Press Release|Structured Credit
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KBRA Affirms Ratings for Deerpath Newbury Partners LLC

1 Apr 2026   |   New York

Contacts

KBRA affirms the ratings of the Class A-1, A-2, B-1, and B-2 Notes issued by Deerpath Newbury Partners LLC.

Deerpath Newbury Partners LLC is currently a $85.9 million delayed-draw middle market cash flow collateralized loan obligation (“CLO”) managed by Deerpath Capital Management, LP. The CLO originally closed in December 2020 and subsequently issued additional notes in March 2022. The transaction exited the reinvestment period in December 2025 and has started to amortize sequentially.

As of the January 2026 trustee report, the total principal balance of the collateral obligations is $81.2 million and there is $1.6 million of principal proceeds held in the revolver funding account. There are $4.8 million defaulted assets with a reported recovery value of $3.0 million.

The transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3555, which represents a weighted average portfolio assessment of approximately B-/CCC+. Since the 2025 surveillance rating action, the overcollateralization tests for the Class A Notes and Class B Notes have increased to 145.52% and 133.60% from 141.61% and to 130.72%, respectively.

KBRA’s ratings on the Class A-1 and A-2 Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class B-1 and B-2 Notes consider the ultimate payment of interest and principal by the applicable stated maturity date.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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