Pagaya Technologies Ltd (PGY) Investment Analysis
1. Executive Summary
Pagaya Technologies Ltd (PGY) is a global financial technology company that provides artificial intelligence (AI) infrastructure and automated risk-assessment software for the financial services ecosystem.[1, 2] Operating from corporate hubs in New York and Tel Aviv, the company operates a business-to-business-to-consumer (B2B2C) model that embeds its proprietary API directly into the workflows of consumer credit originators, including retail banks, credit unions, auto-finance captives, and point-of-sale (POS) financing platforms.[3, 4, 5] The company evaluates trillions of data points across over $3.7 trillion of cumulative historical applications, enabling credit partners to approve sub-prime or near-prime borrowers who would otherwise be rejected under traditional credit scoring models.[4, 6]
Revenue is primarily generated through two structured fee-based channels derived from its network volume.[3, 7] First, lending partners pay fees to the company for providing credit decisioning and driving incremental loan origination.[3, 6] Second, institutional capital partners pay fees to access pooled, diversified portfolios of consumer assets.[3, 6] The standard metric reflecting net transaction revenues is Fee Revenue Less Production Costs (FRLPC), which historically trends within a target range of 4.0% to 5.0% of total network volume.[6, 7] Geographically, while Israeli offices conduct core research and model development, the primary end market for loan originations is the United States consumer credit sector.[3, 4]
| Corporate Dimension |
Operational Framework Detail |
Source Citation |
| Core Product Offering |
White-labeled Pulse AI underwriting APIs and pre-screen marketing campaigns |
[4, 8, 9] |
| Monetization Framework |
$4.00 to $5.00 in FRLPC per $100 of credit volume, supplemented by interest income |
[1, 6] |
| Lender Partners |
Banks, credit unions, subprime auto lenders, and POS payment providers |
[3, 10] |
| Geographic Exposure |
Core operations and asset originations concentrated in the United States |
[3, 4] |
| Key End Markets |
Unsecured personal loans, retail auto loans, and embedded point-of-sale finance |
[3, 8] |
Originating partners integrate with the network because alternative risk assessment provides an average conversion lift of 30% without adding credit risk to their balance sheets, as loans are fully offloaded to institutional investors.[6, 8] Institutional investors choose these assets because the proprietary underwriting algorithms deliver stable credit outcomes and attractive risk-adjusted yields across economic cycles.[4, 7, 11] This pre-funded structure, where capital is secured in trust before loans are originated, differentiates the company from traditional financial platforms that are vulnerable to liquidity crunches.[6, 8]
2. Business Drivers & Strategic Overview
Key Products and Revenue Drivers
The primary driver of the corporate expansion is network volume, which is accelerated by onboarding new originators and expanding product adoption among existing partners.[3, 6] The platform offers four core products to its partner network:
* Decline Monetization: This flagship product evaluates loan applications rejected by a lender’s traditional scoring system.[4, 8, 10] Within one second, the API delivers a real-time decision and, if approved, matches the loan with institutional capital, allowing the partner to retain customer lifetime value and servicing fees.[8, 10]
* Direct Marketing Engine: Utilizing data science models to target creditworthy, underserved consumers, this service coordinates email and direct mail campaigns for originators to drive organic application volume.[8, 9]
* Affiliate Optimizer Engine: This program integrates partners into leading affiliate credit marketplaces, accelerating application volumes and optimizing acquisition costs.[9]
* Pre-Screen Campaigns: The system runs targeted underwriting matches before consumer contact, reducing marketing friction and improving conversion rates.[8, 9]
Competitive Moats
The competitive advantages are structured around several reinforcing dynamics:
