Callodine Specialty Income Fund
Data through 2026-06-30 · latest filing N-CSRS filed 2026-09-08
Sponsored by Callodine Capital Management. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $75.6M
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Consolidated Statement of Assets and Liabilities As of June 30, 2026 (Unaudited) Assets: Non-Affiliated Investments, at fair value (cost $72,937,244) $ 72,399,397 Affiliated Investments, at fair value (cost $5,073,052) 5,073,052 Receivables: Dividends and interest 894,434 Fund shares sold 380,232 Due from Investment Adviser (see Note 4) 197,200 Deferred offering costs (see Note 2) 57,383 Other assets 13,914 Total assets $ 79,015,612 Liabilities: Payables: Due to custodian 2,450,000 Payable for investment purchases 300,000 Legal and other professional fees 141,080 Audit and tax fees 116,699 Due to Investment Adviser (see Note 4) 57,383 Fund accounting and administration fees 40,038 Incentive fees (see Note 4) 231,121 Transfer agent fees 26,337 Bank loan fees 22,345 Custody fees 5,665 Current tax payable (see Note 10) 864 Accrued other expenses 26,649 Total Liabilities 3,418,181 Commitments and contingencies (see Note 12) Net Assets $ 75,597,431”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-06-30 - NAV / share
- $10.00
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30
S1_class_sectioned_row_labelled — class Class I; column For the Six Months Ended June 30, 2026; net asset value, end of period
“Net asset value, end of period $ 10.00 $ 9.97 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-06-30 - Net flows, last qtr
- +7.0% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- Not yet compiled Not yet compiled
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
The fund's expense cap of 2.00% of net assets has applied and expires April 30, 2027.
The fund's expense cap of 2.00% of net assets has applied and expires April 30, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/2029168/000121390026049960/ea0283720-01_486bpos.htm | Summary of Fund Expenses p12 footnote 7 and Investment Advisory and Incentive Fees p56; Expense Limit excludes Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and warehouse and leverage fees, taxes, litigation expenses and extraordinary expenses
A fee waiver; it expires August 18, 2026.
A fee waiver; it expires August 18, 2026.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/2029168/000121390026049960/ea0283720-01_486bpos.htm | Investment Advisory and Incentive Fees p56 and Summary of Fund Expenses fee table row Fee Waiver and/or Expense Reimbursement showing minus 1.35 percent for every class
Put to a shareholder vote: Approval of Sub-Advisory Agreement. (2026-02-13)
Put to a shareholder vote: Approval of Sub-Advisory Agreement.
Why it matters and what changed
The firm doing the actual investing changed. A subadviser swap can shift strategy, process, and track record even when the headline manager stays the same.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/2029168/000121390026016432/ea0277059-01_def14a.htm | DEF 14A Proposal 1
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2026-01-01 to 2026-06-30 | Class I | basis not stated in the filed row | +3.50% | SEC source 0001213900-26-097939 |
| 2025-08-18 to 2025-12-31 | Class I | basis not stated in the filed row | +1.69% | SEC source 0001213900-26-097939 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | Agree Realty Corp (1.1% of portfolio value in the 2025-12-31 report, $720,300) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Altria Group Inc (1.7% of portfolio value in the 2025-12-31 report, $1,153,200) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | BERRY GP DDTL DELAYED DRAW / (1.1% of portfolio value in the 2025-12-31 report, $708,973) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Energy Transfer LP (2.5% of portfolio value in the 2025-12-31 report, $1,649,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Janus Henderson AAA CLO ETF (3.8% of portfolio value in the 2025-12-31 report, $2,529,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | State Street Blackstone Senior (4.4% of portfolio value in the 2025-12-31 report, $2,888,900) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | UGI Corp (1.7% of portfolio value in the 2025-12-31 report, $1,122,900) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | VARA SALON SUITES HQ DELAYED DRAW / (1.5% of portfolio value in the 2025-12-31 report, $1,000,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position BMP KATYDID HOLDCO PREFERRED EQUITY 10% /: 1.0% of portfolio value ($735,122) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position BMP KATYDID HOLDCO TERM LOAN /: 6.6% of portfolio value ($4,655,717) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Dynex Capital Inc: 2.0% of portfolio value ($1,417,049) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position FORMEX HOLDINGS LLC TERM LOAN /: 7.0% of portfolio value ($4,915,083) as of 2026-03-31; absent from the 2025-12-31 report. |
Where exit demand met the cap.
