Pagaya Technologies Ltd. · NASDAQ:PGY
Pagaya Technologies — Investor Presentation (February 2026)
34 slides from Pagaya Technologies's investor presentation, February 2026
Slide 1: Pagaya Technologies Investor Presentation
February 2026 INTRODUCTION Pagaya Technologies Investor Presentation 1 1
Slide 2: Disclaimer: Forward Looking Statements and Non-GAAP Information
Disclaimer: Forward Looking Statements and Non-GAAP Information Certain comments made in this presentation may be characterized as forward looking However, non-GAAP financial measures have limitations in their usefulness to investors under the Private Securities Litigation Reform Act of 1995. Forwar
Slide 3: Company Overview
01 Company Overview 3 3
Slide 4: Mission: Delivering more financial opportunity
MISSION Delivering more financial opportunity to more people, more often 4 4
Slide 5: Pagaya by the numbers
Pagaya by the numbers 30+ Lending partners 5 Markets (personal loan, >150 >$3.5T Funding partners Applications evaluated since inception >$34B Funding raised across >80 ABS auto, point-of-sale, credit transactions since 2018 card, and single-family rental) ~$100M ~$1.3B Annualized run-rate total rev
Slide 6: What makes Pagaya different
What makes Pagaya different Differentiated, enterprise-led growth strategy Network effects create expanding data advantage Constantly growing “top of the funnel” by Unique insights into the U.S. borrower with partnering and expanding with new and >$3.5T of applications seen since inception existing
Slide 7: Consumers can't get the credit they deserve
The Problem Consumers can’t get the credit they deserve 42% ~$112K 30+ Unique API of U.S. consumers are denied the Average income of our borrowers(2) Integrations credit they seek under legacy credit Into lending scoring models(1) origination systems across multiple markets Our Solution Ensuring len
Slide 8: Pagaya Network Connects Lenders with Institutional Capital
Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers Lending Partners Funding Partners PGY’s tech drives new PGY delivers diverse assets at customers for Banks and other scale in an automated manner Lending Partners AI • Origination growth without incremental capital
Slide 9: Lenders add more borrowers under their brand
How our Product Works Lenders add more borrowers under their brand With Pagaya, the end borrower gets an offer from the lender they trust Step 1 Step 2 Step 3 Step 4 Personal Loan Personal Loan Personal Loan The outcome: a seamless experience for lenders & borrowers API • Lender keeps the relationsh
Slide 10: How We Fund Our Network Volume
How We Fund Our Network Volume Unlike traditional funding models, we raise funding before assets are created – minimizing liquidity risk Upfront funding model mitigates liquidity risk Pagaya’s upfront funding model • Pagaya raises cash from investors first, which sits in a trust waiting to be deploy
Slide 11: Our Differentiated Value Proposition
Our Differentiated Value Proposition Pagaya earns $4.00 - $5.00 in FRLPC1 for every $100 of loans issued FRLPC1 driven primarily by fees paid by our lending partners for helping them add more borrowers Lending Partners Funding Partners Pay fees to Pagaya to use our product to originate more loans an
Slide 12: Constantly expanding data moat
The Competitive Differentiator Constantly expanding data moat Pagaya leverages its network of 30+ partners to pair seasoned borrower data with the latest production, giving selection insights and real-time adaptability across all stages of the credit cycle Historical Production Real-Time Tens of Bil
Slide 13: Our flagship product provides a win-win-win for partners
Our flagship product provides a “win-win-win” for lending partners, their customers and funding partners Lending Partners Lending Partner Customers Funding Partners Grow originations and customers with Access to more financial opportunities Efficiently deploy capital at scale in no incremental cost
Slide 14: 4Q'25 Results: Strong execution driving profitable growth
4Q’25 Results: Strong execution driving profitable growth 4Q’25 Total Revenues 4Q’25 FRLPC1 • 4th consecutive quarter and record GAAP Net Income profitability, at the high end of guidance $335M $131M • Core OpEx expenses as a % of FRLPC reached 36%, near its lowest since going public 20% ~$1.3B 12%
Slide 15: Growth Strategy
02 Growth Strategy 15 15
Slide 16: Differentiated, enterprise-led growth strategy
Differentiated, enterprise-led growth strategy Strategic Growth Initiatives Adding Lending Partners To Our Network Further Scale & Monetize Existing Partnerships PL POS Auto 1 Increasing our unit economics as we scale newer partners decline monetization programs Cost Efficient: Scalable: No Incremen
Slide 17: Robust pipeline of enterprise-grade financial institutions
Robust pipeline of enterprise-grade financial institutions Strong network of 30+ enterprise lenders In conversations with Targeting across 5 asset classes Top 5 >80% 2-4 Partner additions annually, Auto of top 25 addressable with a focus on large U.S. Banks by asset Captive size banks and auto capti
