secwatch.observer — SEC 8-K summary
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Issuer:     Pagaya Technologies Ltd. (PGY)
CIK:        0001883085
Form:       8-K
Filed at:   2026-02-09T23:59:59+00:00
Accession:  0001883085-26-000010
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pagaya Q4 GAAP net income $34M record; FY25 net income $81M; FY26 guidance issued
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- Q4 2025: GAAP net income $34M (up $272M YoY), adj. EBITDA $98M (+53%), revenue $335M (+20%), network volume $2.7B (+3%).
- FY 2025: GAAP net income $81M (up $483M YoY), adj. EBITDA $371M (+76%), revenue $1.3B (+26%), network volume $10.5B (+9%).
- Inaugural POS forward flow with Sound Point ($720M) and $350M PAID revolving ABS with 26North (up to $700M capacity).
- Onboarded 3 new partners (Achieve, GLS, major BNPL provider); cut tail-risk tiers to limit credit exposure.
- Q1'26 guidance: volume $2.5-2.7B, adj. EBITDA $80-95M, GAAP net income $15-35M. FY'26 guidance: volume $11.25-13B, adj. EBITDA $410-460M, net income $100-150M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883085/000188308526000010/0001883085-26-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883085/000188308526000010/pgy-20260209.htm
  HTML page:      https://secwatch.observer/filing/0001883085-26-000010

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