KBRA releases an updated report tracking key metrics within recurring revenue loan (RRL) securitizations.

This report, an update to our Q1 analysis, 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 RRL securitizations. This update incorporates collateral tapes dated as of June 2025.

Annualized recurring revenue (ARR) has increased 1.9% quarter-over-quarter (QoQ) and remains above the historical average. Further, cash and liquidity cushions have increased QoQ, with cash reverting back toward the historical average and liquidity cushion above the historical average.

Click here to view the report.

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About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1011046

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