Duke of Love Reconciliation Update

We have completed our reconciliations of the Duke of Love Financials and did uncover the reserve had been previously overstated. Attached is a breakdown of all revenue and expenses since the inception of the offering and as you will see, the current reserve balance going into last week’s race was actually -$23,012.

For the win, Duke earned net proceeds of $78,050, bringing the reserve back to an almost fully funded state. Since all net earnings went to the reserve there will be no payout for this race. However, now that we are just over 95% funded we are hopeful we can continue and add to the shareholder distributions, which to date have totaled $177,640.

In looking at the lifetime financials there are a couple of interesting takeaways that highlight why the expenses have run a little high on this horse.

    • There was a tax liability of 11.5K for his profitable 2022 campaign.
    • Duke Race Day expenses which include jockey, trainer, nomination, and currency conversion charges total 35.8% which is significantly higher than our US average.

Overall, even with higher Canadian race expenses and the tax hit of 2022, Duke of Love has been a pretty strong producer returning $88.92 in shareholder dividends to date, and now has an almost fully funded reserve of $55,037.98 (which represents about $27.50 per share)

Duke of Love Workout Report

Duke of Love worked a half mile yesterday morning with multiple stakes winner Collecting Flatter. The Josie Carroll trained duo stopped the clock in 47.40 seconds, which was the bullet for the morning. Josie Carroll thought this was a good work, but was a bit quicker than what she was looking for.

The latest condition book for Woodbine was released earlier this week and our options for Duke as far as an allowance race are nonexistent. Josie and our team will discuss options out of town. Once a decision has been made, we will follow up.

Duke of Love Workout Report

Duke of Love returned to the work tab this morning, working five furlongs in :1:00.20. Josie Carroll was very pleased with this work, saying that your colt did exactly what she wanted to see this morning. His next race is up in the air at the moment. In the current condition book which runs through June 18th, there is no option for Duke. Josie expects the new condition book to be released in approximately a week and is hoping to see an allowance option in the early parts of the book. If that option falls through, Josie said that she will weigh our options of running out of town on a dirt track on the East Coast.

Duke of Love Workout Report

Duke of Love returned to the work tab at Woodbine today and was reunited with regular jockey Justin Stein. Your 4-year-old colt worked the bullet half mile in 47.60 seconds. Josie Carroll said that she normally would be a bit upset with how quick this work was, but said that Justin never moved a muscle throughout the whole work. Additionally, Josie said that Duke came back to the barn extremely relaxed as if he went out for a gallop.

No race has been targeted yet for Duke, but Josie would like to start him back in a seven-furlong allowance race at the Toronto Oval before beginning to plan out a stakes campaign for the remainder of the year.

Duke of Love at Payson Park

Duke of Love arrived back to the Josie Carroll barn at Payson Park yesterday morning. Your 4-year-old colt arrived in great order and had his first day on the track this morning,

Enjoying Life

Duke of Love is enjoying his well-deserved respite at Wavertree Farm in Ocala, Fl. The 3-year-old colt has his very own palatial paddock and is happy to welcome visitors. Your boy is looking good!

Duke of Love Race Recap

Duke of Love ended his run in the Canadian Triple Crown yesterday with a sixth-place finish in the Breeders’ Stakes at Woodbine. He originally came home under the wire in 7th in the nine-horse field but was elevated to sixth with the disqualification of Dancin in Da’Nile, the fourth-place finisher who was placed seventh for interference with your colt at the quarter pole.

Duke’s team had been hoping that the 3-year-old son of Cupid would pull off a win in the 1 1/2-mile turf race, which was won by Sir for Sure, to earn his second victory in the series, after his beautiful win in the Prince of Wales of Stakes at Fort Erie last month, which followed his 8th-place finish in the first leg, the Queen’s Plate in June. Duke, who was ridden by Justin Stein, was prominent in the early running of the Breeders’ Stakes while contesting the pace with Gaston through a mile run in 1:39.04, but he didn’t pack a punch in the stretch. Trainer Josie Carroll attributed the performance more to him getting weary from his early efforts rather than him not liking the turf. She said that the bumping with Dancin in Da’Nile probably cost him a better placing.

