In this report, an update to our Q1 analysis, 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 June 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 1.9% quarter-over-quarter (QoQ). While ARR is 28.9% lower year-over-year (YoY), it remains above the historical average of $174.4 million.
- Balance sheet cash is up 18% QoQ but down…