Pagaya Technologies Ltd (PGY) 2025 Q3 法說會逐字稿

Greetings. Welcome to Pagaya's third quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Josh Fagen, Head of Investor Relations. Thank you. You may begin.

問候。歡迎參加 Pagaya 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給投資者關係主管喬許費根。謝謝。你可以開始了。

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 Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You can find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com.

謝謝，歡迎參加 Pagaya 2025 年第三季財報電話會議。今天與我一起討論我們公司業務和業績的有：Pagaya 執行長 Gal Krubiner；總裁 Sanjiv Das；以及財務長 Evangelos Perros。您可以在我們網站 investor.pagaya.com 的投資者關係版塊找到我們準備好的發言稿以及今天網路直播的回放。

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.

我們今天的演講將包含一些前瞻性陳述，這些陳述基於我們目前的預期和預測，涉及我們的營運和財務業績，包括我們對 2025 年第四季和全年的財務展望。

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 US Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements as a result of new information or future events.

我們的實際結果可能與這些前瞻性聲明中所設想的結果有重大差異。可能導致這些結果與我們的預期有重大差異的因素包括但不限於今天新聞稿和我們向美國證券交易委員會提交的文件中所述的風險。我們不承擔因新資訊或未來事件而更新任何前瞻性陳述的義務。

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 revenue less production costs or FRLPC, FRLPC percentage of network volume and core operating expenses will be discussed on the call.

有關這些因素的更詳細討論，請參閱我們不時向美國證券交易委員會提交的文件，包括我們的 10-K、10-Q 和其他報告。此外，電話會議還將討論非GAAP財務指標，包括調整後的EBITDA、調整後的EBITDA利潤率、調整後的淨收入減去生產成本或FRLPC、FRLPC佔網路容量的百分比以及核心營運費用。

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.

我們已在投資者關係網站上發布了盈利報告和其他資料，其中提供了與最直接可比較的 GAAP 財務指標的調節表（在無需付出不合理努力的情況下）。

We encourage you to review the shareholder letter which is furnished with the SEC on Form 8-K today for detailed commentary on our business and performance in conjunction with the accompanying earnings supplement and press release.

我們建議您查閱今天以 8-K 表格形式提交給美國證券交易委員會的股東信，其中包含對我們業務和業績的詳細評論，並可結合隨附的收益補充文件和新聞稿進行查閱。

With that, let me turn the call over to Gal.

那麼，讓我把電話交給 Gal 吧。

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 GAAP net income profitability, but raised it again to an exit rate of over $120 million on an annual basis.

謝謝大家，歡迎各位。第三季業績表明，我們持續朝著長期營運和財務目標邁進。Pagaya 的這一年即將結束，我們不僅實現了持續的 GAAP 淨利潤盈利，而且還將其提高到每年超過 1.2 億美元的退出率。

Most importantly, the results demonstrate the momentum and strength of our platform with 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.

最重要的是，結果表明，我們的平台擁有多元化和高品質的收入來源，單位經濟效益穩定，並且在複雜的環境中採取了非常審慎和負責任的擴展方式，這體現了我們平台的勢頭和實力。最終目標是打造一家能夠經受週期考驗、在未來幾年內以最小投資持續成長的企業。

After laying the groundwork through disciplined 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 affecting our products and our solutions to ensure we solve the fundamental challenges facing lenders and consumers.

今年早些時候，我們透過嚴格的優化和資本效率奠定了基礎，現在我們將重點轉向產品驅動型成長。簡而言之，接下來的 18 個月我們將致力於改進我們的產品和解決方案，以確保我們能夠解決貸款機構和消費者面臨的根本性挑戰。

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.

我們的價值主張始終如一：幫助貸款機構服務更多客戶。隨著合作夥伴逐漸認識到我們平台的價值，現有合作夥伴加深了參與度，同時也有新的合作夥伴加入網路。

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 is far up the funnel as affiliate channels optimizations. This creates unparalleled optimizations for lenders and investors.

我們設計這些產品的能力是獨一無二的。它植根於我們龐大的數據網絡，這是 Pagaya 的核心優勢。我們將數據和機器學習作為我們產品的核心，貫穿整個貸款流程。從驗證到核保，並且處於聯盟通路優化流程的早期階段。這為貸款人和投資者創造了無與倫比的優化機會。

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.

我非常自豪地宣布，我們目前擁有 Pagaya 歷史上最多的合作夥伴加入隊列。我們正在引入多達八家合作夥伴，涵蓋我們所有的資產類別，包括金融科技公司和銀行。

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 lending new partners, we have continued to refine our product strategy by listening to our partners ensuring we meet their needs with our product suite.

加上本季新增的兩家合作夥伴，我們現在已經有了足夠的專案儲備，足以應對未來 12 個月的挑戰。除了在拓展新合作夥伴方面取得進展外，我們還透過傾聽合作夥伴的意見不斷完善產品策略，確保我們的產品組合能夠滿足他們的需求。

Just this quarter, in the course of our regular ongoing meetings, Sanjiv 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.

就在本季度，在例行會議中，我和 Sanjiv 與許多合作夥伴和潛在客戶會面，真正了解他們的成長和價值驅動因素，並繼續推進我們的產品以滿足這些需求。

Starting for the needs of our partners, improves our product ecosystem and solving for product effectiveness and hence 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. Sanjiv 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 multiyear contracts.

從滿足合作夥伴的需求出發，改善我們的產品生態系統，提高產品效率，從而改善與每個合作夥伴的關係，進一步推動我們的飛輪效應。簡而言之，我們為合作夥伴創造的價值越多，他們就越深入地參與我們的產品和解決方案中來，這反過來又為我們創造更多價值的機會。Sanjiv 稍後將討論我們如何發展成為一流的 B2B 企業，如何將我們的主要合作夥伴發展成為價值 10 億美元的合作關係，以及如何透過多年合約鎖定我們的商業條款。

This will continue to define Pagaya's next chapter and accelerated our journey to become a necessary utility for every lender in the US. As we continue to mature and diversify our funding network, demand for our assets remain consistent and robust.

這將繼續定義 Pagaya 的下一個篇章，並加速我們成為美國每家貸款機構必不可少的實用工具的進程。隨著我們融資網絡的不斷成熟和多元化，對我們資產的需求仍然穩定強勁。

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 out of forward flow and strategic funding on residual certificates. The momentum on the corporate funding side is just as notable.

第三季度，我們透過四筆交易發行了 18 億美元的資產支持證券 (ABS)，這些證券面向我們超過 150 家機構融資合作夥伴的網路進行銷售。除了我們持續的核心融資機制之外，我們還宣布了首次利用剩餘證券進行遠期資金和策略性融資。企業融資方面的動能同樣顯著。

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.

我們獲得了三大信用評級機構的評級，並籌集了 5 億美元的公司債務。此外，我們與四家新的大型銀行擴大了公司循環信貸額度，成本大幅降低，從而提高了資本效率。我們將共同努力，不斷拓展資金來源，同時提高融資和公司資本結構的效率。

We reached 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.

