secwatch.observer — SEC 8-K summary
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Issuer:     Pagaya Technologies Ltd. (PGY)
CIK:        0001883085
Form:       8-K
Filed at:   2025-02-13T23:59:59+00:00
Accession:  0001883085-25-000035
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883085/000188308525000035/0001883085-25-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883085/000188308525000035/pgy-20250213.htm
  HTML page:      https://secwatch.observer/filing/0001883085-25-000035

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer