Pagaya Technologies Ltd. (NASDAQ: PGY) completed a $400 million auto asset-backed securitization transaction called RPM 2026-1, according to a company statement.

The transaction represents Pagaya's first auto ABS deal of 2026, following what the company described as more than $2 billion in auto ABS issuance during 2025. The company reported raising more than $8.5 billion across all ABS transactions in 2025.

More than 20 investors participated in the RPM 2026-1 transaction, with the majority being repeat investors. The company stated that year-over-year, the number of investors participating in the RPM shelf increased by 62%.

"The execution of RPM 2026-1 demonstrates sustained market demand for Pagaya's auto collateral and proven deal structures," said Sahil Chandiramani, Head of Capital Markets at Pagaya. "Welcoming back repeat investors alongside new funding partners, reinforces the strength of the Pagaya platform."

Pagaya's Auto ABS shelf, called RPM, now includes assets generated through the company's partnership with GLS, according to the statement.

Since 2018, Pagaya has raised more than $35 billion across 84 ABS transactions to fund loan originations across personal loan and auto products. The company describes itself as a technology company that uses artificial intelligence to provide consumer credit and residential real estate products.

The RPM 2026-1 execution supports Pagaya's stated financial strategy to pursue diversified funding across ABS and Forward Flow deals.