Pagaya Technologies has closed PAID 2025-REV1, a $350 million asset-backed securitization backed by personal loans originated on its network, marking the company’s first revolving funding structure for its personal loan business and adding a new long-term capital channel alongside its public ABS program.
The deal was completed with investment from affiliates of 26North Partners and is designed to appeal to insurance capital providers and asset managers seeking liquid exposure to consumer credit with reinvestment potential.
Unlike a traditional term ABS, the structure includes a 24-month revolving period that allows Pagaya to reinvest principal collections into newly originated loans for two years. Pagaya said that feature effectively doubles the total funding capacity of the transaction to as much as approximately $700 million over the life of the deal, further diversifying its funding toolkit and providing more durable capital to support lending partners on the Pagaya network.
Pagaya positioned the revolving personal loan ABS format as part of a broader capital markets product expansion, noting it is similar to revolving point-of-sale ABS structures it launched in 2025. The company also said it expects to onboard several new lending partners in 2026 across its personal loan, auto loan, and point-of-sale loan segments, and that the new structure is intended to support growth in its personal loan footprint by providing efficient, repeatable funding capacity.
“We designed this structure in a liquid security format with a 24-month revolving period for insurance capital and asset managers seeking access to consumer credit with attractive carry and reinvestment potential,” said Sahil Chandiramani, Pagaya’s head of capital markets. “We focus on bringing market-ready structures that are built for our investors and provide sustainable funding to enable our Lending Partners to grow. We are excited to partner with 26North on this new format and build a longstanding relationship.”
“In a market of persisting uncertainty, we continue to drive product innovation as a leader in consumer credit structuring and we’re kicking off the year focused on highly disciplined growth,” said Evangelos Perros, Pagaya’s chief financial officer. “We will continue to diversify our funding and our lending partner network through innovative structures and products. We are thrilled to partner with 26North, an alternatives-focused platform strategically aligned with Pagaya.”
KEY QUOTES:
“We designed this structure in a liquid security format with a 24-month revolving period for insurance capital and asset managers seeking access to consumer credit with attractive carry and reinvestment potential.”
Sahil Chandiramani, Head of Capital Markets, Pagaya
“We focus on bringing market-ready structures that are built for our investors and provide sustainable funding to enable our Lending Partners to grow. We are excited to partner with 26North on this new format and build a longstanding relationship.”
Sahil Chandiramani, Head of Capital Markets, Pagaya
“In a market of persisting uncertainty, we continue to drive product innovation as a leader in consumer credit structuring and we’re kicking off the year focused on highly disciplined growth.”
Evangelos Perros, Chief Financial Officer, Pagaya
“We will continue to diversify our funding and our lending partner network through innovative structures and products. We are thrilled to partner with 26North, an alternatives-focused platform strategically aligned with Pagaya.”
Evangelos Perros, Chief Financial Officer, Pagaya
