KBRA Affirms Ratings for Thoma Bravo Credit Asset Funding ABS, LLC
4 Dec 2025 | New York
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.