Pagaya Reports First Quarter 2024 Results

Rhea-AI Summary

Pagaya Technologies (NASDAQ: PGY) reported exceptional first-quarter 2024 results, surpassing guidance on all metrics. The company achieved a record network volume of $2.42 billion, total revenue of $245 million, and adjusted EBITDA of $40 million. Pagaya also onboarded a bank partner for its point-of-sale product, demonstrating strong growth in the U.S. consumer credit market. The company raised $1.9 billion across 5 transactions, expanded its funding network with 18 new investors, and strengthened its financial position. Pagaya's positive financial performance reflects its commitment to delivering financial opportunities for consumers.

Positive

• Record network volume, total revenue, and adjusted EBITDA exceeded guidance, demonstrating strong financial performance.

• Onboarding a bank partner for the point-of-sale product highlights Pagaya's expansion and growth in the U.S. consumer credit market.

• Raised $1.9 billion across 5 transactions and expanded funding network with 18 new investors, enhancing financial capabilities.

• Record revenue, driven by a 35% increase in fees, and improved margins underscore improved economics with loan partners.

• Positive GAAP operating income, adjusted net income, and positive operating cash flow reflect financial stability and growth.

Negative

• Net loss attributable to Pagaya shareholders of $21 million, though improved from the previous year, remains a negative aspect.

• Despite positive financial results, risks associated with public company initiatives and stock market changes could impact future performance.

Insights

Financial Analyst

Pagaya Technologies Ltd.'s recent financial results indicate robust growth, with a 31% year-over-year increase in network volume to $2.42 billion. This not only surpassed the company's projections but also shows the firm's capability to scale and attract new funding partners. The expansion of the point-of-sale (POS) business and the addition of a bank partner represent strategic moves to cement its presence in the consumer credit market. An 84% increase in FRLPC suggests the company's focus on profitability through improved unit economics with key lending partners. The improvement in FRLPC margin by 109 basis points to 3.8% reveals a keen ability to manage costs relative to revenue, a positive indicator for operating efficiency. Consistent positive GAAP operating income and adjusted net income over consecutive quarters offer a narrative of stability and growing financial health. However, investors should consider the net loss attributable to shareholders, which, despite a $40 million year-over-year improvement, still signals that profitability is a work in progress. The company's proactive measures in enhancing marketability, such as a reverse stock split and migration of headquarters, show an aggressive approach to compliance with U.S. reporting standards and investor relations. The outlook for the second quarter and full year appears steady, with expectations of continuous growth in network volume and revenue, underpinning the company's confidence in its business model.

Market Research Analyst

The fintech industry is famously competitive and Pagaya's growth in such an environment is commendable. The company's record network volume and revenue growth are reflective of the high demand for their AI-driven financial infrastructure. The 35% increase in revenue from fees is indicative of Pagaya's competitive edge in monetizing its services. The addition of 18 new investors and an expansion to 116 funding partners is a vote of confidence from the investment community, emphasizing Pagaya's potential for sustainable growth. The company's alignment with U.S. reporting standards is likely to enhance transparency, improving investor sentiment and potentially increasing its attractiveness to institutional investors. Pagaya's forward-looking statements regarding the second quarter and full year suggest that management is optimistic about the future, despite potential macroeconomic headwinds. By focusing on the U.S. consumer credit market, which is undergoing a transformation towards digital and more efficient lending solutions, Pagaya is well-positioned to capitalize on market trends. However, one must stay cautious and monitor the actual implementation of new partnerships and the continued performance of their POS product to ensure that projected growth translates into realized gains.

• Delivered another record quarter, exceeding guidance on all metrics:
  • Record Network Volume of $2.42 billion
  • Record Total Revenue and Other Income of $245 million
  • Record Adjusted EBITDA of $40 million
• Onboarding a bank partner in our point-of-sale product

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)-- Pagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya”, the “Company” or “we”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced financial results for the quarter ending March 31, 2024.

For additional information, view Pagaya's first quarter 2024 letter to shareholders here.

“Disciplined execution drove another record quarter across our key metrics. We began onboarding a bank partner in our POS vertical, enhanced our unit economics and strengthened our funding capabilities,” said Gal Krubiner, co-founder and CEO of Pagaya Technologies. “These results reflect the strength of our business and our unwavering commitment to deliver more financial opportunity for U.S. consumers.”

