ThoroFare, LLC

Thorofare provides discretionary investment management to two real estate lending private funds (Thorofare Asset Based Lending Fund IV L.P. and Fund V L.P.) and acts as sub‑investment adviser for the real estate lending sleeve of a newly organized interval fund. As of December 31, 2025, it reported approximately $1.403 billion in regulatory assets under management and the Thorofare Funds are the adviser’s only clients.

The firm’s investment approach centers on originating and underwriting real estate loans with an emphasis on conservative loan‑to‑value metrics (targeting mid‑50s average LTV and generally at or below 68% on primary collateral), detailed property due diligence, and, where appropriate, acquiring loans on the secondary market. Thorofare commonly funds investments through affiliated private REITs to address tax efficiency and UBTI/ECI concerns, uses subscription credit lines for deployment (not for leverage), and may employ leverage at the fund level up to approximately 1:3.

Compared with many peers, Thorofare has a notable degree of vertical integration and affiliated activity: affiliates originate and service loans, act as real estate agents/brokers, and may retain origination and other borrower fees; certain supervised persons are registered representatives of an unaffiliated broker‑dealer and Thorofare discloses arrangements to compensate third‑party promoters for investor referrals. The firm also discloses the use of artificial intelligence tools in its business processes, detailed co‑investment and side‑pocket policies, and the practice of holding investments via related REIT entities, which together distinguish its operational and distribution footprint from many similarly sized managers.