Press Release|Structured Credit
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KBRA Assigns Preliminary Ratings to VCP RRL ABS V, LLC

13 Feb 2026   |   New York

Contacts

KBRA assigns preliminary ratings to seven classes of debt issued by VCP RRL ABS V, LLC (VCP V), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.

VCP V is an approximate $517.2 million securitization managed by Vista Credit Strategic Lending Corp. (“VCSLC” or the “Collateral Manager”), an investment adviser and affiliate of Vista Equity Partners (collectively, with these affiliates and other funds managed by them and their affiliates “Vista”).

The securitization consists of $80.0 million Class A-L Loans, $7.0 million Class A-1 Notes, $179.35 million Class A-2 Notes, $75.0 million initially unfunded Class A-VF Notes, $25.0 million Class B-1 Notes, $21.54 million Class B-2 Notes, $36.2 million Class C Notes, and $93.1 million of Subordinated Notes of which $76.63 million will be funded at close (collectively the “Debt”). The closing portfolio will consist of $425.7 million of collateral obligations and the Class A-VF Notes as well as remaining $16.5 million of equity will be drawn upon to fund additional collateral purchases up to the fully-ramped portfolio target of $517.2 million.

The Debt is expected to receive payments from a portfolio of recurring revenue loans (“RRLs”) and middle market loans(“MMLs”), including Specified Recurring Revenue Loans (“SRRLs”). The transaction features a two-year reinvestment period which may be extended by an additional year pursuant to satisfaction of the Specified Rating Agency Condition. The ratings reflect initial credit enhancement levels, excess spread, and structural features.

This is Vista’s fifth securitization collateralized predominately by RRL and MML. The RRL strategy focuses on first-lien senior loans to technology and software companies that have a minimum level of recurring revenue and low loan-to-value (LTV) ratios.

The Class A, B, and C Notes have maximum advance rates of 66.0%, 75.0%, and 82.0%, respectively. The overall KWARF of the portfolio is 3381, which represents a weighted average portfolio assessment below B-.

KBRA’s ratings on the Class A-L Loans, Class A-1 Notes, Class A-2 Notes, Class A-VF Notes, Class B-1 Notes, and Class B-2 Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s rating on the Class C Notes considers the ultimate payment of interest and principal by the applicable stated maturity date.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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