First Quarter 2024 Highlights

All comparisons are made versus the same period in 2023 and on a year-over-year basis unless otherwise stated.

• Record network volume of $2.42 billion (exceeding outlook of $2.2 billion to $2.4 billion) grew by 31% year-over-year.
• The Company expanded its POS business with a bank partner, set to go live on our network in the second half of 2024. Pagaya continues to expand its presence in one of the fastest-growing consumer credit markets in the U.S., demonstrating the strength of its enterprise-grade product.
• The Company raised $1.9 billion across 5 transactions and expanded its funding network by 18 new investors, for a total of 116 funding partners.
• Record total revenue and other income of $245 million (exceeding outlook of $225 million to $240 million) increased by 31% year-over-year, driven by a 35% increase in revenue from fees.
• Record revenue from fees less production costs (“FRLPC”) of $92 million increased by 84% year-over-year, driven by improved economics with our most scaled personal loan lending partners. FRLPC as a percentage of network volume (“FRLPC margin”) improved 109 basis points year-over-year to 3.8%.
• Record adjusted EBITDA of $40 million (exceeding outlook of $32 million to $38 million) increased by $38 million compared to the prior year period, benefiting from the growth in FRLPC and operating leverage as the business scales. GAAP operating income of $8 million represents the third consecutive quarter of positive GAAP operating income.
• Adjusted net income of $13 million, which excludes the impact of non-cash items such as share-based compensation expense, represents the fourth consecutive quarter of positive adjusted net income.
• Cash flow from operating activities of $20 million represents the third consecutive quarter of positive operating cash flow.
• Net loss attributable to Pagaya shareholders of $21 million improved by $40 million compared to the first quarter of 2023.
• Executed on the next phase of evolution as a public company, raising $330 million of proceeds from our corporate debt and equity raises this quarter, further strengthening the Company’s capital position. Pagaya executed several initiatives to enhance the marketability of its stock to the U.S. investment community. PGY shares began trading on a reverse split-adjusted basis at the beginning of March. The Company moved its headquarters to New York City and is aligning reporting standards to U.S. domestic issuers, with the filing of its first Form 10-K in April and its first Form 10-Q this quarter.

Second Quarter 2024 Outlook

	2Q24
Network Volume	Expected to be between $2.2 billion and $2.4 billion
Total Revenue and Other Income	Expected to be between $235 million and $245 million
Adjusted EBITDA	Expected to be between $40 million and $45 million

Full Year 2024 Outlook

	FY24
Network Volume	Expected to be between $9.0 billion and $10.5 billion
Total Revenue and Other Income	Expected to be between $925 million and $1,050 million
Adjusted EBITDA	Expected to be between $150 million and $190 million

Webcast

The Company will hold a webcast and conference call today, May 9, 2024 at 8:30 a.m. Eastern Time. A live webcast of the call will be available via the Investor Relations section of the Company’s website at investor.pagaya.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly before the call, the accompanying materials will be made available on the Company’s website. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-844-826-3035 or 1-412-317-5195. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 10187845. The telephone replay will be available starting shortly after the call until Thursday, May 23, 2024. A replay will also be available on the Investor Relations website following the call.

About Pagaya Technologies

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate solutions 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.

