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- **Record Growth**: Network volume $2.8B (+19% YoY), FRLPC $139M (+39% YoY), 31 partners on platform.
- **Strong Profitability**: GAAP net income $23M, 3rd straight profitable quarter; EBITDA $107M (+91% YoY).
- **Credit Stability**: Personal loans loss rates 35-40% below 2021 peaks; auto loans 50-65% below 2022 levels.
- **Partnership Surge**: 8 new partners in pipeline, highest ever onboarding queue; 30% of partners using multiproducts.
- **Funding Diversification**: 60% ABS, 40% forward flows; $500M senior notes reduce cost of capital by 200bps.

**【CEO Summary Section】**
- CEO highlights record network volume of $2.8 billion, up 19% YoY, driven by 31% growth in personal loans.
- Emphasizes product-led growth with 30% of partners using multiproduct solutions, contributing 67% of total volume.
- Notes highest ever partner onboarding queue, with 8 new partners across asset classes, and 31 partners total.
- Stresses disciplined underwriting (1% conversion rate) and B2B model reducing cyclical volatility.

**【CFO Financial Commentary】**
- CFO reports FRLPC (Fee Revenue Less Production Costs) up 39% YoY to $139M, 5% of network volume.
- Adjusted EBITDA $107M, +91% YoY; GAAP net income $23M, 3rd consecutive profitable quarter.
- Credit performance stable: personal loans 35-40% lower loss rates vs. 2021 peaks; auto loans 50-65% lower loss rates vs. 2022.
- Diversified funding: $1.8B ABS issued Q3, inaugural auto forward flow with Castlelake, and $500M senior notes refinancing.

**【Q&A Highlights】**
- **Credit Quality**: CFO notes credit trends stable, within expectations; CEO highlights B2B model buffers cyclical risk.
- **Partner Onboarding**: 8 new partners in pipeline, mix of banks/fintechs across auto, POS, personal loans.
- **Funding Strategy**: 60% ABS, 40% forward flows; $500M unsecured notes reduce cost of capital by 200bps.
- **Auto Growth**: $2.2B annualized volumes, +10% QoQ; RPM deal with One William Street oversubscribed.
- **POS Expansion**: $1.4B annualized volumes, leveraging affiliate channels for new customer acquisition.

Pagaya Technologies Ltd. (PGY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PGY

PGY fundamentals

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