Callodine’s Interval Fund Loses a Real Estate Lending Manager as Thorofare Founder Kevin Miller Exits
The commercial real estate credit sleeve now runs under a single named manager, with no successor co-manager named, at a fund that has otherwise spent the past year widening its bench.
August 31, 2026
Callodine Specialty Income Fund has removed one of the two portfolio managers overseeing its real estate lending sub-strategy, leaving the commercial real estate credit sleeve under a single named manager.
In a prospectus supplement dated August 28, the fund said Kevin Miller no longer serves as a portfolio manager of the real estate lending sub-strategy, effective immediately, and that all references to him in the prospectus and statement of additional information have been deleted. Brendan Miller continues as the portfolio manager responsible for the sleeve. No successor co-manager was named.
A Thorofare Departure Reaches the Fund
The change follows Kevin Miller’s exit from Thorofare Capital, the Los Angeles commercial real estate debt platform he founded in 2010 and ran as chief executive, and in which Callodine Group acquired a majority stake in 2021. Both of the sleeve’s named managers are Thorofare executives.
Trade press reported in July that Miller was leaving the firm. Thorofare described the separation as mutual and amicable and said Brendan Miller, his brother and the firm’s chief investment officer, would lead the existing management team without assuming the chief executive title.
The Question Is Bench Depth
Real estate lending is one of several sub-strategies inside a multi-strategy vehicle whose overall portfolio is co-managed by Callodine founder James Morrow and Callodine Credit Management chief executive Gene Martin, so the fund is not dependent on any single sleeve. Two points cut the other way:
- the real estate credit allocation now carries one named portfolio manager where there had been two;
- the supplement lands after a year of senior turnover at Thorofare spanning originations and investor relations.
A Fund Still Widening Its Platform
The vehicle itself has been adding capacity rather than shedding it. Callodine launched it in September 2025 as an unlisted closed-end interval fund built to generate current income across specialty lending, with sub-strategies covering asset-based lending, life sciences finance, direct lending, real estate lending, high yield debt and yielding equity securities.
In March the firm brought in Corrum Capital Management as a sub-adviser to run dedicated entertainment and aviation finance sleeves, and broadened availability across custodial platforms.
The supplement also updated the address of record for the fund’s investment adviser, Callodine Capital Management, which remains in Boston. Both changes took effect immediately and amend the prospectus and statement of additional information dated April 30, 2026.