* Network Effects: The underwriting models have been trained on more than $3.7 trillion of evaluated applications, creating a data advantage.[6] As network volume expands, incremental performance data refines risk pricing models, reinforcing underwriting accuracy and attracting more capital.[4, 7]
* Switching Costs: Deep API integration into loan origination systems (LOS) of regional banks and auto captive platforms embeds the company as a utility.[3, 4, 12] Replacing this infrastructure would require partners to redesign their workflows and source alternative capital, establishing strong institutional retention.[3, 13]
* Asset-Light Operations: Gaining application flow directly through partner networks eliminates direct customer acquisition costs, allowing the company to allocate resources toward model development and platform scale rather than expensive retail marketing.[3, 4]
* Pre-Funded Capital Structure: Traditional fintech platforms often rely on warehouse credit lines, making them vulnerable to capital market freezes.[8] This network secures funding in advance from institutional investors, placing capital in trust before origination occurs and mitigating liquidity risks.[6, 8]
Total Addressable Market (TAM) Analysis
The addressable market in the United States consumer finance industry remains large, as legacy scoring systems continue to restrict credit access for creditworthy individuals.[6, 8] Strategic segments represent an aggregate opportunity of approximately $850 billion:
US Consumer Credit TAM: $850 Billion
+-------------------------------------------------------------+
| Unsecured Personal Loans: $180 Billion (21.2%) |
| +-----------------+ |
| | Auto Finance: $600 Billion (70.6%) |
| | +---------------------------------------+ |
| | | Point-of-Sale (POS): $70 Billion (8.2%)| |
| | | +----+ | |
+---+---+--+--------------------------------+-----------------+
The expansion into auto finance captures a larger share of the overall addressable market, transforming the company from a niche personal loan platform into a broad credit infrastructure provider.[3, 7]
Competitive Landscape
The competitive landscape is characterized by competition from legacy credit bureaus (such as Experian and Equifax) trying to build internal machine learning engines, alongside direct fintech competitors like Upstart Holdings (UPST).[4, 13, 14] While Upstart operates a consumer-facing platform reliant on direct marketing and warehouse lines, this business model functions strictly as an asset-light B2B utility.[12, 13, 15]
Evidence suggests the company is gaining market share relative to legacy alternatives.[8, 15] For instance, Upstart’s underwriting performance and transaction volume have exhibited volatility during interest rate hikes.[13, 15] In contrast, the company has maintained steady network volume, expanded auto and POS divisions, and onboarded competitors Upstart and Achieve as lending partners on its personal loan ABS transactions.[1, 2, 16]
3. Financial Performance & Valuation
Latest Quarterly Financial Analysis (Q1 2026)
The company reported its latest quarterly financial results for the first quarter of fiscal year 2026 on May 7, 2026.[1] The results demonstrated a continued shift toward GAAP profitability and operational efficiency:
- Network Volume: Reached $2.62 billion, representing a 9% year-over-year increase, meeting management's guidance range of $2.5 billion to $2.7 billion.[1, 17] Volume growth was primarily driven by POS and auto financing.[1]
- Total Revenue and Other Income: Rose 10% year-over-year to $317.94 million from $289.99 million.[1] While the top line fell within the guidance range of $315 million to $335 million [1], it slightly missed the consensus analyst estimate of $323.85 million [18] and the Zacks Consensus Estimate of $320.5 million.[19]
- Adjusted Earnings Per Share (EPS): Reported at $0.73, beating the Zacks Consensus Estimate of $0.48 by 52.1% and significantly exceeding the broader analyst consensus range of $0.20 to $0.52.[18, 19, 20]
- FRLPC Performance: Reached $121.0 million, up 5% year-over-year.[1] However, FRLPC as a percentage of network volume contracted by 19 basis points year-over-year to 4.6% due to changes in asset class mix (increased POS contribution) and tighter pricing on asset-backed securities (ABS) transactions.[1, 19]
