Pagaya Technologies .(PGY) - 2025 Q3 - Earnings Call Presentation

Financial Performance - Network Volume reached $2.802 billion in 3Q'25, a 19% increase compared to $2.351 billion in 3Q'24[12] - Total revenue & other income increased by 36% from $257 million in 3Q'24 to $350 million in 3Q'25[12] - Fee revenue less production costs (FRLPC) grew by 39% from $100 million in 3Q'24 to $139 million in 3Q'25[12] - Adjusted EBITDA increased by 91% from $56 million in 3Q'24 to $107 million in 3Q'25[12] - The company achieved a Net Income of $23 million in 3Q'25, a significant improvement of $90 million compared to a loss of $67 million in 3Q'24[12, 14] Operating Metrics - The company's ABS issuance reached $7.4 billion TTM (Trailing Twelve Months) in 3Q'25[34] - Applications evaluated in 3Q'25 totaled $266 billion, representing a 12% quarter-over-quarter increase[35] - The conversion rate of applications to issued loans was approximately 1% in 3Q'25[35] FRLPC Evolution - FRLPC % (Fee revenue less production costs as a % of network volume) reached 5% in 3Q'25[56], with a target of 4%-5% for 2025[17] - AI integration contributed $309 million to fee revenue in 3Q'25[22]