Pagaya Inks First Variable Funding Note with ATLAS SP, Adding $700M Capacity
PGY sits 66% above its 52-week low of $10.4.
Summary
Pagaya closed its inaugural Variable Funding Note facility with ATLAS SP Partners, a warehouse finance business majority owned by Apollo Funds. The revolving structure provides nearly $700 million in committed funding capacity for Pagaya's personal loan platform, allowing the company to draw, repay, and redeploy capital as needed. This expands Pagaya's funding diversification beyond traditional ABS and follows recent capital moves including a $460M revolving loan facility and a $700M forward flow agreement with Neuberger. The facility enhances liquidity visibility and supports origination growth, though terms such as pricing and duration were not disclosed. The deal reinforces Pagaya's access to institutional capital and its strategy to build multi-quarter funding stability.
At the time of this announcement, PGY was trading at $17.24 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $10.40 to $35.52. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.