Thorofare, LLC

Thorofare, LLC, an SEC registered investment adviser, was established in June 2010 and is owned by Callodine Group, LLC. The firm specializes in managing real estate loan portfolios for the Thorofare Funds, providing investors with a real estate lending investment vehicle. Thorofare advises $1,293,925,371 in discretionary regulatory assets under management across its two Funds as of December 31, 2024. The firm receives management fees and administrative interest as compensation, with additional compensation from affiliate loan origination activities. Investors in the Funds are subject to performance participation or carried interest based on specified thresholds. Thorofare's investment strategy focuses on real estate transactions with strong borrower equity positions and aims to create a portfolio of loans with attractive loan-to-value ratios. The firm discloses potential risks, including borrower risk, market volatility, and lack of diversification. Thorofare has a Code of Ethics, addressing conflicts of interest, insider trading, and personal trading policies. The firm has custody of client assets and exercises discretionary authority over managed assets. Thorofare does not engage in traditional brokerage relationships and does not anticipate voting on client securities. The firm does not have any material changes or disciplinary information to disclose.