我們實現了持續獲利，季度網路交易量創下 28 億美元的紀錄，申請流量環比增長 12%，展現了我們網路的持續成長。我們業務成長強勁，且日益多元化，POS 和汽車業務佔總業務量的 32%，而去年同期這一比例僅為 9%。

We are expanding existing partner relationships across our growing set of products and growing excess from newer partners. This disciplined growth is demonstrated through our steady application to funding conversion, which has remained at 1%.

我們正在擴大現有合作夥伴關係，涵蓋我們不斷成長的產品系列，並從新合作夥伴那裡獲得更多利潤。這種穩健的成長體現在我們持續的資金轉換率上，該轉換率一直維持在 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 means the need of our investors, in line with our balanced approach towards long-term profitability and resilience.

同時，我們不斷為平台引入新的高潛力合作夥伴關係。在所有這些領域，我們都看到了網路效應的累積。我們有機會真正重新構想消費信貸的運作方式，建立一個將貸款機構與更好的數據、更高的自動化水平和更聰明的決策聯繫起來的平台。這增強並加快了我們創造最符合投資者需求的資產的能力，這符合我們對長期盈利能力和韌性的平衡追求。

Our goal is to be the plug-and-play solution for lenders gap in credit, spanning 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, will be innovated for consumers, partners and investors.

我們的目標是成為貸款機構在信貸方面的即插即用解決方案，涵蓋各種風險交易和資產類型，所有這些都透過無縫的白標解決方案提供，從而推動下一代貸款業務的發展。我們為所取得的成就感到無比自豪，並請大家繼續關注我們未來的發展方向。這段旅程漫長，我們將不斷創新，為消費者、合作夥伴和投資者帶來更好的體驗。

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.

接下來，我想把發言權交給 Sanjiv，讓他對我們的營運業務進行回顧，並詳細介紹我們以產品為主導的成長策略。

Thank you, Gal. Pagaya's growth continues to be driven by disciplined expansion with existing partners as well as addition of new partners to the platform. We are continuing to strengthen our business by institutionalizing our relationships with lending partners using best practice B2B disciplines such as long-term agreements and product and fee agreements while ensuring responsible underwriting and risk management using consumer credit disciplines.

謝謝你，蓋爾。Pagaya 的成長持續得益於與現有合作夥伴的穩健擴張以及向平台新增合作夥伴。我們正透過與貸款合作夥伴建立制度化的關係，不斷加強業務，採用最佳的 B2B 實踐規範，例如長期協議、產品和費用協議，同時確保採用消費者信貸規範進行負責任的承銷和風險管理。

Let me first provide an update on existing partners. Just to remind you, Pagaya currently has 31 lending partners on its platform. Our relevance among our existing partners remains extremely high. Banks and fintechs are increasingly focused on consumer growth, customer retention and maximizing customer lifetime value.

首先讓我向大家報告一下現有合作夥伴的情況。提醒一下，Pagaya 目前在其平台上擁有 31 家貸款合作夥伴。我們在現有合作夥伴中的重要性依然非常高。銀行和金融科技公司越來越注重消費者成長、客戶留存和最大化客戶終身價值。

Pagaya continues to solve for what lenders care about most, while providing efficient capital markets execution and driving fee income growth for our partners. We achieved our growth of growing five accounts to over $1 billion relationships driven by multiple product adoption by our partners as well as expanded access to their application flow.

Pagaya 持續解決貸款機構最關心的問題，同時為我們的合作夥伴提供高效的資本市場執行，並推動費用收入成長。我們透過合作夥伴採用多種產品以及擴大其應用流程的存取權限，實現了從五個客戶發展到超過 10 億美元的合作關係。

Our existing lending partners are at varying stages of maturity with Pagaya. We define the level of partner maturity with us based on the number of Pagaya products that partners adopt which eventually drives the volumes on our platform.

我們現有的貸款合作夥伴與 Pagaya 的合作成熟度各不相同。我們根據合作夥伴採用的 Pagaya 產品數量來定義合作夥伴的成熟度，最終會影響我們平台上的交易量。

As one would expect, the partner life cycle with Pagaya includes onboarding, ramp-up, scaling with decline monetization and eventually expansion across our products. Our multiproduct partners are leveraging the full suite of our products from decline monetization to our direct marketing engine and affiliate optimizer engine in personal loans to fast pass and do a look in auto.

正如人們所預期的那樣，與 Pagaya 的合作夥伴生命週期包括入職、加速發展、規模化、貨幣化以及最終擴展到我們的產品。我們的多產品合作夥伴正在利用我們全套產品，從個人貸款中的拒絕變現到我們的直接行銷引擎和聯盟優化引擎，再到汽車領域的快速通道和檢視功能。

Multiproduct expansion enables our partners to significantly grow volume, fee revenue, incremental new customers and long-term value from existing customers. A number of our personal loan and auto partners are currently expanding into Pagaya's products.

多產品拓展使我們的合作夥伴能夠大幅提高銷售量、手續費收入、新增客戶數量以及從現有客戶獲得長期價值。我們許多個人貸款和汽車貸款合作夥伴目前正在拓展 Pagaya 的產品業務。

Let me pivot for a second and give you a product view of our business in addition to the partner view you just heard. Products above and beyond decline monetization are already contributing significantly to Pagaya's volume and revenue. In personal loans, approximately half our current volumes already come from products other than decline monetization.

除了您剛才聽到的合作夥伴視角之外，讓我稍微轉換一下話題，從產品角度向您介紹我們的業務。除了銷售下滑之外，其他產品也已為 Pagaya 的銷售和收入做出了重大貢獻。在個人貸款方面，我們目前的貸款量中約有一半來自非違約金變現產品。

Let's take the affiliate optimizer engine as an example. Pagaya has been enabling our partners to originate loans in the affiliate channels such as Credit Karma, LendingTree, Experian and others for many years now. But last year, we productized affiliate channels separately and commercialized this offering as a standalone affiliate optimizer engine product. We are currently rolling it out across all our partners that are at scale with our decline monetization product.

我們以聯盟行銷優化引擎為例。多年來，Pagaya 一直致力於幫助我們的合作夥伴在 Credit Karma、LendingTree、Experian 等聯盟管道發起貸款。但去年，我們將聯盟通路單獨產品化，並將此產品作為獨立的聯盟優化引擎產品進行商業化。我們目前正在向所有大規模使用我們拒付變現產品的合作夥伴推廣這項服務。

And we are increasingly seeing that partners have successfully leveraged affiliates to scale their credit card businesses are now starting to use affiliates to grow in personal loans by adopting Pagaya's affiliate optimizer engine.

我們越來越發現，一些合作夥伴已經成功地利用聯盟行銷擴大了信用卡業務規模，現在他們開始透過採用 Pagaya 的聯盟行銷優化引擎，利用聯盟行銷來發展個人貸款業務。

Becoming multiproduct presents a significant growth opportunity for partners who are currently only leveraging a decline monetization program. In fact, while multiproduct partners represent only 30% of Pagaya's partners by number, their contribution to our volume is more than 2/3.

