Callodine Capital Management, LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRP	MILLROSE PPTYS INC	361,647	$10,802	0.9%	$29.87	—	COM CL A	601137102
WFC	WELLS FARGO CO NEW	101,500	$9,460	0.8%	$86.63	0.0%	COM	949746101
SOLS	SOLSTICE ADVANCED MATLS INC	169,300	$8,225	0.7%	$47.08	0.0%	COM SHS	83443Q103
ON	ON SEMICONDUCTOR CORP	124,200	$6,725	0.5%	$51.30	0.0%	COM	682189105
SRLN	SSGA ACTIVE ETF TR	70,000	$2,889	0.2%	$41.27	—	STATE STREET BLA	78467V608
JAAA	JANUS DETROIT STR TR	50,000	$2,529	0.2%	$50.58	—	HENDRSON AAA CL	47103U845
CCAP	CRESCENT CAP BDC INC	120,000	$1,686	0.1%	$13.81	0.0%	COM	225655109
BCSF	BAIN CAP SPECIALTY FIN INC	107,349	$1,493	0.1%	$13.37	0.0%	COM STK	05684B107
GETY	GETTY IMAGES HOLDINGS INC	500,000	$670	0.1%	$1.72	0.0%	CL A COM	374275105

Increased Positions (27)

VTRS VIATRIS INC 9.7%

Value ($000) $120,525 (+75.4%) Shares 9,680,736 (+39.5%) Est. Cost $9.84 Unrealized +9.0%

SPB SPECTRUM BRANDS HLDGS INC NE 9.8%

Value ($000) $122,013 (+35.4%) Shares 2,065,216 (+20.4%) Est. Cost $65.77 Unrealized -14.5%

APO APOLLO GLOBAL MGMT INC 5.4%

Value ($000) $66,695 (+53.3%) Shares 460,726 (+41.2%) Est. Cost $136.44 Unrealized -2.8%

GSK GSK PLC 4.0%

Value ($000) $49,252 (+62.5%) Shares 1,004,327 (+43.1%) Est. Cost $40.92 Unrealized —

LBRT LIBERTY ENERGY INC 3.4%

Value ($000) $42,254 (+63.9%) Shares 2,288,934 (+9.6%) Est. Cost $13.15 Unrealized +27.0%

GPN GLOBAL PMTS INC 3.6%

Value ($000) $44,813 (+52.4%) Shares 578,980 (+63.5%) Est. Cost $92.13 Unrealized -12.9%

FCPT FOUR CORNERS PPTY TR INC 2.4%

Value ($000) $30,192 (+61.7%) Shares 1,309,282 (+71.1%) Est. Cost $23.84 Unrealized —

WWW WOLVERINE WORLD WIDE INC 5.1%

Value ($000) $63,967 (-13.7%) Shares 3,524,326 (+30.5%) Est. Cost $14.85 Unrealized +35.3%

OWL BLUE OWL CAPITAL INC 6.1%

Value ($000) $75,408 (+14.1%) Shares 5,047,402 (+29.3%) Est. Cost $17.38 Unrealized -10.0%

GPK GRAPHIC PACKAGING HLDG CO 1.2%

Value ($000) $15,463 (+125.8%) Shares 1,026,776 (+193.4%) Est. Cost $18.25 Unrealized -9.9%

OC OWENS CORNING NEW 2.1%

Value ($000) $25,870 (+48.8%) Shares 231,168 (+88.0%) Est. Cost $132.98 Unrealized -11.7%

COF CAPITAL ONE FINL CORP 4.4%

Value ($000) $54,857 (+16.2%) Shares 226,345 (+1.9%) Est. Cost $183.74 Unrealized +20.9%

UDR UDR INC 0.6%

Value ($000) $6,969 (+1770.4%) Shares 190,000 (+1800.0%) Est. Cost $35.68 Unrealized -0.4%

TGT TARGET CORP 1.0%

Value ($000) $12,317 (+111.2%) Shares 126,000 (+93.8%) Est. Cost $93.71 Unrealized -2.2%

BTI BRITISH AMERN TOB PLC 3.1%

Value ($000) $38,523 (+19.4%) Shares 680,377 (+11.9%) Est. Cost $49.00 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.5%

Value ($000) $6,511 (+1054.9%) Shares 50,000 (+1150.0%) Est. Cost $135.45 Unrealized -0.3%

O REALTY INCOME CORP 2.5%

Value ($000) $31,572 (+21.3%) Shares 560,083 (+30.8%) Est. Cost $54.66 Unrealized +4.9%

UGI UGI CORP NEW 2.0%

Value ($000) $25,279 (+27.4%) Shares 675,369 (+13.2%) Est. Cost $29.95 Unrealized +18.3%

