Pagaya Technologies LTD. Closes $500 Million Asset-Backed Securitization (ABS)

Strategic Insights -

Pagaya Technologies LTD., a global technology company, has announced the closing of PAID 2025-5, a $500 million asset-backed securitization backed by consumer loans originated on the Pagaya network. This deal marks the fifth fully-prefunded PAID deal of the year, demonstrating the company's consistent execution across its ABS programs. The transaction follows the recent closing of Auto RPM 2025-4, which brings Pagaya's year-to-date ABS issuance to over $4.6 billion across personal loan, auto, and point-of-sale verticals. The strong demand for this deal was met with over 30 unique investors, including five new investors to Pagaya's entire capital markets program.

Key Takeaways:

  • Pagaya Technologies LTD. has closed PAID 2025-5, a $500 million asset-backed securitization backed by consumer loans originated on the Pagaya network.
  • This transaction marks the fifth fully-prefunded PAID deal of the year, demonstrating the company's consistent execution across its ABS programs.
  • Pagaya has completed 75 securitizations since 2018, raising nearly $31 billion in capital to fund loans originated through its network.
  • The company's year-to-date ABS issuance stands at over $4.6 billion across personal loan, auto, and point-of-sale verticals.
  • Over 30 unique investors participated in the deal, including five new investors to Pagaya's entire capital markets program.
  • Sahil Chandiramani, Pagaya's Head of Capital Markets, emphasized the company's ability to deliver consistent access to diversified funding at scale.
  • Pagaya continues to expand its investor base and financing flexibility through its ABS and forward-flow programs, supporting accelerated growth for both lending partners and institutional investors.

Statistics:

  • $500 billion: The amount of the asset-backed securitization (ABS) closed by Pagaya Technologies LTD.
  • 5: The number of fully-prefunded PAID deals completed by Pagaya in 2025.
  • $4.6 billion: The amount of Pagaya's year-to-date ABS issuance across personal loan, auto, and point-of-sale verticals.
  • 75: The number of securitizations completed by Pagaya since 2018.
  • $31 billion: The amount of capital raised by Pagaya through its ABS securitizations since 2018.
  • 30: The number of unique investors that participated in the PAID 2025-5 deal.
  • 5: The number of new investors to Pagaya's entire capital markets program.
  • AAA: The rating given to the deal by Kroll Bond Rating Agency (KBRA).

Sources:

  • Pagaya Technologies LTD. (NASDAQ: PGY)
  • Kroll Bond Rating Agency (KBRA)