CHARLOTTE – Truist has agreed to sell a $7.7 billion portfolio of unsecured consumer loans representing substantially all LightStream assets to Carlyle, a balance-sheet move expected to generate about $7.2 billion in net proceeds.
The Charlotte-headquartered bank signed the agreement Oct. 14 and disclosed it with third-quarter results Oct. 16. Truist described LightStream as its unsecured lending platform.
Carlyle said the portfolio consists primarily of fixed-rate, fully amortizing loans to super-prime and prime borrowers. Its asset-backed finance team within the firm’s Global Credit platform is leading the acquisition.
Truist expects the sale to add about $850 million, or 20 basis points, to its common equity tier 1 capital and reduce annual net charge-offs by about 7 basis points. The bank plans to use proceeds to repay wholesale funding and may use the incremental capital to reposition additional available-for-sale securities, depending on market conditions at closing.
The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. The agreement is signed but the portfolio transfer is not yet complete.
Banking Dive reported that Truist views LightStream as a non-core, loan-only business generating returns below the bank’s targets. The sale follows Truist’s completed divestiture of a separate $5.5 billion Regional Acceptance auto-loan portfolio as the bank narrows its focus toward relationship-based businesses.
Truist reported $554 billion in total assets as of Sept. 30. The cited records do not announce North Carolina layoffs or a Charlotte facility change tied to the LightStream sale; the current business consequence is a large portfolio divestiture and capital reallocation by a Charlotte-headquartered bank.
Image: Truist Center in Charlotte at night. Truist Financial Corporation/NC Business Desk. This file image identifies the parent company and does not depict the loan portfolio or transaction.