KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS) (see Appendix 1). This update incorporates collateral tapes dated as of September 2025. For more details on scope and metrics definitions, see Appendix 2.
Key Takeaways
- On an aggregate portfolio basis, the weighted average (WA) annual recurring revenue (ARR) for the dashboard population has increased approximately 0.3% quarter-over-quarter (QoQ) to $182.8 million. The WA ARR metric is down 17% on a year-over-year (YoY) basis, but remains 4.5% above the historical average of $174.8 million.
- The debt-to-recurring revenue (debt/RR) ratio continued to decrease, and was down 2.7% QoQ and 19.3% YoY to 1.6x. The average loan-to-value (LTV) ratio is up 1.7% QoQ but down…
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