Golub Capital's recurring revenue lending strategy focuses on first-lien senior secured loans to business-to-business software and health care service companies with a minimum level of recurring revenue and low loan-to-value ratios. Despite the low level of earnings, the obligors in the portfolio usually have strong liquidity profiles and loan covenants. The overall K-WARF of the portfolio is 3514, which represents a weighted average portfolio assessment between B- and CCC+. The portfolio presented to KBRA contains exposures to 57 obligors with 65.6% of the par exposure to the RRLs.