Pagaya Technologies . Warrants Stock Earnings Reports

Pagaya reported a strong Q1 2026 with five consecutive quarters of GAAP net income ($25M) and continued operating discipline. Network volume was $2.6B (up 9% YoY; 23% ex-SFR) and fee revenue less production costs (FRLPC) was $121M. Management raised $2.1B of funding via four ABS transactions, added Fitch as a major ratings agency (first Fitch AAA on a resecuritization shelf), and executed the company's first auto securitization. Pagaya onboarded four new partners (GLS, Upstart, Sezzle, Flex Pay) and reported record auto volumes (annualized run rate $2.3B). Management remains selective on credit — maintaining tightened underwriting and not expanding the credit box — while leaning tactically into public ABS markets amid private credit repricing. Resecuritizations are highlighted as a repeatable tool to return capital earlier and lower funding costs; Pagaya generated meaningful cash flow and improved flexibility from these transactions. Guidance was raised: Q2 network volume $2.875B–$3.075B, Q2 adjusted EBITDA $100M–$115M, and full-year 2026 adjusted EBITDA raised to $420M–$460M with GAAP net income guidance $110M–$160M. There is a CFO transition: Evangelos (EP) will step down June 15 and remain advisor; Jon Dobres is promoted to CFO.