Pagaya Technologies has signed a new forward flow agreement with Neuberger Specialty Finance for the purchase of up to $700 million of auto loans sourced through Pagaya’s network of lending partners, expanding the AI-driven financial technology company’s base of committed long-term capital.
The transaction represents Pagaya’s first forward flow agreement with Neuberger and its second such agreement in the auto lending market. The companies already work together across multiple capital markets and financing transactions.
Neuberger Specialty Finance, the asset-based finance arm of Neuberger, manages more than $5 billion across over 50 portfolio companies and investment vehicles. Since the strategy launched in 2018, the group has invested more than $16 billion through approximately 80 global origination partners ranging from commercial banks to fintech companies.
The commitment comes as Pagaya’s auto business continues to expand rapidly. During the most recent quarter, auto network volume reached a $4.8 billion annualized run rate and accounted for more than 75% of the company’s year-over-year network volume growth.
Forward flow agreements provide Pagaya with committed buyers for qualifying loans generated through its lending network, creating more predictable capital capacity as origination volumes grow.
Pagaya’s AI-driven platform connects more than 35 lending partners with institutional investors across auto loans, personal loans and point-of-sale financing. Its data network has processed more than $4 trillion of applications since inception.
The company uses machine learning and its proprietary data infrastructure to help lending partners evaluate borrowers and connect resulting assets with institutional capital.
Neuberger Private Markets, the broader division housing the strategy, managed more than $165 billion in investor commitments as of March 31, 2026, spanning private credit, primaries, secondaries, co-investments and specialty strategies.
For Pagaya, the $700 million commitment adds another source of long-duration funding while supporting continued growth in an auto platform that has become an increasingly important contributor to its overall network.
KEY QUOTES:
“We are excited to expand our longstanding partnership with Neuberger. Securing this committed capital reinforces our diversified range of funding solutions, providing predictable, long-term capacity.”
Jon Dobres, Chief Financial Officer of Pagaya
“We remain impressed by Jon Dobres and the Pagaya management team’s innovation and discipline in credit underwriting. We believe this agreement is a natural extension of the relationship we have built, and it signals our confidence in the platform as it continues to expand.”
Peter Sterling, Head of Neuberger Specialty Finance
