Callodine reports 8.87% Spectrum Brands (NYSE: SPB) ownership stake

Rhea-AI Filing Summary

Callodine Capital Management, LP and James S. Morrow report beneficial ownership of 2,065,216 shares of Spectrum Brands Holdings common stock, representing 8.87% of the class. The shares are held for investment advisory clients of Callodine, with Callodine and Morrow sharing voting and dispositive power.

The ownership percentage is based on 23,279,004 Spectrum Brands common shares outstanding as of December 31, 2025. The reporting persons state the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

Insights

Equity ownership analyst

Large investment firm reports an 8.87% passive stake in Spectrum Brands.

Callodine Capital Management, LP and James S. Morrow disclose beneficial ownership of 2,065,216 Spectrum Brands shares, or 8.87% of the common stock, held for Callodine’s investment advisory clients. Voting and dispositive power over these shares is shared, with no sole authority reported.

The filing calculates this stake using 23,279,004 shares outstanding as of December 31, 2025. The reporting persons certify that the position was acquired and is held in the ordinary course of business and not to change or influence control, framing this as a passive, investment-driven holding.

This level of ownership makes Callodine a significant shareholder, but the stated passive intent and advisory-client context mean the ultimate impact depends on future portfolio decisions and any subsequent ownership changes disclosed in later filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Spectrum Brands Holdings, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

84790A105

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 84790A105

1

Names of Reporting Persons

Callodine Capital Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,065,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,065,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,065,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.87 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84790A105

1

Names of Reporting Persons

James S. Morrow

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,065,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,065,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,065,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.87 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Spectrum Brands Holdings, Inc.
(b)	Address of issuer's principal executive offices: 3001 DEMING WAY, MIDDLETON, Wisconsin, 53562
Item 2.
(a)	Name of person filing: Callodine Capital Management, LP James S. Morrow 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.
(b)	Address or principal business office or, if none, residence: Callodine Capital Management, LP James S. Morrow c/o Callodine Capital Management, LP Two International Place, Suite 1830 Boston, MA 02110
(c)	Citizenship: Callodine Capital Management, LP - Delaware James S. Morrow - United States
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 84790A105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,065,216
(b)	Percent of class: 8.87%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,065,216
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,065,216 The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon a statement in Amendment No. 1 to the Issuer's Annual Report on Form 10-K for the fiscal year ended on September 30, 2025, as filed with the Securities and Exchange Commission on January 23, 2026, that there were 23,279,004 shares of Common Stock, par value $0.01 per share, of the Issuer outstanding as of December 31, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Callodine Capital Management, LP

Signature:	By: Callodine Capital Management, LLC, Its General Partner, By: James S. Morrow, Managing Member
Name/Title:	/s/ James S. Morrow, Managing Member
Date:	02/17/2026

James S. Morrow

Signature:	/s/ James S. Morrow
Name/Title:	James S. Morrow
Date:	02/17/2026

Exhibit Information

Exhibit 99.1 - Joint Filing Statement, incorporated by reference to Exhibit 99.1 to the Schedule 13G filed on August 14, 2025 by the Reporting Persons with respect to the Issuer.

FAQ

What ownership stake in Spectrum Brands (SPB) does Callodine report?

Callodine Capital Management reports beneficial ownership of 2,065,216 Spectrum Brands shares, representing 8.87% of the common stock. The stake is held for investment advisory clients, with Callodine and James S. Morrow sharing voting and dispositive power over these shares.

Who are the reporting persons in this Spectrum Brands (SPB) Schedule 13G/A?

The reporting persons are Callodine Capital Management, LP and James S. Morrow. Morrow is the managing member of Callodine’s general partner, and both disclaim beneficial ownership except to the extent of their pecuniary interests in the reported Spectrum Brands shares.

Is Callodine’s Spectrum Brands (SPB) stake reported as passive or activist?

The stake is reported as passive. The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Spectrum Brands, aside from activities tied to a nomination under Rule 240.14a-11.

How was Callodine’s 8.87% Spectrum Brands (SPB) ownership percentage calculated?

The 8.87% figure is based on 23,279,004 Spectrum Brands common shares outstanding as of December 31, 2025. That outstanding share count comes from an amendment to the company’s Annual Report on Form 10-K referenced in the Schedule 13G/A filing.

Does James S. Morrow directly hold Spectrum Brands (SPB) shares in this filing?

Shares reported for James S. Morrow are the same 2,065,216 shares reported for Callodine Capital Management. The filing states he is managing member of Callodine’s general partner, and both parties disclaim beneficial ownership except for their pecuniary interests.

What voting and dispositive powers does Callodine have over Spectrum Brands (SPB) shares?

The filing reports 0 shares with sole voting or dispositive power and 2,065,216 shares with shared voting and shared dispositive power. This means decisions over these Spectrum Brands shares are exercised jointly rather than by a single reporting person.