03:11 PM EDT, 10/10/2024 (MT Newswires) -- (Updates with Upstart statement, adding details throughout.)

Blue Owl Capital (OWL) will buy up to $2 billion in consumer installment loans from Upstart Holdings ( UPST ) over the next 18 months, Upstart said Thursday afternoon.

Bloomberg reported earlier that Blue Owl will acquire the debt from the specialty lender through a forward-flow agreement, where the buyer commits to buying loans before they are originated.

The deal also encompasses $290 million in personal loans that have been distributed.

Apollo Global Management (APO), through its Atlas SP Partners affiliate, will provide debt financing for the purchases, Upstart said.

Blue Owl shares were up 1.4% while Upstart also was climbing fractionally on Thursday.

Price: 20.96, Change: +0.26, Percent Change: +1.26