KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by 23 KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS) transactions (see Appendix 1). This update incorporates collateral tapes dated as of March 2026, which include 102 unique obligors. For more details on scope and metrics definitions, see Appendix 2.
Weighted-Average Portfolio Key Statistics
On an aggregate portfolio basis, annual recurring revenue (ARR) for the dashboard population is $177.6 million, down 0.9% quarter-over-quarter (QoQ) and 0.7% year-over-year (YoY), but remains above the historical average of $175.1 million.
The debt-to-ARR (debt/ARR) ratio increased 2.5% QoQ to 1.7x but is down 5.1% YoY. The average loan-to-value (LTV) ratio decreased 11 basis points (bps) QoQ but increased 260 bps YoY to…
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