Cases and Records
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Subject: Tollmere Credit Advisers LLCOwner: Sarah CollinsOpen
Case evidence · 6
2 more items
Activity
Working assessment savedSarah Collins
File version savedSarah Collins
Note added to saved versionSarah Collins
Current assessment
The manager reports its review complete . Public sources do not show whether borrower fees are now credited against this fund’s management fee .
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- Does a recent fee calculation show the credit for borrower fees?
- When did remediation take effect for this fund? Is anything excluded?
- Who oversees the fee controls and the remediation today?
Next step
Request the offering memorandum, governing agreement and a recent fee calculation from Tollmere before the approved-list committee on 2026-11-12.
Reviews on other revisions · James Walker · Reviewed · Revision 1
Source link · Source copy · Version 1 · PDF
The Credit Desk · 2026-06-18
Investors in older Tollmere funds ask whether fee fix reaches them
Tollmere’s letters to investors describe the offset for funds launched after January 2025. Two investors in older funds, including the Senior Lending Fund, said the letters did not say whether borrower fees are now credited against their management fees.
A Tollmere spokesperson said each fund’s offset follows its governing agreement and the consultant’s review covered every fund.
Notes for this source
The letters describe funds launched after January 2025. Ask for our fund’s fee terms and a recent fee calculation showing the credit.
Tollmere completes fee review
- Publisher
- Tollmere Capital Group
- Published
- 2026-03-04
- Saved by
- Sarah Collins
Link only. No page body or original copy is stored.
Notes for this source
The statement comes after the deadline. Ask when the adviser filed its certification.
Files or screenshotsExternal link
Choose files, drop them below, or paste a screenshot. Nothing is uploaded until you save.
tollmere-slf-fee-calculation-q3-2026.pdf186 KBReady
Source details (optional)
PDF · Original · Version 1 · Provided by Tollmere Credit Advisers LLC
Tollmere Senior Lending Fund
Management fee calculation
Quarter ended September 30, 2026
| 1 | Average invested capital | $512,000,000 |
| 2 | Management fee rate (annual) | 1.25% |
| 3 | Gross management fee (line 1 × line 2 ÷ 4) | $1,600,000 |
| 4 | Servicing and monitoring fees paid by fund borrowers to Tollmere Loan Services LLC, Q3 2026 | $214,300 |
| 5 | Offset under section 4.3 of the governing agreement (100% of line 4) | ($214,300) |
| 6 | Net management fee | $1,385,700 |
Prepared by Tollmere Credit Advisers LLC · October 30, 2026Page 1 of 1
Notes for this source
No notes on this version yet.
Add noteLine 5 credits this quarter’s borrower fees in full against the management fee. It covers Q3 2026 only, so it doesn’t show how earlier periods were treated.
Assessment revision 3 saved. Earlier revisions and Records are unchanged.
Current assessment
The manager reports its review complete . Its Q3 2026 calculation for this fund credits borrower fees in full against the management fee . Earlier periods are not shown.
Q3 2026 management fee calculationPDF · page 1
5Offset under section 4.3 of the governing agreement (100% of line 4) ($214,300)
JWJames Walker: It covers Q3 2026 only, so it doesn’t show how earlier periods were treated.
Tollmere completes fee reviewTollmere Capital Group · 2026-03-04
SCSarah Collins: The statement comes after the deadline. Ask when the adviser filed its certification.
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- How were borrower fees treated before Q3 2026?
- Who oversees the fee controls and the remediation today?
Next step
Ask Tollmere for the governing agreement and the earlier calculations before the committee on 2026-11-12.
Request colleague review
Review requested. Your colleague has an in-app notification.
SCSarah CollinsReview requested · Assessment revision 3 · 2026-11-05 10:42 UTC
Colleague reviews
The Q3 calculation supports a credit for this fund before the reported January 2027 rollout to all funds. Confirm when it began and how earlier borrower fees were treated.
A colleague’s response applies to the named revision; it is not compliance clearance.
