Pagaya Launches Inaugural Auto Resecuritization Program; Closing ~$450 Million Transaction

Key Terms

resecuritization financial

Resecuritization is the process of taking already pooled and packaged loans or bonds and repackaging portions of that pool into a new set of securities for sale to investors. Think of it as taking a pre-made box of assorted cookies, slicing some pieces differently and putting them into a new box; it can spread or concentrate risk and change how returns respond to defaults. Investors care because resecuritization adds complexity, can amplify losses in stress, and affects transparency and liquidity compared with buying the original assets.

ABS financial

Asset-backed securities (ABS) are financial instruments that bundle many individual loans or receivables—such as car loans, credit-card balances or equipment leases—and sell slices of the bundle to investors. Like slicing a loaf of bread into pieces to share, ABS let investors buy a portion of the cash flows from many borrowers, so their credit quality, payment speed and default rates directly affect the income, risk and liquidity investors receive.

• Featuring auto loans with ~24 months of seasoning, offering enhanced stability and a proven track record
• The transaction attracted 17 unique investors, highlighting demand for seasoned collateral from both new and existing RPM capital partners

NEW YORK--(BUSINESS WIRE)-- Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced the closing of its first-ever auto resecuritization transaction, RPM-2026-R1 closing at ~$450M.

Following the success of Pagaya’s personal loan resecuritization program, this transaction launches the RPM-R shelf (Pagaya’s auto resecuritization shelf), designed for investors seeking seasoned auto collateral with an established performance history. By providing access to a pool of diversified auto assets with 24 months of seasoning, this format provides investors with a "de-risked" entry point into the company’s auto loan ecosystem and diversifies its investor base.

“This inaugural auto resecuritization marks a significant evolution in our capital markets strategy,” said Sahil Chandiramani, Head of Capital Markets at Pagaya. “By leveraging seasoned collateral with roughly two years of performance history, we are offering an expanded product suite to existing investors while attracting new investors to the platform. The execution of this transaction validates our ability to package Pagaya’s data-driven assets into diverse structures that appeal to a broad range of credit appetites.”

The transaction saw participation from 17 unique investors, demonstrating robust appetite for the new format. This launch follows a record-breaking 2025, where Pagaya raised over $8.5 billion across its ABS platforms. Since 2018, Pagaya has raised more than $36 billion across 85+ ABS transactions.

About Pagaya Technologies

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com.

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Source: Pagaya Technologies LTD.