---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-25-000191"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:38:28.245651+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pagaya Q3 net income $23M; raises FY25 guidance across all metrics

## Summary
- GAAP net income $23M (vs guidance $10-20M), up $90M YoY; revenue $350M, up 36%.
- Adjusted EBITDA $107M (up 91% YoY, vs guidance $90-100M); network volume $2.8B (+19%).
- Raised $500M corporate debt with three credit ratings; expanded revolver to $132M at lower rate.
- Inaugural $500M auto forward flow with Castlelake; second $300M POSH ABS closed in Nov.
- FY25 guidance raised: rev $1.30-1.325B, adj EBITDA $372-382M, GAAP net income $72-82M.

## SEC filing metadata
- accession: 0001883085-25-000191
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000191/0001883085-25-000191-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000191/pgy-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-25-000191
- JSON: https://secwatch.observer/filing/0001883085-25-000191.json
- Plain text: https://secwatch.observer/filing/0001883085-25-000191.txt

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