對於目前僅利用產品線變現計畫的合作夥伴而言，轉型為多產品線帶來了巨大的成長機會。事實上，雖然多產品合作夥伴僅佔 Pagaya 合作夥伴總數的 30%，但他們對我們的銷售貢獻超過 2/3。

So the more products that partners have with Pagaya, the more volume, the more revenue, new customers and lifetime value they get from the partnership. This underscores the notable organic same-store growth opportunity ahead for Pagaya for its 31 partners.

因此，合作夥伴與 Pagaya 合作的產品越多，銷售就越大，收入就越高，新客戶越多，從合作關係中獲得的終身價值就越大。這凸顯了 Pagaya 及其 31 家合作夥伴未來在同店有機成長方面的巨大機會。

Similar to our affiliate optimizer engine, our direct marketing engine offers our partners the ability to grow their business by leveraging our response engine to book new personal loans while providing them with the same superior capital markets execution.

與我們的聯盟行銷優化引擎類似，我們的直接行銷引擎使我們的合作夥伴能夠利用我們的回應引擎來獲取新的個人貸款，從而發展他們的業務，同時為他們提供同樣卓越的資本市場執行。

Now a very quick update on our new partners. We are currently seeing the highest number of partners in onboarding in Pagaya's history. Pagaya's new partner onboarding now includes prebuilt integration for all the products I just described. For example, pre-integration with Credit Karma, pre-integration with Experian and so on, along with decline monetization capabilities. This significantly accelerates scaling and unlocks more value for our partners sooner.

現在快速介紹一下我們的新合作夥伴。目前，Pagaya 的合作夥伴入駐數量達到了歷史最高水準。Pagaya 的新合作夥伴入駐流程現在包括我剛才所描述的所有產品的預先建置整合。例如，預先整合 Credit Karma、預先整合 Experian 等，以及拒付變現功能。這將顯著加快規模化進程，並更快地為我們的合作夥伴釋放更多價值。

Partners currently in onboarding represent a mix of all three Pagaya asset classes, as in personal loans, auto and point-of-sale and include leading banks and fintechs. For the banks, the focus continues to shift towards growth against the backdrop of a more favorable regulatory environment.

目前正在入駐的合作夥伴涵蓋了 Pagaya 的所有三個資產類別，例如個人貸款、汽車貸款和銷售點貸款，其中包括領先的銀行和金融科技公司。對於銀行業而言，在監管環境更加有利的背景下，其關注重點繼續轉向成長。

As they do, they are increasingly focused on building and scaling personal loans, auto and POS franchises. It presents a growth opportunity for Pagaya's bank-ready platform that has been tested and scaled with US Bank, Ally and others.

隨著業務的發展，他們越來越專注於建立和擴大個人貸款、汽車和POS特許經營業務。這為 Pagaya 的銀行就緒平台提供了成長機會，該平台已經過美國銀行、Ally 等銀行的測試和擴展。

I'd like to take a moment to review each of our loan categories, their performance during the quarter and going forward. As discussed before, in personal loans, we continue penetrating deeper into our existing partner base as they adopt our products, while simultaneously ramping up volumes at partners we have already onboarded in the last 12 months to 18 months.

我想花點時間回顧我們每一類貸款，以及它們在本季和未來的表現。如前所述，在個人貸款方面，隨著現有合作夥伴採用我們的產品，我們將繼續深入滲透到他們的業務中，同時提高過去 12 到 18 個月內已加入的合作夥伴的業務量。

On the funding side of personal loans, we are still the largest ABS issuer, while also continuing to successfully diversify into forward flow agreements. Point-of-sale continues to make notable progress on both sides of the network. While still a relatively newer business, we have been able to quickly grow annualized POS volumes to about $1.4 billion from -- up from $1.2 billion last quarter.

在個人貸款的融資方面，我們仍然是最大的資產支持證券發行商，同時我們也繼續成功地向遠期融資協議領域多元化發展。銷售點系統在網路兩端都持續取得顯著進展。雖然我們還是相對較新的企業，但我們已能夠迅速將年度 POS 交易額從上季度的 12 億美元增長到約 14 億美元。

On the funding side, we closed our second AAA rated POSH ABS offering in November, underscoring the demand and performance of our POS ABS shelf. In auto, annualized auto volumes grew to $2.2 billion, up from $2 billion last quarter. This quarter's announcements underscore several examples of the strength and performance of our auto franchise, including the sale of the residual certificates to One William Street in our latest RPM deal and our inaugural auto forward flow agreement with Castlelake, which we announced last week.

在融資方面，我們在 11 月完成了第二筆 AAA 級 POSH ABS 發行，凸顯了我們 POS ABS 貨架的需求和表現。汽車產業方面，年化汽車銷售成長至 22 億美元，高於上一季的 20 億美元。本季的公告凸顯了我們汽車特許經營業務的實力和業績，包括在我們最新的 RPM 交易中將剩餘證券出售給 One William Street，以及我們上周宣布的與 Castlelake 達成的首個汽車遠期交易協議。

Before closing, I will touch briefly on our response to the macro economy, credit and risk. As Gal mentioned, not much has changed for Pagaya with respect to the consumer credit performance and lending partner actions.

最後，我將簡要地談談我們對宏觀經濟、信貸和風險的應對措施。正如 Gal 所提到的，Pagaya 在消費者信貸表現和貸款合作夥伴行動方面並沒有太大變化。

Despite that, we continue to build a robust through-the-cycle business by staying disciplined on consumer credit and long-term commercial agreements with partners. We know that the institutional franchise that we are building can mitigate normal business cycle fluctuations. This management team has done this before in highly cyclical consumer credit businesses and is confident that can do it again.

儘管如此，我們仍然透過嚴格控制消費信貸和與合作夥伴簽訂長期商業協議，繼續打造穩健的貫穿整個經濟週期的業務。我們知道，我們正在建立的機構特許經營體係可以緩解正常的商業週期波動。該管理團隊曾在周期性很強的消費信貸產業取得這樣的成績，並有信心再次取得成功。

With disciplined growth, we remain fully committed to our mission to help bridge Wall Street to Main Street for the long term. And now it's my pleasure to turn the call over to EP to cover the quarter's financial results and outlook.

我們將秉持穩健成長的原則，長期致力於幫助華爾街與一般民眾建立聯繫。現在我很高興將電話交給EP，讓他介紹本季的財務表現和展望。

Thank you, Sanjiv. The results of our third quarter earnings demonstrate steady and sustainable growth and most importantly, growing profitability. Network volume grew 19% year-over-year to a record $2.8 billion, led by 31% growth in personal loans. Application to funded conversion held firm at 1%, reflecting disciplined underwriting. We expect conversion rates to remain stable as we focus on prudent profitable growth through the cycle.

