Pagaya Technologies (PGY) Morgan Stanley US Financials Conference 2026 summary

Business model and value proposition

• Connects consumer lenders and originators with investors using integrated technology across personal loans, auto, and point-of-sale products.

• Provides a white-label, tech-driven underwriting solution, enabling partners to expand capabilities and approve more loans.

• Partners include over 30 banks, non-banks, fintechs, and BNPL providers, each leveraging the platform for different strategic goals.

• Operates as a utility, aiming for broad integration across lending institutions and scalable growth.

Market environment and funding trends

• Funding markets have shifted, with robust demand from insurance, pension, and bank capital despite recent changes.

• Public ABS markets remain strong, while private credit channels have seen repricing and increased competition.

• Funding diversification has increased, with pre-funding ABS now about 50% of total funding, complemented by forward flow and other structures.

• Tactical pivoting between funding channels is used to optimize capital access and cost.

Growth strategy and financial outlook

• Growth driven by onboarding new partners and expanding product offerings, with personal loans at maturity and auto vertical offering higher growth potential.

• Targeting approximately 20% annual growth, with actual rates fluctuating based on credit and risk appetite.

• Recent guidance raised due to confidence in product-led strategy and strong performance, especially in auto.

• Operating leverage ensures that incremental revenue flows directly to profitability.