Transaction Provides Additional Capital to Fuel Company’s Continued Growth
NEW YORK, March 4, 2025 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced today that it has sold a portfolio of $150 million of fixed-rate installment powersports loans to Nuveen, the investment manager of TIAA, one of the most highly rated and financially stable insurance companies in the United States. The portfolio of whole loans was newly originated by Octane’s in-house lender, Roadrunner Financial®, Inc., and will be serviced by Octane’s in-house loan servicer, Roadrunner Account Services, LLC. Guggenheim Securities, LLC acted as sole structuring advisor and arranger on behalf of Octane.
With this transaction, Octane continues to diversify its large existing base of capital providers. This is the company’s fourth whole loan sale to-date and its first with an insurer. Octane has sold or entered into forward flow commitments of over $1.2 billion since its first whole loan sale in late 2023.
“Our strong, consistent credit performance and our ability to offer alternative asset classes has enabled us to attract a wide range of preeminent investors,” said Steven Fernald, President and Chief Financial Officer at Octane. “Nuveen was an outstanding partner on this transaction and we look forward to strengthening our relationship with them in the future.”
“We’re delighted to partner with Octane on this whole loan sale, supporting Octane’s ability to continue to diversify their existing base of capital providers,” said Ken Price, Senior Director, Private Placements at Nuveen. “This compelling opportunity aligns with how we look to invest in truly differentiated transactions, while applying our deep history of providing flexible capital solutions.”
Octane will leverage the proceeds of this sale to continue to build on its significant momentum. In 2024, the company originated over $1.6 billion, up 36% year-over-year, and surpassed $5 billion in originations to date.
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