STADIA FINANCIAL

Stadia Financial is the Calamos family's private investment office, legally and operationally separate from Calamos Investments — the publicly traded asset management firm John P. Calamos Sr. founded in 1977. The separation ensures family capital is managed outside the fiduciary, regulatory, and disclosure framework of the 1940 Act-registered advisory business. Calamos Investments manages over $30 billion in client assets, while Stadia handles the family's personal balance sheet across private markets, real estate, and direct investments.

John P. Calamos Sr. is the family patriarch and ultimate decision-maker on investment strategy, consistent with the single-family office model. Day-to-day management may involve a dedicated family office staff operating from the Naperville, Illinois area, though the office does not publicly disclose its internal governance or committee structures. Public filings from related entities suggest the family takes an active role in private investments rather than delegating fully to external managers.

The family has historically co-invested personal capital alongside certain Calamos Investment strategies, particularly in real estate and private placements. However, these arrangements require careful disclosure and conflict-of-interest management under SEC rules governing the advisory firm. The existence of Stadia as a separate entity suggests the family seeks a clear boundary between proprietary capital and client capital, though the exact firewall protocols are not publicly described.

The wealth traces to John P. Calamos Sr.'s founding of Calamos Asset Management in 1977, which pioneered convertible-bond investing for institutional and retail clients. The firm went public in 2004 on the NASDAQ, later restructured, and now operates as Calamos Investments. Calamos Sr. served as CEO and later chairman, retaining significant equity through the firm's evolution. His son, John Koudounis, now runs the public company as CEO, while the family office manages distributed and reinvested wealth from decades of corporate ownership.

Stadia's investment mandate spans private equity, venture capital, direct real estate, and public equities — distinct from the convertible-bond and options-strategy focus of Calamos Investments. The office has a known geographic concentration in the Chicago metro area and broader Midwest, particularly for real estate and early-stage ventures. Specific portfolio holdings are not publicly disclosed, consistent with the privacy posture of most single-family offices.

The John P. Calamos Sr. Foundation is a separate 501(c)(3) entity focused on education, veterans' support, and Greek-American cultural programs. While the foundation draws funding from the same wealth base that Stadia manages, the two operate independently. John Calamos Sr. is the foundation's founder and chairman, and his family participates in its governance, but the foundation is not an investment vehicle and has its own board and grant-making process.

While Stadia does not publicly detail its succession architecture, the public-company leadership transition at Calamos Investments offers a partial signal: John Koudounis, Calamos Sr.'s son-in-law, became CEO of the asset manager, suggesting an organized intergenerational transfer of operating authority. Whether the family office follows a similar structure — or remains under the founder's direct control — is not disclosed. Given the family's multi-decade horizon and the separate-office model, the office likely has formal estate and governance planning.