謝謝你，桑吉夫。第三季獲利結果顯示，公司實現了穩定永續成長，最重要的是，獲利能力不斷提高。網路交易額年增 19%，達到創紀錄的 28 億美元，其中個人貸款成長 31%，帶動了整體交易額的成長。申請資金轉換的金額穩定在 1%，反映出嚴格的承保政策。我們預計轉換率將保持穩定，因為我們將專注於在整個週期中實現審慎的獲利成長。

Total revenue and other income rose 36% to a record $350 million driven by fee revenue growth outpacing volume. The outperformance of revenue growth versus volume growth is a strong indicator of our ability to monetize our volume and reflects the value added to our partner network.

總收入和其他收入成長 36%，達到創紀錄的 3.5 億美元，主要原因是手續費收入成長超過交易量。營收成長優於銷售成長，有力地顯示了我們實現銷售變現的能力，也反映了我們為合作夥伴網路帶來的附加價值。

FRLPC increased 39% to $139 million, reaching 5% of network volume up 70 basis points year-over-year, a clear signal of monetization efficiency and in line with the financial strategy we launched in early 2024 to focus on improving unit economics.

FRLPC 成長 39% 至 1.39 億美元，佔網路交易量的 5%，年成長 70 個基點，這清楚地表明了貨幣化效率，並符合我們在 2024 年初推出的專注於改善單位經濟效益的財務策略。

We expect FRLPC as a percent of volume to normalize within the 4% to 5% range as we scale into POS and diversify our funding. In this year, we have shifted our focus on driving consistent and sustainable total FRLPC growth in dollar terms.

我們預計，隨著我們擴大 POS 業務規模並實現融資多元化，FRLPC 的交易量百分比將穩定在 4% 到 5% 的範圍內。今年，我們將重點轉向推動以美元計價的 FRLPC 總收入實現持續穩定的成長。

Adjusted EBITDA increased 91% to a record $107 million, with margins expanding 9 points to 30.6%, fueled by strong fee growth and disciplined expense management. Core OpEx dropped to 34% of FRLPC, the lowest since going public.

經過調整的 EBITDA 成長了 91%，達到創紀錄的 1.07 億美元，利潤率成長了 9 個百分點，達到 30.6%，這得益於強勁的費用成長和嚴格的費用管理。核心營運支出佔總成本的34%，為上市以來的最低水準。

Incremental adjusted EBITDA margin represented more than 100% of FRLPC growth in the third quarter. Operating income climbed 257% to $80 million, and operating cash flow hit a record $67 million, exceeding outflows for investments.

第三季度，調整後 EBITDA 利潤率增量佔 FRLPC 成長的 100% 以上。營業收入成長 257% 至 8,000 萬美元，經營現金流達到創紀錄的 6,700 萬美元，超過了投資支出。

GAAP net income of $23 million represented our third consecutive positive quarter and improved from a net loss of $67 million in third quarter '24, fueled by 36% revenue growth, lower operating expenses and lower impairments. This equated to a 6% margin as compared to 5% margin last quarter and negative 26% in the year ago quarter.

GAAP 淨利潤為 2,300 萬美元，這是我們連續第三個季度實現正收益，較 2024 年第三季淨虧損 6,700 萬美元有所改善，這得益於 36% 的收入成長、營運費用降低和減損損失減少。這相當於 6% 的利潤率，而上一季的利潤率為 5%，去年同期則為負 26%。

We are also enhancing transparency in our disclosure by introducing a new reporting line called gains and losses on investments in loans and securities. This new line includes gains and losses on investments which were previously included in other expense net. In the third quarter, credit-related fair value adjustments reported in this new line totaled a $20 million loss versus $14 million in the prior quarter and $78 million in the prior year quarter.

我們還透過引入一項名為「貸款和證券投資損益」的新報告項目，提高了資訊揭露的透明度。新增的此一項包括先前計入其他費用淨額中的投資收益和損失。第三季度，該新欄位報告的與信貸相關的公允價值調整總額為 2,000 萬美元虧損，而上一季為 1,400 萬美元，去年同期為 7,800 萬美元。

Interest expense fell to $22 million, down $1 million sequentially and should decline further as the benefits of our unsecured loan refinancing fully phasing driving $12 million in annualized interest savings and $14 million in added cash flow.

利息支出降至 2,200 萬美元，季減 100 萬美元，隨著無擔保貸款再融資的收益全面逐步顯現，每年可節省 1,200 萬美元利息，並增加 1,400 萬美元現金流，利息支出應該會進一步下降。

Third quarter GAAP net income included the negative impact of several non-operating and non-recurring items. We incurred a onetime $25 million in costs associated with the issuance of our corporate bond and early retirement of existing debt.

第三季 GAAP 淨利潤包含了若干非經營性和非經常性項目的負面影響。我們因發行公司債和提前償還現有債務而產生了一次性 2500 萬美元的費用。

In addition, we recorded a non-cash warrant expense of $5 million. Partially offsetting these one items, we recorded a onetime tax-related benefit of $20 million. Share-based compensation expense of $14 million was up $1 million year-over-year and down $5 million from last quarter and is expected to remain broadly at those levels.

此外，我們也計入了 500 萬美元的非現金認股權證支出。在部分抵銷上述項目後，我們確認了一筆2000萬美元的一次性稅收相關收益。薪資支出為 1,400 萬美元，比上年同期增加 100 萬美元，比上一季減少 500 萬美元，預計將基本維持在這些水準。

Turning to credit. Performance is in line with expectations across personal loans, auto and POS and remains within our disciplined risk tolerance, also evident by the robust demand we see across all our asset classes from institutional investors willing to underwrite our production at increasingly higher levels. We appreciate the increased investor attention around credit across financials, so I will spend a bit more time covering this today.

轉向信貸。個人貸款、汽車貸款和POS業務的業績均符合預期，並保持在我們嚴格的風險承受範圍內。這一點也體現在我們所有資產類別中機構投資者強勁的需求上，他們願意以越來越高的水平承銷我們的產品。我們注意到投資人對金融領域信貸問題的關注度日益提高，因此今天我將花更多時間來探討這個問題。

Macro trends and overall consumer behavior remains healthy, and we continue to monitor closely through the data advantage we have of working with 31 different partners across multiple asset classes. We're always ready to shift if and when needed.

宏觀趨勢和整體消費者行為仍然健康，我們將繼續利用與 31 個不同合作夥伴在多個資產類別中合作所擁有的數據優勢進行密切監測。如有需要，我們隨時準備調整。

Let me give you some perspective on how our credit positioning has evolved. As you may recall, during 2024, our credit performance was driven by a sharp focus on achieving consistent through-the-cycle GAAP profitability.

讓我來向您介紹一下我們的信貸狀況是如何演變的。您可能還記得，在 2024 年，我們的信貸業績主要得益於我們高度重視實現貫穿整個週期的 GAAP 獲利能力。

In addition, since the beginning of this year, we have been benefiting from our positioning to reflect protracted volatility and uncertainty. This is largely Pagaya can afford given our GAAP net income profitability and our commitment to deliver sustainable growth and not just growth at any cost.

此外，自今年年初以來，我們一直受益於我們為應對長期波動和不確定性所做的市場佈局。鑑於我們的 GAAP 淨利潤獲利能力以及我們致力於實現永續成長而非不惜一切代價的成長，Pagaya 在很大程度上能夠承擔得起這筆費用。

This positioning means that we have been underwriting with a cushion against the market and running the business in that way while benefiting from the lower cost of capital. And from investors' point of view, we have been assuming future losses in our guidance, as shown in our earnings supplement.

