Pagaya reported FY 2025 results with Network Volume of USD 10.5 billion (+9%). Total revenue and other income rose 26% to USD 1.3 billion, including revenue from fees of USD 1.3 billion (+26%), interest income of USD 48.4 million (+50%), and investment loss of USD 8.4 million. Operating income was USD 263.8 million, while net income attributable to shareholders was USD 81.4 million (diluted EPS: USD 0.93). Pagaya’s non-GAAP Fee Revenue Less Production Cost (FRLPC) was USD 512.2 million and FRLPC % was 4.9%; Adjusted EBITDA was USD 371.0 million. Business and corporate highlights included Pagaya’s transition to large accelerated filer status (no longer an emerging growth company as of December 31, 2025) and the loss of foreign private issuer status as of June 30, 2025. In capital markets activity, Pagaya issued USD 500.0 million of 8.875% senior unsecured notes due 2030 and repaid USD 332.1 million of term loan principal; it also repurchased USD 6.9 million of the 2030 notes in December 2025. Liquidity (cash, cash equivalents, and restricted cash) was USD 288.3 million at December 31, 2025, and investments in loans and securities totaled USD 945.3 million at fair value.

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