Pagaya's Credit Trends Are Improving: Here's What it Means

Key Takeaways PGY's credit-related impairment losses fell by over $95 million y/y in nine months ended Sept. 30, 2025.Pagaya cited better-performing vintages, steadier delinquencies and improved AI underwriting.Lower impairments reduced PGY's earnings volatility, aiding profits with three GAAP-profit quarters in 2025.After a stressful period seen during the prior tightening cycle, Pagaya Technologies Ltd.’s (PGY) credit quality has shown signs of stabilization and improvement throughout 2025. Driven by both ...