Callodine Capital Management LP

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Callodine Capital Management LP
CRD #297115
SEC #801-113867
CIK #0001741675
AUM 2,034.2 M (2026-06-16)
Employees 19 (26% Investors, 37% Brokers)
Fees
Minimum
Phone617-880-7494
AddressTwo International Place
Boston, MA 02110
Source [IAPD] [EDGAR] [Website] [Twitter] [LinkedIn]
Total AUM ($B)
3.02.41.81.20.60.02010201520212027
Fees and Compensation — Form ADV Part 2A (3/31/2026) [Brochure]
Item 5 – Fees and Compensation

Private Funds

As compensation for its advisory services provided to the Funds, CCM receives management fees based
on the assets under management, payable in advance on either a monthly or quarterly basis, as set forth
in the offering documents of each respective Fund. The management fee is not negotiable, although CCM
retains the discretion to waive fees for one or more investors, in whole or in part.

In addition to the management fee, an investor in the Funds bears its allocable share of expenses
associated with the operations of the Funds. These include, among others:

All costs and expenses directly related to its investment program, including without limitation, (i) all
transaction costs relating to the Fund’s investments (including, without limitation, expenses related to the
investments of the Fund’s assets, such as brokerage commissions and other transaction costs, negotiation
expenses (including related travel expenses), whether or not the related investment is consummated;
clearing and settlement charges, commissions (including fees and expenses charged by outsourced
traders), custodial fees, margin and interest expenses and commitment fees on debit balances or
borrowings, borrowing charges on securities sold short, and any issue or transfer taxes chargeable in
connection with any securities transactions); consulting, legal and other professional fees relating to
potential and actual investments (collectively, the “Investment-Related Expenses”); (ii) expenses of
professionals providing services to the Fund, including legal, audit and tax preparation expenses;
accounting fees; administration fees and expenses (including fees and expenses of the Administrator); fees
and expenses for order management systems (OMS) and risk management reporting; insurance expenses,

including costs of any liability insurance obtained on behalf of the Fund (including, without limitation,
directors and officers insurance), organizational expenses, regulatory costs and expenses (including filing
and license fees and preparation and submission of filings and licenses), costs of reporting and providing
information to Partners, research (which may include, without limitation, Bloomberg services and other
market data services and other data associated with the calculation and distribution of the Fund’s net asset
value), due diligence and all other costs and expenses related to the Fund’s business and operations (other
than the Other Expenses (as defined below)) (collectively, the “Operating Expenses”), and (iii)
Management Fees, any entity-level taxes, costs of any litigation or investigation involving Fund activities,
indemnification expenses, any extraordinary expenses (collectively, the “Other Expenses”), and all other
costs and expenses related to the Fund’s business and operations. Expenses that the General Partner
determines relate to any specific Designated Investments will be charged to the applicable Designated
Investment Accounts (as defined within the Fund Documents). A portion of the Feeder Fund’s and the
Master Fund’s operating expenses may be shared with other investment entities or accounts managed by
the General Partner, Investment Manager or any of their respective affiliates on an equitable basis.

•        Out-of-pocket costs related to the administration of the Funds, including accounting, audit,
administrator, consulting and legal expenses, risk management reporting, insurance expenses, costs of
any litigation or investigation involving the Funds’ activities, and costs associated with reporting and
providing information to investors; and

•       Expenses associated with the organizational costs and the offering of interests in a Fund (including
legal and accounting fees, printing costs and “blue sky” filing fees and expenses but excluding travel and
out-of-pocket expenses incurred in connection with the offering of limited partner interests).

For the Master/Feeder Funds, it is anticipated that most investment related expenses and certain other
expenses, including without limitation, the management fee, will be incurred by the Master Fund, and the
Feeder Funds will be allocated its pro rata portion of such expenses.

Investors should review the expanded summary of expenses in each respective Funds’ private offering
memoranda.

These expenses are deducted from the capital accounts of investors at the end of the fiscal period in which
they are accrued by the Funds.

RICs and Sub-advised Funds

CCM receives fees for services provided to the RICs based on the current net assets of the funds, as
outlined in each funds ‘prospectus. All investors should refer to the funds’ prospectus for additional
information regarding fees associated with different Fund share classes as well as the expenses associated
with an investment in each.

Investment advisory services provided to RIC Clients may be terminated in accordance with the terms
outlined in their respective agreements.

We serve in a sub-advisory capacity for U.S. and offshore investment companies, both registered and
unregistered, that are managed by third parties. Fees charged by CCM vary from client to client depending
on the type, size, and complexity of the client account. In general, such fees may include a management
fee (which is generally calculated as a percentage of the notional value of the portfolio or client commitment)
and/or a performance-based compensation arrangement. Fees for such services are negotiated with the

manager and may be set forth in the fund’s registration statement or other similar offering or governing
document.

