Pagaya Technologies announced the closing of an upsized $900 million AAA-rated personal loan ABS transaction, PAID 2026-5, marking the company’s largest personal loan ABS transaction since 2022.
Thirty-seven unique investors participated in the deal, including four new investors to Pagaya’s broader ABS platform and five new investors to its PAID shelf, bringing the total number of new investors to join Pagaya’s ABS platform this year to 24. The upsized transaction brings Pagaya’s year-to-date personal loan ABS issuance to $4.7 billion and its total issuance this year to $7.5 billion, both records for the company.
The size of the transaction and the breadth of investor participation reflect continued institutional demand for Pagaya’s asset-backed offerings as the company scales its personal loan platform. The AAA rating on the deal signals a strong credit quality assessment of the underlying loan pool, a factor that has helped attract both longtime backers and a growing number of first-time investors to Pagaya’s shelf programs this year. The steady influx of new investors joining the PAID shelf alongside repeat participants points to broadening confidence in Pagaya’s underwriting approach and its ability to consistently bring sizable, well-received transactions to market.
With total issuance already reaching $7.5 billion for the year, the company has now surpassed its prior full-year records well ahead of the traditional year-end push, underscoring the pace at which Pagaya has been expanding its capital markets activity in 2026. The PAID 2026-5 transaction stands as the clearest evidence yet of that momentum, both in terms of its size relative to recent years and the diversity of investors it managed to bring to the table.
KEY QUOTE:
“Upsizing this transaction to $900 million, one of the largest in our company’s history, underscores the acceleration of our personal loan platform and the endurance of our PAID shelf. As we continue expanding loan growth in a prudent way, institutional investors are responding with strong, repeat demand for our assets.”
Sahil Chandiramani, Head of Capital Markets, Pagaya
