Press Release|Structured Credit
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KBRA Affirms Golub Capital Partners ABS Funding 2021-1, L.P.

26 Mar 2026   |   New York

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KBRA affirms the rating of the Class A-1, Class A-2, and Class B Notes issued by Golub Capital Partners ABS Funding 2021-1, L.P. (GCPAF 21-1), a portfolio of middle market loans (“MMLs”) and recurring revenue loans (“RRLs”). The transaction is managed by GC Investment Management LLC, an investment adviser and affiliate of GC Advisors LLC.

The transaction closed in April 2021 and reinvestment period ended in April 2023. As of the March 6, 2026 trustee report, the current portfolio comprises assets from 34 obligors with the total pool balance of $299.7 million collateral obligations. There is an excess concentration amount of $53.0 million from failing the top obligor tests, which brings the adjusted collateral principal amount to $246.7 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The current K-WARF of the transaction is 3535 which represents a weighted average credit assessment of B-/CCC+. Since the transaction closed, the rated notes have received timely distributions of interest payments.

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

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1014174