Approved-list review · Tollmere Senior Lending FundAssessment revision 3
Requested by James Walker · 2026-11-05 10:42 UTC
WaitingAnswer
Review response
ReviewedChanges requested
Each request applies to its named assessment revision.
Save responseSave the exact contents below. Creating a Record does not close or approve the Case.
Contents summary & included versions
Subject: Tollmere Credit Advisers LLCOwner: Sarah CollinsOpen
Case evidence · 7
3 more items5 more items
Record history
Record 1Latest saved2026-11-10 16:20 UTC · James Walker
Activity
File version savedJames Walker
Record createdJames Walker
Assessment review response savedSarah Collins
Tollmere Credit Advisers LLC
Approved-list review · Tollmere Senior Lending Fund · Organization
Saved assessment · revision 3
James Walker · 2026-11-05 10:40 UTC
The manager reports its review complete [1]. Its Q3 2026 calculation for this fund credits borrower fees in full against the management fee [2]. Earlier periods are not shown.
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- How were borrower fees treated before Q3 2026?
- Who oversees the fee controls and the remediation today?
The Q3 calculation supports a credit for this fund before the reported January 2027 rollout to all funds. Confirm when it began and how earlier borrower fees were treated.
Analyst assessment and colleague review at creation. This is not a screening decision or formal approval. Later revisions are not included.
Referenced evidence in this Record · 7
PDFQ3 2026 management fee calculation
ImageInvestor portal fee notice
Source linkTollmere completes fee review
Source linkInvestors in older Tollmere funds ask whether fee fix reaches them
SEC filingForm 4 · Keary Desmond
PDFOrder instituting proceedings · File No. 3-22418
ResearchDue Diligence report · Version 1
Due Diligence report, included by James Walker on Nov 10, 2026
About this Record
Saved at creation. Later Case changes are not included. Creating this Record did not close or approve the Case.
- Record
- Record 1
- Created
- 2026-11-10 16:20 UTC
- Created by
- James Walker
- Case status
- Open
Export Record
Download PDFDownload evidence package (ZIP) Download JSONPrintEvidence
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Files or screenshotsChoose files, drop them below, or paste a screenshot. PDF, images, text/CSV, Word/OpenDocument, Excel · 20 MB per file.
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Gathered elsewhere
Found in Altira
PDF · Original · Version 1 · Provided by Tollmere Credit Advisers LLC
Tollmere Senior Lending Fund
Management fee calculation
Quarter ended September 30, 2026
| 1 | Average invested capital | $512,000,000 |
| 2 | Management fee rate (annual) | 1.25% |
| 3 | Gross management fee (line 1 × line 2 ÷ 4) | $1,600,000 |
| 4 | Servicing and monitoring fees paid by fund borrowers to Tollmere Loan Services LLC, Q3 2026 | $214,300 |
| 5 | Offset under section 4.3 of the governing agreement (100% of line 4) | ($214,300) |
| 6 | Net management fee | $1,385,700 |
Prepared by Tollmere Credit Advisers LLC · October 30, 2026Page 1 of 1
Notes for this source
Line 5 credits this quarter’s borrower fees in full against the management fee. It covers Q3 2026 only, so it doesn’t show how earlier periods were treated.
Image · Original · Version 1 · Screenshot pasted by Sarah Collins
Investor portal · Notices
Fee offset update · Posted 2026-05-14
Following the completion of our fee review, servicing and monitoring fees received by Tollmere Loan Services are now offset against management fees for funds launched after January 2025.
Tollmere Credit Advisers LLC
Notes for this source
The portal notice names funds launched after January 2025 only. Our fund has been offered since 2022.
Tollmere completes fee review
- Publisher
- Tollmere Capital Group
- Published
- 2026-03-04
- Saved by
- Sarah Collins
Link only. No page body or original copy is stored.
Notes for this source
The statement comes after the deadline. Ask when the adviser filed its certification.
