---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-075848"
form_type: "8-K"
ticker: "HOG"
cik: "0000793952"
company_name: "HARLEY-DAVIDSON, INC."
filed_at: "2025-08-11T23:59:59+00:00"
generated_at: "2026-05-17T15:55:26.327274+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Harley-Davidson sells ~1.75x book HDFS stake to KKR/PIMCO; $1.25B cash

## Summary
- HDFS sells 4.9% equity to KKR and 4.9% to PIMCO (9.8% total) at ~1.75x post-transaction book value.
- HDFS sells over $5B of existing retail loan receivables and ~2/3 of future originations for 5 years at a premium.
- Transaction unlocks ~$1.25B in discretionary cash; plans $500M buyback and $450M debt reduction.
- HDFS retains full control; expects lower 2026 OI but higher ROE and double-digit OI growth from 2027.
- Strategic partners to pay servicing fees (1% prime, 2.5% sub-prime) on purchased loans.

## SEC filing metadata
- accession: 0001104659-25-075848
- form_type: 8-K
- ticker: HOG
- cik: 0000793952
- company_name: HARLEY-DAVIDSON, INC.
- filed_at: 2025-08-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/793952/000110465925075848/0001104659-25-075848-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/793952/000110465925075848/tm2522653d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-075848
- JSON: https://secwatch.observer/filing/0001104659-25-075848.json
- Plain text: https://secwatch.observer/filing/0001104659-25-075848.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.