Every one of the 2 disclosed periods was filled in full. Class C shares are subject to a deferred sales charge ("DSC") of up to 1.00% on any shares repurchased fewer than 365 days after their purchase.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-05-08 | - | 100% | 4% | filled |
| 2026-02-04 | - | 100% | 20% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-04-30.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class A | Sales-load class for transactional brokerage distribution. | 5.75% | 25 bps | $25,000 | - |
| Class C | Servicing-fee class for brokerage or platform distribution. | 0.00% | 100 bps | $25,000 | - |
| Class I | - | 0.00% | 0 bps | $250,000 | - |
Management fee: 1.35% of average daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-049960.
Filed fee conditions
For its provision of advisory services to the Fund, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.35% | 15% of income, 6% hurdle
*
Incentive Fee: 15.00% of pre-incentive fee net investment income; Hurdle rate of 1.50% per quarter on each class's average daily net asset value, printed as an annualized 6%. The prospectus prints no catch-up and no high water mark. SEC source 0001213900-26-049960 |
0.00% | 0 bps | - | - |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 15.00% | pre-incentive fee net investment income | Hurdle rate of 1.50% per quarter on each class's average daily net asset value, printed as an annualized 6%. The prospectus prints no catch-up and no high water mark. |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (8)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | For its provision of advisory services to the Fund, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets. | 1.35 pct annual of average daily net assets | - |
| expense_limitation | The Investment Adviser has entered into an expense limitation and reimbursement agreement with the Fund (the "Expense Limitation and Reimbursement Agreement"), whereby the Investment Adviser has contractually agreed to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and fees related to warehouse investments (if any) and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). For a period not to exceed three years from the date on which a waiver under the Expense Limitation and Reimbursement Agreement is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement has a term ending on April 30, 2027 and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation and Reimbursement Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Investment Adviser. The Agreement may not be terminated by the Investment Adviser without the consent of the Trustees. | 2.0 pct annual of average daily net assets per class excluding specified expenses | - |
| fee_waiver | The Investment Adviser has contractually agreed to waive the Investment Advisory Fee it would otherwise receive under the Investment Advisory Agreement until August 18, 2026. | 1.35 pct of average daily net assets full investment advisory fee waived | - |
| fund_inception_date | 2025-08-18 | Text disclosure | 2025-08-18 |
| incentive_fee_schedule | The Fund will also pay to the Investment Adviser an incentive fee (the "Incentive Fee") calculated and payable in arrears in an amount equal to 15% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter, or an annualized hurdle rate of 6%. "Pre-incentive fee net investment income" is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Investment Advisory Fee, expenses payable to the Administrator and any interest expense but excluding the Incentive Fee, any realized gains, realized capital losses or unrealized capital appreciation or depreciation). | 15.0 pct of quarterly pre incentive fee net investment income | - |
| leverage_ceiling | Accordingly, the Fund utilizes and may continue to utilize leverage from borrowings to enhance yield within the 300% asset coverage (up to 50% of the Fund's net assets) requirements of an interval fund. The Fund is authorized to borrow cash in connection with its investment activities, to satisfy repurchase requests from Fund shareholders, and to otherwise provide the Fund with temporary liquidity. Borrowings will be limited to 33.33% of the Fund's total assets (50% of its net assets). | 33.33 of total assets | - |
| lockup_or_early_repurchase_fee | Class C shares are subject to a deferred sales charge ("DSC") of up to 1.00% on any shares repurchased fewer than 365 days after their purchase. | 1.0 pct deferred sales charge on class c shares repurchased within 365 days | - |
| repurchase_program_terms | Once each quarter, the Fund will offer to repurchase at per-class NAV per Share no less than 5% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. The offer to purchase shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the Investment Company Act). | 5.0 pct of outstanding shares per quarter minimum | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-09-08 | N-CSRS | 0001213900-26-097939 |
| 2026-05-26 | NPORT-P | 0001193125-26-238364 |
| 2026-04-30 | 486BPOS | 0001213900-26-049960 |
| 2026-04-08 | N-23C3A | 0001213900-26-041339 |
| 2026-03-09 | N-CSR | 0001213900-26-025002 |
| 2026-02-26 | NPORT-P | 0001193125-26-074288 |
| 2026-02-13 | DEF 14A | 0001213900-26-016432 |
| 2026-01-05 | N-23C3A | 0001213900-26-000814 |
| 2025-11-26 | NPORT-P | 0001193125-25-298658 |