Pagaya closes $350 million revolving loan securitization with 26North

Pagaya Technologies Ltd. (NASDAQ: PGY) announced the closing of PAID 2025-REV1, a $350 million asset-backed securitization backed by consumer loans originated on its network. The transaction represents the company's first revolving structure for its personal loan business.

The securitization was completed in partnership with affiliates of 26 North Partners LP and features a 24-month revolving period. This structure allows Pagaya to reinvest capital as loans are repaid, effectively doubling the total transaction funding capacity to approximately $700 million over the deal's lifetime.

The revolving Personal Loan ABS product was designed for insurance capital and asset managers seeking access to consumer credit. "We designed this structure in a liquid security format with a 24-month revolving period for insurance capital and asset managers seeking access to consumer credit with attractive carry and reinvestment potential," said Sahil Chandiramani, Pagaya's Head of Capital Markets.

Pagaya expects to onboard several new lending partners in 2026 across its Personal Loan, Auto Loan, and Point of Sale Loan segments. The company indicated this structure is similar to Point of Sale ABS structures it launched in 2025.

"In a market of persisting uncertainty, we continue to drive product innovation as a leader in consumer credit structuring and we're kicking off the year focused on highly disciplined growth," said Evangelos Perros, Chief Financial Officer of Pagaya.

26North Partners LP is an investment platform founded by Josh Harris that manages approximately $32 billion in assets under management since launching in 2022. The firm provides investment opportunities across private equity, credit, insurance and reinsurance strategies.

The information was disclosed in a company press release.

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