Pagaya Technologies Ltd.

Greetings. Welcome to Pagaya Third Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Josh Fagan, Head of Investor Relations. Thank you. You may begin. Josh Fagan

Thank you and welcome to Pagaya's third quarter 2025 earnings conference call. Joining me today to talk about our business and results are Gal Kruveter, Chief Executive Officer of Pagaya, Sanjeev Das, President, and Evangelos Peros, Chief Financial Officer. You can find the materials that accompany our prepared remarks in a replay of today's webcast on the investor relations section of our website at investor.pagaya.com. Our remarks today will include forward-looking statements that are based on our current expectations and forecasts with respect to, among other things, our operations and financial performance, including our financial outlook for the fourth quarter and full year of 2025. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially from our expectations include, but are not limited to, those risks described in today's press release and our filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements as a result of new information or future events. Please refer to the documents we file from time to time with the SEC, including our 10-K, 10-Q, and other reports for a more detailed discussion of these factors. Additionally, non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, fee revenue less production costs, or FRLPC, FRLPC percentage of network volume, and core operating expenses will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available to the extent available without unreasonable efforts in our earnings release and other materials which are posted on our investor relations website. We encourage you to review the shareholder letter which is furnished with the SEC on form 8K today for detailed commentary on our business and performance in conjunction with the accompanying earnings supplement and press release. With that, let me turn the call over to Gal

Thank you and welcome everyone. Our third quarter results demonstrate continued execution against our long-term operational and financial goals. We are nearing the end of the year for Pagaya, where not only have we achieved consistent gap net income profitability, but raised it again to an exit rate of over $120 million on an annual basis. Most importantly, The results demonstrate the momentum and strength of our platform, the diverse and high-quality revenue drivers, and the stability of our unit economics, and our very deliberate and responsible approach towards scaling in a complex environment. The outcome is a through-the-cycle business consistently growing with minimal investments for years to come. After laying the groundwork through discipline optimization and capital efficiency earlier in the year, we have shifted our focus to product-led growth. In short, the next 18 months will be all about perfecting our products and our solutions to ensure we solve the fundamental challenges facing lenders and consumers. Our value proposition remains the same, helping lenders serve more customers. As partners recognize the increasing value of our platform, existing partners deepen their engagement while new partners join the network. Our ability to design these products is truly unique. It is rooted in our vast data network, a core advantage for Pagaya. We embed data and machine learning as a backbone of our offering across the entire lending funnel. from verification to underwriting, and as far up the funnel as affiliate channels optimizations. This creates unparalleled optimizations for lenders and investors. I'm very proud to announce that we have now the highest number of partners in our onboarding queue on the history of Pagaya. we are in the process of onboarding up to eight partners across all of our asset classes, ranging from fintechs to banks. Inclusive of the two partners that were added this quarter, we now have a robust queue that is set for the next 12 months. In addition to the progress we have made in landing new partners, we have continued to refine our product strategy by listening to our partners, ensuring we meet their needs with our product suite. Just this quarter, in the course of our regular ongoing meetings, Sanjeev and I met with many of our partners and prospects to truly understand their growth and value drivers, and to continue to progress our products towards these needs. Solving for the needs of our partners improves our product ecosystem, and solving for product effectiveness enhance every partner relationship in return, further propelling our flywheel. In short, the more value we add for partners, the more deeply they engage with our products and solutions, which in turn provides more opportunity to add value. Sanjay will discuss later how we are evolving into a best-in-class B2B enterprise, growing our key partners to $1 billion relationships and locking in our commercial terms through multi-year contracts. This will continue to define Pagaya's next chapter and accelerated our journey to become a necessary utility for every lender in the U.S. As we continue to mature and diversify our funding network, demand for our assets remain consistent and robust. During the third quarter, we issued $1.8 billion in our ABS program across four transactions, which were marketed to our network of more than 150 institutional funding partners. Outside of our ongoing core funding mechanism, we announced our first auto-forward flow and strategic funding on residual certificates. The momentum on the corporate funding side is just as notable. We were rated by all three major credit rating agencies and raised $500 million in corporate debt. In addition, we expanded our corporate revolver with four new major banks at a significant lower cost, boosting our capital efficiency. Together, we continue to diversify our source of capital while improving efficiency across our funding and corporate capital structures. We reach consistent profitability and record quarterly network volume of $2.8 billion with sequential application flow growth of 12%, showcasing the continued growth of our network. Our growth is strong and increasingly diversified with POS and Auto representing 32% of total volume versus 9% in the same quarter just a year ago. we are expanding existing partners' relationships across our growing set of products and growing access from newer partners. This disciplined growth is demonstrated through our steady application to funding conversion, which has remained at 1%. At the same time, we continue to drive new high potential partnerships to the platform. And across all of these segments, we see our network effect compounds. We have an opportunity to truly reimagine the way consumer credit works as we build a platform that connects lenders with better data, more automation, and smarter decisions. This enhances and accelerates our ability to generate the assets that best meet the needs of our investors in line with our balanced approach towards long-term profitability and resilience. Our goal is to be the plug-and-play solution for lenders gaping credit, spending risk deals and asset types, all delivered in a seamless white label solution powering the next generation of lending. We are extremely proud of how far we have come and ask you to stay tuned on what is on the horizon. The journey is long, but will be innovative for consumers, partners, and investors. With that, I would like to hand it off to Sanjiv for a review of our operating business and more on our product-led growth strategy.