- GAAP Net Income: Attributable to shareholders was $24.69 million, up from $7.89 million in Q1 2025, marking the fifth consecutive quarter of GAAP profitability.[1, 6]
- Adjusted EBITDA: Climbed 18% year-over-year to $94.17 million, generating an Adjusted EBITDA margin of 29.6% (reported by management as approximately 30.0%).[1]
| Financial Metric |
Q1 2026 Actual |
Q1 2025 Actual |
Year-over-Year Change |
Source Citation |
| Network Volume |
\$2.62 Billion |
\$2.40 Billion |
+9.0% |
[17] |
| Total Revenue |
\$317.94 Million |
\$289.99 Million |
+9.6% |
[1, 18] |
| GAAP Net Income |
\$24.69 Million |
\$7.89 Million |
+212.9% |
[1, 18] |
| Adjusted EBITDA |
\$94.17 Million |
\$79.58 Million |
+18.3% |
[1] |
| FRLPC |
\$121.00 Million |
\$115.00 Million (Implied) |
+5.2% |
[1, 8] |
| Diluted Share Count |
96.75 Million |
77.04 Million |
+25.6% |
[21, 22] |
Revised Financial Guidance
Following the Q1 2026 performance, management raised its full-year 2026 guidance, reflecting confidence in its partner integrations and auto market momentum [19, 23]:
- Network Volume: Raised to a range of $11.45 billion to $13.0 billion, up from $11.25 billion to $13.0 billion.[1, 24]
- GAAP Net Income: Raised to a range of $110.0 million to $160.0 million, up from $100.0 million to $150.0 million.[1, 24]
- Adjusted EBITDA: Raised to a range of $420.0 million to $460.0 million, up from $410.0 million to $460.0 million.[1, 19, 24]
- Q2 2026 Guidance: Management initiated Q2 2026 guidance projecting network volume between $2.875 billion and $3.075 billion, revenue between $345 million and $365 million, Adjusted EBITDA between $100 million and $115 million, and GAAP net income of $25 million to $45 million.[1, 25]
Management Commentary
CEO Gal Krubiner noted that the company’s operating and capital structures are driving standalone operating efficiencies, demonstrating that disciplined risk management supports net income growth.[9, 26] Management highlighted that the intentional decision to moderate origination volumes in select high-risk segments in late 2025 has improved credit quality.[9, 17] To manage geopolitical and macroeconomic risk, the company drew down on its revolving credit facility during the quarter and paid it back in full in late April 2026, showcasing active balance sheet management.[9, 21]
Market and Analyst Revisions
Following the Q1 earnings announcement, the stock surged 14.33% in pre-market trading to $16.96.[17] Analyst sentiment remained constructive, with covered targets ranging between $27.00 and $35.00.[27, 28] Canaccord Genuity reaffirmed its $32.00 target price in May 2026, citing the net income beat and raised full-year guidance.[27]
Further support came in late June 2026 when B. Riley reiterated its "Buy" rating and $32.00 price target.[29] The firm pointed to a valuation discount—with the stock trading at 7.9x forward earnings versus an 18x peer average—and highlighted CEO Gal Krubiner's $250,000 open-market share purchase as a confidence signal.[29]
Valuation Analysis Connected to Business Model
Traditional consumer finance lenders must hold significant capital reserves and carry credit default risk on their balance sheets, leading to compressed valuation multiples.[10, 30] In contrast, this platform operates an asset-light, fee-driven model, allowing it to generate 30% Adjusted EBITDA margins with a lower net cash requirement of 1.5% to 2.5% of network volume.[1, 31]
| Valuation Metric |
Current Multiple |
Industry Peer Average |
Valuation Insight |
Source Citation |
| Trailing P/E Ratio |
13.8x - 15.5x |
18.0x |
Reflects historical volatility discount |
[23, 29, 32] |
| Forward P/E Ratio |
7.9x - 9.7x |
18.0x |
Implies a valuation discount relative to growth |
[13, 29] |
| Price-to-Sales (P/S) |
1.0x - 1.2x |
3.5x |
Discounted relative to software-like margins |
[23] |
| Return on Equity (ROE) |
22.7% |
12.0% (Fintech Med.) |
Demonstrates profitability of capital-light model |
[14] |
