Harley-Davidson sells $4B motorcycle loan portfolio to KKR and PIMCO; issues 9.8% of HDFS equity.

HARLEY-DAVIDSON, INC.

Sale of back book assets expected to generate ~$4B net cash proceeds for HDCC; closing targeted by October 2025.
Forward flow agreements commit KKR and PIMCO to buy up to $1B annually of new motorcycle contracts for at least 5 years.
KKR and PIMCO (via Cavendish) each invest $23.3M for 4.9% of HDFS common stock, totaling 9.8% for $46.6M.
HDFS will pay a dividend to parent post-closing, subject to liquidity and book value covenants.
Minority investors get board observer rights, transfer restrictions, and exit options including exchange for HOG stock at 1.75x book value.

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