Harley-Davidson unit to sell about $4 billion of motorcycle loans to KKR, Cavendish
On July 30, 2025, Harley-Davidson Credit Corp. agreed to sell a portion of its motorcycle loan portfolio, including future originations, to KKR Morrow Trust and Cavendish LLC. The parties estimate about $4 billion in net cash proceeds to the unit, with closing expected around October 2025 and no later than January 31, 2026. The deal also brings outside investors into Harley-Davidson Financial Services, which will issue equity equal to 9.8% of its common stock.
Key points
- Estimated net cash proceeds of approximately $4 billion, with closing expected around October 2025 and no later than January 31, 2026
- Forward flow agreements commit each buyer to purchase up to $1 billion of new motorcycle contracts annually for a minimum of five years from closing
- Minority investors KKR-OpCoAgg and Cavendish will pay $46.6 million in cash for a combined 9.8% stake in Harley-Davidson Financial Services
- Buyers may terminate if Harley-Davidson Financial Services' net worth falls below $40 million
The filing
Written by AI on Nov 8, 2026, 1:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 05, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.