Q3 2025 Pagaya Technologies Ltd Earnings Call Transcript
Key Points
- Pagaya Technologies Ltd (PGY) achieved consistent GAAP net income profitability, reaching an exit rate of over $120 million annually.
- The company reported record quarterly network volume of $2.8 billion, with a 19% year-over-year growth, led by a 31% increase in personal loans.
- Pagaya Technologies Ltd (PGY) has the highest number of partners in its onboarding queue in its history, with plans to onboard up to eight partners across various asset classes.
- The company successfully issued $1.8 billion in its ABS program across four transactions, showcasing strong demand from over 150 institutional funding partners.
- Adjusted EBITDA increased by 91% to a record $107 million, with margins expanding by 9 points to 30.6%, driven by strong fee growth and disciplined expense management.
- Pagaya Technologies Ltd (PGY) incurred a one-time $25 million cost associated with the issuance of its corporate bond and early retirement of existing debt.
- The company recorded a non-cash warrant expense of $5 million, impacting its financial results.
- Credit-related fair value adjustments resulted in a $20 million loss in the third quarter, compared to $14 million in the prior quarter.
- Interest expense, although reduced, still amounted to $22 million, indicating ongoing financial obligations.
- The company faces potential future credit-related impairments, with guidance reflecting a range of $25 million to $37.5 million per quarter over a rolling 12-month period.
Greetings. Welcome to Pagaya's third quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Josh Fagen, Head of Investor Relations. Thank you. You may begin.
Thank you, and welcome to Pagaya's third quarter 2025 earnings conference call. Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You can find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com.
Our remarks today will include forward-looking statements that are based on our current expectations and forecasts with respect to, among other things, our operations and financial performance, including our financial outlook for the fourth quarter and full year of 2025.
Our actual results may differ materially from those
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