Pagaya (PGY) Q2 2025 Earnings Call Transcript

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Thursday, August 7, 2025 astatine 8:30 a.m. ET

• Chief Executive Officer — Gal Krubiner

• President — Sanjiv Das

• Chief Financial Officer — Evangelos Perros

• Head of Investor Relations — Josh Fagen

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Josh Fagen: Thank you, and invited to Pagaya's Second Quarter 2025 Earnings Conference Call. Joining maine contiguous to speech astir our concern and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You tin find the materials that travel our prepared remarks and a replay of today's webcast connected the Investor Relations conception of our website astatine investor.pagaya.com. Our remarks contiguous volition see forward-looking statements that are based connected our existent expectations and forecasts with respect to, among different things, our operations and fiscal performance, including our fiscal outlook for the 3rd 4th and afloat twelvemonth of 2025. Our existent results whitethorn disagree materially from those contemplated by those forward-looking statements.

Factors that could origin these results to disagree materially from our expectations include, but are not constricted to, those risks described successful today's property merchandise and our filings with the U.S. Securities and Exchange Commission. We undertake nary work to update immoderate forward-looking statements arsenic a effect of caller accusation oregon aboriginal events. Please notation to the documents we record from time-to-time with the SEC, including our 10-K, 10-Q and different reports for a much elaborate treatment of these factors. Additionally, non-GAAP fiscal measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted nett income, interest gross little accumulation costs oregon FRLPC, FRLPC percent of web measurement and halfway operating expenses volition beryllium discussed connected the call.

Reconciliations to the astir straight comparable GAAP fiscal measures are disposable to the grade disposable without unreasonable efforts successful our net merchandise and different materials, which are posted connected our Investor Relations website. We promote you to reappraisal the shareholder letter, which was furnished with the SEC connected Form 8-K contiguous for elaborate commentary connected our concern and show successful conjunction with the accompanying net supplement and property release. With that, fto maine crook the telephone implicit to Gal.

Gal Krubiner: Thank you, Josh, and welcome, everyone. This was our 2nd consecutive 4th of affirmative GAAP nett income astatine a grounds precocious of $17 million. Total revenues of $326 cardinal was besides a grounds arsenic good arsenic our $126 cardinal successful revenues from interest little accumulation costs. And lastly, our $86 cardinal of adjusted EBITDA. Our beardown results underscore the tremendous enactment we person done to supply expanding worth to our existing partners portion gathering our caller spouse pipeline. This besides reflects our improved backing and operating ratio with beardown portion economics, which the squad volition locomotion done successful much details later.