preferred

Caliber converts $15.9M preferred equity into common stock (CWD:NASDAQ)

  • Caliber (CWD) said that an institutional investor converted about $15.9M of its Series B perpetual convertible preferred equity into common stock.
  • The investor converted 15,868 preferred shares, originally issued at $1,000 each, into 63,472 common shares at a $250 per share conversion price.
  • The company said the move removes $15.9M of preferred equity from its balance sheet and replaces it with common equity, thereby reducing capital senior to common shareholders and streamlining its capitalization, while overall shareholder equity remains unchanged.

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Montana senator pulls a fast one to boost preferred successor

For months, the senior U.S. senator from Montana pondered his political future.

Or so he said.

Wrapping up his second term and facing a glide path to a third, Steve Daines unexpectedly opted this month against seeking reelection, saying in an aw-shucksy video he planned to spend more time back home in Montana and enjoy more cherished moments with his seven grandkids.

Notably, after long “wrestling with this decision,” Daines announced his intent a scant two minutes after the deadline passed for candidates to put their names on the ballot. March 4 at 5:02 p.m local time, to be precise.

More notable still, Daines’ preferred successor, Republican former U.S. Atty. Kurt Alme, jumped into the race at 4:52 p.m. that very same day.

There are relay runners who might learn a thing or two from their timing and coordination.

As part of the seamless handoff, Alme was swiftly endorsed by President Trump, Montana’s Republican governor, Greg Gianforte, and its other Republican senator, Tim Sheehy, for all intents settling the GOP contest and, quite likely, choosing the state’s next member of the U.S. Senate.

Never mind what voters might have wished, or other prospective candidates might have had in mind.

“There are a lot of Republicans in the state, folks with political ambitions, who are extremely peeved right now,” said Kal Munis, a Montana native and political science professor at Auburn University, who closely tracks politics in his home state.

Moreover, Munis said, with enough notice a heavy-hitting Democrat might have entered the contest, instead of the lowly bunch now running hopeless campaigns.

Montana, which has a rich Democratic history, has become a solidly Republican state, though the makeover took some time to complete.

As recently as 2008, Barack Obama made a serious run there, losing to John McCain by less than 3 percentage points. Montana had a Democratic governor until Gianforte was elected in 2020 and a Democratic U.S. senator until Jon Tester was defeated in 2024.

Still, while Daines’ seat hardly appeared at great risk for the GOP, a fight for the party’s nomination might have been a costly distraction, diverting money and attention that could go elsewhere as Republican prospects for the midterm election grow increasingly dim. (An unpopular war and shaky economy that’s been knee-capped by a sudden spike in oil prices will do that.)

Of all people, Daines certainly appreciates the bigger political picture, having led Republicans’ Senate campaign committee during the 2024 cycle. So he and his allies short-circuited the election process by laying hands on Alme, who stepped down as U.S. attorney to sidle into the Senate.

Seth Bodnar was among those who quite rightly criticized Daines for, as Bodnar put it, having “so little respect for Montana Republicans that he withdrew at the last minute to coronate his handpicked successor instead of giving them a voice at the ballot box.”

It just goes to show, Bodnar suggested, “the disgusting arrogance of Washington politicians and their party bosses who trade power back and forth like candy.”

Bodnar, the former president of the University of Montana, is running for Senate as an independent, conspicuously steering clear of the toxic Democratic brand. There is speculation the high-handed behavior of Daines, Trump and other Republicans might be enough to give Bodnar’s steep-odds candidacy a decent shot in November.

Munis, for one, is doubtful.

“There are a number of activist types who are deeply angered by this,” he said. “But when it comes to tallying votes in an election, that’s just a drop in the bucket.”

Unfortunately, Daines’ scheming, stick-it-to-the-voters approach isn’t just a Montana Republican thing.

Democratic Rep. Chuy Garcia of Illinois announced in the fall that he would not seek a fifth term this year. The last-second move — which came after Garcia had earlier filed paperwork to run for reelection — made it so his chief of staff and preferred successor, Patty Garcia (no relation), was the only major Democrat to appear on the ballot, virtually guaranteeing her election in November.

