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Pagaya Raises $399M in Subprime Debt Deal with Higher Rates
ByAinvest
Friday, Nov 28, 2025 10:49 am ET1min read
Pagaya Technologies has raised $399 million through a subprime auto loan-backed bond sale, offering higher rates due to increased investor scrutiny. The lender's aggressive originate-to-sell model has drawn attention following the bankruptcy of Texas subprime car lender Tricolor Holdings. The lowest-rated part of Pagaya's offering priced at 7.4 percentage points above the benchmark rate, compared to an initial range of 6.5 to 6.75 percentage points.
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