With an estimated 5-year sales growth CAGR of 15% and a return on equity of 22.7%, the stock appears undervalued at its forward P/E of 9.7x.[13, 14] This multiple is low relative to the company's near-term earnings growth, as highlighted by a PEG ratio of 0.14.[17]
4. Risk Assessment & Macroeconomic Considerations
Corporate Risks and Sensitivities
The business model is subject to execution, structural, and macroeconomic dynamics:
Risk Spectrum & Diagnostic Path
========================================================================================
[Macro headwinds] ---> ---> Capital flow slows down
[Credit deterioration] ---> [Model mispricing rises] ---> High defaults, lower fees
[Customer loss] ---> [Concentration triggers] ---> Revenue drop (61% top-5 risk)
========================================================================================
- Execution Risk: The core value proposition relies on the predictive accuracy of the risk algorithms.[7] If the underwriting models fail to price risk accurately, rising defaults in securitized pools could lead to reputational damage and higher funding costs.[7, 10]
- Customer Concentration Risk: The client base is concentrated, with the top five partners generating approximately 61% of total network volume.[10] The largest partner, Best Egg, represented 17.3% of network volume in early 2025.[10] Losing a major partner would impact transaction volumes and fee generation.[10]
- Balance Sheet Leverage: Total debt of $895.4 million against equity of $629.3 million results in a debt-to-equity ratio of 142.3%.[33] This leverage reduces financial flexibility during credit contractions.[10]
- Regulatory Scrutiny: Algorithms are subject to fair lending regulations to prevent credit discrimination.[4] Additionally, risk retention rules under the Dodd-Frank Act require securitization sponsors to retain at least 5% of credit risk.[34, 35] Although structures like forward flows have lowered the net cash requirement to 2.5%, regulatory changes could restrict capital efficiency.[31, 34]
- Macroeconomic Sensitivity: Elevated interest rates make risk-free assets attractive, compressing the yield premium on ABS and raising funding costs.[7] A severe economic downturn with rising unemployment would stress borrower repayment capabilities, potentially leading to investment losses and whole-loan impairments on the balance sheet.[4, 17, 21]
Risk Characterization Framework
Strategic Risks
- Persistent high interest rates compress the ABS yield premium, slowing institutional capital flows.[7]
- Delinquency rates rise in the personal and auto loan portfolios, leading to higher credit impairments.[7, 17]
Operational Indicators
- FRLPC margins fall below the targeted 4.0% threshold.[1]
- A decline in trailing twelve-month ABS issuance volume below historical levels.[17]
- Unplanned draws on credit lines, suggesting potential liquidity constraints.[9]
Structural Headwinds
- A major banking partner representing more than 15% of network volume terminates its API integration.[10]
- Securitization default rates exceed projections, reducing demand for structured financial products.[7]
- Regulatory changes restrict alternative AI credit scoring metrics, limiting volume potential.[4]
5. 5-Year Scenario Analysis
The 5-year scenario model projects financial outcomes through fiscal year 2031 (FY31), using the July 2026 stock price of $18.34 as the baseline [23, 36] and a basic share count of 82.85 million shares.[37] The models assume a diluted share count of 96.75 million, which includes outstanding options and warrants.[21, 22]
Base Case (60% Probability)
- Operating assumptions: The company achieves a 15% compound annual revenue growth rate (CAGR) from the FY26 midpoint guidance of $1.4875 billion, reaching $2.99 billion in FY31.[1] POS and auto loan growth continues, offset by conservative personal loan originations.[1, 6] The FRLPC margin stabilizes at 4.5% of network volume.[1]
- Valuation assumptions: The GAAP net income margin stabilizes at 10.0%, yielding $299 million in net income.[1] Dilution increases the outstanding share count to 110.0 million.[21]
- Bridge and target price: This yields an EPS of $2.72. Applying a P/E multiple of 12.0x, the projected share price is $32.64, representing a 78.0% total return (12.2% annualized).
