Apr. 25 at 3:20 PM
$PGY - Historically, public ABS deals are 60-80% of Pagaya’s total network vol, but the company is shifting to a more diversified mix. While public ABS deals are the most visible part of Pagaya's business, they do not account everything
2025: PGY raised approx
$8.5b in ABS funding vs total network vol of
$10.5b or roughly 81% of total vol.
2024: They raised
$6.0b across 17 ABS transactions while generating
$9.7 billion in total network vol or 62%
The "gap" between
$2.37b in announced Q1 deals and their
$2.5B–
$2.7B vol proj is filled by alt, non-publicized deals:
Forward Flow: These are private commitments where institutions (like Blue Owl Capital or Sound Point) agree to purchase loans directly w/o a public securitization.
Pass-Through: Private securitizations or direct loan sales to investors are not always announced
Diversification: PGY intends to increase the share of non-ABS to 25-50% of total funding to improve capital efficiency and reduce reliance on public markets