這種定位意味著我們一直在承保時預留一定的緩衝空間來應對市場波動，並以這種方式經營業務，同時也能享受較低的資本成本。從投資者的角度來看，正如我們的獲利補充文件中所示，我們在業績指引中一直假設未來會出現虧損。

Turning to some performance metrics. Our personal loan cumulative net losses across 2024 quarterly vintages are trending approximately 35% to 40% lower than peak levels in the fourth quarter of 2021 and at month on book 8 to 17.

接下來我們來看一些效能指標。2024 年各季度個人貸款累計淨損失趨勢比 2021 年第四季和帳簿第 8 至 17 個月的峰值水準低約 35% 至 40%。

Auto production continues to deliver strong performance, evident by the investor demand for auto ABS, the first sale of our certificates since 2021 and our inaugural auto forward flow. Auto loan C&Ls across quarterly 2024 vintages are trending approximately 50% to 65% lower than levels during comparable 2022 period at month on book 9 to 18. 60 classics across 2025 vintages are higher when compared to 2024 levels and lower relative to 2023 levels and well within our expectation.

汽車生產持續保持強勁勢頭，投資者對汽車ABS的需求、自2021年以來首次售出我們的證書以及我們首次推出的汽車遠期資金流都證明了這一點。2024 年各季度汽車貸款 C&L 的趨勢是，截至第 9 至 18 個月，貸款帳簿上的 60 項經典貸款比 2022 年同期水準低約 50% 至 65%。 2025 年各季度經典貸款的水平高於 2024 年水平，但低於 2023 年水平，完全符合我們的預期。

Offsetting this, 2025 net recoveries and roll rates are trending significantly better than 2023 and 2024 vintages, driving the strong performance. For POS, credit trends remained stable and in line with expectations, validated by the continued strong demand we see for this product from our funding partners. Overall funding continues to be robust with a focus on improved efficiency and diversification.

抵銷這一不利因素的是，2025 年的淨回收率和展期率明顯優於 2023 年和 2024 年的年份，從而推動了強勁的業績。對於 POS 而言，信貸趨勢保持穩定，符合預期，這一點也得到了融資合作夥伴對該產品持續強勁需求的證實。整體資金狀況依然穩健，重點在於提高效率和多元化。

During the third quarter, we issued $1.8 billion in our ABS programs across four transactions. Last week, we announced our inaugural $500 million auto forward flow agreement with Castlelake, expanding our relationship into two asset classes.

第三季度，我們透過四筆交易發行了總額為 18 億美元的資產支持證券 (ABS) 項目。上週，我們宣布與 Castlelake 達成首個 5 億美元的汽車遠期交易協議，將我們的合作關係擴展到兩個資產類別。

Additionally, in early October, after the quarter, we closed a $400 million RPM auto transaction, which includes the sale of the residual certificate to strategic funding partner, One William Street Capital Management. And last week, we closed our second POS ABS transaction, which was oversubscribed. This underscores the attractiveness of Pagaya's assets as we grow our auto and POS product offering.

此外，在 10 月初，季度結束後，我們完成了一筆 4 億美元的 RPM 汽車交易，其中包括將剩餘憑證出售給戰略融資合作夥伴 One William Street Capital Management。上週，我們完成了第二筆 POS ABS 交易，該交易超額認購。隨著我們不斷拓展汽車和POS產品線，這凸顯了Pagaya資產的吸引力。

Turning to our balance sheet. We ended the quarter with $265 million in cash and cash equivalents and $888 million of investments in loan and securities. We completed a $500 million senior unsecured notes offering that reduced our cost of capital by approximately two full percentage points to 9%.

接下來來看看我們的資產負債表。本季末，我們持有現金及現金等價物 2.65 億美元，貸款及證券投資 8.88 億美元。我們完成了 5 億美元的優先無擔保票據發行，使我們的資本成本降低了約兩個百分點，至 9%。

As part of the refinancing of higher cost facilities, we bolstered our corporate liquidity with a release of over $100 million in highly liquid collateral. After the quarter, we announced an expansion of our existing revolving credit facility with four new bank partners as well as expanded commitments from our prior four existing lenders.

作為對高成本設施進行再融資的一部分，我們釋放了超過 1 億美元的高流動性抵押品，從而增強了公司的流動性。本季結束後，我們宣布擴大現有循環信貸額度，新增四家銀行合作夥伴，並擴大了先前四家現有貸款機構的承諾。

This lowered the facility interest rate by nearly 35% to SOFR plus 350. After this expansion, substantially all of Pagaya's corporate borrowings are now at or below the high-yield bond coupon of 8.875%. In the third quarter, the fair value of the overall investment portfolio and allowances, net of noncontrolling interest and prior to any new additions, was adjusted downward by $32 million versus $20 million last quarter. We also added $38 million of new investments in loan and securities net of paydowns from prior investments majority of which is our required risk retention related to our ABS securitizations.

這使得融資利率降低了近 35%，至 SOFR 加 350。經過此次擴張，Pagaya 的幾乎所有公司借款現在都達到或低於 8.875% 的高收益債券票息。第三季度，扣除少數股東權益且未計入任何新增資產後，整體投資組合和準備金的公允價值較上一季下調了 3,200 萬美元，而上一季下調了 2,000 萬美元。我們也新增了 3,800 萬美元的貸款和證券投資，扣除先前投資的償還款項後，其中大部分是我們與資產支持證券化相關的必要風險留存。

As provided in our supplemental filing this morning, we maintained our scenario A illustrative assumption of $100 million to $150 million in rolling 12 months forward credit-related impairments, which is reflected in our guidance.

正如我們今天早上在補充文件中所述，我們維持了情境 A 的示例性假設，即未來 12 個月滾動信用相關減值 1 億美元至 1.5 億美元，這反映在我們的指引中。

Now let me turn to our updated outlook. Our full year 2025 outlook reflects the momentum and resilience in our business to date and our unique operating leverage while maintaining our cautious stance given the protracted volatility.

現在讓我來談談我們最新的展望。我們對 2025 年全年的展望反映了我們業務迄今為止的發展勢頭和韌性，以及我們獨特的營運槓桿作用，同時鑑於長期存在的市場波動，我們仍保持謹慎的態度。

Key drivers include consistent levels of personal loan production and continued growth in auto and POS products. We continue to expect FRLPC to grow steadily in dollar terms and rates between 4% to 5% as a percent of network volume for the year versus staying at the levels of this past quarter.

關鍵驅動因素包括個人貸款業務的穩定成長以及汽車貸款和POS產品的持續成長。我們繼續預期 FRLPC 將以美元計價穩定成長，並且全年費率佔網路業務量的百分比將保持在 4% 至 5% 之間，而不是像上個季度那樣保持在同一水平。

Profitability trends will reflect continued scale and operating leverage. Our guidance continues to reflect potential scenarios related to future credit-related impairments, if any, as laid out in our earnings supplement, which imply a range of $25 million to $37.5 million per quarter over a rolling 12-month period.