High Case (20% Probability)
- Operating assumptions: Revenue grows at a 20% CAGR, reaching $3.70 billion in FY31, driven by regional bank partnerships and expanding auto captive programs.[1, 6, 9] Capital costs decline as dual Fitch and KBRA AAA ratings attract larger pools of institutional capital.[2, 9]
- Valuation assumptions: Net income margin expands to 12.0% due to operating leverage, yielding $444 million in net income.[1, 9] Dilution remains controlled, keeping the share count at 105.0 million.[21]
- Bridge and target price: This results in an EPS of $4.23. Applying a 15.0x P/E multiple, the projected share price is $63.45, representing a 246.0% total return (28.2% annualized).
Low Case (20% Probability)
- Operating assumptions: Revenue growth slows to an 8% CAGR, reaching $2.19 billion in FY31, as high benchmark interest rates compress the ABS yield premium and reduce origination volumes.[1, 7]
- Valuation assumptions: Net income margin contracts to 5.0% due to rising credit impairments and higher debt servicing costs.[17, 19] Share dilution pushes the share count to 115.0 million.[21]
- Bridge and target price: This results in an EPS of $0.95. Applying an 8.0x P/E multiple, the projected share price is $7.60, representing a 58.6% decline (-16.1% annualized).
Projected Share Price Trajectory (USD)
The table below projects the share price trajectory over the next five fiscal years based on these scenarios:
| Scenario Model |
Year 1 (FY27) |
Year 2 (FY28) |
Year 3 (FY29) |
Year 4 (FY30) |
Year 5 (FY31) |
Source Citation |
| High Case (20%) |
\$23.40 |
\$29.80 |
\$38.00 |
\$48.50 |
\$63.45 |
Model Estimates |
| Base Case (60%) |
\$20.50 |
\$22.90 |
\$25.60 |
\$28.70 |
\$32.64 |
Model Estimates |
| Low Case (20%) |
\$15.20 |
\$12.60 |
\$10.50 |
\$8.80 |
\$7.60 |
Model Estimates |
Using subjective probability weights of 20% High Case, 60% Base Case, and 20% Low Case, the probability-weighted target price is $33.79, representing a total return of 84.2% over 5 years.
Compact Scenario Summary Table
| Scenario |
Revenue / key scale metric in Year 5 |
Margin / earnings assumption |
Valuation multiple assumption |
Current share price |
Implied future share price |
5-year total return |
Annualized return |
Probability |
| High Case |
\$3.70 Billion |
12.0% Net Margin |
15.0x P/E |
\$18.34 |
\$63.45 |
246.0% |
28.2% |
20% |
| Base Case |
\$2.99 Billion |
10.0% Net Margin |
12.0x P/E |
\$18.34 |
\$32.64 |
78.0% |
12.2% |
60% |
| Low Case |
\$2.19 Billion |
5.0% Net Margin |
8.0x P/E |
\$18.34 |
\$7.60 |
-58.6% |
-16.1% |
20% |
ASYMMETRIC RETURN PROFILE
6. Qualitative Scorecard
Qualitative Metrics Evaluated (Scale 1-10)
============================================================
Management Alignment: [8/10] *********
Revenue Quality : [7/10] *******
Market Position : [8/10] *********
Growth Outlook : [8/10] *********
Financial Health : [6/10] ******
Business Viability : [8/10] *********
Capital Allocation : [7/10] *******
Analyst Sentiment : [9/10] **********
Profitability : [8/10] *********
Track Record : [7/10] *******
============================================================
Blended Overall Score: 7.6 / 10
- Management Alignment (8/10): Founders and executives maintain significant equity ownership.[38] CEO Gal Krubiner demonstrated alignment by executing open-market stock purchases of approximately $500,000 in June 2026.[18, 39] However, the dual-class share structure yields Class B ordinary shares with ten votes per share [40], concentrating 81.8% of total voting control within the executive group.[41]
- Revenue Quality (7/10): The transaction fee structure is recurring and scales with volume, avoiding direct credit default risk.[4, 6, 10] FRLPC margins remain inside the targeted 4.0%-5.0% band.[1, 7] The rating is tempered by structural dependence on overall capital market securitization volumes.[10]
