11:54 AM EDT, 08/27/2024 (MT Newswires) -- Stifel Financial ( SF ) is establishing a new direct-lending joint venture with Diameter Capital Partners and Franklin Resources' ( BEN ) Benefit Street Partners unit, Bloomberg reported Tuesday, citing sources familiar with the matter.

One of the sources told Bloomberg that the venture will focus on unitranche financing, which combines senior and subordinated debt into a single, blended product, and that the partners also started talks on underwriting and originating loans for borrowers. No financial details were disclosed.

The joint venture with Stifel is not exclusive and does not prohibit its partners from engaging with deals originated by other banks, according to the report.

Stifel Financial ( SF ), Diameter Capital Partners, Franklin Resources ( BEN ), and Benefit Street Partners did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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