KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 Mar 24, 2026 3:11 PM Eastern Daylight Time KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 Share NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 15 classes of notes issued by Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 (collectively "PAID 2026-2†), an unsecured consumer loan ABS transaction. PAID 2026-2 has initial ...

Key Takeaways Pagaya turned GAAP profitable in 2025 as revenue outpaced costs and margins improved.PGY's 4Q25 showed revenue up 20% vs. just 3% volume growth, signaling stronger monetization.Pagaya faces risk from funding costs and reduced loan volumes heading into early 2026.Pagaya Technologies (PGY) has put real distance between today’s business and the heavy-loss period investors remember. In 2025, operating leverage and tighter cost control helped flip results to positive GAAP profitability earlier than ...

Key Takeaways Pagaya targets 2026 growth via embedded credit, POS expansion, and new partner onboarding ramp.PGY saw POS and auto hit record mix, with volumes up 53% and 114% y/y.Pagaya expects revenue to outpace volume as multiproduct use lifts monetization and partner economics.Pagaya Technologies (PGY) is positioned at the intersection of embedded credit adoption and point-of-sale (POS) financing. These secular tailwinds are helping expand use cases beyond the platform’s personal-loan roots, while manage ...

Pagaya Technologies Ltd. (PGY) closed at $11.03 in the latest trading session, marking a +2.51% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.28%. Meanwhile, the Dow experienced a drop of 0.44%, and the technology-dominated Nasdaq saw a decrease of 0.28%. The company's shares have seen a decrease of 14.54% over the last month, not keeping up with the Finance sector's loss of 6.73% and the S&P 500's loss of 3.59%.Analysts and investors alike will be keeping a close eye on the perf ...

Core Insights - KBRA has assigned preliminary ratings to six classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2026-R1 and Research-Driven Pagaya Motor Trust 2026-R1, which is an auto loan ABS transaction [1][2] - The total issuance for RPM 2026-R1 amounts to $442.30 million, with initial credit enhancement levels ranging from 35.69% for Class A notes to 2.65% for Class E-2 notes [2] Company Overview - Pagaya Structured Products LLC, the sponsor and administrator of the transaction, is a wholly owned subsidiary of Pagaya US Holding Company LLC, which is itself a 100% owned subsidiary of Pagaya Technologies Ltd, an Israeli financial technology company [3] - Pagaya Technologies utilizes machine learning, big data analytics, and AI-driven credit analysis technology in the lending marketplace and is publicly traded on NASDAQ under the ticker PGY [3] Transaction Details - RPM 2026-R1 is Pagaya's first refinancing transaction under the RPM shelf, acquiring receivables previously securitized through the RPM platform in earlier transactions [2] - The proceeds from the note issuance will be allocated to the purchase account, reserve account, and certain transaction expenses [2] Rating Methodology - KBRA applied its Auto Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in analyzing the transaction's capital structure and Pagaya's historical data [4] - The agency conducted operational reviews of Pagaya and third-party originators and servicers, along with periodic update calls to ensure comprehensive evaluation [4]

Some companies quietly build powerful businesses while the market focuses somewhere else. The three stocks below stand out to me because they combine growth, durable business models, and real long-term opportunity.Each of these tickers operates in a different industry, but all three share two things in common: They are considered tech stocks, and they look undervalued compared to the scale of what they're building. 1. Clearwater AnalyticsClearwater Analytics (CWAN +1.08%) provides a cloud-native platform fo ...

Group 1 - The core viewpoint of the article is that Pagaya Technologies Ltd. (PGY) was undervalued in the market due to its transition towards GAAP profitability, which was initially seen as a positive indicator for investment [1] - The author has a background in engineering and a strong interest in tech stocks, which influences the analysis of Pagaya Technologies [1] Group 2 - There is no stock, option, or similar derivative position held by the author in any of the companies mentioned, indicating an unbiased perspective [1]

Core Insights - Pagaya Technologies Inc. (PGY) is identified as a strong GARP (Growth At Reasonable Price) investment opportunity, showcasing impressive growth rates and high potential for returns [1]. Company Overview - The earnings report released in February for Q4 2025 reaffirms the company's robust growth trajectory [1]. - The company is positioned as a turnaround stock, appealing to investors seeking value with limited downside risk and significant upside potential [1]. Analyst Background - The analysis is conducted by a professional portfolio manager with a decade of experience in investment banking, emphasizing a strategy focused on valuation as a key component of stock selection [1]. - The analyst operates independently and has a publicly available portfolio on the eToro platform, reflecting their investment opinions and decisions [1].

Core Insights - Pagaya is participating in the Morgan Stanley TMT Conference, indicating its relevance in the technology, media, and telecommunications sectors [1][2] Company Overview - Pagaya is positioned within the broader financial ecosystem, suggesting its role in fintech and financial services [2]

Summary of Pagaya Technologies Conference Call Company Overview - **Pagaya Technologies** operates as a tech-enabled network connecting lending partners and investors, focusing on personal loans, auto loans, and point-of-sale (POS) financing [2][3] - The company integrates its technology into the lending systems of partners like SoFi, Ally, and Klarna, earning fees primarily from lending partners [2][3] Key Insights Business Model and Technology - Pagaya's business model is B2B and B2C, with approximately 80% of fees generated from lending partners [3] - The company utilizes a unique production data set, analyzing $1 trillion of applications annually, which enhances its underwriting capabilities [5][9] - Pagaya's end-to-end solution includes compliance, regulatory, and capital market analytics, allowing it to underwrite loans on behalf of partners without being the originator [6][10] Competitive Landscape - The primary competitive advantage for Pagaya is its data, which allows for better underwriting compared to competitors [9][11] - The company claims a strong barrier to entry due to the unique data it possesses and the infrastructure investments made [11][12] Market Conditions and Performance - Despite macroeconomic uncertainties, consumer performance remains healthy, with no significant deterioration in credit performance observed [14][34] - Delinquencies have increased slightly but are still within expected ranges, with the average consumer profile being a FICO score of 680 and an income of $150,000 [41][43] Funding and Capital Allocation - Pagaya has diversified its funding sources, moving from reliance on ABS to include forward flows and revolving ABS structures, increasing capacity to $3 billion over two years [92][96] - The company is focused on maintaining liquidity for potential M&A opportunities while also considering stock buybacks and debt repurchases [101][104] Future Growth and Partnerships - Pagaya is onboarding new partners, with expectations of adding 4-5 more in 2026, which will contribute to future growth [77][81] - The company is evolving its product suite to include offerings like Pre-Screen and Dual Look programs, which aim to increase conversion rates for lending partners [56][60] Risk Management - Pagaya has adopted a more conservative approach to risk management, adjusting its production strategy in response to market signals without compromising profitability [18][19] - The company emphasizes its ability to react quickly to changes in the lending environment, ensuring continued profitability even with a shift in risk appetite [19][24] Additional Important Points - The company has a strong operating leverage, allowing it to scale without significant incremental costs [7][19] - Pagaya's relationships with lending partners are dynamic, allowing for flexibility in product offerings and strategies to meet market demands [64][66] - The overall sentiment in the private credit market remains strong, with continued demand for consumer assets despite some macroeconomic caution [50][52]