AQN ALGONQUIN PWR UTILS CORP 2.8%

Value ($000) $35,360 (+18.0%) Shares 5,749,636 (+3.0%) Est. Cost $5.34 Unrealized +11.3%

TSLX SIXTH STREET SPECIALTY LENDI 1.9%

Value ($000) $23,935 (+20.2%) Shares 1,101,992 (+26.5%) Est. Cost $20.38 Unrealized +7.0%

SSTK SHUTTERSTOCK INC 1.6%

Value ($000) $19,749 (+23.2%) Shares 1,033,963 (+34.5%) Est. Cost $19.52 Unrealized +9.5%

SSNC SS&C TECHNOLOGIES HLDGS INC 1.7%

Value ($000) $20,741 (+17.4%) Shares 237,253 (+19.2%) Est. Cost $69.59 Unrealized +22.5%

ET ENERGY TRANSFER L P 2.1%

Value ($000) $26,137 (+11.2%) Shares 1,585,000 (+15.7%) Est. Cost $16.36 Unrealized —

MTCH MATCH GROUP INC NEW 4.2%

Value ($000) $52,033 (+5.2%) Shares 1,611,428 (+15.1%) Est. Cost $31.83 Unrealized +3.2%

PRDO PERDOCEO ED CORP 2.3%

Value ($000) $28,265 (+5.8%) Shares 963,690 (+35.8%) Est. Cost $24.67 Unrealized +27.6%

MO ALTRIA GROUP INC 2.2%

Value ($000) $27,195 (+4.6%) Shares 471,652 (+19.8%) Est. Cost $57.08 Unrealized +4.0%

BBDC BARINGS BDC INC 0.3%

Value ($000) $3,273 (+22.9%) Shares 356,544 (+17.3%) Est. Cost $6.84 Unrealized +27.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTRS	VIATRIS INC	9,680,736 (+39.5%)	$120,525 (+75.4%)	9.7%	$9.84	+9.0%	COM	92556V106
SPB	SPECTRUM BRANDS HLDGS INC NE	2,065,216 (+20.4%)	$122,013 (+35.4%)	9.8%	$65.77	-14.5%	COM	84790A105
APO	APOLLO GLOBAL MGMT INC	460,726 (+41.2%)	$66,695 (+53.3%)	5.4%	$136.44	-2.8%	COM	03769M106
GSK	GSK PLC	1,004,327 (+43.1%)	$49,252 (+62.5%)	4.0%	$40.92	—	SPONSORED ADR	37733W204
LBRT	LIBERTY ENERGY INC	2,288,934 (+9.6%)	$42,254 (+63.9%)	3.4%	$13.15	+27.0%	COM CL A	53115L104
GPN	GLOBAL PMTS INC	578,980 (+63.5%)	$44,813 (+52.4%)	3.6%	$92.13	-12.9%	COM	37940X102
FCPT	FOUR CORNERS PPTY TR INC	1,309,282 (+71.1%)	$30,192 (+61.7%)	2.4%	$23.84	—	COM	35086T109
WWW	WOLVERINE WORLD WIDE INC	3,524,326 (+30.5%)	$63,967 (-13.7%)	5.1%	$14.85	+35.3%	COM	978097103
OWL	BLUE OWL CAPITAL INC	5,047,402 (+29.3%)	$75,408 (+14.1%)	6.1%	$17.38	-10.0%	COM CL A	09581B103
GPK	GRAPHIC PACKAGING HLDG CO	1,026,776 (+193.4%)	$15,463 (+125.8%)	1.2%	$18.25	-9.9%	COM	388689101
OC	OWENS CORNING NEW	231,168 (+88.0%)	$25,870 (+48.8%)	2.1%	$132.98	-11.7%	COM	690742101
COF	CAPITAL ONE FINL CORP	226,345 (+1.9%)	$54,857 (+16.2%)	4.4%	$183.74	+20.9%	COM	14040H105
UDR	UDR INC	190,000 (+1800.0%)	$6,969 (+1770.4%)	0.6%	$35.68	-0.4%	COM	902653104
TGT	TARGET CORP	126,000 (+93.8%)	$12,317 (+111.2%)	1.0%	$93.71	-2.2%	COM	87612E106
BTI	BRITISH AMERN TOB PLC	680,377 (+11.9%)	$38,523 (+19.4%)	3.1%	$49.00	—	SPONSORED ADR	110448107
EXR	EXTRA SPACE STORAGE INC	50,000 (+1150.0%)	$6,511 (+1054.9%)	0.5%	$135.45	-0.3%	COM	30225T102
O	REALTY INCOME CORP	560,083 (+30.8%)	$31,572 (+21.3%)	2.5%	$54.66	+4.9%	COM	756109104
UGI	UGI CORP NEW	675,369 (+13.2%)	$25,279 (+27.4%)	2.0%	$29.95	+18.3%	COM	902681105
AQN	ALGONQUIN PWR UTILS CORP	5,749,636 (+3.0%)	$35,360 (+18.0%)	2.8%	$5.34	+11.3%	COM	015857105
TSLX	SIXTH STREET SPECIALTY LENDI	1,101,992 (+26.5%)	$23,935 (+20.2%)	1.9%	$20.38	+7.0%	COM	83012A109
SSTK	SHUTTERSTOCK INC	1,033,963 (+34.5%)	$19,749 (+23.2%)	1.6%	$19.52	+9.5%	COM	825690100
SSNC	SS&C TECHNOLOGIES HLDGS INC	237,253 (+19.2%)	$20,741 (+17.4%)	1.7%	$69.59	+22.5%	COM	78467J100
ET	ENERGY TRANSFER L P	1,585,000 (+15.7%)	$26,137 (+11.2%)	2.1%	$16.36	—	COM UT LTD PTN	29273V100
MTCH	MATCH GROUP INC NEW	1,611,428 (+15.1%)	$52,033 (+5.2%)	4.2%	$31.83	+3.2%	COM	57667L107
PRDO	PERDOCEO ED CORP	963,690 (+35.8%)	$28,265 (+5.8%)	2.3%	$24.67	+27.6%	COM	71363P106
MO	ALTRIA GROUP INC	471,652 (+19.8%)	$27,195 (+4.6%)	2.2%	$57.08	+4.0%	COM	02209S103
BBDC	BARINGS BDC INC	356,544 (+17.3%)	$3,273 (+22.9%)	0.3%	$6.84	+27.0%	COM	06759L103

