SCHEDULE: Callodine Capital Discloses 8.58% Stake in Jack in the Box

Callodine Capital Management, LP and James S. Morrow have reported a passive 8.58% beneficial ownership stake in Jack in the Box Inc. common stock.

Summary

• Callodine Capital Management, LP and James S. Morrow reported beneficial ownership of 1,619,932 shares of Jack in the Box Inc. common stock.
• This ownership represents 8.58% of the company's total outstanding common stock.
• The percentage is calculated based on 18,879,446 common shares outstanding as of May 7, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q.
• Callodine Capital Management, LP holds these shares for the benefit of its investment advisory clients.
• James S. Morrow, as the managing member of Callodine's general partner, is also reported as a beneficial owner of the same shares.
• The reporting persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Jack in the Box Inc.

Sentiment

Score: 7

Explanation: A significant institutional investor has taken a passive stake, indicating confidence in the company's value. This is generally viewed positively by the market, as it suggests a professional assessment of the company's investment merits.

Positives

• A significant institutional investor, Callodine Capital Management, LP, has taken a substantial 8.58% passive stake in Jack in the Box Inc.
• This indicates a vote of confidence in the company's valuation and future prospects from a professional investment firm.

Negatives

• No negative information is disclosed in this Schedule 13G filing.

Risks

• The filing itself does not detail specific company operational or financial risks, as it is an ownership disclosure.
• The reporting persons certify that the shares were not acquired for the purpose of changing or influencing control, mitigating immediate governance risks from this specific stake.

Future Outlook

This filing is a disclosure of current ownership and does not provide forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

A significant investment firm taking a substantial passive stake in a publicly traded quick-service restaurant (QSR) company like Jack in the Box Inc. can signal investor confidence in the sector or the specific company's market position and growth potential.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, which is a common disclosure for passive investors acquiring more than 5% of a company's stock, aligning with regulatory requirements for transparency in ownership stakes.
• The 8.58% stake by Callodine Capital Management, LP is a notable position, indicating a significant conviction in Jack in the Box Inc. within their investment portfolio, comparable to other institutional investors taking meaningful, non-activist positions in established restaurant chains.

Stakeholder Impact

• Shareholders may view the entry of a significant institutional investor positively, potentially boosting investor confidence and market perception.
• The passive nature of the stake suggests no immediate impact on company management or strategic direction.

Next Steps

• The reporting persons will continue to monitor their investment in Jack in the Box Inc.
• Any future changes in their beneficial ownership exceeding certain thresholds will require updated Schedule 13G or 13D filings.

Key Dates

Recommendation

The filing indicates a significant institutional investor, Callodine Capital Management, LP, has acquired a passive 8.58% stake in Jack in the Box Inc. This suggests confidence in the company's long-term value from a respected investment firm. While the stake is passive and not intended to influence control, it provides a positive signal to the market. Investors should hold to observe how this new significant ownership might influence market perception and future performance.

Keywords

Jack in the Box, QSR, Fast Food, Restaurant, Investment, Shareholder, Ownership, Schedule 13G, Callodine Capital Management, Common Stock