Pagaya Technologies LTD. announced the closing of two asset-backed securitization (ABS) deals, PAID 2024-10 and RPM 2024-3, totaling $1 billion. PAID 2024-10 represents the company’s fourth AAA-rated personal loan ABS transaction. RPM 2024-3 marks Pagaya's first AA-rated auto ABS transaction.
These transactions saw participation from 28 unique investors, with the majority being repeat investors. The deals were substantially oversubscribed, indicating strong investor demand for Pagaya’s AI-enabled consumer credit assets. This demonstrates Pagaya's ability to deliver efficient, fit-for-market structures.
Since 2018, Pagaya has raised more than $25.2 billion across 62 ABS transactions, solidifying its position as a leading personal loan ABS issuer in the U.S. Ralph L. Leung, Chief Operating Officer, noted the company's ability to deliver diverse, AI-driven assets at scale and execute at lower spreads with reduced risk retention requirements.
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