KBRA assigns a rating to the Class A Notes issued by White Rose CFO 2023 Holdings, LLC. The Notes are indirectly backed by limited partnership (LP) interests in five different White Rose Funds of Funds (the "White Rose Funds"), which in turn hold a diversified pool of interests in private funds. In aggregate, the White Rose Funds hold LP interests in 70 unique seasoned funds managed by 58 unique general partners (GP). The allocable portion of the White Rose Funds that support the repayment of the Notes has a Net Asset Value of approximately $800 million and unfunded capital commitments of approximately $127 million as of October 31, 2023. The total issuance amount is $400 million, resulting in an initial Loan-to-Value of approximately 50%.

Proceeds from the Transaction will be used to support the acquisition of the limited liability company interests of White Rose CFO 2023, LLC ("Asset HoldCo") which will hold, as of the closing of the transaction, the LP interests in the White Rose Funds, fund the Liquidity Reserve Account, fund the Issuer Account, and finance various transaction fees and costs. To the extent the value of the acquisition of the Asset HoldCo exceeds such proceeds, such excess will be treated as a capital contribution from Thrivent Financial for Lutherans (“Thrivent”, the “Manager” or the “Firm”). All remaining proceeds will be deposited into the Issuer Account. Thrivent is a fraternal benefit society established in 1902 that primarily serves as a financial services and insurance provider.

KBRA applied its Investment Fund Debt Global Rating Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA’s ratings also consider the ability of Thrivent to fulfill its servicing and financial obligations for this transaction.

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Methodologies

Funds: Investment Fund Debt Global Rating Methodology

ESG Global Rating Methodology

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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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