Callodine Group Announces Acquisition of Thorofare Capital

- Acquisition of Thorofare adds real estate expertise to the Callodine platform and expands the firm’s capabilities in yield-oriented investment strategies

- Strategic partnership with Callodine will strengthen the existing Thorofare platform and support its next phase of growth

BOSTON, MA and LOS ANGELES, CA - December 14, 2021 - Callodine Group (“Callodine”), an asset management firm focused on yield-oriented investment strategies, today announced that it has entered into a definitive agreement to acquire a majority stake in Thorofare Capital (“Thorofare”). Thorofare is a leading real estate investment firm, managing over $1 billion in assets under management (“AUM”), with offices in Los Angeles, New York, Miami and Dallas.

In connection with the closing of the transaction, Thorofare will become the real estate arm of Callodine Group, with the full team of 23 employees continuing with the firm. Thorofare’s management team, investment committee and investment process will all remain intact, with Callodine providing strategic guidance and capital resources to the business.

“When choosing a strategic partner, our focus was to identify a company that possesses a strong corporate culture, credit discipline, and an investor-centric approach to position Thorofare for accelerated, long-term growth as we enter the next chapter of our business,” said Kevin Miller, founder and CEO of Thorofare Capital, “We found all of those attributes and more in the Callodine team. The opportunity set we see before us at Thorofare is significant, and we are excited to enter the next phase of our firm’s growth with a partner like Callodine that will work alongside us to achieve our shared goals for the future.”

“We are incredibly fortunate to have the opportunity to partner with the Thorofare team and help them take what we believe is already a best-in-class real estate investment firm to the next level,” said James Morrow, founder and CEO of Callodine Group. “The entrepreneurial spirit with which Kevin, Brendan Miller and the rest of the Thorofare team have built their business directly aligns with our core values here at Callodine. We look forward to working together in the pursuit of compelling investment opportunities and thoughtful growth for years to come.”

The transaction is anticipated to close by year end. In the coming months, Thorofare Capital will transition to the Callodine Thorofare brand name.

Berkshire Global Advisors LP served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Thorofare.

Aviditi Advisors served as strategic advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Callodine.