Pagaya Technologies Ltd. is a global technology company that leverages artificial intelligence (AI) and data-driven solutions to enhance financial services. The company focuses on improving credit decision-making processes and expanding access to financial products by partnering with financial institutions. Pagaya offers a range of services, including AI-powered technology, data networks, and capital solutions, to create value for its partners, customers, and investors.
- Network AI Fees - Provides AI integration and capital markets execution services to financial institutions, enabling better outcomes through advanced data science and proprietary AI technology.
- Contract Fees - Offers administration, management, performance, and servicing fee-based solutions, contributing to the management of assets and financing vehicles.
- Interest Income - Generates income from interest on assets held by financing vehicles, contributing to the overall revenue stream.
- Investment Income - Includes gains or losses from proprietary investments, reflecting changes in valuation and market dynamics.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Avital Pardo ExecutiveBoard | Chief Technology Officer | Avital Pardo co-founded Pagaya Technologies and has served as the Chief Technology Officer since 2016, playing a key role in designing the company's AI-based credit model and system. In 2023, he was named Deputy Chief Executive Officer, reflecting his expanding leadership responsibilities at the company. | ||
Gal Krubiner ExecutiveBoard | Chief Executive Officer | Gal Krubiner has served as CEO of Pagaya Technologies Ltd. since 2016 and co-founded the company; he previously worked at UBS AG from 2012 to 2016 in a structured finance role. | View Report → | |
Yahav Yulzari ExecutiveBoard | Chief Business Officer | Yahav Yulzari co-founded Pagaya Technologies in 2016 and served as Chief Revenue Officer until transitioning to Chief Business Officer in 2024. He has also been a director on the board since 2016 and has a background as a real estate entrepreneur and professional goalkeeper. | ||
Cory Vieira Executive | Chief Accounting Officer | Cory Vieira joined PGY as Chief Accounting Officer in December 2024 and brings over two decades of accounting expertise from roles at American Express and BHG Financial. | ||
Evangelos Perros Executive | Chief Financial Officer (CFO) | Evangelos Perros has served as CFO of Pagaya Technologies since February 2024 and previously held positions as Interim CFO and Deputy CFO and Head of Strategic Finance since joining in 2021. | ||
Sanjiv Das Executive | President | Sanjiv Das has been the President at Pagaya Technologies (PGY) since 2023, where he oversees the company’s commercial business and strategic growth. With over 30 years of experience, he has previously held senior leadership roles including CEO at Caliber Home Loans, and held executive positions at Citi’s Mortgage Division, First Data, Morgan Stanley, American Express, and Bank of America. |
- Given your cautious stance on growth amid macro uncertainty, how will you adjust underwriting and pricing if inflation or unemployment metrics worsen beyond current expectations?
- With GAAP net income turning positive for the first time, what specific strategies will you employ to sustain profitability across high-risk segments such as auto loans and point-of-sale lending?
- As you roll out the prescreen product and ramp up affiliate integrations, can you clarify how these initiatives will impact your FRLPC margins and customer acquisition costs in the near term?
- Noting that network volume slightly underperformed guidance due to lower SFR contributions, what targeted actions are being taken to either bolster SFR volumes or mitigate their impact on overall revenue?
- With your expanded use of forward flow agreements and ABS transactions, how might shifts in market pricing or increased risk-retention requirements affect your funding mix and balance sheet optimization going forward?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Theorem Technology, Inc. | 2024 | Completed on October 22, 2024, this acquisition involved Pagaya acquiring 100% of Theorem’s equity for approximately $17.5 million (including $10.0 million in cash and 504,440 Class A Ordinary Shares) with additional contingent consideration, aimed at enhancing Pagaya’s market-leading credit fund platform and diversifying funding sources with over $3 billion AUM. |
Darwin Homes, Inc. | 2023 | Completed on January 5, 2023, this all-stock transaction valued at approximately $18 million saw Pagaya acquire 100% of Darwin’s equity, including the issuance of 18.2 million Class A Ordinary Shares (plus potential additional shares) and additional $10 million in compensation awards, strengthening its tech-enabled real estate investment management services. |
EJF Acquisition Corp | 2022 | Planned/Completed as part of a merger process, this deal involved a merger agreement (dated September 15, 2021) and subsequent credit agreements and amendments, with an extraordinary general meeting scheduled for June 15, 2022 to enable shareholder participation, reflecting strategic financial structuring for Pagaya. |
Recent press releases and 8-K filings for PGY.
- Pagaya Technologies Ltd. reported record Q2 2025 financial results, including $17,000,000 in GAAP net income and $326,000,000 in total revenues.
- The company successfully completed a $500,000,000 corporate bond issuance, which is expected to reduce the cost of debt from approximately 11% to 9% and improve GAAP profitability by approximately $12,000,000 annually.
- Pagaya raised its full year 2025 guidance, now projecting network volume between $10,500,000,000 and $11,500,000,000 and GAAP net income between $55,000,000 and $75,000,000.
