Pagaya Closes Its 100th Asset-Backed Securitization as 2026 Issuance Tops $10 Billion

Pagaya Technologies Ltd. (NASDAQ: PGY), a technology company that uses AI to deliver consumer credit products for lenders and investors, announced on October 12, 2026 the closing of RPM 2026-5, a $650 million asset-backed securitization (ABS) backed by auto loans. The transaction is Pagaya’s 100th ABS deal since its first securitization in 2018. It also brings the company’s total issuance this year to over $10 billion.

A Milestone Deal for the Auto Platform

According to the company, 35 unique investors participated in RPM 2026-5, including five new investors to Pagaya’s RPM shelf. With this deal, lifetime ABS issuance now stands at over $44 billion across personal loans, auto loans and point-of-sale loans. Pagaya also describes itself as the primary ABS issuer of consumer unsecured loans in the United States.

“Closing our 100th ABS transaction is a testament to the trust our institutional partners place in Pagaya’s platform,” said Gal Krubiner, Co-Founder and CEO. He added that over the last eight years the company has built “a robust capital engine powered by long-term committed capital and diversified funding sources.”

Diversifying How Loans Get Funded

The 100th deal caps a busy stretch of funding activity. On September 16, Pagaya signed a forward flow agreement with Neuberger Specialty Finance for the purchase of up to $700 million of auto loans, its second auto forward flow agreement. Then, on September 22, it closed a $460 million revolving personal loan facility that is expected to deploy about $850 million in total capital over a 24-month revolving period.

In addition, Pagaya secured its first Variable Funding Note facility with ATLAS SP Partners, the warehouse finance business majority owned by Apollo Funds, on September 29. That revolving facility targets nearly $700 million in funding capacity for personal loans. Most recently, on October 5, the company issued a $600 million AAA-rated personal loan ABS, bringing year-to-date personal loan ABS issuance to over $6 billion.

“A diversified funding strategy gives us more flexibility and reduces reliance on any single channel,” said Sahil Chandiramani, Head of Capital Markets, at the time of the October deal.

How Funding Connects to Recent Results

That funding activity has run alongside rising loan volume. In its second-quarter 2026 results, the company reported record network volume of $3.5 billion, up 33% year over year, driven by growth in its auto vertical. During that quarter, ABS funding reached a record $3.7 billion across six transactions.

Total revenue and other income rose 19% to $387 million, and GAAP net income attributable to shareholders came in at $45 million. However, revenue from fees less production costs as a percentage of network volume contracted 61 basis points to 4.2%. The company attributed that change to asset class mix, new partner and product contributions, and ABS pricing that reflected a higher cost of capital.

For the third quarter, Pagaya guided to network volume of $3.425 billion to $3.625 billion and GAAP net income of $42 million to $52 million. For the full year, it expects GAAP net income of $155 million to $180 million. The company plans to report third-quarter results on October 29.

Strategic Investment Summary

• Milestone Deal: Pagaya Technologies Ltd. (NASDAQ: PGY) closed RPM 2026-5, a $650 million auto loan ABS and its 100th securitization since 2018.
• Issuance Scale: Total issuance in 2026 now exceeds $10 billion, and lifetime ABS issuance exceeds $44 billion.
• Investor Base: Thirty-five unique investors participated in the deal, including five new to the RPM shelf.
• Funding Diversification: Since mid-September, Pagaya has added a Neuberger auto forward flow agreement, a revolving personal loan facility and its first Variable Funding Note facility.
• Recent Results: Second-quarter network volume rose 33% to $3.5 billion, with GAAP net income of $45 million.
• Upcoming Catalyst: Third-quarter results are scheduled for October 29, with GAAP net income guidance of $42 million to $52 million.

Find out more about the latest corporate developments and financial reports at the Pagaya investor portal.