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Second AAA-Rated Asset Backed Securitization of 2024, with $4.4bn raised across all transactions in 2024
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Pagaya remains the #1 ABS issuer of personal loans in the U.S.
Pagaya Technologies LTD. a global technology company delivering AI-driven product solutions for the financial ecosystem, announced the closing of PAID 2024-9.
A total of 21 unique investors participated in this latest transaction, the majority of whom were repeat investors, along with several new investors who had not previously participated in the Company’s deals. The deal was well oversubscribed, reflecting continued strong investor demand for Pagaya’s robust AI-enabled consumer credit assets.
Qualified institutional buyers purchased notes backed by personal loans that will be originated by lending partners on Pagaya’s AI-powered network. Pagaya’s efficient, scalable and innovative platform continues to see robust investor demand, underscoring the Company’s ability to meet the needs of prominent financial institutions and deliver efficient, fit-for-market structures across the financial ecosystem.
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Pagaya has raised over $24 billion across 59 ABS transactions since 2018 across multiple products. Pagaya remains the number one personal loan ABS issuer by issuance size in the U.S., solidifying its reputation as the benchmark issuer of this product.
“As a leader in the ABS market, we continue to see increased support and investment in our securitization platforms,” said Ralph L. Leung, Chief Operating Officer and Chief Commercial Officer for Pagaya. “Reflecting our increasing scale and efficiency as an issuer, as well as improvement in broader funding markets, this deal was executed at the lowest cost of capital since 2022, also resulting in one of Pagaya’s lowest risk retention levels in the past 18 months.”
Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy.
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