KBRA Releases Research – Recurring Revenue Loan Metrics Dashboard: May 2024 Update

KBRA releases an updated report that tracks several reported metrics within recurring revenue loan (RRL) securitizations. This is an update to our February analysis.

In this reports, KBRA continues to track several key metrics (in dashboard form) sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated RRL securitizations. Changes in such metrics can provide an indication of the general health and credit quality of the portfolios. The February analysis used collateral tapes dated through December 2023, and for this update we utilized reports dated through March 2024. Notably, cash and liquidity figures have stabilized and increased quarter-over-quarter (QoQ), but remain down year-over-year (YoY). ARR continues to increase across the names in the portfolios, while weighted average life (WAL) continues to fall.

Click here to view the report.

Related Publications

• Private Credit: First-Quarter 2024 Middle Market Borrower Surveillance Compendium
• Structured Credit Trend Watch: CLO Issuance in Bloom— First-Quarter Record for Middle Market
• Recurring Revenue Loan Metrics Dashboard: February 2024 Update
• Private Credit: Potential for European MM and Direct Lending CLOs
• Private Credit: 2024 Maturity Wall Is a Myth
• 2024 Structured Credit Sector Outlook: Staying the Course

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1004309

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