Thorofare Capital CEO Kevin Miller Exits Company After 17 Years

One year after losing its three head originators, Thorofare Capital’s shakeup is now evident at the very top of the C-suite level.

Kevin Miller, who spent the last nearly 17 years as Thorofare’s CEO, is exiting the L.A.-based lender, according to sources familiar with the departure and an internal memo shared with Commercial Observer.  

“We thank Kevin for founding the firm and for his long-tenured service and role in the firm’s growth and success,” the July 15 memo sent to Thorofare limited partners said. 

A Thorofare spokesperson said in a statement that the decision was “mutual and amicable” and it was unknown what Miller’s final date with the firm would be. Miller’s brother, Brendan Miller, president and chief investment officer, will lead existing management team’s in his absence, according to Thorofare.

“Thorofare’s leadership team remains in place and is well-positioned to continue executing an investment strategy that serves investors and maintains a disciplined approach that has guided the firm throughout its sixteen-year history,” the spokesperson said. “Thorofare is also anchored on a strong commercial real estate finance originations team, built around a regionally based leadership structure.”

The loss of Miller comes on the heels of another big leadership hit Thorofare took last year culminating with the company parting ways with Felix Gutnikov, h​​ead of originations, in July 2025. Brendan Miller told CO at the time the move was part of the company’s strategy to head in a “new direction” toward a “regional-focused origination model.” 

Gutnikov was let go by Thorofare soon after David Perlman decided to leave his role leading the firm’s New York City office in early 2025 to relocate to Auckland, New Zealand. Thorofare also saw Jonathan Hart, head of the lender’s Dallas office , leave for S3 Capital in June 2025.

“The management team led by Brendan Miller and the broader organization remain well positioned to continue executing the fund’s investment strategy and to serve its investors, maintaining the disciplined approach that has guided the firm throughout its 16-year history,” the July 15 memo stated. “We appreciate your continued confidence and partnership and are very excited about the future of the firm.”

Brendan Miller did not immediately return a request for comment. 

Thorofare saw large-sale growth under Kevin Miller’s leadership, with more than $5.6 billion of lending volume since the firm’s inception in 2010, according to the company’s website, The firm scaled its assets under management from less than $100 million in the early 2010s to more than $1 billion by 2021 when Callodine Group acquired a majority stake in Thorofare to facilitate further growth.

He was a founding member of Thorofare after graduating from the University of Southern California in 2005, according to his LinkedIn profile. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com. Andrew Coen can be reached at acoen@commercialobserver.com.