Press Release|Structured Credit

KBRA Affirms Ratings for Thoma Bravo Credit Asset Funding ABS, LLC

4 Dec 2025   |   New York

Contacts

KBRA affirms ratings to five classes of notes issued by Thoma Bravo Credit Asset Funding ABS, LLC (“TBCAF 2023-1R”), a cash flow collateralized debt obligation backed by a diversified portfolio of a a static portfolio of recurring revenue loans (“RRLs”, also known as “late-stage lending loans”) and middle market loans (“MMLs”).

TBCAF 2023-1 is a $456.3 million securitization managed by Thoma Bravo Credit Partners II, L.P. (“Thoma Bravo” or the “Collateral Manager”). The static transaction closed in November 2023 and was reset in December 2024.

As of the October 31, 2025 trustee report, the portfolio comprises 27 obligors, the pool balance of the collateral obligations is $393.1 million and there is a principal proceeds balance of $10.6 million, bringing the adjusted pool balance to $403.7 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The portfolio is concentrated in loans to obligors in the software and technology industries who serve a diverse base of end users. The transaction is in compliance with the borrowing base condition and all portfolio tests.

The rated notes benefit from internal credit enhancement through subordination, borrowing base, and excess spread. KBRA determined a credit assessment for each asset in the portfolio. The portfolio is expected to have a K-WARF of 3067, which equates to a weighted average assessment of approximately B-.

The surveillance analysis used information from the trustee report as of October 2025 and the trustee payment reports through the October 2025 payment date. All Notes have received timely interest distributions since the transaction has closed.

KBRA's ratings on Class A-1-R, Class A-2-R, Class B-R, and Class C-R Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. The rating on Class D Notes considers ultimate payment of interest and ultimate payment of principal by the applicable stated maturity date.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012567