Separately Managed Accounts

Fees and payment terms with respect to SMAs for which CCM provides advisory services are negotiated
on a case-by-case basis, the details of which are outlined and agreed upon in the investment management
agreements in place with each Client. SMA Clients may be terminated in accordance with the terms outlined
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2026) [Brochure]
Item 7 – Types of Clients

As noted in Item 4 above, we currently provide investment advisory services to the Callodine Private Funds,
RICs, sub-advised funds and SMAs.

The Private Funds are exempt from registration under Section 3(c)(7) of the Investment Company Act.
Investors, which currently includes endowments, pension plans, charitable institutions, family offices, other
funds, and high net worth individuals and other entities are admitted to the Callodine Private Funds at the
discretion of such Funds’ general partner, as applicable. Some of CCM’s employees have investments in
the Callodine Funds.

The minimum initial investment is $1,000,000 for the Series A of the Feeder Funds, and the BDC Fund
minimum is $500,000, although the General Partner may waive the minimum investment amount, in its
discretion.

Interests in the Private Funds may only be purchased by investors that are “accredited investors,” as
defined in Regulation D under the Securities Act of 1933, and either “qualified purchasers,” as defined in
Section 2(a)(51)(A) of the Investment Company Act of 1940, for purposes of Section 3(c)(7) thereunder, or
a “knowledgeable employee” as that term is defined in Rule 3c-5 of the 1940 Act.

Minimum investment amounts for SMAs are negotiated on a case-by-case basis. Investment minimums for
the RICs are outlined in the funds’ prospectus.
CIK Period
0001741675
Sector Form 13F Holdings Value ($M)
Harbinger Group Inc 151.0
Upjohn Inc 109.7
Wolverine World WIDE Inc /DE/ 73.5
GlaxoSmithKline PLC 69.5
British American Tobacco PLC 63.0
Global Payments Inc 57.3
IAC/InterActiveCorp 51.9
Blackstone Group LP 51.9
Career Education Corp 49.0
Apollo Global Management Inc 48.9
Capital One Financial Corp 48.0
Ovintiv Inc 43.6
Altimar Acquisition Corp 39.2
Four Corners Property Trust Inc 37.0
Energy Transfer Equity LP 36.2
Owens Corning 35.4
Realty Income Corp 34.0
Wells Fargo & Co/MN 31.5
SS&C Technologies Holdings Inc 30.4
UDR Inc 28.2
Baxter International Inc 22.1
Target Corp 21.3
Millrose Properties Inc 21.3
Dynex Capital Inc 21.3
Shutterstock Inc 21.1
Sixth Street Specialty Lending Inc 20.8
on Semiconductor Corp 20.5
Limited Brands Inc 19.6
Altria Group Inc 17.5
Jack in the Box Inc /New/ 17.0
Prev | Page 1 | Next
Type Form D Funds Date Sold AUM
Other Callodine Equity Income Fund [2023-03-31] 39.2 M 66.3 M
Filed 2023-02-14 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $500,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Other Callodine BDC Income Fund LP [2021-03-31] 78.1 M 51.6 M
Filed 2025-12-12 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $500,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Callodine Capital Master Fund LP [2018-07-20] 185.2 M 903.3 M
Filed 2025-07-11 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
AUM Breakdown Accounts AUM ($B)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 3 0.5
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 10 1.5
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 2 0.1
(n) Other 0 0.0
Total 15 2.0
By Discretionary
Discretionary 15 2.0
Non-Discretionary 0 0.0
Total 15 2.0
By Non-United States Persons
Non-United States Persons 0.7
United States Persons 1.4
Total 15 2.0
Form D Directors Role # Filings # Firms 2011 - 2026
Pearse Griffith Director 103 26
Inderjit Singh Director 69 25
Callodine Capital Management LP Executive Officer 5 2
James Morrow Executive Officer 5 2
Callodine Capital Partners LLC Executive Officer 4 2
Austin McClintock Director 3 2
Jonathan Dinwoodey Director 1 1
Anthony Marini Director 1 1
EDGAR Form CIK 2011 - 2026
13F-HR [0001741675]
SC 13G [0001741675]
Form 13D/13G Filer Form 13D/13G Subject Filed
Callodine Capital Management LP Wolverine World Wide Inc /DE/ [2026-05-15]
Callodine Capital Management LP Wolverine World Wide Inc /DE/ [2025-08-14]
Callodine Capital Management LP Spectrum Brands Holdings Inc [2025-08-14]
Callodine Capital Management LP Jack in the Box Inc [2025-08-14]
Callodine Capital Management LP Portman Ridge Finance Corp [2020-02-05]
Callodine Capital Management LP OHA Investment Corp [2019-02-21]
Firm Profile (Form ADV)
Discretionary AUM$0.1B
ServesInstitutional, Retail
Fund TypesHedge Fund
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