獲利趨勢將反映出規模的持續擴大和經營槓桿效應的增強。我們的業績指引繼續反映未來可能出現的與信貸相關的減損情況，如我們的獲利補充文件中所述，這意味著在滾動 12 個月期間，每季減損幅度為 2,500 萬美元至 3,750 萬美元。

Core OpEx is expected to be slightly elevated in the fourth quarter as a result of higher funding issuance. Interest expense is projected to trend lower as a result of the recent refinancing notes transaction. For the full year, we're updating our expected network volume to a range of $10.5 billion to $10.75 billion, total revenue and other income in the range of $1.3 billion to $1,325 million and adjusted EBITDA in the range of $372 million to $382 million. We are increasing our GAAP net income for the year to a range of $72 million to $82 million.

由於融資發行量增加，預計第四季核心營運支出將略有上升。由於最近的再融資票據交易，預計利息支出將呈下降趨勢。對於全年，我們將預期網路交易量更新為 105 億美元至 107.5 億美元，總收入和其他收入為 13 億美元至 13.25 億美元，調整後 EBITDA 為 3.72 億美元至 3.82 億美元。我們將本年度的 GAAP 淨收入提高至 7,200 萬美元至 8,200 萬美元之間。

With that, let me turn it back to the operator for Q&A.

那麼，接下來我將把問答環節交還給操作員。

(Operator Instructions)

（操作說明）

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Hey, guys, congratulations on a good quarter. You gave a lot of detail around credit, but I'm wondering if we could just some step back maybe Gal, if you look at the different products, you're different, maybe different income ranges within the programs and so forth. Can you maybe give us your perspective on credit quality now and the consumers and borrowers' ability to manage their credits?

嘿，夥計們，恭喜你們本季業績出色。你詳細講解了信貸方面的內容，但我想問一下，Gal，我們能不能退一步想想，如果你看看不同的產品，你會發現它們各不相同，不同的項目針對不同的收入範圍等等。您能否談談您對目前信貸品質以及消費者和借款人管理信貸能力的看法？

Yeah. Thanks, John. I'll start. So credit -- like Pagaya's credit is performing well and well within our expectations. And I think the important thing here is that this is not an accident. We appreciate, obviously, the focus on credit performance over the last few weeks or months. But I want to remind everyone that we have taken a very balanced and conservative approach on our underwriting, since the beginning of the year.

是的。謝謝你，約翰。我先來。所以像 Pagaya 這樣的信貸公司表現良好，完全符合我們的預期。我認為最重要的是，這並非意外。我們當然讚賞過去幾週或幾個月來對信貸表現的關注。但我想提醒大家，從年初以來，我們在承保方面一直採取非常平衡和保守的方法。

We're very pleased with the disciplined approach that we have been doing in our underwriting and what -- how that has reflected in our performance. Interestingly, like during the last few months, people have been asking us why we don't grow faster? Well, this is exactly the reason, right? We have been positioning well for anticipating more volatility, more uncertainty and how that could potentially have any impact on the consumer.

我們對自己在承保方面所採取的嚴謹方法以及這種方法如何反映在我們的業績上感到非常滿意。有趣的是，就像過去幾個月一樣，人們一直在問我們為什麼成長速度不夠快？沒錯，這就是原因，對吧？我們已做好充分準備，以應對可能出現的更大波動性和更多不確定性，以及這些因素可能對消費者產生的影響。

So we're benefiting from that sort of positioning. And I would highlight we're quite unique in our ability to do so. Why? We're a B2B company. We have the highest fee rates, fee margins. You see how FRLPC has been growing. We have the most diverse partners and more importantly, very excited about the partners that are coming in our own board in queue and all of that translating to profitability, which allows us to be positioning the way we have over the last multiple quarters.

所以我們從這種市場定位中受益匪淺。我想強調的是，我們在這方面的能力非常獨特。為什麼？我們是一家B2B公司。我們的收費標準和利潤率都是最高的。你可以看到 FRLPC 的發展。我們擁有最多元化的合作夥伴，更重要的是，我們對即將加入董事會的合作夥伴感到非常興奮，所有這些都轉化為盈利能力，使我們能夠像過去幾個季度那樣保持目前的市場地位。

And not -- to remind everyone, a lot of that we have already reflected in our guidance as potential impairments down the line. So we don't see any reason for us, obviously, based on anything to deviate from that approach and obviously, the provided guidance. I don't know, Gal, if you want to add anything?

而且──再次提醒大家，我們已經在指導意見中將許多因素反映為未來可能出現的損害。所以，顯然，基於任何理由，我們都看不到任何理由偏離這種做法，也看不到所提供的指導。蓋爾，我不知道你還有什麼要補充的嗎？

Yes. So John, I think -- thank you for your question. And I think putting that question in perspective, that's what is important for us on this call. The way I want -- I want you to think about it or at least the way we think about it is that in the context of our business model, it's really relatively easier to manage the credit side of the business. So think about it from a very high level, and as you can imagine, this is more a philosophical question.

是的。約翰，我想──謝謝你的提問。我認為，從更宏觀的角度來看這個問題，才是我們這通通話的重點。我希望你們會這樣想，或者至少我們這樣想，是在我們的商業模式的背景下，管理業務的信貸方面相對容易得多。所以，從更高的層次思考一下，正如你所想，這更多的是一個哲學問題。

This is built in a way and for a reason in how we like to run our business, which shows the B2B versus B2C in consumer credit approach. Although as you can imagine, in the early days, it was the least straightforward decision. But the reason we chose it usually is B2C lenders have very strong correlation between marketing spend and approval rate increasing. And therefore, they are growing with the cycle.

這種模式的建構是有原因的，符合我們經營業務的方式，反映了 B2B 與 B2C 在消費信貸方面的差異。不過，正如你所想，在早期，這是一個最不容易做出的決定。但我們選擇它的原因通常是，B2C 貸款機構的營銷支出與審批率的提高之間存在很強的相關性。因此，它們也隨著這個週期而成長。

So they need to have good days to be able to approve more and therefore, spend more, and that's how they are growing. But the same phenomena as the other side of it, when the cycle show weakness, you expect a good B2C and most of our partners are like that to reduce approval rates, and therefore, you will see less firepower to spend on marketing power.

所以他們需要有好日子才能批准更多交易，從而花更多錢，這就是他們發展壯大的方式。但同樣的現像也出現在周期疲軟的時候，你會期望 B2C 表現良好，而我們的大多數合作夥伴都會降低審批率，因此，你會看到用於行銷的火力減少。

And the result, as you can imagine, is much lower growth rate. All of this to say that credit is a super crucial backbone in the B2C organization ability to grow, especially in an increasing competitive world. And while I know many of our investors still think of us as another B2C organization because we deal with consumer credit, the reality that this is far from the truth.

