Calamos (CCD) 10% Owner MetLife Investment Mgmt Buys & Sells Shares

What Happened

• MetLife Investment Management, LLC — reported as a 10% owner and investment manager — recorded redemptions and open‑market purchases in Calamos Dynamic Convertible & Income Fund (CCD). On Aug 24 the issuer redeemed Series D mandatory redeemable preferred shares totaling 440,000 shares at $25.00 each for $11,000,000. On Aug 26 the reporting person purchased a total of 880,000 shares in the open market at $25.00 each, spending $22,000,000. Net across the two dates the reporting person acquired 440,000 shares and had a net cash outflow of $11,000,000.
• The Aug 24 disposals were redemptions (not open‑market sales) and were redeemed at the original $25.00 purchase price plus accrued dividends (see footnote).

Key Details

• Transaction dates & prices:
  • 2026-08-24: Redemption of 440,000 Series D shares at $25.00 — proceeds $11,000,000 (four separate redemption entries: 36k, 244k, 124k, 36k).
  • 2026-08-26: Open‑market purchases of 880,000 shares at $25.00 — cost $22,000,000 (entries: 296k, 168k, 244k, 44k, 128k).
• Net change: +440,000 shares; net cash spent ≈ $11,000,000.
• Shares owned after the transactions: not specified in the excerpted data.
• Footnotes of note:
  • F1: The Aug 24 disposals were Series D mandatory redeemable preferred shares redeemed by the issuer at $25.00 plus accrued dividends; those dividends are exempt from Section 16 per Rule 16a‑9.
  • F2: 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 timeliness: Form 4 was filed on 2026-08-26 for transactions on 2026-08-24 and 2026-08-26 — the filing is within the usual two‑business‑day window and not shown as late.

Context

• This reporting entity is a large institutional investment manager (10% owner) acting for client accounts, not an individual executive — F2 and F3 indicate holdings are client assets and MetLife IM disclaims beneficial ownership beyond pecuniary interest.
• The Aug 24 entries are redemptions of preferred shares (issuer action), while the Aug 26 entries are open‑market purchases — purchases by an institutional manager can reflect client portfolio activity rather than insider sentiment.