SCHEDULE: Callodine Capital Discloses 7.08% Stake in Spectrum Brands

Callodine Capital Management, LP and James S. Morrow have disclosed a shared beneficial ownership of 7.08% of Spectrum Brands Holdings, Inc.'s common stock.

Summary

• Callodine Capital Management, LP and James S. Morrow reported shared beneficial ownership of 1,714,955 shares of Spectrum Brands Holdings, Inc. common stock.
• This represents 7.08% of the company's outstanding common stock.
• The percentage is calculated based on 24,207,034 shares of Common Stock outstanding as of August 1, 2025.
• The shares are held for the benefit of investment advisory clients of Callodine Capital Management, LP.
• James S. Morrow is the managing member of the general partner of Callodine Capital Management, LP.
• The reporting persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest therein.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, with an exception for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The filing is a standard beneficial ownership disclosure (Schedule 13G) and does not contain information that inherently suggests a strong positive or negative sentiment. It indicates a significant, but passive, institutional investment.

Positives

• A significant institutional investor, Callodine Capital Management, LP, holds a substantial stake (7.08%), which can be interpreted as a vote of confidence in Spectrum Brands Holdings, Inc.

Risks

• The reporting persons certify that the securities were not acquired for the purpose of changing or influencing control, but they explicitly allow for activities solely in connection with a nomination under Rule 14a-11, indicating a potential, albeit limited, avenue for influencing corporate governance through director nominations.

Management Comments

• Shares reported herein for Callodine Capital Management, LP ("Callodine") represent shares held for the benefit of investment advisory clients of Callodine.
• Shares reported herein for Mr. Morrow represent the above referenced shares reported for Callodine. Mr. Morrow is the managing member of the general partner of Callodine.
• Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a significant passive investment by an institutional asset manager in Spectrum Brands Holdings, Inc., a diversified consumer products company. Such disclosures are common in the investment landscape, reflecting portfolio allocation decisions by large funds.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder (7.08%) provides transparency regarding the company's ownership structure, potentially influencing investor perception and trading activity.

Key Dates

Keywords

Spectrum Brands Holdings, Callodine Capital Management, James S. Morrow, Schedule 13G, beneficial ownership, common stock, institutional investment, SEC filing, 84790A105