Overview

• A new bullish analysis highlights Q2 2025 revenue of $326 million, up 30% year over year, with a second straight GAAP‑profitable quarter and raised full‑year guidance.
• Recent financing milestones include a $300 million AAA‑rated securitization, a $600 million PAID transaction, and a $500 million bond issuance, signaling strong investor demand.
• Pagaya operates as an AI‑first “second look” underwriter integrated with about 31 lending partners such as SoFi and Klarna, packaging approved loans into ABS sold to roughly 145 institutional investors for fee income without direct credit exposure.
• Supportive valuation arguments cite a forward P/E near 13.5, about 2.2x forward sales and roughly 10x EBITDA, with shares previously rallying around 246% as large institutions including BlackRock, Vanguard, and Citadel accumulated positions.
• Coverage notes key risks tied to regulatory scrutiny of algorithmic fairness and transparency, potential shareholder dilution, and rivalry from platforms like Upstart with different partner footprints.