SCHEDULE: Apollo Entities Disclose 48% Stake in Calamos Fund

A group of Apollo-affiliated entities, including Athene Annuity and Life Company, reported beneficial ownership of 48% of Calamos Strategic Total Return Fund's Series F Preferred Shares.

Summary

• A Schedule 13G filing indicates that a group of nine related entities, primarily under the Apollo management umbrella, collectively hold 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 Preferred Shares outstanding as of April 30, 2025.
• Athene Annuity and Life Company (AAIA) is the direct holder of these shares.
• The other reporting entities, including Apollo Insurance Solutions Group LP, AISG GP Ltd., Apollo Life Asset L.P., Apollo Life Asset GP, LLC, Apollo Capital Management, L.P., Apollo Capital Management GP, LLC, Apollo Management Holdings, L.P., and Apollo Management Holdings GP, LLC, are related through a hierarchical management and general partner structure.
• All reporting persons share both voting and dispositive power over the 1,920,000 shares.
• The reporting persons certified 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 filing is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or prospects.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's financial performance or strategic direction.

Industry Context

This Schedule 13G filing reflects a significant institutional ownership stake in a closed-end fund's preferred shares. Such filings are standard disclosures when an entity or group acquires more than 5% of a company's voting class of securities, providing transparency on major shareholders. The involvement of Apollo-affiliated entities, including an insurance company like Athene, highlights the role of large asset managers and insurers in holding substantial positions in various financial instruments, often for investment or liability matching purposes.

Related Party Transactions

• The filing details a complex organizational structure where Athene Annuity and Life Company (AAIA) directly holds the shares, and various Apollo entities (Apollo Insurance Solutions Group LP, AISG GP Ltd., Apollo Life Asset L.P., Apollo Life Asset GP, LLC, Apollo Capital Management, L.P., Apollo Capital Management GP, LLC, Apollo Management Holdings, L.P., and Apollo Management Holdings GP, LLC) are interconnected through general partner, investment adviser, and managing member relationships, ultimately controlling or having shared beneficial ownership over the shares held by AAIA. This structure indicates a group of related parties acting in concert regarding this ownership.

Stakeholder Impact

• The disclosure of a 48.0% beneficial ownership stake by a group of Apollo-affiliated entities in the Series F Mandatory Redeemable Preferred Shares of Calamos Strategic Total Return Fund signifies a substantial concentration of ownership.
• For other shareholders, particularly common shareholders, this large preferred shareholding could imply a significant influence on the fund's capital structure and potential future strategic decisions, although the filing states the acquisition was not for control purposes.
• Preferred shareholders may view this as a positive, as a large, stable institutional holder like Athene/Apollo could provide stability to the preferred share class.

Key Dates

Keywords

Calamos Strategic Total Return Fund, Apollo Management, Athene Annuity, Preferred Shares, Beneficial Ownership, SEC Filing, Investment Management, Closed-End Fund, Institutional Ownership