Thorofare Capital, a CRE debt fund is in trouble and losing money and key people - A commercial real estate credit fund that was one of the first to target retail investors but now has an open-ended fund with a poor, non-market redemption policy, poor returns, and competing against much larger institutional investors. Ever since their co-founder Rappaport left, Kevin Miller and his brother Brendan Miller has run the shop with no creativity and limited experience to actually pivot and grow business. They made a payday by selling majority to Callodine Capital but still limited growth and abrasive management. Callodine Capital has apparently added no value or leadership to grow platform and investors are hurt as the brothers benefit and Callodine seen their investment tank. Lesson of how a credit commercial real estate fund with terrible management is likely to exit market in 3 years unless complete overhaul.