Pagaya completed $3.7 billion of ABS funding across six transactions; Fitch revised the corporate rating outlook to Positive.
The company guided for GAAP net income of $42 million to $52 million in 3Q and raised its full-year GAAP net income outlook to $155 million to $180 million.
Second-quarter results
Pagaya posted GAAP net income attributable to shareholders of $45 million, up $29 million year over year, on revenue of $387 million, up 19%.
Operating income climbed 87% to $106 million as network volume rose 33% to $3.5 billion.
Adjusted EBITDA increased 43% to $124 million; fee revenue less production costs rose 16% to $147 million.
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