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 ...