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Pagaya Technologies Ltd. helps U.S. banks and financial technology lenders decide which consumer loans to approve and connects those loans with investors willing to fund them. Its network covers personal loans, auto loans and financing at checkout. For example, Decline Monetization gives rejected applications a second evaluation, allowing lenders to approve some borrowers they would otherwise turn away. The lenders, not Pagaya, originate the loans.
Investors supply money through funds, vehicles that buy loans and issue securities backed by them, and agreements to purchase loans over time. Pagaya earns fees from lenders and investors for its AI services and arranging this funding. Most revenue comes from fees associated with these vehicles acquiring assets from partner lenders; Pagaya also earns fees for managing and administering the vehicles.
A small group of fintech partners originates most of the loans and receivables its AI facilitates, and a few large investors supply a substantial share of its securitization funding. The business therefore depends on both partners supplying loans and investors continuing to fund purchases at workable prices. U.S. rules require Pagaya to retain some exposure to its sponsored securitizations, so it also puts its own capital at risk. Its automated credit assessments must comply with fair-lending requirements and provide specific reasons for credit denials.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Upstart Holdings competes with Pagaya for lenders and institutional investors paying for AI-assisted loan assessment and arranging consumer loans. Watch Upstart’s platform and referral fees from lenders for evidence of demand for these services.
SoFi Technologies and Pagaya both depend on U.S. consumer borrowing and loan-market conditions: SoFi makes and services consumer loans, while Pagaya earns fees from lenders and investors by helping arrange partner-originated loans. SoFi’s Lending segment is the part to watch for consumer-loan demand, rather than its enterprise technology business.
OppFi Inc. competes with Pagaya in helping bank partners assess and arrange loans for consumers traditional lenders may reject; banks fund OppFi’s loans and pay it for technology and loan services. Its OppLoans business offers a view of borrowing needs among generally employed U.S. consumers with bank accounts and median wages who may be turned down because of their credit scores.
Oportun Financial Corporation and Pagaya both reach U.S. personal-loan applicants conventional underwriting may decline: Oportun uses alternative data to make loans to borrowers, while Pagaya helps partner lenders approve them and earns fees from lenders and investors. Watch Oportun’s unsecured personal loans, which accounted for most of its revenue and profitability as of December 31, 2025, for demand and repayment performance in this market.
Affirm Holdings gives a read on the spending and installment-loan demand behind Pagaya’s checkout-financing business: Affirm finances purchases and typically collects merchant fees, while Pagaya helps lenders assess and fund checkout loans, earning fees from lenders and investors. Watch Affirm’s purchase volume and repayment performance, but Pagaya does not disclose how much its checkout financing contributes to revenue.
Pagaya Technologies Ltd. earningsThis company
Pagaya earns most of its fees from loans partners originate with its AI’s help, and this report will show whether more loan volume is producing fees efficiently.
Read Network Volume—the gross value of assets partners originate with Pagaya’s AI assistance—alongside Production Costs, which mainly pay partners for marketing, customer interaction and loan origination, and compare both with fee revenue. If volume and fee revenue grow faster than production costs, Pagaya is turning more loan flow into fees without costs absorbing the gain. If production costs rise as fast as or faster than volume, acquiring and serving that flow is consuming the increase, so growth is less efficient.
Oportun Financial Corporation earningsOPRT
Oportun’s unsecured personal-loan business will show how U.S. demand and repayments are holding up in a market where Pagaya earns fees on loans made by partner lenders.
Read Oportun’s personal-loan originations alongside repayment performance. Steady lending with sound repayments would show that both borrower demand and repayment capacity support this market, a constructive signal for the market Pagaya’s partners serve. Slower lending or weaker repayments would point to less loan flow or greater caution from lenders and investors.
Upstart Holdings, Inc. earningsUPST
Upstart charges lenders platform and referral fees, and its report will show lender demand for AI-assisted loan assessment and arranging—the services it competes with Pagaya to provide.
Watch Upstart’s platform and referral fees. Growing fees would show that lenders are still paying for AI-assisted loan assessment and arranging, confirming demand in the market where Upstart competes with Pagaya. Weaker fees would point to cooling demand for these services and a less supportive setting for Pagaya to win partners and loan flow.
Affirm Holdings, Inc. earningsAFRM
Affirm finances consumer purchases and typically collects merchant fees, so its report will show installment-spending and repayment trends in a checkout-loan market Pagaya also serves through partners.
Read Affirm’s purchase volume alongside repayment performance. Rising volume with sound repayments would show continued use of installment payments without worsening repayment, supporting the checkout-loan market Pagaya’s partners also serve. Falling volume or weaker repayments would point to cooling demand or rising borrower strain. Pagaya does not disclose how much checkout financing contributes to its revenue, so this is a read on the market, not a measure of Pagaya’s own results.