“I think he would have finished up a little bit better had the 7 not come over and caused all the bumping,” she said. “You know, when a horse is starting to get tired and gets bumped around, it certainly takes a lot away from his run.”

Nonetheless, it was exciting for Duke’s partners to have him participate in all three legs of the Triple Crown and enjoy the good times associated with each of those races whether they joined us onsite or cheered from home. It’s really a testament to the horse’s soundness and durability, and Josie’s great management of him, that he competed in all three of those prestigious races.

We’re happy to report that Duke came out of yesterday’s race well. The Breeders’ Stakes marked his seventh start this year during a campaign that began in early May, so he is due for some much-deserved rest and relaxation and we’ve made plans for him to do exactly that at Wavertree Farm in Ocala, Fl. We look forward to seeing Duke run as a 4-year-old and will certainly update his partners during his respite at Wavertree.

You can view yesterday’s race here.

Race Day Information

Duke of Love looks to score his second victory in the Canadian Triple Crown, the $400,000 Breeders’ Stakes run at 1 ½ miles on the turf at Woodbine this Sunday. The 3-year-old colt drew post 8 in a nine-horse field. Carded as Race 9 on the day the Breeders’ Stakes has a 5:38 PM ET post time. Regular pilot Justin Stein will be in the irons.

Click here for additional race day financial information. All amounts in graphic have been converted to USD. Good luck!

Duke of Love Race Entry

Duke of Love has officially been entered in the third and final leg of the Canadian Triple Crown, the Breeders’ Stakes run at 1 ½ miles on the E.P. Taylor turf course at Woodbine on October 2nd. Drawing post eight in the nine-horse field, Justin Stein will be aboard once again. If you are interested in joining us on Sunday, please enter our paddock lottery here. You can also enter our seating lottery here.

Duke of Love Race Recap

When the starting gate stalls sprung open in yesterday’s $400,000 Prince of Wales at Fort Erie Race Track, Duke of Love was in search of his first stakes win and less than two minutes later the 3-year-old delivered big time for his partners with a game victory in the second leg of the Canadian Triple Crown.

Duke of Love, a two-time winner before yesterday, was no stranger to stakes company when he faced-off against six rivals yesterday. He had run in 5 prior stakes with his best showing a runner-up finish in the Grade 3 Marine Stakes over the summer on Woodbine’s synthetic track. He entered the Prince of Wales, where he met some familiar stakes foes, following a disappointing effort in the Queen’s Plate three earlier when he finished 8th.

His Hall of Fame trainer Josie Carroll, who had won two Prince of Wales Stakes prior to this year’s running, knew Duke would have to step it up while making his first start on the dirt yesterday but she always has had confidence that the son of Cupid possessed the talent for such a victory if he could just put his mind on running and yesterday her faith in the colt was rewarded.

Ridden by his regular partner, Justin Stein, Duke was engaged early in the 1 3/16th-mile race which was contested over the muddy and sealed main track after a rainstorm hit the area earlier in the day. Duke stalked the pacesetter and race favorite, Ironstone, in the second spot until he took a narrow lead turning for home. Ironstone didn’t fold, however, and was nudging your colt along in close attendance, but Duke of Love proved best and prevailed after a stretch battle for a three-quarter-length victory.

As Josie remarked to our East Coast Racing Manager, Harry Rice, in the attached video, two things were key to this victory: Justin maneuvering the horse to the outside for clear running and the rider keeping busy on Duke, right down to the wire. It was Justin’s first win in the Prince of Wales and the veteran rider triumphantly flung flowers from the beautiful blanket Duke proudly wore into the winner’s circle as he was led by Josie and his groom, Malcolm.

As the second choice, Duke of Love returned $7.10 for a $2 win bet and completed the distance of the race in 1:58.07.

What made the afternoon all the more fun was that we had a large group of Duke’s partners at Fort Erie for this important milestone in his career. Be sure to click through our slideshow above to see his owners cheering with all their might as the colt fought on determinedly to the wire. It was a beautiful sight to see!

We will check in with Josie in the coming days to see how your colt exited his race and will report back. We will also circle back to you with information on obtaining winner’s circle photos from the track photographer, as well as a Beyer Speed Figure once it’s available. In the meantime, we hope you’re still savoring this stellar win.