Dec 2, 2025 1:18 PM Eastern Standard Time KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2025-8 & Pagaya AI Debt Trust 2025-8 Share NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 15 classes of notes issued by Pagaya AI Debt Grantor Trust 2025-8 & Pagaya AI Debt Trust 2025-8 (collectively "PAID 2025-8†), an unsecured consumer loan ABS transaction. PAID 2025-8 has initial hard credit enhancement levels of 83.40% for the Class A-1 Notes to 1.83% for the Class F Notes. Credit ...

Core Insights - KBRA has assigned preliminary ratings to nine classes of notes issued by Pagaya Point of Sale Holdings Grantor Trust 2025-2 and Pagaya Point of Sale Holdings Trust 2025-2, collectively known as POSH 2025-2, which is a point-of-sale unsecured consumer loan ABS transaction [1][2] Summary by Category Transaction Structure - POSH 2025-2 will issue 10 classes of notes totaling $300 million, with ratings provided for Class A through Class F Notes, Class AB, Class ABC, and Class ABCD [2] - The transaction is fully prefunded, meaning no collateral will be funded at closing, and includes an 18-month revolving period [2] - Upon the end of the revolving period or an amortization event, the amortization period will commence, during which reinvestment is not allowed, and distributions will be made sequentially to noteholders [2] Credit Enhancement - Initial hard credit enhancement levels range from 34.98% for Class A Notes to 2.18% for Class F Notes, which includes overcollateralization, subordination (except for Class F), a cash reserve account, and excess spread [1] Company Background - Pagaya Structured Products LLC, the sponsor and administrator of the transaction, is a wholly owned subsidiary of Pagaya US Holding Company LLC, which is fully owned by Pagaya Technologies Ltd., an Israeli corporation listed on NASDAQ (PGY) [3] - Pagaya Technologies is a financial technology company specializing in the lending marketplace, utilizing AI-driven credit and analysis technology [3] Rating Methodology - KBRA applied its Consumer 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] - Operational reviews of Pagaya and each of the Platform Sellers were considered, along with periodic update calls and recent surveillance on each platform's KBRA-rated securitizations [4]

Core Insights - KBRA has assigned preliminary ratings to 13 classes of notes issued by Pagaya AI Debt Grantor Trust 2025-7 and Pagaya AI Debt Trust 2025-7, collectively known as PAID 2025-7, which is an unsecured consumer loan ABS transaction [1][2] - The total issuance of PAID 2025-7 amounts to $500.0 million, with initial hard credit enhancement levels ranging from 82.79% for Class A-1 Notes to 1.36% for Class F Notes [1][2] - Pagaya Technologies Ltd., the parent company, is a financial technology firm specializing in AI-driven credit analysis and is listed on NASDAQ under the ticker PGY [3] Credit Enhancement and Methodology - Credit enhancement for PAID 2025-7 includes overcollateralization, subordination (except for Class F Notes), a cash reserve account funded at closing, and excess spread [1] - KBRA utilized its Consumer 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] Company Background - Pagaya Structured Products LLC, the sponsor and administrator of the transaction, is a wholly owned subsidiary of Pagaya US Holding Company LLC, which is fully owned by Pagaya Technologies Ltd. [3] - This transaction marks the 51st publicly rated securitization sponsored by Pagaya Structured Products LLC and its affiliates [3]