Slide 18: Driving increased monetization through multiproduct relationships
Driving increased monetization through multiproduct relationships Established playbook to grow volume and fees through multiproduct relationships with lending partners 3 Illustrative, sizes of circles represent # of Pagaya partners in a given group Multiproduct • Continue to boost monetization among
Slide 19: Developing new products to help lenders extract more customer lifetime value
Developing new products to help lenders extract more customer lifetime value Increasing Flagship Product Increasing Products in Development Customer Growth Market Share & Wallet Share Enable lenders to capture customers that Increase Growth Product roadmap designed to drive & Customer otherwise woul
Slide 20: Funding Strategy
02 Funding Strategy 20 20
Slide 21: Access to diverse sources of funding limits use of capital
Access to diverse sources of funding limits Pagaya’s use of capital to fund volume 2025 Funding Announcements Funding Highlights ~$5.8B ✓ Raised >$34B in our ABS program across >80 Funded in PAID* transactions with 150+ institutional funding partners year to date ~$2.1B ✓ #1 ABS issuer of Personal L
Slide 22: Our ABS funding network
Our ABS funding network Growing ABS ABS Investor Base ABS Issuance Investors in Pagaya’s financing vehicles Pagaya ABS issuance across all products ($ in billions) investor base by investor type $8.5 158 154 $6.6 145 $6.1 $6.2 132 135 125 120 116 $4.5 98 89 84 77 67 67 50 52 47 47 36 42 Asset Manage
Slide 23: Financials
03 Financials 23 23
Slide 24: Driving profitability with growing unit economics
Driving profitability with growing unit economics Total revenues Fee revenue less production costs¹ $ in millions & YoY % growth $ in millions & YoY % growth 36% 20% 39% 30% 12% 30% 28% 18% 55% 26% $326 $350 $335 $139 $131 $290 $117 $116 $126 $279 Take 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'24 1Q'25 2Q'25
Slide 25: Expanding FRLPC % providing stronger unit economics
Expanding FRLPC % providing stronger unit economics and greater revenue visibility Fee Revenue Less Production Costs (“FRLPC”)* represent net fees earned from lending and funding partners Target Range for FRLPC as % of Network Volume (1) 3.5% to 4.5% FRLPC % of Network Volume 4.0% to 5.0% 4.0% to 5.
Slide 26: Illustrative unit economics: FRLPC economics
Illustrative unit economics: FRLPC1 economics Metric Definition Illustrative Application Volume Total applications seen from lending partners $1,000,000 Conversion Rate % of loan offers accepted by the borrower 1% The notional value of all assets Network Volume (“NV”) $10,000 created using our techn
Slide 27: Growing network volumes while maintaining low conversion rates
Growing network volumes while maintaining conversion rates at historical lows $263B Applications evaluated in 4Q’25 ~1% Conversion rate of applications to issued loans in 4Q’25 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Quarterly Network Volume Qu
Slide 28: Increasing fees as we deliver more value to our partners
Increasing fees as we deliver more value to our partners Fee revenue less production costs (“FRLPC(1)”) by product Fee revenue less production costs as a % of network volume (FRLPC %) – breakdown by product $139M $131M $126M $117M $116M $97M $100M $92M $76M 109 $73M 84 102 104 $65M 89 58 67 71 $50M
Slide 29: Attractive financial profile rooted in profitability
Attractive financial profile rooted in profitability & high operating margins Pagaya’s operating leverage drives high FRLPC* to net income conversion $ in millions 16000% FRLPC Core OpEx Core OpEx as a % of FRLPC $139 160% 14000% $126 $131 $117 $116 140% 12000% 120% 10000% 100% 8000% 80% $57 6000% $
Slide 30: On track to grow key metrics in 2026
On track to grow key metrics in 2026 2026 Guidance Network Volume Total Revenues Adjusted EBITDA GAAP Net Income +15% +11% +17% +54% YoY YoY YoY YoY $11.25B 12 to $13B $100M to $150M 11.5 $410M to 11 $460M $81M $10.5B $1.3B to 10.5 $1.575B 10 $1.3B $371M 9.5 9 8.5 8 7.5 2025A 2026E 2025A 2026E 2025A
Slide 31: Appendix: Non-GAAP Reconciliation
05 Appendix: Non-GAAP Reconciliation 31 31
Slide 32: Reconciliation of Net Income to Adjusted Net Income
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Net Income (Loss) Attributable to Pagaya Technologies Ltd. $ (237,922) $ 7,893 $ 16,655 $ 22,545 $ 34,296 Adjusted to exclude the following: Share-based compensation 15,645
Slide 33: Reconciliation of Operating Income to FRLPC
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands, unless otherwise noted) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Operating Income $ 31,739 $ 47,685 $ 56,469 $ 79,958 $ 79,715 Add: Technology, data and product development 18,601 19,444 18,455 18,236 19,078 Add:
Slide 34: Reconciliation of Operating Expenses to Core Operating Expenses
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Operting expenses $ 89,451 $ 75,221 $ 78,464 $ 69,633 $ 65,046 Adjusted to exclude the following: Share-based compensation 15,645 13,172 18,228 13,582 9,136 Depreciation an
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