SCHEDULE 13G/A: Apollo Affiliates Disclose Significant 48% Stake in Calamos Strategic Total Return Fund's Preferred Shares

A group of Apollo-affiliated entities has disclosed a beneficial ownership of 48.0% in Calamos Strategic Total Return Fund's Series F Mandatory Redeemable Preferred Shares as of December 31, 2024.

Summary

• Nine Apollo-affiliated entities, including Athene Annuity and Life Company and Apollo Management Holdings GP, LLC, collectively reported beneficial ownership of 1,920,000 Series F Mandatory Redeemable Preferred Shares of Calamos Strategic Total Return Fund.
• This ownership represents 48.0% of the total 4,000,000 Series F Mandatory Redeemable Preferred Shares outstanding.
• The filing is an Amendment No. 4 to Schedule 13G, indicating an update to previously reported ownership.
• The reporting persons, primarily Athene Annuity and Life Company, hold shared voting and dispositive power over these shares.
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would significantly sway sentiment positively or negatively regarding the issuer's operational or financial performance.

Positives

• The significant 48.0% stake held by a group of Apollo affiliates in the Series F Mandatory Redeemable Preferred Shares indicates a substantial, strategic investment by sophisticated institutional investors.
• This large, concentrated ownership by a major financial group could be interpreted as a vote of confidence in the issuer's ability to meet its preferred share obligations or in the stability of the preferred share class.

Negatives

• The document itself does not present any negative financial or operational information regarding the issuer.
• The boilerplate disclaimer in the filing refers to beneficial ownership of 'Common Stock' while the filing specifically pertains to 'Series F Mandatory Redeemable Preferred Shares', which is a minor inconsistency in the document's language.

Risks

• The document does not detail specific risks related to the issuer's operations or financial health.
• The reporting persons disclaim beneficial ownership of 'all Common Stock included in this report', stating the filing should not be construed as an admission of beneficial ownership for Section 13(d) or 13(g) purposes, which is a standard legal disclaimer.

Future Outlook

The document is a beneficial ownership report and does not provide any forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Industry Context

This filing reflects a significant institutional investment by Apollo-affiliated entities in the preferred shares of a closed-end fund. Such investments are common for large asset managers and insurance companies like Athene, which seek stable income streams or strategic positions within various asset classes. The concentration of ownership in preferred shares can be part of a broader fixed-income or alternative investment strategy.

Stakeholder Impact

• Shareholders (specifically holders of Series F Mandatory Redeemable Preferred Shares): The significant concentration of ownership by Apollo affiliates may impact liquidity for other preferred shareholders, but also suggests a stable, long-term institutional holder.

Key Dates

Keywords

SEC filing, Schedule 13G, beneficial ownership, preferred shares, Calamos Strategic Total Return Fund, Apollo Management Holdings, Athene Annuity and Life Company, institutional investment, equity stake, financial disclosure