LendingClub renews $3.4 billion loan agreement with Blue Owl funds

LendingClub Corporation (NYSE: LC) announced that funds managed by Blue Owl Capital (NYSE: OWL) agreed to purchase equity certificates and subordinated notes in LendingClub Structured Loan Certificate transactions valued at up to $3.4 billion over two years.

The agreement calls for Blue Owl's managed funds to close on transactions valued up to $600 million in aggregate within the first three months, with additional purchases expected quarterly thereafter. The companies have previously executed $2.4 billion worth of transactions through the SLCLC program.

"Commitments like these speak to the strength of our underwriting through economic cycles, the attractiveness of our innovative loan structures, and our standing as the counterparty of choice in this asset class," said Scott Sanborn, LendingClub CEO.

Ivan Zinn, Head of Alternative Credit at Blue Owl, stated that this marks the funds' third investment with LendingClub since 2023. "Blue Owl Alternative Credit is excited to grow our investment with LendingClub, a best-in-class originator in the personal loan asset class that continues to deliver stable, attractive returns," Zinn said.

LendingClub's SLCLC program, enabled by its bank status, provides a low-friction investment process without requiring external financing for loan buyers. Nearly $6 billion in loans have sold through the program since its launch in April 2023.

Blue Owl manages $273 billion in assets under management as of March 31, 2025, investing across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Assets. LendingClub operates as a digital marketplace bank, having facilitated over $100 billion in loans since 2007.

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