Pagaya Hits Milestone with $650M Auto ABS Deal, 100th Securitization
Event summary
- Pagaya closed its 100th asset-backed securitization, a $650M auto loan ABS deal (RPM 2026-5).
- The transaction involved 35 unique investors, including five new participants.
- Pagaya's total ABS issuance since 2018 exceeds $44B, with $10B issued in 2026 alone.
- The company has raised over $44B to fund loan originations across multiple asset classes.
The big picture
Pagaya's 100th securitization underscores its dominance in the AI-driven consumer credit space, with a diversified investor base fueling its rapid scaling. The $650M auto ABS deal reflects broader industry trends toward institutional investment in fintech-backed asset classes, particularly as traditional lenders seek higher-yield opportunities in a low-interest-rate environment. The company's ability to consistently attract new investors highlights the growing trust in its AI underwriting model.
What we're watching
- Scaling Dynamics
- How Pagaya will leverage its 100th securitization milestone to accelerate growth with lending partners.
- Investor Demand
- Whether the addition of five new investors signals sustained appetite for Pagaya's AI-underwritten consumer assets.
- Market Leadership
- The pace at which Pagaya can maintain its position as the primary ABS issuer of consumer unsecured loans in the U.S.