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 December 2025. For more details on scope and metrics definitions (see Appendix 2).
Key Weighted Average Statistics
The weighted average (WA) annual recurring revenue (ARR) on an aggregate portfolio basis for the dashboard population is $179.3 million, down 1.9% quarter-over-quarter (QoQ) and 9.1% year-over-year (YoY). The level remains above the historical average of $174.9 million.
The debt-to-recurring revenue (debt/RR) ratio increased 0.5% QoQ to 1.6x but is down 14.7% YoY. The average loan-to-value (LTV) ratio is up 1.7% QoQ and 2.3% YoY to 29.8%.
Balance sheet cash is $37…
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