可想而知，其結果是成長率低很多。總而言之，信貸是 B2C 企業發展能力的關鍵支柱，尤其是在競爭日益激烈的世界中。雖然我知道我們的許多投資者仍然認為我們是 B2C 機構，因為我們從事消費信貸業務，但事實遠非如此。

So when we designed the company, which is expanding, as you know, through more partners and products, i.e., the B2B concept of consumer credit was purposely designed to reduce the level of fluctuation over the cycle because we do not have marketing spend that moves up and down with approval rates.

因此，如您所知，公司正在透過更多的合作夥伴和產品（即 B2B 消費信貸概念）不斷擴張，而我們設計 B2B 消費信貸概念的目的正是為了降低週期內的波動水平，因為我們的行銷支出不會隨著審批率的增減而上下波動。

Now none of that to say that we are immune, we are not immune to the cycle. And therefore, we are very closely monitoring, but remember that we have entered this year with a very tight thinking around it. So the sector is rightfully focusing here in general, but we do want to highlight that the relative impact from changes in consumer credit behavior on Pagaya is much more muted.

當然，這並不是說我們就能免疫，我們也不能免疫於這種循環。因此，我們正在密切關注，但請記住，今年我們在這方面的思考非常周全。因此，該行業普遍關注這一點是理所當然的，但我們確實想強調，消費者信貸行為的變化對 Pagaya 的相對影響要小得多。

So we are trying to solve for a specific -- we're not trying to solve for a specific growth rate in a specific quarter. The long term is what matters for us, and that leads to a high ability and degree of discipline over quarters.

所以，我們試圖解決的是一個具體的——我們不是試圖解決某個特定季度的具體成長率。對我們來說，長遠發展才是最重要的，而這需要我們在各個季度保持較高的能力和紀律。

Great. Thank you, guys, very much.

偉大的。非常感謝各位。

Peter Christiansen, Citi.

彼得‧克里斯蒂安森，花旗集團。

Good morning. Thanks for the question. Nice performance here. Gal, EP did a good job, I think, talking about collateral performance, looking pretty good there. I'm just curious with a lot of successful ABS issuances this year so far, I think a lot of them oversubscribed.

早安.謝謝你的提問。表現不錯。Gal，EP 做得很好，我認為，談到抵押品表現，看起來相當不錯。我只是好奇，今年到目前為止，這麼多資產支持證券（ABS）發行成功，我認為其中很多都超額認購了。

Can you talk to maybe how risk retention may have changed or your strategy there, how it could evolve over the coming months, given the environment that we're in today? And how do you foresee that potentially changing should the market start showing any signs of increased volatility, as you mentioned?

您能否談談風險自留可能發生了哪些變化，或者您的策略在當前環境下未來幾個月可能會如何演變？如您所說，如果市場開始出現波動性加劇的跡象，您預計這種情況可能會如何變化？

Great. Thanks, Pete. I mean, look, you can see when it comes to the demand for Pagaya origination continues to be very robust and actually improving. If I take you back, call it, a year ago or so remember, we're 100% ABS funded since then, we have really diversified our funding currently across all our products, we're approximately at that 60%, 40% mark between, call it, ABS and the other structures like forward flows and pass-throughs and things like that.

偉大的。謝謝你，皮特。我的意思是，你看，就對 Pagaya 的需求而言，其產出仍然非常強勁，而且實際上還在不斷增長。如果我帶你回到大約一年前，你還記得嗎？從那時起，我們的資金 100% 都來自資產支持證券 (ABS)。但目前，我們的資金來源已經真正多元化，涵蓋了我們所有的產品。現在，資產支持證券 (ABS) 和其他結構（如遠期資金、轉嫁資金等）的資金佔比約為 40% 到 60% 之間。

You saw a couple of announcement where we sold our certificate actually in our recent RPM deal, which was the first time since 2021. And at the same time, since then, again, let's not lose sight of the fact that our ABS now has a true play across all our products.

您可能已經看到我們最近在 RPM 交易中出售證書的幾則公告，這是自 2021 年以來的第一次。同時，從那時起，我們也不能忘記，我們的 ABS 現在已經在我們所有的產品中發揮了真正的作用。

So always keep in mind how that has evolved over time to our benefit. And obviously, given the scale that we have, people were worried the same thing back in April when tariffs came along and then we managed to absorb and actually do most of our -- some of their highest issuance back then.

所以要始終牢記，隨著時間的推移，它是如何演變並最終造福我們的。顯然，鑑於我們的規模，人們在 4 月關稅出台時也擔心過同樣的問題，但我們設法吸收了大部分關稅，實際上完成了當時一些最高額的關稅發行。

Still, we have very strong funding, as I said, diversified funding and funding sort of expertise across the different products. And given where we are as a business, more importantly, from a cash flow generation perspective, if things move for whatever reason against the risk retention, if we need to put in more of that, we're best positions in our history to actually do that. So we're not worried about managing that through the cycle.

不過，正如我所說，我們擁有非常雄厚的資金，資金來源多元化，並且在不同產品方面擁有豐富的專業知識。鑑於我們目前的業務狀況，更重要的是，從現金流產生的角度來看，如果由於任何原因導致風險自留出現問題，如果我們需要投入更多資金，那麼我們現在處於歷史上最好的位置來做到這一點。所以我們並不擔心如何應對週期性波動。

And then finally, can you just talk about your forward full pipeline? I mean, obviously, you're adding a lot more partners here. That looks really encouraging. But from your flow partners, whether existing or potentially new, can you speak to that and whether or not you're seeing increased traction there? Thank you.

最後，您能談談您的未來完整流程嗎？我的意思是，很顯然，你們在這裡增加了更多的合作夥伴。這看起來確實很令人鼓舞。但就您現有的或潛在的新合作夥伴而言，您能否談談這方面的情況，以及您是否看到這方面的進展有所增加？謝謝。

Yeah. I think the traction is evident by what we have delivered already. You see how we have moved from just personal loan forward flows now to auto forward flow. And we'll continue to see traction across all our products.

是的。我認為我們已經取得的成果已經證明了這一點。您可以看到，我們已經從單純的個人貸款流程轉向了汽車貸款流程。我們所有產品將繼續獲得市場認可。

The next level of diversification, I would say, is now actually bringing more partners with which we do forward flows, and we're on track to deliver that as well, while maintaining sort of that view that we should get to that, call it, 50%, 50% mix between, call it, ABS and other structures like the forward flows.

我認為，下一階段的多元化實際上是引入更多合作夥伴來開展遠期資金流動，我們也正朝著這個目標穩步前進，同時我們仍然堅持這樣的觀點，即我們應該達到 50% 的比例，即資產支持證券 (ABS) 和其他結構（如遠期資金流動）的比例。

Great. Thank you.

偉大的。謝謝。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley Securities。

Hey, thank you. Great quarter, guys. My question is for all, Gal, seen a lot of other consumer lenders report, but they're mostly consumer-facing B2C channel have to spend a lot to get new customers. Could you just remind us how different your model is on the B2B2C level? Thanks.

