On January 17, 2025, Caldera made his 3-year-old debut in a maiden special weight at Oaklawn Park, where he romped by 5 ½ lengths while he was wearing blinkers for the first time. His trainer D. Wayne Lukas felt the colt merited a chance at a stakes race and the possibility of accruing Kentucky Derby points. With that in mind, Caldera targeted the Sunland Derby. His game second place finish to graded stakes winner Getaway Car gave him 10 points for the Kentucky Derby. While that was not enough to make it into the field for the classic, Lukas noted that Caldera was still learning. He had told Randy Moss before the Sunland Derby that Caldera “greets me at the front of the stall every morning eager to train. He’s got a bright future.”

After Caldera stumbled at the start in the Louisiana Derby and grabbed a quarter, Lukas opted to run him in the April 19 Bathhouse Stakes at Oaklawn Park for his next start. While the colt jogged sound coming out of the Louisiana Derby, he realized the Blue Grass Stakes that he had considered was coming up tough. The Bathhouse Stakes would give him the chance to run in either the Preakness Stakes or the Sir Barton Stakes. While Caldera placed second there in another game effort that echoed his attempt at the Sunland Derby, Lukas determined Caldera would benefit from a break from the track. He spent several months at a farm, returning to Lukas’ barn at Ellis Park in June 2025. Lukas expected his return to fitness wouldn’t take long.

Near the end of June, MyRacehorse provided the update to Caldera’s microshare holders that “D.Wayne Lukas has unfortunately been battling a severe infection and will not be returning to training. He will be spending his remaining time with his family… Mr. Lukas has been a key part of the MyRacehorse stable in recent years, and we are so honored to have worked with such an incredible horseman and human being. Our hearts go out to the entire Lukas family and his team.”

I reiterated those thoughts – a main reason I invested in Caldera was to read some of Lukas’ training insights and thoughts about a specific horse, after watching him succeed on major race days on TV broadcasts. It was a gift to know I had a little stake in a horse under his care.

Bas Nicholl, a long-term Lukas assistant trainer, took over the day-to-day training operations and he reported on June 28 that Caldera would need more time off than he’d just had, seeming to have bone bruising. It was not a major issue, but would require time.

That same June evening, a remarkable life concluded. D. Wayne Lukas passed away with family at his side. Much has been written about his legacy, and that lingers in the minds of many.

Part of that story, even in a minor way, will be shaping Caldera’s future. When the colt was getting close to a return to the track in November 2025, MyRacehorse selected Saffie Joseph Jr. to be his next trainer, believing his training style would fit Caldera well.

In February this year, MyRacehorse mentioned “Saffie Joseph, Jr. is a trainer who typically gives horses an ample amount of morning workouts before considering them race ready.”

That foundation paid off well (even with a bit of a wait for races to fill and be carded that suited the colt) when Caldera won convincingly in an April 30 allowance claiming race at Gulfstream Park. Though he ran a bit erratically near the wire (possibly a reaction to the whip), he still cruised home with a final margin of victory of 6 ¼ lengths. It was almost exactly a year since his previous start, in a year where he gathered 10 Kentucky Derby points. Even though it was not in the cards for him to be a Derby contender, coming back with a win like he did further shows the promise D. Wayne Lukas saw in him has not dimmed. There should be plenty of blue sky ahead for Caldera, and the hope of a promising horse is wonderful.

With Kentucky Derby day nearly upon us, there are 20 horses vying for that chance at the promise of winning that classic. It brings to mind the apt quote about “the chance of a lifetime in a lifetime of chance.”

So Happy, from Mark Glatt’s barn, has garnered a lot of attention for getting his trainer to the race on the heels of his wife’s unexpected passing. It’s a feel-good story in the making.

Further Ado has also generated a lot of buzz, with impressive margins of victory in two races at Keeneland, including the Blue Grass Stakes most recently.

Bob Baffert stood trackside to watch his charges train, wearing a black cowboy hat and with a visage a bit more weathered. In a way, it seemed like an echo of Lukas still at the track.

The stage is nearly set for the Kentucky Derby, one of the greatest days in racing. Here’s to safe trips for all!

And it is in many ways a part of the legacy of D. Wayne Lukas, when he reached one more time for that Derby starting gate with Caldera. And he knew that it was part of the dreams this sport can inspire, when he mentioned his Classic success with Seize the Grey drew in a lot of additional investors to Caldera. He will be remembered for many Derbies to come.