Pagaya Technologies closed RPM 2026-5, a $650 million asset-backed securitization backed by auto loans, marking the company’s 100th ABS transaction since completing its first securitization in 2018.
The milestone brings Pagaya’s lifetime ABS issuance to more than $44 billion across multiple consumer asset classes.
Since 2018, Pagaya has raised more than $44 billion to support loan originations across personal loans, auto loans, and point-of-sale loans.
The company said it remains the primary ABS issuer of consumer unsecured loans in the U.S., supported by a diversified institutional investor base and continued demand for its securitizations.
RPM 2026-5 attracted 35 unique investors.
Five of those investors were new to Pagaya’s RPM shelf, further expanding the company’s capital markets investor base.
The transaction also brings Pagaya’s total issuance for 2026 to more than $10 billion.
Pagaya has built its securitization program around a broader capital markets platform that combines long-term committed capital with diversified funding sources.
The company said this capital structure is designed to help it scale alongside lending partners while providing institutional investors with access to AI-underwritten consumer credit assets.
Pagaya uses machine learning, a large data network, and AI-driven underwriting technologies to support consumer credit products for financial institutions, their customers, and investors.
Its proprietary API and capital solutions are integrated into partner platforms to support loan decisioning and access to financial products.
The company’s 100th securitization represents another milestone in the expansion of its capital markets business since launching its ABS program eight years ago.
KEY QUOTES:
“Closing our 100th ABS transaction is a testament to the trust our institutional partners place in Pagaya’s platform. Over the last eight years, we have intentionally built a robust capital engine powered by long-term committed capital and diversified funding sources. This foundation allows us to scale with our lending partners while continuing to offer premier investors access to high-performing, AI-underwritten consumer assets.”
Gal Krubiner, Co-Founder and Chief Executive Officer of Pagaya
