Large Language Models (LLMs) have transformed listwise document reranking by enabling global reasoning over candidate sets, yet single models often struggle to balance fine-grained relevance scoring with holistic cross-document analysis. We propose \textbf{De}ep\textbf{A}gent\textbf{R}ank (\textbf{\DeAR}), an open-source framework that decouples these tasks through a dual-stage approach, achieving superior accuracy and interpretability. In \emph{Stage 1}, we distill token-level relevance signals from a frozen 13B LLaMA teacher into a compact \{3, 8\}B student model using a hybrid of cross-entropy, RankNet, and KL divergence losses, ensuring robust pointwise scoring. In \emph{Stage 2}, we attach a second LoRA adapter and fine-tune on 20K GPT-4o-generated chain-of-thought permutations, enabling listwise reasoning with natural-language justifications. Evaluated on TREC-DL19/20, eight BEIR datasets, and NovelEval-2306, \DeAR surpasses open-source baselines by +5.1 nDCG@5 on DL20 and achieves 90.97 nDCG@10 on NovelEval, outperforming GPT-4 by +3.09. Without fine-tuning on Wikipedia, DeAR also excels in open-domain QA, achieving 54.29 Top-1 accuracy on Natural Questions, surpassing baselines like MonoT5, UPR, and RankGPT. Ablations confirm that dual-loss distillation ensures stable calibration, making \DeAR a highly effective and interpretable solution for modern reranking systems.\footnote{Dataset and code available at https://github.com/DataScienceUIBK/DeAR-Reranking.}.