1. Plaid for credit expansion: Pagaya provides an AI-driven network that helps financial institutions expand credit access to a broader range of borrowers, much like Plaid connects financial data for various services.
2. Palantir for consumer lending insights: Pagaya applies advanced AI and big data analytics to generate insights for consumer credit decisions, akin to Palantir's data intelligence platforms for complex domains.
3. Stripe for credit risk assessment: Pagaya offers an AI-powered infrastructure that enables lenders to better assess and manage credit risk, similar to how Stripe provides fundamental payment processing infrastructure.

• AI-driven Credit Assessment Network: Pagaya offers a proprietary AI and machine learning network that helps financial institutions identify and approve more eligible borrowers beyond traditional credit score models.
• Asset Management Services: Through its network, Pagaya facilitates the sale of credit assets originated by partner lenders to institutional investors, providing an end-to-end capital solution.

Pagaya Technologies (PGY) sells primarily to other companies, specifically financial institutions.

According to Pagaya's 2023 Annual Report on Form 10-K, no single customer accounted for 10% or more of its revenue in 2023, 2022, or 2021. This indicates a diversified customer base, meaning there are no individual "major customers" in terms of revenue concentration that require disclosure.

However, Pagaya partners with and provides its AI-driven credit assessment technology to a variety of financial institutions. These customer categories include:

• Banks: Traditional commercial banks and regional banks.
• Credit Unions: Member-owned financial cooperatives.
• Fintechs: Financial technology companies that offer various lending and financial services.

Pagaya's model is to embed its technology within these institutions to help them expand access to credit for their end-customers.

• Amazon.com, Inc. (AMZN)

Gal Krubiner, Co-Founder and Chief Executive Officer

Gal Krubiner co-founded Pagaya in 2016 and has served as its Chief Executive Officer and a director since then. He possesses extensive experience in the investments and wealth management industry, specializing in innovative and sophisticated credit structured products. Prior to co-founding Pagaya, Mr. Krubiner focused on structuring and distributing sophisticated credit and asset-backed securities products with UBS AG. He is also a serial entrepreneur, having co-founded Super Price (2011-2012) and served as an Investment Manager and Board Member at ORMOR CAPITAL (2009-2012).

Evangelos Perros, Chief Financial Officer

Evangelos Perros was named Chief Financial Officer in February 2024, after serving as Interim CFO since November 2023 and Deputy CFO since joining Pagaya in 2021. He brings over 25 years of experience in the financial industry. Before Pagaya, Mr. Perros held leadership positions in finance and investment banking at JP Morgan Chase, and most recently was a Managing Director and Head of Business Planning & Analysis at Apollo Global Management, a private equity firm. He has extensive M&A and investment banking expertise.

Avital Pardo, Co-Founder and Chief Technology Officer

Avital Pardo co-founded Pagaya in 2016 and has served as Chief Technology Officer and a director since then. He was instrumental in designing Pagaya's AI-based credit model and system. Before co-founding Pagaya, Mr. Pardo was one of the first employees at Fundbox, where he focused on algorithms. He has a strong tech background with a Master's in Math and served for approximately 10 years in an elite tech unit of the Israeli army, specializing in utilizing Big Data for intelligence.

Sanjiv Das, Co-Founder and President

Sanjiv Das joined Pagaya as President in 2023 and holds the title of Co-Founder. With over 30 years of experience in financial services, he oversees the strategy and growth of the company's commercial business. Prior to Pagaya, Mr. Das served as CEO of Caliber Home Loans, a residential mortgage lending company where he delivered record year-over-year growth. He has also been CEO, President, and Chairman of the Board for Citi's Mortgage Division, and Head of all International Businesses at First Data, which was a KKR-owned company.

Yahav Yulzari, Co-Founder and Chief Revenue Officer

Yahav Yulzari co-founded Pagaya in 2016 and serves as Chief Revenue Officer and a director. He is responsible for overseeing Pagaya's growth and global commercial activities. Mr. Yulzari is a former real estate entrepreneur and contributed to Pagaya's founding vision with his background in capital raising.

Pagaya Technologies (PGY) faces several key risks to its business, primarily stemming from its operational model in the fintech lending space.

1. Credit Risk and Loan Impairments

A predominant risk for Pagaya Technologies is its exposure to credit risk, particularly from the performance of its loan vintages and its involvement in underwriting non-prime loans. The company has experienced significant credit-related impairment losses in past loan vintages, specifically from 2021 to 2023. Analysts have noted Pagaya's business model often involves retaining the riskiest tranches of loans for regulatory risk-retention purposes, which have historically performed poorly. This risk is exacerbated by macroeconomic factors, such as increasing credit card delinquencies and heightened recession risks, which can lead to higher default rates and subsequent impairments. Concerns have also been raised about Pagaya potentially using its in-house funds to absorb losses from underperforming loan segments, further highlighting the challenges in managing credit quality.