Source link · Source copy · Version 1 · PDF · From Adverse Media
The Credit Desk · 2026-06-18
Investors in older Tollmere funds ask whether fee fix reaches them
Tollmere’s letters to investors describe the offset for funds launched after January 2025. Two investors in older funds, including the Senior Lending Fund, said the letters did not say whether borrower fees are now credited against their management fees.
A Tollmere spokesperson said each fund’s offset follows its governing agreement and the consultant’s review covered every fund.
Notes for this source
The letters describe funds launched after January 2025. Ask for our fund’s fee terms and a recent fee calculation showing the credit.
Form 4 · Keary Desmond
- Filed name
- DESMOND KEARY
- Form
- 4
- Filing date
- 2026-03-12
- Roles reported in filing
- Officer · Vice Chair
Historical role context: roles were reported in this filing and do not establish a current role.
From Corporate Insiders · Tollmere Capital Group, Inc.
Order instituting proceedings · File No. 3-22418
Published 2025-02-11 · 9 pages · From Enforcement Actions
Page 4
¶14. From 2021 through 2023, Tollmere Loan Services LLC received $11.6 million in servicing and monitoring fees from borrowers of the funds. Contrary to the funds’ offering memoranda and governing agreements, Respondent did not offset these fees against its management fees.
Due Diligence report · Version 1
AI-generated · From Due Diligence · Saved 2026-10-21 by Sarah Collins
Key findings
- Adviser to the Tollmere Senior Lending Fund; a subsidiary of Tollmere Capital Group, Inc.
- The 2025 order found borrower fees an affiliate collected were not credited as the governing agreements said, and required a consultant and a certification.
4 cited sources · 2 open questions
Colleague review
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Write an assessment with citations to the Case evidence, then ask a colleague to review it. Their response stays attached to the version they read, even as the assessment changes.
Revision
Each request applies to its named assessment revision.
Current assessment
The manager reports its review complete . Its Q3 2026 calculation for this fund credits borrower fees in full against the management fee . Earlier periods are not shown.
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- How were borrower fees treated before Q3 2026?
- Who oversees the fee controls and the remediation today?
Next step
Ask Tollmere for the governing agreement and the earlier calculations before the committee on 2026-11-12.
Colleague reviews
The Q3 calculation supports a credit for this fund before the reported January 2027 rollout to all funds. Confirm when it began and how earlier borrower fees were treated.
Current assessment
The manager reports its review complete . Public sources do not show whether borrower fees are now credited against this fund’s management fee .
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- Does a recent fee calculation show the credit for borrower fees?
- When did remediation take effect for this fund? Is anything excluded?
- Who oversees the fee controls and the remediation today?
Next step
Request the offering memorandum, governing agreement and a recent fee calculation from Tollmere before the approved-list committee on 2026-11-12.
Colleague reviews
No review shown for this revision.
Current assessment
The manager reports its review complete . Public sources do not show whether borrower fees are now credited against this fund’s management fee .
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- Does a recent fee calculation show the credit for borrower fees?
- When did remediation take effect for this fund? Is anything excluded?
Next step
Request the offering memorandum, governing agreement and a recent fee calculation from Tollmere before the approved-list committee on 2026-11-12.
Colleague reviews
Add who oversees the fee controls now. The filings show Keary is still an officer, as Vice Chair; Amberley leads credit.
This is an earlier revision. Its review does not apply to a newer assessment.
Cited evidence
Tollmere completes fee review
Source link · Tollmere Capital Group · 2026-03-04
Link only. No page body or original copy is stored.
The statement comes after the deadline. Ask when the adviser filed its certification.
Cited evidence
Investors in older Tollmere funds ask whether fee fix reaches them
Source link · The Credit Desk · 2026-06-18
“Tollmere’s letters to investors describe the offset for funds launched after January 2025.”
The letters describe funds launched after January 2025. Ask for our fund’s fee terms and a recent fee calculation showing the credit.