Exited Positions (10)

EQH EQUITABLE HLDGS INC 4.3%

Value ($000) $52,948 Shares 1,042,693 Est. Cost $51.42 Unrealized -8.1%

SNY SANOFI SA 2.6%

Value ($000) $32,948 Shares 698,046 Est. Cost $47.34 Unrealized —

CVS CVS HEALTH CORP 1.9%

Value ($000) $23,629 Shares 313,427 Est. Cost $60.72 Unrealized +29.6%

SEE SEALED AIR CORP NEW 1.3%

Value ($000) $16,726 Shares 473,161 Est. Cost $31.76 Unrealized +21.5%

RGA REINSURANCE GRP OF AMERICA I 1.1%

Value ($000) $13,764 Shares 71,637 Est. Cost $191.54 Unrealized +1.0%

MTB M & T BK CORP 1.1%

Value ($000) $13,583 Shares 68,732 Est. Cost $168.72 Unrealized +12.7%

C CITIGROUP INC 1.0%

Value ($000) $12,271 Shares 120,897 Est. Cost $73.41 Unrealized +41.2%

— BRUKER CORP 0.9%

Value ($000) $10,872 Shares 40,000 Est. Cost $271.80 Unrealized —

BRKR BRUKER CORP 0.1%

Value ($000) $1,105 Shares 34,000 Est. Cost $35.55 Unrealized +18.8%

ARCC ARES CAPITAL CORP 0.1%

Value ($000) $1,021 Shares 50,000 Est. Cost $16.63 Unrealized +19.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQH	EQUITABLE HLDGS INC	1,042,693	$52,948	4.3%	$51.42	-8.1%	—	29452E101
SNY	SANOFI SA	698,046	$32,948	2.6%	$47.34	—	—	80105N105
CVS	CVS HEALTH CORP	313,427	$23,629	1.9%	$60.72	+29.6%	—	126650100
SEE	SEALED AIR CORP NEW	473,161	$16,726	1.3%	$31.76	+21.5%	—	81211K100
RGA	REINSURANCE GRP OF AMERICA I	71,637	$13,764	1.1%	$191.54	+1.0%	—	759351604
MTB	M & T BK CORP	68,732	$13,583	1.1%	$168.72	+12.7%	—	55261F104
C	CITIGROUP INC	120,897	$12,271	1.0%	$73.41	+41.2%	—	172967424
—	BRUKER CORP	40,000	$10,872	0.9%	$271.80	—	—	116794207
BRKR	BRUKER CORP	34,000	$1,105	0.1%	$35.55	+18.8%	—	116794108
ARCC	ARES CAPITAL CORP	50,000	$1,021	0.1%	$16.63	+19.1%	—	04010L103

Decreased Positions (6)

BAX BAXTER INTL INC 2.5%

Value ($000) $30,789 (-23.0%) Shares 1,611,166 (-8.2%) Est. Cost $32.09 Unrealized -37.7%

SHEL SHELL PLC 0.7%

Value ($000) $8,597 (-28.0%) Shares 117,000 (-29.9%) Est. Cost $70.69 Unrealized —

