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…
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