---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-25-000166"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2025-08-07T23:59:59+00:00"
generated_at: "2026-05-17T18:25:32.367587+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.88
calibrated_materiality_score: 0.88
confidence: "high"
source: SEC EDGAR
---

# Pagaya reports record Q2 net income $17M, raises FY2025 guidance

## Summary
- Record GAAP net income of $17M (up $91M YoY); adjusted EBITDA $86M (+72% YoY); revenue $326M (+30% YoY).
- Q3 outlook: network volume $2.75B-$2.95B, revenue $330M-$350M, adjusted EBITDA $90M-$100M.
- Raised FY2025 guidance: revenue $1.25B-$1.325B, adjusted EBITDA $345M-$370M, GAAP net income $55M-$75M.
- Issued $500M senior unsecured notes at 8.875% due 2030; ~$40M annualized cash savings from refinancing.
- First AAA-rated Auto ABS ($300M) and inaugural AAA-rated POSH ABS with $1B+ capacity over 12 months.

## SEC filing metadata
- accession: 0001883085-25-000166
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2025-08-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.88
- calibrated_materiality_score: 0.88
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000166/0001883085-25-000166-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000166/pgy-20250807.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-25-000166
- JSON: https://secwatch.observer/filing/0001883085-25-000166.json
- Plain text: https://secwatch.observer/filing/0001883085-25-000166.txt

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