SS Blackstone Sr Loan ETF | New | 0.23% | +0.23 |
| COF Capital One Financial Corp. | Add +1.9% | 4.41% | +0.23 |
| OWL Blue Owl Capital Inc. | Add +29.3% | 6.06% | +0.21 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.20% | +0.20 |
| AQN Algonquin Power & Utilities | Add +3.0% | 2.84% | +0.19 |
| SSTK Shutterstock Inc. | Add +34.5% | 1.59% | +0.17 |
| TSLX Sixth Street Specialty Lendi | Add +26.5% | 1.92% | +0.16 |
| CCAP Crescent Capital BDC Inc. | New | 0.14% | +0.14 |
| BCSF Bain Capital Specialty Finan | New | 0.12% | +0.12 |
| SSNC Ss&c Technologies Holdings | Add +19.2% | 1.67% | +0.10 |
| GETY Getty Images Holdings Inc. | New | 0.05% | +0.05 |
| BBDC Barings BDC Inc. | Add +17.3% | 0.26% | +0.03 |
| ET Energy Transfer LP | Add +15.7% | 2.10% | +0.02 |
| PRDO Perdoceo Education Corp. | Add +35.8% | 2.27% | −0.09 |
| MO Altria Group Inc. | Add +19.8% | 2.18% | −0.12 |
| MTCH Match Group Inc. | Add +15.1% | 4.18% | −0.19 |
| JACK Jack in the Box Inc. | Add +0.3% | 2.59% | −0.38 |
| WWW Wolverine World Wide Inc. | Add +30.5% | 5.14% | −1.42 |
Notes & Other Activity Q3 2025 → Q4 2025
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | Sold out | 40,000 | $10.9Mbefore exit |
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 |