- Market Position (8/10): The company holds a solid position in the alternative risk-underwriting sector.[4] The onboarding of competitors Upstart and Achieve as lending partners on its personal loan ABS transactions illustrates its role as an infrastructure utility.[2, 16]
- Growth Outlook (8/10): Growth initiatives are supported by the expansion of auto finance divisions and point-of-sale BNPL products.[1, 6, 16] Forward flow agreements supply a reliable pipeline of originations.[16, 24]
- Financial Health (6/10): The cash balance of $380 million provides a solid liquidity cushion.[21] However, total debt of $895.4 million and a debt-to-equity ratio of 142.3% weigh on the score.[33]
- Business Viability (8/10): API integrations with regional banking systems generate sticky relationships.[4, 13] The pre-funded capital structure secures funding in advance, reducing liquidity risks.[6, 8]
- Capital Allocation (7/10): The transition to GAAP net income represents an operational milestone.[9] Management has also engaged in debt repurchases, retiring portions of the 2030 Notes to capture gains.[21]
- Analyst Sentiment (9/10): Wall Street sentiment remains constructive, presenting a consensus "Strong Buy" recommendation with target prices ranging from $27.00 to $35.00.[27, 42] No covering firms currently advise selling.[42]
- Profitability (8/10): The business has recorded five consecutive quarters of GAAP net income [9], with full-year 2026 profit guidance raised to a midpoint of $135 million.[1]
- Track Record (7/10): The company successfully managed the transition from a $401 million GAAP net loss in 2024 to sustained profitability throughout 2025 and early 2026.[18, 26] The long-term track record remains limited by its relatively short public trading history.
Blended Score: 7.6 / 10
CONSTRUCTIVE FUNDAMENTAL OUTLOOK
7. Conclusion & Investment Thesis
The structural investment case for Pagaya Technologies Ltd rests on its role as an asset-light intermediary linking retail bank originations with institutional capital markets.[3, 4] The company operates a highly scalable platform that avoids the direct credit exposure faced by traditional banks.[4, 10]
The primary catalysts for valuation improvement include:
* Continued volume acceleration in the high-yield auto lending and point-of-sale verticals.[1, 6]
* Additional banking integrations through platforms like Experian Activate.[9]
* A potential decline in benchmark interest rates, which would lower capital costs and increase institutional demand for consumer credit ABS.[7]
The primary risk factor remains customer concentration, with the top five partners accounting for 61% of total network volume.[10] However, the company's valuation—trading at 9.7x forward earnings [13] despite five consecutive quarters of GAAP profitability [9] and raised full-year profit guidance [1]—suggests a disconnect between its financial trajectory and market pricing. This profile indicates a notable mispricing for an asset-light financial technology platform.[17]
STRUCTURAL ASYMMETRY EVIDENT
8. Technical Analysis, Price Action & Short-Term Outlook
Pagaya’s stock price closed at $18.71 as of July 6, 2026 [43], trading above its 200-day simple moving average of $15.31 [44] and demonstrating a positive medium-term trend breakout.[43] Technical indicators confirm a bullish crossover, with near-term support established at $15.40 and resistance near $43.70.[32, 43] Investor confidence has been reinforced by recent upsized, AAA-rated personal loan and auto ABS transactions totaling over $5.5 billion year-to-date [2] and open-market insider buying by CEO Gal Krubiner.[18] The short-term outlook remains constructive ahead of the Q2 2026 earnings release scheduled for July 30, 2026.[45, 46]
