KBRA assigns preliminary ratings to three classes of notes issued by Oxford Finance Credit Fund III 2024-A LP (the Issuer or Oxford 2024-A). Oxford 2024-A is primarily secured by a pool of senior secured loans co-originated by Oxford Finance Credit Fund III LP (the Fund) alongside Oxford Finance LLC (Oxford or an Originator, and together with the Fund, the Originators), or originated by Oxford and acquired by the Fund from Oxford, to companies operating in the healthcare industry and adjacent markets and serviced by Oxford Finance Advisors, LLC (the Servicer or Oxford Finance Advisors), a subsidiary of Oxford. The Fund will be retaining the equity in Oxford 2024-A.

As of December 4, 2023, the composition of the Initial Loans (the Statistical Pool) will consist of 72 loans to 51 obligors with an aggregate outstanding loan balance of approximately $368.8 million (Statistical Pool Balance).The average Initial Loan balance is $5.1 million with a weighted average original term of 52 months, weighted average remaining term of 42 months and weighted average cash yield rate of 11.9%. The exposures to Healthcare Loans and Life Sciences Loans are 78.3% and 21.7% of the Statistical Pool Balance, respectively.

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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.

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