PacWest Bancorp followed up on real estate loan sales with an agreement to shed a $3.5 billion lender finance portfolio to shore up the bank’s liquidity.

Funds affiliated with Ares Management agreed to acquire the portfolio, according to a Monday regulatory filing by Beverly Hills, California-based PacWest. In the first phase of the transaction, PacWest sold a segment of the portfolio for $2.01 billion in cash. The remaining segments will be sold at future dates, PacWest said without providing additional details.

PacWest shares tanked earlier this year after the failures of Silicon Valley Bank, Signature Bank and First Republic Bank on concerns that it relied too heavily on customers in the technology sector. A rush of customers withdrawing deposits contributed to the banks’ failures.

PacWest has recovered some of its losses in recent weeks as it took steps to beef up its capital and liquidity. PacWest sold a portfolio this month of New York real estate construction loans for $1.2 billion to Cain International. PacWest in May sold 74 real estate construction loans for $2.4 billion to Kennedy-Wilson Holdings.

All of the loan portfolio sales “will improve our liquidity and our capital ratios,” PacWest said in the regulatory filing.

PacWest did not provide details about the loans it is selling from its lender finance portfolio. Previous transactions in PacWest’s lender finance business have included a $50 million revolving senior mortgage credit facility to an unidentified commercial mortgage finance company in Washington, D.C.; and a $35 million warehouse facility to an automotive finance company in Utah, according to the company’s website.

Ares Management in a statement described the portfolio as comprising "high quality, senior secured, asset-backed loans" spanning multiple asset classes including consumer loans, small business loans, timeshare receivables, auto loans and commercial and residential real estate loans.

Stephens was financial adviser to PacWest and Barclays was the financial adviser to Ares.