---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-25-000035"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2025-02-13T23:59:59+00:00"
generated_at: "2026-05-26T22:25:43.434601+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pagaya guides to GAAP profitability in Q2 2025; Q4 revenue $279M, EBITDA $64M beat

## Summary
- Q4 network volume $2.6B (high-end guidance), +9% YoY; full-year $9.7B +17%.
- Q4 revenue $279M (above outlook $257-272M), +28% YoY; record FRLPC $117M, 4.5% of volume.
- Q4 adjusted EBITDA $64M (above outlook $49-59M), +88% YoY; GAAP net loss $238M on non-cash impairments.
- Investment portfolio marked down $156M; company says 2021-2023 vintages no longer material.
- Guides to GAAP net income profitability in Q2 2025; FY25 GAAP net income ($10M)-$40M.

## SEC filing metadata
- accession: 0001883085-25-000035
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2025-02-13T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000035/0001883085-25-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000035/pgy-20250213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-25-000035
- JSON: https://secwatch.observer/filing/0001883085-25-000035.json
- Plain text: https://secwatch.observer/filing/0001883085-25-000035.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.