Form 4: Calamos Chairman Sells CPZ Shares

John P. Calamos Sr., President and Chairman of Calamos Long/Short Equity & Dynamic Income Trust, reported the sale of 25,960 common shares through a trust.

Summary

• John P. Calamos Sr., President and Chairman of Calamos Long/Short Equity & Dynamic Income Trust (CPZ), reported multiple sales of common stock.
• A total of 25,960 shares were sold on December 16, 2025.
• The sales were executed at prices ranging from $14.60 to $14.82 per share.
• These shares were held indirectly by the John P. Calamos 1985 Trust.
• Following these transactions, the John P. Calamos 1985 Trust beneficially owns 13,817.16 shares.
• John P. Calamos Sr. also indirectly holds 7,194.24 shares through Calamos Advisors LLC and 67,508 shares through Calamos Family Partners, Inc.
• The reporting person disclaims beneficial ownership of any such securities, except to the extent of their pecuniary interest therein.

Sentiment

Score: 3

Explanation: The sale of a significant number of shares by a top executive and 10% owner, even through a trust, typically indicates a negative sentiment or a decision to diversify, which can be perceived negatively by the market. The score is not lower as it's a trust sale and the individual still holds significant indirect ownership.

Negatives

• A significant number of shares (25,960) were sold by a key insider, the President and Chairman, through a trust.
• Insider selling can sometimes be interpreted as a lack of confidence in the company's near-term prospects.

Related Party Transactions

• John P. Calamos Sr. executed the sales through the John P. Calamos 1985 Trust, which is a related party.

Stakeholder Impact

• Shareholders may perceive the insider selling by the President and Chairman as a negative signal, potentially impacting investor confidence and the stock price.

Key Dates

Recommendation

While significant insider selling by the President and Chairman is generally a negative signal, the sales were conducted through a trust, and the individual still retains substantial indirect ownership through other entities. This suggests a potential diversification or liquidity event rather than a complete loss of confidence. Investors should monitor future insider activity and company performance, but a 'hold' recommendation is appropriate given the mixed signals and the context of the sale.

Keywords

Calamos Long/Short Equity & Dynamic Income Trust, CPZ, John P. Calamos Sr., Insider Selling, Form 4, SEC Filing, Common Stock, Director, Chairman, President