BULLISH SHORT-TERM TREND
- Pagaya Reports First Quarter 2026 Results & Raising Full-Year Net Income Guidance, https://investor.pagaya.com/node/11806/pdf
- Pagaya seals upsized $800M AAA personal loan ABS | PGY Stock News, https://www.stocktitan.net/news/PGY/pagaya-issues-aaa-rated-upsized-800-million-personal-loan-abs-stht8im7aezv.html
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- Pagaya Technologies, https://investor.pagaya.com/static-files/17b6009c-23ec-471b-89f6-511e73482a44
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- Upstart vs. Pagaya Technologies: Which Financial Stock Is a Better Buy in 2026?, https://www.fool.com/coverage/better-buy/2026/05/28/upstart-vs-pagaya-technologies-which-financial-stock-is-a-better-buy-in-2026/
- Pagaya Technologies Vs Upstart: Which is a Better Buy? AI Stock Analysis - Danelfin, https://danelfin.com/stocks/PGY-pagaya-technologies-vs-UPST-upstart-compare
- Benchmark reiterates Buy rating on Pagaya stock, maintains $48 price target - Investing.com, https://www.investing.com/news/analyst-ratings/benchmark-reiterates-buy-rating-on-pagaya-stock-maintains-48-price-target-93CH-4266724
- Pagaya Technologies (Nasdaq:PGY) - Stock Analysis - Simply Wall St, https://simplywall.st/stocks/us/software/nasdaq-pgy/pagaya-technologies
- Pagaya Q1 2026 slides: net income surges 213%, profitability accelerates - Investing.com, https://www.investing.com/news/company-news/pagaya-q1-2026-slides-net-income-surges-213-profitability-accelerates-93CH-4669354
- Pagaya's Insider Bet: Why CEO Buying Could Mark a Turning Point for PGY - Kavout, https://www.kavout.com/market-lens/pagaya-s-insider-bet-why-ceo-buying-could-mark-a-turning-point-for-pgy
- Pagaya Gains as Q1 Earnings Beat on Higher Revenues, Guidance Raised - May 8, 2026, https://www.zacks.com/stock/news/2918183/pagaya-gains-as-q1-earnings-beat-on-higher-revenues-guidance-raised
- PGY Earnings: Latest Report, Earnings Call & Financials, https://public.com/stocks/pgy/earnings
- Pagaya (PGY) triples net income in Q1 2026 as cash and investments grow - Stock Titan, https://www.stocktitan.net/sec-filings/PGY/10-q-pagaya-technologies-ltd-quarterly-earnings-report-4333cd3883dd.html
- Pagaya Technologies Income Statement (2021-2026) | PGYWW - Business Quant, https://businessquant.com/stocks/pgyww/income-statement/
- Pagaya Technologies (PGY) | Trefis, https://www.trefis.com/data/companies/PGY
- Pagaya Reports Fourth Quarter and Full Year Ended 2025 Results, https://investor.pagaya.com/static-files/0680dfee-96a2-4fbb-b982-7c7f84bdde18
- Pagaya Reports First Quarter 2026 Results & Raising Full-Year Net Income Guidance, https://investor.pagaya.com/static-files/1f38d3e9-6d00-49c7-921d-a6b5be49a276
- Earnings call transcript: Pagaya's Q4 2025 beats EPS forecast, stock tumbles By Investing.com, https://www.investing.com/news/transcripts/earnings-call-transcript-pagayas-q4-2025-beats-eps-forecast-stock-tumbles-93CH-4494276
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- Mandatory Retention Rules and Bank Risk, https://www.bankofcanada.ca/wp-content/uploads/2023/01/swp2023-3.pdf
- Pagaya Technologies Ltd (PGY) Expected Move - Option Samurai, https://optionsamurai.com/ticker/pgy/expected-move/
- Form 10-K/A for Pagaya Technologies LTD filed 04/30/2026, https://investor.pagaya.com/static-files/2a8c5cfc-7b4a-4398-b6ed-64849e825431
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- Pagaya Schedules Q2 2026 Earnings Release for July 30: What... - Market Chameleon, https://marketchameleon.com/articles/b/2026/7/9/pagaya-q2-2026-earnings-release-july-30-investor-preview
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