Pagaya

Pagaya (NASDAQ: PGY) is a leading fintech company that harnesses the power of artificial intelligence and big data to transform the underwriting and distribution of consumer credit. By optimizing loan evaluation and seamlessly connecting borrowers with institutional capital, Pagaya is redefining access to credit at scale.
To date, the company has underwritten and securitized approximately $20 billion in consumer loans. Pagaya operates a distinctive funding model: it raises capital through asset-backed securities (ABS) transactions prior to originating loans, then populates those ABS vehicles with curated pools of consumer, auto, and real estate loans that are structured to meet investors' return profiles.
Loans are sourced from a network of lending partners, many of whom are unable to serve certain customer segments due to limitations of traditional credit assessment methods. By leveraging AI-driven insights, Pagaya enables these partners to expand access to credit, while delivering attractive, risk-adjusted returns to institutional investors. Celeres Investments invested into Pagaya in 2024 given the thesis that interest rates were likely to drop and the company would see a significant uptick in the loans they were underwriting. This thesis played out extremely well and Celeres is now in the process of exiting their position at a 45%+ IRR.
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