Pagaya Technologies Ltd.

Pagaya Technologies Ltd. is a financial technology company organized in Israel with its corporate headquarters in New York. It operates an AI-driven network that connects consumer finance partners, institutional investors, and financing vehicles to facilitate the origination, funding, and acquisition of consumer credit assets across multiple lending products.

22,6 %

42,4 %

6,3 %

+26,1 %

1.42

— Pagaya Technologies Ltd.
	%
Network AI fees	70% Fees earned for AI integration and capital markets execution across the network.
Contract fees	10% Fees earned under contractual arrangements tied to network activity and services.
Interest income	5% Income from cash, financing, and other interest-bearing assets.
Investment income	2% Gains or losses from investments held by the company and related vehicles.
SFR platform services	13% Revenue linked to single-family rental operations and Darwin platform activity.

Pagaya serves consumer finance partners such as fintech lenders, banks, and other financial institutions that use its...

Consumer finance partnersprimary
Banks, fintech lenders, and other originators use Pagaya's network and AI tools to underwrite and place more consumer credit assets.
Institutional and sophisticated investorsprimary
Investors acquire exposure to consumer credit assets originated through the network and packaged through financing vehicles.
Financing vehiclesprimary
Funds and securitization vehicles managed, advised, sponsored, or administered by Pagaya acquire assets from partners.
Single-family rental participantssecondary
Users of the Darwin platform engage in property onboarding and related SFR services.

Pagaya is headquartered in New York and maintains an office in Tel Aviv, reflecting its U.S.-Israel operating footprint...

•New York City is the corporate headquarters
•Tel Aviv is a major operating and technology office
•The U.S. is the main market for revenue generation
•All Partners and SFR Partners are domiciled in the U.S.
•Exposure is tied to U.S. consumer credit and lending markets

Pagaya's strategy is to deepen its AI and data network across consumer finance partners and expand the range of asset...

Expand product coverage across consumer credit asset classesmedium-term

Broader product coverage increases network volume and makes the platform more useful to partners.

Strengthen AI and data science capabilitiesmedium-term

Better models improve approval quality, partner outcomes, and investor confidence.

Scale capital efficiency and risk managementshort-term

The business depends on financing vehicles and retained risk to support originations and asset acquisition.

Deepen partner integration through APIsshort-term

Low-friction integration supports faster adoption and repeat usage by lenders.

Pagaya's business depends on the performance of its AI models, the credit quality of originated assets, and continued...

high

Model performance risk

The platform relies on AI and data science to underwrite and route assets; weaker model performance can reduce approvals and investor confidence.

Scope: Personal loans, auto loans, point-of-sale financing
Materiality: high

high

Expansion into new products and markets

New initiatives involve different borrower behavior, regulatory requirements, and operating experience.

Scope: Point-of-sale loans and new consumer finance products
Materiality: high

high

Credit and asset performance risk

The company retains or finances exposure to consumer credit assets and may be affected by delinquencies, defaults, and prepayments.

Scope: Loans and securitization vehicles
Materiality: high

medium

Regulatory and compliance risk

Securitization, risk retention, and consumer lending activities are subject to changing rules and oversight.

Scope: U.S. consumer finance and securitization
Materiality: medium

medium

Competitive pressure

The company operates in a highly competitive financial technology and lending market.

Scope: Partner acquisition and pricing
Materiality: medium

Fair value of loans, securities, and residual interests

Can materially affect investment values and earnings

VIE and securitization consolidation

Affects reported assets, liabilities, revenue, and noncontrolling interests

Risk retention accounting

Influences asset balances, cash usage, and exposure to credit losses

Impairment and remeasurement items

Creates non-operating volatility in reported profit

Pagaya Technologies Ltd.

Model performance risk

Expansion into new products and markets

Credit and asset performance risk

Regulatory and compliance risk

Competitive pressure

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