SCHEDULE: Apollo Affiliates Maintain 48% Stake in Calamos Preferred Shares

Multiple Apollo-affiliated entities have filed an amendment to their Schedule 13G, confirming a 48.0% beneficial ownership of Calamos Strategic Total Return Fund's Series F Mandatory Redeemable Preferred Shares.

Summary

• Apollo Management Holdings GP, LLC and eight other affiliated entities collectively beneficially own 1,920,000 Series F Mandatory Redeemable Preferred Shares of Calamos Strategic Total Return Fund.
• This ownership represents 48.0% of the total outstanding Series F Mandatory Redeemable Preferred Shares, based on 4,000,000 shares outstanding as of April 30, 2025.
• The reporting persons, including Athene Annuity and Life Company, share both voting and dispositive power over these 1,920,000 shares.
• The filing is an Amendment No. 7 to a Schedule 13G, indicating an update to previously reported beneficial ownership information.
• The reporting persons disclaim beneficial ownership of any Common Stock and state that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that inherently indicates a positive or negative sentiment for the issuer's financial performance or strategic direction. It is a routine regulatory update.

Positives

• NA

Negatives

• NA

Risks

• The reporting persons explicitly disclaim beneficial ownership of any Common Stock, which could be a risk if there's a misunderstanding of their influence or intent regarding the broader company.
• The mandatory redeemable nature of the preferred shares implies a future redemption event, which could impact the capital structure of Calamos Strategic Total Return Fund.

Future Outlook

The filing does not provide any forward-looking statements or guidance from the issuer or the reporting persons beyond the factual reporting of beneficial ownership and the future mandatory redemption date of the preferred shares.

Management Comments

• "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 Schedule 13G filing indicates a significant, but non-controlling, passive investment by a group of Apollo-affiliated entities in the preferred shares of a closed-end fund. Such filings are common for large institutional investors like Apollo, which manage substantial assets across various investment vehicles, including insurance companies like Athene Annuity and Life Company. The ownership of preferred shares typically implies a focus on income generation and capital preservation rather than direct operational control, aligning with the stated purpose of holding the shares in the ordinary course of business.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders of Calamos Strategic Total Return Fund should be aware of the significant ownership stake (48.0%) held by Apollo-affiliated entities in the Series F Mandatory Redeemable Preferred Shares, as this represents a large block of capital within the fund's structure.
• The mandatory redeemable nature of the preferred shares means that the fund will eventually need to redeem these shares, which could impact its liquidity or capital allocation decisions at that time.

Next Steps

• NA

Key Dates

Keywords

Calamos Strategic Total Return Fund, Apollo Management Holdings, Athene Annuity, Preferred Shares, Beneficial Ownership, SEC Filing, Schedule 13G, Investment Management, Asset Management, Closed-End Fund