Dino Colonna
About Dino Colonna
Dino Colonna (born 1979) is President of Chicago Atlantic BDC, Inc. (ticker: LIEN) and a Partner at Chicago Atlantic BDC Advisers, LLC; he has served as President since October 2024 and is an executive officer (not a director) of the externally managed BDC . Colonna holds a CFA Charter, a B.S.B.A. from the University of Delaware, and an international MBA from ESADE Business School (Spain) . The company’s externally managed structure makes LIEN’s executive officers’ pay linked to adviser fee economics rather than issuer-set performance metrics; executives do not receive direct compensation from LIEN, and adviser fees are based on gross assets and investment performance (NII and realized capital gains) . LIEN highlights potential conflicts from adviser economics and investment committee participation; while several named executives are members of the adviser’s Investment Committee, the proxy text references Colonna’s indirect pecuniary interest via the Adviser without explicitly naming him as an IC member .
Recent company performance context (during Colonna’s tenure)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($USD) | $945,984* | $643,546* | $1,173,972* | $1,243,929* |
| Net Income ($USD) | $7,974,878* | $7,614,357* | $8,584,265* | $8,834,061* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years/Duration | Strategic Impact |
|---|---|---|---|
| Silver Spike Capital | Partner & Co-Head of Credit | Pre-2024 to Oct 2024 | Led credit strategy; part of platform serving cannabis and related markets . |
| Madison Capital Advisors | Managing Partner | Prior to Silver Spike | Asset-backed lending/advisory for emerging growth in cannabis, life sciences, tech . |
| Barclays (London, Equity Capital Markets) | Investment Banker | 4 years | Advised/structured over $8B of equity, derivative, and debt transactions . |
| Forest Investment Management | Senior Research Analyst | 6 years | Credit/equity research; portfolio team managing >$500M multi-strategy portfolio . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Chicago Atlantic BDC Advisers, LLC | Partner | Since Oct 2024 | Adviser to LIEN; fee structure includes base management and incentive fees . |
No public company directorships disclosed for Colonna .
Fixed Compensation
| Component | Amount/Rate | Notes |
|---|---|---|
| Base salary (from LIEN) | Not applicable | LIEN has no employees; executives receive no direct compensation from LIEN . |
| Target bonus % (from LIEN) | Not applicable | Executives are paid by the Adviser, not LIEN . |
| Actual bonus paid (from LIEN) | Not applicable | LIEN does not pay bonuses to executive officers . |
Performance Compensation
| Component | Metric/Formula | Target/Hurdle | Payout Timing | Vesting/Other Terms |
|---|---|---|---|---|
| Adviser Base Management Fee | 1.75% of gross assets (excludes cash/equivalents) | N/A | Ongoing | Paid to the Adviser; executives as Partners may share in Adviser profits . |
| Incentive Fee on Income | 20% of Pre-Incentive Fee Net Investment Income | Subject to preferred return “hurdle” and catch-up | Quarterly in arrears | Paid to Adviser; aligns to NII generation . |
| Incentive Fee on Capital Gains | 20% of realized capital gains on cumulative basis net of losses/depreciation | N/A | Annual (or upon termination) | Cumulative from inception; paid to Adviser . |
No RSU/PSU grants, option awards, or executive-specific performance weightings/targets/payouts are disclosed for Colonna at LIEN due to the externally managed structure .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 4/25/2025) | No shares reported for Dino Colonna in the security ownership table . |
| Ownership % of shares outstanding | Not reported for Colonna (table shows “—”) . |
| Vested vs. unvested shares | Not disclosed/applicable; no executive equity plans disclosed . |
| Options (exercisable/unexercisable) | Not disclosed/applicable . |
| Shares pledged as collateral | No pledging disclosures for executive officers; company has not adopted hedging policy for officers/directors . |
| Stock ownership guidelines | Not disclosed . |
| Hedging policy | Company has not adopted employee/officer/director hedging practices/policies . |
Employment Terms
| Term | Detail |
|---|---|
| Role and start date | President since October 2024 . |
| Officer status | Executive officer (not a director) . |
| Contract term/auto-renewal | Officers hold office until successors are elected/qualified or earlier resignation/removal; no employment agreement disclosed . |
| Severance provisions | Not disclosed for executive officers (externally managed structure) . |
| Change-of-control provisions | Not disclosed for executive officers; adviser fee terms persist unless Investment Advisory Agreement terminates per its terms . |
| Clawbacks/tax gross-ups | Not disclosed; compensation committee does not report on executive compensation practices due to external management . |
| Non-compete / non-solicit | Not disclosed. |
| Garden leave / consulting post-termination | Not disclosed. |
Related Party Transactions and Governance Considerations
- LIEN is externally managed by Chicago Atlantic BDC Advisers, LLC; Colonna is a Partner at the Adviser, and adviser economics drive management and incentive fees as outlined above .
- LIEN notes potential conflicts in valuation and fee calculations given adviser members’ indirect pecuniary interests; risk factor language lists several executives as members of the Adviser’s Investment Committee and references Colonna’s interest via the Adviser (without explicitly naming him as IC member), highlighting conflict risk tied to gross asset-based fees and capital gains fees .
- Expense Limitation Agreement caps certain operating expenses at 2.15% of net assets through September 30, 2025, with exclusions clarified on February 14, 2025 (interest expense, capital raising costs excluded from cap) .
Compensation Committee Analysis
- The Compensation Committee reviews and approves reimbursement of compensation for the CFO/CCO and their staffs (allocable portion based on time), but does not produce an executive compensation report as executives are not directly compensated by LIEN .
- Committee membership comprises independent directors only; the committee held one formal meeting in FY 2024 .
Investment Implications
- Alignment risk: Executive pay is indirectly tied to adviser fees (AUM/gross assets and performance-linked fees) rather than issuer-set EPS/ROE targets; this can incentivize asset growth and NII/capital gains generation over per-share value, a common structure risk in externally managed BDCs .
- Conflict/valuation risk: LIEN flags potential conflicts in valuation given investment professionals’ interests in the Adviser; capital gains incentive fees incorporate unrealized depreciation/loss mechanics, increasing scrutiny on fair value marks and fee accruals .
- Insider selling pressure: No direct shareholdings reported for Colonna reduces near-term selling pressure signals, but lack of ownership guidelines and no hedging policy may be viewed as weaker alignment vs. internally managed peers .
- Change-of-control/severance opacity: No disclosed employment agreements, severance, or change-of-control terms for executive officers at LIEN; retention and transition risks hinge on Adviser arrangements rather than issuer-level contracts .