Seller Details:
Encina Lender Finance (“Encina”) focuses on providing senior secured, unitranche and first-out financing to consumer and commercial asset originators across the US and Canada. Its investments are supported by diversified pools of underlying assets, including consumer loans, credit card receivables and small business loans, supporting a data-driven approach to underwriting and portfolio management.
Buyer Details:
Benefit Street Partners (“BSP”) is an alternative credit firm with $97 billion in assets under management as of August 31, 2026 (including Apera). BSP is a wholly owned subsidiary of Franklin Templeton and seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. As of September 30, 2026, Franklin Templeton managed $1.8 trillion in assets, including over $300 billion in alternative assets. BSP manages strategies spanning direct lending, real estate debt, structured credit, liquid loans and asset backed finance.
Transaction Summary:
A new fund backed by Franklin Templeton and BSP-affiliated funds acquired an initial seed portfolio with approximately $480 million of commitments originated by Encina. In addition, the investment team from Encina joined BSP and will continue to manage and originate investments through the strategy.
The transaction expands BSP’s asset backed finance (ABF) platform, their capabilities in consumer and commercial lender finance and continues the buildout of a comprehensive, multi-strategy private asset-backed finance platform focused on the middle market. The platform now spans corporate asset-backed lending, equipment leasing, aircraft leasing, consumer finance and lender finance.
With the completion of the transaction, the now combined ABF platform provides BSP with access to approximately 100 investment professionals and a track record dating to 2013. Having completed over $10 billion of investments since inception, BSP now believes the combined ABF platform has the capacity to originate more than $3 billion annually.