Calamos (CHY) 10% Owner MetLife IM Sells and Buys Shares

What Happened

• MetLife Investment Management, LLC — reported as a 10% owner and investment manager — experienced redemption of Series D mandatory redeemable preferred shares on 2026-08-24 and then made open-market purchases on 2026-08-26.
• Dispositions (redemptions) on 8/24: 288,000 shares @ $25.00 ($7,200,000); 144,000 @ $25.00 ($3,600,000); 44,000 @ $25.00 ($1,100,000); 44,000 @ $25.00 ($1,100,000). Total disposed: 520,000 shares for $13,000,000.
• Purchases on 8/26 (open market/private): 96,000 @ $25.00 ($2,400,000); 134,400 @ $25.00 ($3,360,000); 16,000 @ $25.00 ($400,000); 43,600 @ $25.00 ($1,090,000). Total acquired: 290,000 shares for $7,250,000.
• Net across these entries: a net disposition of 230,000 shares (net cash outflow to the holder of ~$5,750,000).

Key Details

• Transaction dates and prices: Redemptions 2026-08-24 at $25.00; Purchases 2026-08-26 at $25.00.
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes of note:
  • F1: The 8/24 dispositions were Series D Mandatory Redeemable Preferred Shares redeemed by the issuer at $25.00 plus accrued unpaid dividends (dividends exempt under Rule 16a-9).
  • F2: These securities are held directly by clients for whom MetLife IM serves as investment manager.
  • F3: MetLife IM disclaims beneficial ownership except to the extent of its pecuniary interest.
• Filing: Report filed 2026-08-26 covering transactions on 8/24 and 8/26 (no late-filing flag provided).

Context

• The 8/24 transactions were redemptions by the issuer, not open-market sell-offs, so they reflect contractually required redeeming of Series D shares rather than a manager-initiated market sale.
• The 8/26 entries are open-market/private purchases (institutional buying), which can be more informative to investors than routine redemptions; however, as an investment manager for clients (and a 10% owner entity), these moves represent client-level portfolio actions, not necessarily insider personal trading or a company executive signal.