- Originations are increasingly diversified, with point of sale and auto volumes comprising 30% of total volumes, up from 9% a year ago, and credit performance remains strong with cumulative net losses trending 30% to 60% lower than peak levels.
- Pagaya Technologies Ltd. announced the closing of PAID 2025-5, a $500 million asset-backed securitization (ABS) backed by consumer loans, which was upsized from an initial target of $400 million and received a AAA rating.
- This transaction is the fifth fully-prefunded PAID deal of 2025, bringing Pagaya's year-to-date ABS issuance to over $4.6 billion across personal loan, auto, and point-of-sale verticals.
- The deal garnered strong demand, with over 30 unique investors participating, including five new investors.
- Since 2018, Pagaya has completed 75 securitizations, raising nearly $31 billion in capital to fund loans originated through its network.
- Pagaya US Holding Company LLC, a wholly owned subsidiary of Pagaya Technologies LTD., priced an upsized offering of $500 million aggregate principal amount of 8.875% senior unsecured notes due 2030.
- The offering size was increased from $450 million due to strong demand, with the notes scheduled to settle on July 28, 2025.
- The estimated net proceeds of approximately $491 million will be used primarily to repay existing credit facilities and approximately $100 million of certain outstanding secured borrowings, with the remainder for general corporate purposes.
- Pagaya US Holding Company LLC, a wholly owned subsidiary of Pagaya Technologies LTD., intends to offer $450 million aggregate principal amount of unsecured senior notes due 2030.
- The net proceeds from the offering are intended to repay all amounts outstanding under existing credit facilities and $75 million of certain outstanding secured borrowings, with the remainder for general corporate purposes.
- The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Pagaya and its other subsidiaries, and will be offered in a private offering to qualified institutional buyers.
- Pagaya Technologies LTD. has signed a new forward flow agreement with Castlelake, L.P. to purchase up to $2.5 billion in personal loan assets over a 16-month term.
- This new deal significantly expands their partnership, as it is up to double the size of their prior agreement signed in 2024, which committed up to $1 billion over a 12-month period.
- The agreement provides additional funding capacity for accelerated growth of Pagaya's personal loan program, contributing to an expected total of up to ~$5 billion in capacity across its forward flow partnerships.
- Pagaya's CFO, Evangelos Perros, stated that this agreement improves the diversification and efficiency of their funding infrastructure, bolstering growth, earnings power, and cash flow.
- Pagaya closed a new $600 million AAA-rated asset-backed securitization (PAID 2025-4) to fund personal loans, which was oversubscribed and upsized with 23 investors.
- This transaction contributed to Pagaya raising over $2.3 billion in ABS transactions in Q2 2025, marking the largest quarterly total in the Company's history.
- Including this deal, Pagaya has raised over $6 billion in ABS and non-ABS capital commitments this year to fund all asset classes.
- Since 2018, Pagaya has raised nearly $30 billion across 73 ABS transactions to fund loan originations through its platform.
- Pagaya Technologies LTD. closed a new $300 million AAA-rated auto loan ABS transaction (RPM 2025-3), marking its first AAA-rated transaction from the RPM program.
- This is the third ~$300 million Auto ABS deal of 2025 for Pagaya.
- The company has raised over $5.5 billion of capital commitments this year to fund all asset classes in its ABS and forward-flow programs.
- Since 2018, Pagaya has raised over $29 billion across 72 ABS transactions to fund loan originations across multiple products.
- Pagaya achieved GAAP net income profitability and cash flow positive status in Q1 2025, demonstrating significant operating leverage with an 89% adjusted EBITDA flow through in the same quarter.
- The company's growth strategy focuses on expanding with existing partners and onboarding new lenders, including discussions with 80% of the top 25 US banks. This growth, combined with operating leverage, is projected to result in $1 per share on an EPS basis from a 20% top-line growth within twelve months.
- Pagaya has diversified its funding sources, with an approximate 50/50 split between ABS securitization and non-ABS structures, and is the largest ABS issuer on the personal loan side.
- The company's data indicates the U.S. consumer is stable regarding debt payments, and Pagaya's typical borrower is financially strong, with an average income of $110,000-$113,000 and an average FICO of 690 for personal loans.
- Recent management changes include Ipi as the newly appointed CFO, Sanjeev Das as co-founder and president, and Raj as Chief Risk Officer.
- Pagaya Technologies launched POSH (Pagaya Point of Sale Holdings Trust), a new asset-backed revolving securitization program focused on point-of-sale (POS) financing.
- The inaugural POSH 2025-1 transaction is a $300 million AAA-rated deal with an 18-month revolving period, expected to close next week.
- This program provides over $1 billion in additional funding capacity for POS originations.
- POSH is expected to be a growth catalyst for point-of-sale providers in the U.S., enabling lenders to approve more customers and driving merchant satisfaction.
- Pagaya aims to become the leading issuer of POS ABS, leveraging its position as the number one personal loan ABS issuer in the U.S..