Cited evidence
Q3 2026 management fee calculation
PDF · Original · page 1 · Provided by Tollmere Credit Advisers LLC
5Offset under section 4.3 of the governing agreement (100% of line 4) ($214,300)
Line 5 credits this quarter’s borrower fees in full against the management fee. It covers Q3 2026 only, so it doesn’t show how earlier periods were treated.
Records
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Save a numbered Record of the evidence and assessment included at that point in the investigation. Later edits to the Case don’t rewrite earlier Records. Download a PDF or evidence package to share through your firm’s own process.
The working Case · Nov 16
Subject: Tollmere Credit Advisers LLCOwner: Sarah CollinsOpen
Case evidence · 8
3 more items5 more items
Record history
Record 1Latest saved2026-11-10 16:20 UTC · James Walker
Activity
File version savedJames Walker
Record createdJames Walker
Assessment review response savedSarah Collins
Record 1 · saved Nov 10
Tollmere Credit Advisers LLC
Approved-list review · Tollmere Senior Lending Fund · Organization
Saved assessment · revision 3
James Walker · 2026-11-05 10:40 UTC
The manager reports its review complete [1]. Its Q3 2026 calculation for this fund credits borrower fees in full against the management fee [2]. Earlier periods are not shown.
Unresolved questions
- What do the fund’s offering memorandum and governing agreement say about the offset?
- How were borrower fees treated before Q3 2026?
- Who oversees the fee controls and the remediation today?
The Q3 calculation supports a credit for this fund before the reported January 2027 rollout to all funds. Confirm when it began and how earlier borrower fees were treated.
Analyst assessment and colleague review at creation. This is not a screening decision or formal approval. Later revisions are not included.
Referenced evidence in this Record · 7
PDFQ3 2026 management fee calculation
ImageInvestor portal fee notice
Source linkTollmere completes fee review
Source linkInvestors in older Tollmere funds ask whether fee fix reaches them
SEC filingForm 4 · Keary Desmond
PDFOrder instituting proceedings · File No. 3-22418
ResearchDue Diligence report · Version 1
Due Diligence report, included by James Walker on Nov 10, 2026
About this Record
Saved at creation. Later Case changes are not included. Creating this Record did not close or approve the Case.
- Record
- Record 1
- Created
- 2026-11-10 16:20 UTC
- Created by
- James Walker
- Case status
- Open
Export
Download PDF, Download evidence package (ZIP), Download JSON or Print, from the saved Record.
ALTIRA · CASE RECORD 1
Tollmere Credit Advisers LLC
Approved-list review · Tollmere Senior Lending Fund · Organization
Saved 2026-11-10 16:20 UTC by James Walker
Exported 2026-11-10 16:24 UTC
Saved at creation. Later Case changes are not included. Creating this Record did not close or approve the Case.
Working assessment · revision 3 · James Walker
The manager reports its review complete [1]. Its Q3 2026 calculation for this fund credits borrower fees in full against the management fee [2]. Earlier periods are not shown.
Colleague review · Sarah Collins · Reviewed
The Q3 calculation supports a credit for this fund before the reported January 2027 rollout to all funds. Confirm when it began and how earlier borrower fees were treated.
Evidence index
E001 Q3 2026 management fee calculation · E002 Investor portal fee notice · E003 Tollmere completes fee review · E004 The Credit Desk, 2026-06-18 · E005 Form 4 · Keary Desmond · E006 Order, File No. 3-22418 · E007 Due Diligence report · Version 1
ALTIRARECORD 11 / 9
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The same index for your own systems.
The Record’s saved contents as data.
The calculation exactly as Tollmere sent it.
The screenshot exactly as Sarah saved it.
The source copy of the June report.
Questions
Cases and Records questions
How is a Record different from the Case?
The Case is where the work continues: evidence, notes, assessments and reviews keep developing. A Record saves the evidence and assessment included at that point, with who saved it and when. Later edits to the Case don’t rewrite it.
Do I need to finish the investigation before saving a Record?
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