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NEW YORK–(BUSINESS WIRE)–#KBRA–KBRA releases a report that tracks several reported metrics within recurring revenue loan (RRL) securitizations.
Several large middle market collateral managers over the past decade have developed dedicated direct lending strategies to provide financing solutions to high-growth companies, typically within the software and technology sectors. Often referred to as late-stage or recurring revenue lending (RRL), this niche asset class’s investment thesis generally relies on underwriting to annual recurring revenue (ARR) compared with more traditional EBITDA-based metrics. Increasingly, the originators of RRLs have pursued capital markets debt financing for their portfolios, typically utilizing an asset-backed securitization (ABS) structure. These transactions comprise approximately 60% of RRLs on average by par balance.
In this report, KBRA tracks several key metrics sourced from quarterly collateral loan tapes provided by the issuers, in dashboard form. Changes in such metrics can, over time, provide an indication of the general health and credit quality of the securitized portfolios.
Click here to view the report.
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.
Sean Malone, CFA, Managing Director
+1 (646) 731-2436
Peter Connolly, Director
+1 (646) 731-1283
Eric Hudson, Senior Managing Director, Head of Global Structured Credit Ratings
+1 (646) 731-3320
Eric Thompson, Senior Managing Director, Head of Global Structured Finance Ratings
+1 (646) 731-2355
Business Development Contact
Jason Lilien, Managing Director
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