2. Regulatory Scrutiny and Securities Law Violations

Pagaya Technologies is subject to regulatory challenges within the fintech sector and has faced investigations concerning potential securities law violations. A report by Iceberg Research alleged that the company misled investors regarding its financial health and risk exposure, claiming Pagaya utilized investor funds to absorb high-risk loan tranches and engaged in questionable financial maneuvers to inflate fees and mask impairments. Furthermore, the company's auditor has been noted to have a poor track record, with a significant deficiency rate in their audits, which raises additional concerns about the reliability of financial reporting. This regulatory and legal scrutiny introduces substantial risk of reputational damage, financial penalties, and a decrease in investor confidence.

3. Profitability Challenges and Earnings Volatility

Despite experiencing revenue growth, Pagaya Technologies has consistently struggled with profitability, leading to earnings volatility. The company has frequently missed earnings per share estimates, and negative net margins have been a recurring characteristic of its operations. This pattern of robust top-line growth coupled with weak bottom-line performance highlights a fundamental challenge in converting revenue into profit, partly due to its business model's reliance on securitization and institutional partnerships, which can introduce high capital costs and operational risks. There is also skepticism surrounding management's repeated assurances of improved future performance and GAAP profitability, as past loan vintages have continued to result in substantial impairments, casting doubt on the credibility of these projections.

The increasing regulatory and ethical scrutiny surrounding AI bias, fairness, and explainability in credit underwriting models poses a clear emerging threat. Financial regulators globally, including the Consumer Financial Protection Bureau (CFPB) in the United States, are intensifying their focus on ensuring that AI and machine learning models used in lending comply with fair lending laws and do not perpetuate or create discriminatory outcomes. This trend could lead to stricter compliance requirements, limitations on model complexity or data usage, increased validation and explainability costs for Pagaya and its lending partners, potential fines, or reputational damage if Pagaya's models are perceived or found to contribute to bias. This emerging regulatory environment directly impacts the scalability and broader acceptance of Pagaya's core AI-driven financial technology solutions.

Pagaya Technologies (PGY) operates primarily in the consumer credit and residential real estate sectors, leveraging artificial intelligence to provide financial infrastructure solutions to its partners. Its main product offerings include personal loans, auto loans, and point-of-sale (POS) financing. The company's operations are focused on the U.S. market, among other regions like Israel and the Cayman Islands.

While Pagaya has demonstrated significant network volume, reporting $2.8 billion in Q3 2025 across its network, and expects full-year 2025 network volume to range between $10.5 billion and $10.75 billion, specific total addressable market (TAM) sizes for each of its individual product categories (personal loans, auto loans, point-of-sale financing, and residential real estate) within the relevant regions are not explicitly provided in the available information.

• Expansion of its Lending Partner Network: Pagaya is actively focused on increasing its network of lending partners, with a notable number of new partners in its onboarding pipeline, including a top-tier bank. This expansion to new financial institutions is expected to significantly increase the volume of loans processed through its platform.
• Product-Led Growth and Deeper Monetization with Existing Partners: The company aims to enhance its offerings and extract more value from its current relationships by developing and implementing additional value-added products and solutions. This includes initiatives beyond traditional decline monetization, such as the Pagaya Direct Marketing Engine, affiliate optimizer, and FastPass solutions, designed to support existing lenders' businesses and increase application flow.
• Diversification into New Asset Classes: Pagaya is strategically expanding its presence beyond personal loans into new asset classes, particularly auto lending and point-of-sale (POS) financing. This diversification reduces reliance on any single loan category and is already contributing significantly to its network volume growth.
• Sustained Growth in Network Volume and Enhanced Unit Economics: Pagaya anticipates continued growth in its network volume, which directly translates to higher revenue from fees. Alongside this, the company is committed to improving its unit economics, specifically by optimizing fee revenue less production costs (FRLPC), aiming for FRLPC to grow steadily in dollar terms and range between 4% to 5% as a percent of network volume. This focus on efficiency ensures that increased volume translates into more profitable revenue.

Share Repurchases

• Pagaya Technologies reported a 10-Year Share Buyback Ratio of 0.00% as of June 2025, indicating no significant share repurchases over that period.

Share Issuance

• In March 2024, Pagaya issued 7.5 million shares for approximately $95 million.
• In September 2024, the company undertook a $140 million exchangeable senior note offering.
• A prospectus from April 2022 indicated the potential issuance of up to 36,516,687 Class A Ordinary Shares by the company.

Inbound Investments

• Pagaya signed an inaugural Auto forward flow agreement with Castlelake in November 2025 to purchase up to $500 million in auto loans, increasing total capacity across forward flow partnerships and pass-throughs to $5.5 billion since the end of 2024.
• In May 2025, a forward flow agreement was announced with Blue Owl Capital for up to $2.4 billion in loans over 24 months, diversifying funding.
• The company closed a $400 million ABS transaction in October 2025, with One William Street Capital Management purchasing residual certificates as a strategic funding partner.

Capital Expenditures

• Capital expenditures for Pagaya Technologies were $3.8 million for the second quarter of 2025.