The cynical maneuver so disgusted Rep. Marie Gluesenkamp Perez, a maverick Democrat from rural Washington state, that she defied party leaders and introduced a resolution rebuking Garcia.

His actions were “beneath the dignity of his office and incompatible with the spirit of the Constitution,” said Gluesenkamp Perez, who was jeered and booed by fellow Democrats during the floor debate for having the temerity — heavens to Betsy! — to put principle above knee-jerk partisanship. The measure passed the House, 236 to 183, with only 22 Democrats joining Gluesenkamp Perez in support.

In California, the law prevents incumbents from pulling off the kind of underhanded stunt that Garcia and Daines managed. That’s because the filing deadline is automatically extended for an extra five days whenever a sitting lawmaker opts against seeking another term.

So, for instance, when Rep. Darrell Issa suddenly announced this month he would not run for reelection, he endorsed his favored replacement, San Diego County Supervisor Jim Desmond, but couldn’t grease the process to see to it that Desmond takes his place.

Legislators in other states should pass a law like the one in California to prevent the undemocratic shenanigans that in effect neutered voters in Montana and the Chicago area.

That is, if they truly believe elections matter and voters should have a choice and not stand by powerless as their government representatives are anointed from on high.

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Travis Kelce to return, Chiefs appear to be his preferred destination

Travis Kelce is on his way back to the NFL for a 14th season, and it was reported Monday that his destination will be a return to the Kansas City Chiefs, the only team for which he has played.

The Chiefs don’t have as much money to spend in free agency as many other teams, but Kelce, 36, is expected to turn down more lucrative offers to stay with the Chiefs, NFL Network Insider Ian Rapoport said.

The Chiefs have $23 million–$25 million in available salary cap space. The team created room after restructuring quarterback Patrick Mahomes’ contract, releasing veteran tackle Jawaan Taylor, and trading elite cornerback Trent McDuffie to the Rams.

Kelce, one of the most popular players in the NFL and a certain Hall of Famer, contemplated retirement after the 2025-26 season. The Chiefs cratered to a 6-11 record, losing their last six games and finishing a distant third in the AFC West behind the Denver Broncos and Chargers. They missed the playoffs for the first time since 2014.

Kelce admits to having lost a step, but he still finished with 76 receptions on 108 targets and 851 receiving yards. He was voted to the Pro Bowl for the 11th year in a row and moved up to eighth on the all-time receiving list. He has more career receptions (1,080) than any tight end besides Tony Gonzalez (1,325) and Jason Witten (1,228).

His decision to return for one more season followed weeks of discussion with Chiefs Coach Andy Reid, teammates, family and close confidantes — including his fiancé and music megastar Taylor Swift. Kelce co-hosts the popular “New Heights” podcast every Wednesday during the NFL season with his brother, former Philadelphia Eagles six-time All-Pro center Jason Kelce.

Kelce, who has made about $112 million in salary, is expected to take a pay cut and play the 2026-27 season for about $10 million. His two-year, $34.25 million contract extension expired after last season, making him a free agent.

“I just love this team,” Kelce said in January after the Chiefs’ last game. “I’m proud of the way we finished this, even though it ended the way it did. The guys still showed up and gave it their all. That’s all you can ask for, man. I’ve got so much love for this team, this organization and the people here.”

A week earlier, he admitted retirement had crossed his mind after the Chiefs’ last home game.

“A whole lot of emotions,” he told reporters. “You’ve got everybody in the world watching you. You get to go out there with the young guys on prime-time television. Young guys getting an opportunity to taste what this NFL life is like.”

Yet he also savored the moment, and hinted that he might enjoy the adulation of Chiefs fans a bit longer.

“You only get a few of those where you get to stand there and appreciate 70,000 Chiefs fans cheering for you,” he said. “I always embrace that moment.

“You feel the generations of happiness and the love [the fans] have. It’s a beautiful thing, man.”

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