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…
Log in or Subscribe to KBRA Premium to view this report.
Trusted Ratings. Actionable Intelligence.
With a KBRA Premium subscription, you gain full access to KBRA’s authoritative ratings, deep research, and industry-leading analytics. Built for market professionals who require clarity, context, and confidence in every decision.