Pagaya closes first auto resecuritization transaction at $450 million

Pagaya Technologies (NASDAQ: PGY) completed its inaugural auto resecuritization transaction, closing RPM-2026-R1 at approximately $450 million, according to a company statement.

The transaction features auto loans with 24 months of seasoning and attracted 17 unique investors. The deal launches Pagaya's RPM-R shelf, designed for investors seeking seasoned auto collateral with established performance history.

"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 resecuritization program follows Pagaya's personal loan resecuritization program and aims to provide what the company describes as a diversified pool of auto assets. The transaction structure offers investors access to loans that have completed nearly two years of payment history.

Pagaya reported raising over $8.5 billion across its asset-backed securities platforms in 2025. Since 2018, the company has raised more than $36 billion across 85 ABS transactions.

The New York-based technology company uses machine learning and artificial intelligence to provide consumer credit and residential real estate products. Pagaya operates through partnerships and offers API and capital solutions that integrate into partner networks.

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