Cautionary Note About Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “future,” “strategy,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. All statements other than statements of historical fact are forward-looking statements, including statements regarding: The Company’s strategy and future operations, including the Company’s ability to continue to deliver consistent results for its lending partners and investors; the Company’s ability to continue to drive sustainable gains in profitability; the Company’s ability to achieve continued momentum in its business; the Company’s ability to achieve positive net cash flow by 2025; and the Company’s financial outlook for Network Volume, Total Revenue and Other Income and Adjusted EBITDA for the full year 2024. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions include factors relating to: the Company's ability to attract new partners and to retain and grow its relationships with existing partners to support the underlying investment needs for its securitizations and funds products; the need to maintain a consistently high level of trust in its brand; the concentration of a large percentage of its investment revenue with a small number of partners and platforms; its ability to sustain its revenue growth rate or the growth rate of its related key operating metrics; its ability to improve, operate and implement its technology, its existing funding arrangements for the Company and its affiliates that may not be renewed or replaced or its existing funding sources that may be unwilling or unable to provide funding to it on terms acceptable to it, or at all; the performance of loans facilitated through its model; changes in market interest rates; its securitizations, warehouse credit facility agreements; the impact on its business of general economic conditions, including, but not limited to rising interest rates, inflation, supply chain disruptions, exchange rate fluctuations and labor shortages; the effect of and uncertainties related to public health crises such as the COVID-19 pandemic (including any government responses thereto); geopolitical conflicts such as the war in Israel; its ability to realize the potential benefits of past or future acquisitions; anticipated benefits and savings from our recently announced reduction in workforce; changes in the political, legal and regulatory framework for AI technology, machine learning, financial institutions and consumer protection; the ability to maintain the listing of our securities on Nasdaq; the financial performance of its partners, and fluctuations in the U.S. consumer credit and housing market; its ability to grow effectively through strategic alliances; seasonal fluctuations in our revenue as a result of consumer spending and saving patterns; pending and future litigation, regulatory actions and/or compliance issues including with respect to the merger with EJF Acquisition Corp.; and other risks that are described in and the Company’s Form 10-K filed on April 25, 2024 and subsequent filings with the U.S. Securities and Exchange Commission. These forward-looking statements reflect the Company's views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, reflect the Company’s current beliefs and are based on information currently available as of the date they are made, and the Company assumes no obligation and does not intend to update these forward-looking statements.

Financial Information; Non-GAAP Financial Measures

Some of the unaudited financial information and data contained in this press release and Form 8-K, such as Fee Revenue Less Production Costs (“FRLPC”), FRLPC Margin, Adjusted EBITDA and Adjusted Net Income (Loss), have not been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). To supplement the unaudited consolidated financial statements prepared and presented in accordance with U.S. GAAP, management uses the non-GAAP financial measures FRLPC, FRLPC Margin, Adjusted Net Income (Loss) and Adjusted EBITDA to provide investors with additional information about our financial performance and to enhance the overall understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our business. Management believes these non-GAAP measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods. However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by U.S. GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, our unaudited consolidated financial statements prepared and presented in accordance with U.S. GAAP. To address these limitations, management provides a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to net income (loss) attributable to Pagaya’s shareholders and a calculation of FRLPC and FRLPC Margin. Management encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view Adjusted Net Income (Loss) and Adjusted EBITDA in conjunction with its respective related GAAP financial measures.

Non-GAAP financial measures include the following items:

Fee Revenue Less Production Costs (“FRLPC”) is defined as revenue from fees less production costs. FRLPC Margin is defined as FRLPC divided by Network Volume.

Adjusted Net Income (Loss) is defined as net income (loss) attributable to Pagaya Technologies Ltd.’s shareholders excluding share-based compensation expense, change in fair value of warrant liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, and non-recurring expenses associated with mergers and acquisitions.

Adjusted EBITDA is defined as net income (loss) attributable to Pagaya Technologies Ltd.’s shareholders excluding share-based compensation expense, change in fair value of warrant liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, non-recurring expenses associated with mergers and acquisitions, interest expense, depreciation expense, and income tax expense (benefit).

These items are excluded from our Adjusted Net Income (Loss) and Adjusted EBITDA measures because they are noncash in nature, or because the amount and timing of these items is unpredictable, is not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful.

We believe FRLPC, FRLPC Margin, Adjusted Net Income (Loss) and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, we have included FRLPC, FRLPC Margin, Adjusted Net Income (Loss) and Adjusted EBITDA because these are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, this non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with U.S. GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. The tables below provide reconciliations of Adjusted EBITDA to Net Loss Attributable to Pagaya Technologies Ltd., its most directly comparable U.S. GAAP amount.

In addition, Pagaya provides outlook for the fiscal year 2024 on a non-GAAP basis. The Company cannot reconcile its expected Adjusted EBITDA to expected Net Loss Attributable to Pagaya under “Full-Year 2024 Outlook” without unreasonable effort because certain items that impact net income (loss) and other reconciling items are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s U.S. GAAP financial results.

PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share data)
	Three Months Ended March 31,
​		2024				2023
Revenue	​				​
Revenue from fees	$	237,004			$	175,254
Other Income
Interest income		7,744				10,397
Investment income (loss)		528				987
Total Revenue and Other Income		245,276				186,638
Production costs		144,881				125,057
Technology, data and product development (1)		19,380				21,131
Sales and marketing (1)		10,257				14,300
General and administrative (1)		63,068				51,126
Total Costs and Operating Expenses		237,586				211,614
Operating Income (Loss)		7,690				(24,976	)
Other income (expense), net		(34,349	)			(66,980	)
Income (Loss) Before Income Taxes		(26,659	)			(91,956	)
Income tax expense (benefit)		5,003				6,667
Net Income (Loss) Including Noncontrolling Interests		(31,662	)			(98,623	)
Less: Net income (loss) attributable to noncontrolling interests		(10,439	)			(37,652	)
Net Income (Loss) Attributable to Pagaya Technologies Ltd.	$	(21,223	)		$	(60,971	)
Per share data:
Net loss per share:
Basic and Diluted (3)	$	(0.33	)		$	(1.03	)
Non-GAAP adjusted net income (loss) (2)	$	13,331			$	(11,015	)
Non-GAAP adjusted net income (loss) per share:
Basic (3)	$	0.21			$	(0.19	)
Diluted (3)	$	0.20			$	(0.19	)
Weighted average shares outstanding:
Basic (3)		64,504,458				59,255,864
Diluted (3)		65,890,518				59,972,806

(1)

The following table sets forth share-based compensation for the periods indicated below:

	Three Months Ended March 31,
		2024			2023
Technology, data and product development	$	2,905		$	2,458
Selling and marketing		2,852			2,754
General and administrative		9,718			11,155
Total	$	15,475		$	16,367

(2)		See “Reconciliation of Non-GAAP Financial Measures.”
(3)		Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(In thousands)
	March 31,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents	$	274,495			$	186,478
Restricted cash		16,872				16,874
Fees and other receivables		87,370				79,526
Investments in loans and securities		1,298				2,490
Prepaid expenses and other current assets		19,059				18,034
Total current assets		399,094				303,402
Restricted cash		18,681				19,189
Fees and other receivables		35,230				34,181
Investments in loans and securities		892,853				714,303
Equity method and other investments		26,911				26,383
Right-of-use assets		53,631				55,729
Property and equipment, net		42,757				41,557
Goodwill		10,945				10,945
Intangible assets		1,913				2,550
Prepaid expenses and other assets		1,172				137
Total non-current assets		1,084,093				904,974
Total Assets	$	1,483,187			$	1,208,376
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	3,136			$	1,286
Accrued expenses and other liabilities		36,712				28,562
Current maturities of operating lease liabilities		6,663				6,931
Current portion of long-term debt		12,750				—
Secured borrowing		108,054				37,685
Income taxes payable		2,069				461
Total current liabilities		169,384				74,925
Non-current liabilities:
Warrant liability		1,342				3,242
Revolving credit facility		—				90,000
Long-term debt		222,298				—
Secured borrowing		223,102				234,028
Operating lease liabilities		41,838				43,940
Long-term tax liabilities		24,955				22,135
Deferred tax liabilities, net		107				107
Total non-current liabilities		513,642				393,452
Total Liabilities		683,026				468,377
Redeemable convertible preferred shares		74,250				74,250
Shareholders’ equity:
Additional paid-in capital		1,214,969				1,101,914
Accumulated other comprehensive income (loss)		(24,279	)			444
Accumulated deficit		(563,860	)			(542,637	)
Total Pagaya Technologies Ltd. shareholders’ equity		626,830				559,721
Noncontrolling interests		99,081				106,028
Total shareholders’ equity		725,911				665,749
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity	$	1,483,187			$	1,208,376

PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
​	Three Months Ended March 31,
​		2024				2023
Cash flows from operating activities	​
Net loss including noncontrolling interests	$	(31,662	)		$	(98,623	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity method income (loss)		(528	)			(987	)
Depreciation and amortization		6,317				3,516
Share-based compensation		15,475				16,367
Fair value adjustment to warrant liability		(1,900	)			(190	)
Impairment loss on investments in loans and securities		26,851				68,347
Write-off of capitalized software		408				1,549
Other non-cash items		739				—
Change in operating assets and liabilities:
Fees and other receivables		(8,875	)			(345	)
Deferred tax liabilities, net		—				(45	)
Prepaid expenses and other assets		(1,936	)			3,528
Right-of-use assets		1,879				2,197
Accounts payable		1,885				999
Accrued expenses and other liabilities		8,298				(22,573	)
Operating lease liability		(1,524	)			(3,530	)
Income tax receivable / payable		5,043				6,117
Net cash provided by (used in) operating activities		20,470				(23,673	)
Cash flows from investing activities
Proceeds from the sale/maturity/prepayment of:
Investments in loans and securities		35,897				25,985
Cash and restricted cash acquired from Darwin Homes, Inc.		—				1,608
Payments for the purchase of:
Investments in loans and securities		(261,638	)			(121,732	)
Property and equipment		(5,145	)			(5,526	)
Net cash used in investing activities		(230,886	)			(99,665	)
Cash flows from financing activities
Proceeds from sale of ordinary shares, net of issuance costs		89,938				—
Proceeds from long-term debt		244,725				—
Proceeds from secured borrowing		97,448				82,031
Proceeds received from noncontrolling interests		2,815				10,128
Proceeds from revolving credit facility		44,000				100,000
Proceeds from exercise of stock options		161				484
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement		5,338				—
Distributions made to noncontrolling interests		(2,515	)			(12,194	)
Payments made to revolving credit facility		(134,000	)			(20,000	)
Payments made to secured borrowing		(38,005	)			(57,425	)
Payments made to long-term debt		(3,188	)			—
Long-term debt issuance costs		(7,974	)			—
Net cash provided by financing activities		298,743				103,024
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(820	)			—
Net increase (decrease) in cash, cash equivalents and restricted cash		87,507				(20,314	)
Cash, cash equivalents and restricted cash, beginning of period		222,541				337,076
Cash, cash equivalents and restricted cash, end of period	$	310,048			$	316,762

PAGAYA TECHNOLOGIES LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
($ in thousands, unless otherwise noted)

	Three Months Ended March 31,
​		2024				2023
Net Loss Attributable to Pagaya Technologies Ltd.	$	(21,223	)		$	(60,971	)
Adjusted to exclude the following:
Share-based compensation		15,475				16,367
Fair value adjustment to warrant liability		(1,900	)			(190	)
Impairment loss on certain investments		19,483				26,412
Write-off of capitalized software		—				1,524
Restructuring expenses		820				3,820
Transaction-related expenses		400				—
Non-recurring expenses		276				2,023
Adjusted Net Income (Loss)	$	13,331			$	(11,015	)
Adjusted to exclude the following:
Interest expenses		15,164				2,880
Income tax expense (benefit)		5,003				6,667
Depreciation and amortization		6,317				3,516
Adjusted EBITDA	$	39,815			$	2,048

	Three Months Ended March 31,
​		2024				2023
Fee Revenue Less Production Costs (FRLPC):
Revenue from fees	$	237,004			$	175,254
Production costs		144,881				125,057
Fee Revenue Less Production Costs (FRLPC)	$	92,123			$	50,197
Fee Revenue Less Production Costs Margin (FRLPC Margin):
Fee Revenue Less Production Costs (FRLPC)	$	92,123			$	50,197
Network Volume (in millions)		2,419				1,850
Fee Revenue Less Production Costs Margin (FRLPC Margin)		3.8	%			2.7	%

 

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Investors & Analysts

Jency John

Head of Investor Relations

IR@pagaya.com

Media & Press

Emily Passer

Head of PR & External Communications

Press@pagaya.com

Source: Pagaya Technologies Ltd.

FAQ

<p>What were Pagaya's record network volume and total revenue for the first quarter of 2024?</p>

Pagaya reported a record network volume of $2.42 billion and total revenue of $245 million for the first quarter of 2024.

<p>How did Pagaya strengthen its funding capabilities in the first quarter of 2024?</p>

Pagaya raised $1.9 billion across 5 transactions and expanded its funding network with 18 new investors in the first quarter of 2024.

<p>What was the adjusted EBITDA reported by Pagaya for the first quarter of 2024?</p>

Pagaya reported an adjusted EBITDA of $40 million for the first quarter of 2024.

<p>What initiatives did Pagaya execute to enhance the marketability of its stock?</p>

Pagaya executed several initiatives, including trading on a reverse split-adjusted basis, moving its headquarters to New York City, and aligning reporting standards to U.S. domestic issuers.

<p>Where can investors access Pagaya's first quarter 2024 letter to shareholders?</p>

Investors can access Pagaya's first quarter 2024 letter to shareholders on the company's website.