9AT: THOROFARE, LLC

THOROFARE, LLC

THOROFARE, LLC

CALLODINE THOROFARE, LLC

THOROFARE CAPITAL

Adviser Profile

As of Date	08/18/2026
Registration	SEC, Approved, 10/07/2014
ADV Location	EL SEGUNDO, CA, United States
Contact Info	617 xxxxxxx
Websites

AUM^*	1,403,774,527 8%
of that, discretionary	1,403,774,527 8%
Number of Employees	27 -7%
of those in investment advisory functions	17 -6%
Private Fund GAV^*	0
Avg Account Size	701,887,264 8%
SMA’s	No
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

2B 1B 1B 901M 676M 451M 225M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Brochure Summary

Overview

Thorofare, LLC (“Thorofare”) was formed in June 2010 and is wholly owned by Thorofare Holdings, LLC, which in turn is wholly owned by Callodine Thorofare, LLC. Indirectly, the principal owners of Callodine Thorofare, LLC are James Morrow, Kevin Miller, Brendan Miller and other employees of Thorofare who hold minority interests. Thorofare currently acts as discretionary investment adviser to real estate limited partnerships; Thorofare Asset Based Lending Fund IV L.P. (“Fund IV”) and Thorofare Asset Based Lending Fund V L.P. (“Fund V”) (collectively the “Fund(s)” or “Thorofare Funds”). The Thorofare Funds are the only clients of the firm. The general partners of the Thorofare Funds are Thorofare Lending Fund IV Management, LLC and Thorofare Lending Fund V Management, LLC (“General Partner(s)” respectively), each a Delaware limited liability company and entities which are wholly owned by Thorofare. Thorofare Asset Based Lending Fund IV L.P. and Thorofare Asset Based Lending Fund V L.P. make substantially all their investments through affiliated private REITs; namely Thorofare Asset Based Lending REIT Fund IV, LLC, and Thorofare Asset Based Lending REIT Fund V, LLC. Thorofare does this to maximize

tax efficiency for their tax-deferred limited partners for whom Unrelated Business Taxable Income (“UBTI”) and Effectively Connected Income (“ECI”) are a concern. The REIT entities are managed by their respective Boards of Directors who are elected pursuant to their operating agreement, which may be amended from time to time. Thorofare specializes in managing portfolios of real estate loans and the Thorofare Funds are designed and formed to provide investors with a real estate lending investment vehicle. Thorofare’s investment advice is limited to discretionary investment advisory services with respect to such types of investments. Thorofare’s investment advice is tailored to the investment objectives, investment strategy and restrictions (if any) set forth in each respective Fund’s limited partnership agreement (“LPA”) and private placement memorandum (“Offering Documents”). Thorofare does not provide specifically tailored advice to investors in the Funds. Refer to Item 8 as well as the Offering Documents for additional details on Thorofare’s strategy. As of December 31, 2023, Thorofare advises $1,576,914,964 in discretionary regulatory assets under management across its two Thorofare Funds.

THOROFARE, LLC

THOROFARE, LLC

CALLODINE THOROFARE, LLC

THOROFARE CAPITAL

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Brochure Summary

Overview

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THOROFARE, LLC THOROFARE, LLC CALLODINE THOROFARE, LLC THOROFARE CAPITAL

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Brochure Summary

Overview

THOROFARE, LLC

THOROFARE, LLC

CALLODINE THOROFARE, LLC

THOROFARE CAPITAL