GBDC GOLUB CAP BDC INC 0.5%

Value ($000) $6,107 (-14.4%) Shares 450,000 (-13.7%) Est. Cost $11.77 Unrealized +15.0%

BXSL BLACKSTONE SECD LENDING FD 0.2%

Value ($000) $1,975 (-24.3%) Shares 75,000 (-25.0%) Est. Cost $18.24 Unrealized +43.0%

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.4%

Value ($000) $5,530 (-9.7%) Shares 483,408 (-5.4%) Est. Cost $11.83 Unrealized -2.0%

NCDL NUVEEN CHURCHILL DIRECT LEND 0.6%

Value ($000) $7,329 (-7.3%) Shares 549,369 (-4.1%) Est. Cost $14.30 Unrealized -3.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAX	BAXTER INTL INC	1,611,166 (-8.2%)	$30,789 (-23.0%)	2.5%	$32.09	-37.7%	COM	071813109
SHEL	SHELL PLC	117,000 (-29.9%)	$8,597 (-28.0%)	0.7%	$70.69	—	SPON ADS	780259305
GBDC	GOLUB CAP BDC INC	450,000 (-13.7%)	$6,107 (-14.4%)	0.5%	$11.77	+15.0%	COM	38173M102
BXSL	BLACKSTONE SECD LENDING FD	75,000 (-25.0%)	$1,975 (-24.3%)	0.2%	$18.24	+43.0%	COMMON STOCK	09261X102
MFIC	MIDCAP FINANCIAL INVSTMNT CO	483,408 (-5.4%)	$5,530 (-9.7%)	0.4%	$11.83	-2.0%	COM NEW	03761U502
NCDL	NUVEEN CHURCHILL DIRECT LEND	549,369 (-4.1%)	$7,329 (-7.3%)	0.6%	$14.30	-3.9%	COM SHS	67090S108

Unchanged Positions (10)

JACK JACK IN THE BOX INC 2.6%

Value ($000) $32,225 Shares 1,700,504 Est. Cost $31.45 Unrealized -42.5%

GEL GENESIS ENERGY L P 0.6%

Value ($000) $7,336 Shares 470,287 Est. Cost $13.49 Unrealized —

PAGP PLAINS GP HLDGS L P 0.8%

Value ($000) $10,336 Shares 540,000 Est. Cost $18.77 Unrealized —

KBDC KAYNE ANDERSON BDC INC 0.5%

Value ($000) $5,728 Shares 400,000 Est. Cost $13.51 Unrealized +4.9%

PAA PLAINS ALL AMERN PIPELINE L 0.2%

Value ($000) $2,694 Shares 150,000 Est. Cost $18.05 Unrealized —

CION CION INVT CORP 0.4%

Value ($000) $5,438 Shares 562,388 Est. Cost $7.75 Unrealized +18.9%

OBDC BLUE OWL CAPITAL CORPORATION 0.3%

Value ($000) $3,729 Shares 300,000 Est. Cost $13.42 Unrealized -8.0%

OVV OVINTIV INC 0.2%

Value ($000) $2,207 Shares 56,307 Est. Cost $40.79 Unrealized -5.0%

STWD STARWOOD PPTY TR INC 0.1%

Value ($000) $709 Shares 39,360 Est. Cost $19.37 Unrealized —

ADC AGREE RLTY CORP 0.1%

Value ($000) $720 Shares 10,000 Est. Cost $71.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JACK	JACK IN THE BOX INC	1,700,504	$32,225	2.6%	$31.45	-42.5%	COM	466367109
GEL	GENESIS ENERGY L P	470,287	$7,336	0.6%	$13.49	—	UNIT LTD PARTN	371927104
PAGP	PLAINS GP HLDGS L P	540,000	$10,336	0.8%	$18.77	—	LTD PARTNR INT A	72651A207
KBDC	KAYNE ANDERSON BDC INC	400,000	$5,728	0.5%	$13.51	+4.9%	COM SHS	48662X105
PAA	PLAINS ALL AMERN PIPELINE L	150,000	$2,694	0.2%	$18.05	—	UNIT LTD PARTN	726503105
CION	CION INVT CORP	562,388	$5,438	0.4%	$7.75	+18.9%	COM	17259U204
OBDC	BLUE OWL CAPITAL CORPORATION	300,000	$3,729	0.3%	$13.42	-8.0%	COM	69121K104
OVV	OVINTIV INC	56,307	$2,207	0.2%	$40.79	-5.0%	COM	69047Q102
STWD	STARWOOD PPTY TR INC	39,360	$709	0.1%	$19.37	—	COM	85571B105
ADC	AGREE RLTY CORP	10,000	$720	0.1%	$71.04	—	COM	008492100