<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
------
Calpine Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common
- --------------------------------------------------------------------------------
(Title of Class of Securities)
131347106
----------------------------------
(CUSIP Number)
12/31/99
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/X/ Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
<PAGE>
CUSIP No. 131347106
---------
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Osterweis Capital Management, LLC / 94-3268572
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
California
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially 409,786
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: 0
--------------------------------------------------
(7) Sole Dispositive Power
422,036
--------------------------------------------------
(8) Shared Dispositive Power
0
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
422,036
- -------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
.67%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions)
- -------------------------------------------------------------------------------
<PAGE>
CUSIP No. 131347106
---------
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Osterweis Capital Management, Inc. / 94-2871718
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
California
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially 981,610
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: 25,800
--------------------------------------------------
(7) Sole Dispositive Power
1,209,310
--------------------------------------------------
(8) Shared Dispositive Power
0
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,209,310
- -------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
1.92%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions)
IA
- -------------------------------------------------------------------------------
<PAGE>
CUSIP No. 131347106
---------
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
John S. Osterweis
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
U.S.A
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially 1,391,396
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: 25,800
--------------------------------------------------
(7) Sole Dispositive Power
1,631,346
--------------------------------------------------
(8) Shared Dispositive Power
0
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,631,346
- -------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
2.59%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions)
IN
- -------------------------------------------------------------------------------
<PAGE>
GENERAL INSTRUCTIONS
A. Statements filed pursuant to Rule 13d-1(b) containing the information
required by this schedule shall be filed not later than February 14
following the calendar year covered by the statement or within the time
specified in Rules 13d-1(b)(2) and 13d2(c). Statements filed pursuant to
Rule 13d-1(c) shall be filed within the time specified in Rules 13d-1(c),
13d-2(b) and 13d-2(d). Statements filed pursuant to Rule 13d-1(d) shall
be filed not later than February 14 following the calendar year covered by
the statement pursuant to Rules 13d-1(d) and 13d-2(b).
B. Information contained in a form which is required to be filed by rules
under section 13(f) (15 U.S.C. 78m(f)) for the same calendar year as that
covered by a statement on this schedule may be incorporated by reference in
response to any of the items of this schedule. If such information is
incorporated by reference in this schedule, copies of the relevant pages of
such form shall be filed as an exhibit to this schedule.
C. The item numbers and captions of the items shall be included but the
text of the items is to be omitted. The answers to the items shall be so
prepared as to indicate clearly the coverage of the items without referring
to the text of the items. Answer every item. If an item is inapplicable or
the answer is in the negative, so state.
ITEM 1.
(a) Name of Issuer
Calpine Corporation
---------------------------------------------------------------------
(b) Address of Issuer's Principal Executive Offices
50 W. San Fernando Street, San Jose, CA 95113
---------------------------------------------------------------------
ITEM 2.
(a) Name of Person Filing
Osterweis Capital Management, Inc.,
Osterweis Capital Management LLC,
John S. Osterweis
---------------------------------------------------------------------
(b) Address of Principal Business Office or, if none, Residence
1 Maritime Plaza, Suite 800, San Francisco, CA 94111
---------------------------------------------------------------------
(c) Citizenship
N/A
---------------------------------------------------------------------
(d) Title of Class of Securities
Common
---------------------------------------------------------------------
(e) CUSIP Number
131347106
---------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) / / Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) / / Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) / / Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) / / Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) / / An investment adviser in accordance with section
240.13d-1(b)(1)(ii)(E).
(f) / / An employee benefit plan or endowment fund in accordance with
section 240.13d-1(b)(1)(ii)(F).
(g) / / A parent holding company or control person in accordance with
section 240.13d-1(b)(1)(ii)(G).
(h) / / A savings association as defined in section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
(i) / / A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3).
(j) /X/ Group, in accordance with section 240.13d-1(b)(1)(ii)(J).*
*This statement is filed by Osterweis Capital Management, Inc. and
Osterweis Capital Management, LLC, Investment Advisors registered under the
Investment Advisors Act of 1940 and their control person, John S. Osterweis.
<PAGE>
ITEM 4. OWNERSHIP
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
1,631,346
---------------------------------------------------------------------------
(b) Percent of class:
2.59%
---------------------------------------------------------------------------
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
1,391,396
-----------------------------------------------------------------
(ii) Shared power to vote or to direct the vote
25,800
-----------------------------------------------------------------
(iii) Sole power to dispose or to direct the disposition of
1,631,346
-----------------------------------------------------------------
(iv) Shared power to dispose or to direct the disposition of
0
-----------------------------------------------------------------
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following. /X/
INSTRUCTION: Dissolution of a group requires a response to this item.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class,
such person should be identified. A listing of the shareholders of an
investment company registered under the Investment Company Act of 1940 or the
beneficiaries of employee benefit plan, pension fund or endowment fund is not
required. N/A
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
If a parent holding company has filed this schedule, pursuant to Rule
13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating
the identity and the Item 3 classification of the relevant subsidary. If a
parent holding company has filed this schedule pursuant to Rule 13d-1(c) or
Rule 13d-1(d), attach an exhibit stating the identification of the relevant
subsidiary. N/A
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
If a group has filed this schedule pursuant to Section
240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit
stating the identity and Item 3 classification of each member of the group.
If a group has filed this schedule pursuant to Section 240.13d-1(d), attach an
exhibit stating the identity of each member of the group. N/A
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Notice of dissolution of a group may be furnished as an exhibit stating
the date of the dissolution and that all further filings with respect to
transactions in the security reported on will be filed, if required, by
members of the group, in their individual capacity. See Item 5. N/A
<PAGE>
ITEM 10. CERTIFICATION
(a) The following certification shall be included if the statement is filed
pursuant to section 240.13d-1(b):
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.
(b) The following certification shall be included if the statement is filed
pursuant to section 240.13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above 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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
2/10/99
----------------------------------------
Date
/s/ John S. Osterweis
----------------------------------------
Signature
John S. Osterweis, President, Osterweis Capital Management, Inc.
----------------------------------------
Name/Title
2/10/99
----------------------------------------
Date
/s/ John S. Osterweis
----------------------------------------
Signature
John S. Osterweis, President, Osterweis Capital Management, LLC
----------------------------------------
Name/Title
2/10/99
----------------------------------------
Date
/s/ John S. Osterweis
----------------------------------------
Signature
John S. Osterweis/Control Person
----------------------------------------
Name/Title
<PAGE>
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
---------------------------------------------------
This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities and
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer." The Joint Filers agree that a statement
of beneficial ownership as required by Section 13(d) of the Act and the Rules
hereunder may be filed on each of their behalf on Schedule 13D or Schedule
13G, as appropriate, and that said joint filing may thereafter be amended by
further joint filings. The joint Filers state that they each satisfy the
requirements for making a joint filing under Rule 13d-1.
Dated: 2/10/99
/s/ John S. Osterweis
--------------------------------
John S. Osterweis
President
Osterweis Capital Management, Inc.
/s/ John S. Osterweis
--------------------------------
John S. Osterweis
Osterweis Capital Management, LLC
/s/ John S. Osterweis
--------------------------------
John S. Osterweis
Individually
