Pagaya Securitizes $400M in Auto Loans, Extending 2025 Momentum

Event summary

  • Pagaya closed a $400M auto asset-backed securitization (ABS) transaction, RPM 2026-1, on March 11, 2026.
  • This marks the first auto ABS deal of 2026, following a record $2B+ in auto ABS issuance in 2025.
  • Over 20 unique investors participated, with 62% year-over-year growth in RPM shelf participation.
  • Pagaya has raised over $35B across 84 ABS transactions since 2018, funding loans across multiple products.

The big picture

Pagaya's $400M auto ABS transaction underscores the continued demand for high-quality auto collateral in the securitization market. The company's ability to attract repeat investors and new funding partners highlights its strong platform and proven deal structures. This transaction is part of Pagaya's broader strategy to diversify its funding sources, which could enhance its financial flexibility and resilience in a competitive fintech landscape.

What we're watching

Investor Demand
Whether Pagaya can sustain the 62% year-over-year growth in investor participation in its ABS transactions.
Diversification Strategy
How Pagaya's diversified funding strategy across ABS and Forward Flow deals will impact its financial resilience.
Market Momentum
The pace at which Pagaya can maintain its momentum in auto ABS issuance following a record 2025.