嘿，謝謝。夥計們，這季度表現很棒。Gal，我的問題是想問大家，我看過很多其他消費貸款機構的報告，但他們大多是面向消費者的 B2C 管道，需要花很多錢才能獲得新客戶。您能否再提醒我們一下，您的模式在 B2B2C 層面有何不同？謝謝。

Yes, definitely, Hal. Thank you very much for the question. So I will start with a little bit high level and then Sanjiv will take it further to speak about the onboarding stages and the different parts. So I'll with the statement, as we said, we do have the biggest number of partners in the queue ever. But I think the real question and interesting part is how we got there.

是的，當然，哈爾。非常感謝您的提問。那麼我將先從宏觀層面進行一些介紹，然後 Sanjiv 將進一步講解入職階段和各個部分。所以，正如我們所說，我們目前確實擁有有史以來最多的排隊合作夥伴。但我認為真正的問題和有趣的部分是我們是如何走到這一步的。

So step back, think about the fact that we have been really focusing in the last year is to perfect our value proposition and the product suits behind it. So that a new partner considering Pagaya should be very clear for them, for him, how the partnership with Pagaya is becoming a meaningful contributor for them over the two, three years after going live.

所以，退一步想想，我們過去一年真正關注的重點是完善我們的價值主張及其背後的產品套件。因此，對於考慮與 Pagaya 合作的新合作夥伴來說，他們應該非常清楚，與 Pagaya 的合作關係在上線後的兩三年內如何成為他們有意義的貢獻者。

While we have a very clear value proposition, we did, I think, a better job in defining the different parts of the product and to be able to show to the partners, what is the sequencing of ramping them as Sanjiv has explained in the call and the ability to take partners to the first decline monetization product and therefore, a few others that you have a very clear and precise 18 months plan of how we roll out the different products to get them access to all of their Pagaya products over time.

雖然我們有非常清晰的價值主張，但我認為我們在定義產品的不同部分方面做得更好，並且能夠向合作夥伴展示產品推廣的順序，正如 Sanjiv 在電話會議中解釋的那樣，以及帶領合作夥伴使用第一個下降變現產品的能力，因此，我們有一個非常清晰和精確的 18 個月計劃，說明我們如何推出不同的產品，以便他們隨著時間的推移獲得所有 Pagaya 產品。

Now that is creating a very clear concise target of at least $1 billion of origination already in year two or three for many of these potential partners. And the combination, for example, in the personal loan space, between the decline amortization and the prescreen or in the auto, the decline monetization and the fast pass is really becoming something that is how to resist from a partner perspective, and therefore, they are investing the time, the engagement, the tech, and we see the growth in the onboarding queue.

現在，這為許多潛在合作夥伴設定了一個非常清晰明確的目標，即在第二年或第三年實現至少 10 億美元的貸款發放。例如，在個人貸款領域，拒絕攤銷和預篩選相結合，或者在汽車貸款領域，拒絕變現和快速通道相結合，這確實正在成為合作夥伴如何抵制的因素，因此，他們正在投入時間、參與和技術，我們看到了註冊隊列的增長。

Last sentence before I'm handing it over to Sanjiv to speak more specific. I will say that the point in the cycle where lenders are looking to ramp up their growth and looking to become more on the offense rather than on the defense, call it, two years ago, combined with likely more attractive regulatory regime is actually bringing many more conversations to fruition and to actually acting on rather than an explanatory type of situation that was before. Sanjiv, maybe you want to share a little bit about the specifics of the parts?

這是我把麥克風交給桑吉夫，讓他說得更具體些之前的最後一句話。我想說的是，兩年前，貸款機構開始尋求加快增長步伐，並希望從被動防守轉變為主動出擊，再加上監管環境可能更具吸引力，這實際上促使更多對話得以實現並付諸行動，而不是像以前那樣僅僅停留在解釋層面。Sanjiv，或許你可以詳細介紹一下各個部件的具體情況？

Sure. I did want to say that to have a question between B2B and B2C. I did want to say that essentially, at its core, Carlos, you and I have talked about squarely a B2B business model. And how -- I mean the way we think about this is we are in the business of essentially growing the business of our lending partners. That's the business we're in.

當然。我想說的是，B2B 和 B2C 之間有一個問題。我想說的是，卡洛斯，從本質上講，你我討論的其實是 B2B 商業模式。而我們如何做到這一點——我的意思是，我們看待這個問題的方式是，我們從事的業務本質上是發展我們貸款合作夥伴的業務。這就是我們所從事的行業。

And so we provide them the ability to approve more customers across the entire value chain through the Pagaya system or the Pagaya platform. So in that respect, we are more like a first data, which is, of course, now Fiserv where I worked for many years to establish the same B2B discipline that we are now instituting at Pagaya.

因此，我們透過 Pagaya 系統或 Pagaya 平台，使他們能夠批准整個價值鏈上的更多客戶。因此，從這個意義上講，我們更像是第一個數據公司，當然，它現在是 Fiserv，我在那裡工作了很多年，建立了與我們現在在 Pagaya 推行的相同的 B2B 管理規範。

What that means is, Gal and I are very focused on establishing the disciplines of long-term agreements with our partners. The certainty of locking in predictable long-term fee contracts with top partners, clear rules of engagement around the new products that Gal described, which shared economics of growth, better focused on our partners' needs and what we see sort of uniformly demanded by partners across our lending platform.

這意味著，我和 Gal 非常注重與合作夥伴建立長期協議的機制。與頂級合作夥伴簽訂可預測的長期費用合約的確定性，以及 Gal 所描述的新產品的明確合作規則，共享成長的經濟效益，更好地關注我們合作夥伴的需求，以及我們看到的我們貸款平台上的合作夥伴普遍提出的要求。

So it's very institutionalized. And just to be clear, we have started the process of B2B long-term contracts with our mega sort of billion-dollar partners that I described in the earlier script. And it's been very well received. So our partners now clearly consider these institutionalized B2B relationships very valuable. They want certainty in the long-term Pagaya partnership as well, and we have now three to five contracts that are at fairly late stages of contracts under finalization.

所以它非常制度化。需要明確的是，我們已經開始與我在前面的腳本中描述的那些價值數十億美元的巨型合作夥伴簽訂 B2B 長期合約。而且反應非常好。因此，我們的合作夥伴現在顯然認為這些制度化的B2B關係非常有價值。他們也希望與 Pagaya 建立長期的合作關係，目前我們有三到五份合約正在最終敲定，已經接近尾聲。

Having said that, where our B2B business sort of fits a little bit into some of the B2C disciplines is in risk management and consumer behavior, where we manage our business with the strict discipline, which I'm sure you know, given sort of the world-class consumer experience of this team, we have turned around highly cyclical consumer businesses several times. And this is something we believe we do quite well.

話雖如此，我們的 B2B 業務在風險管理和消費者行為方面與 B2C 的一些領域有一定關聯，我們以嚴格的紀律來管理業務，我相信您也知道，鑑於我們團隊世界一流的消費者體驗，我們已經多次扭轉了周期性很強的消費業務。而我們認為我們在這方面做得相當不錯。

So essentially, that's what we're building, a solid B2B business with B2C disciplines, building it for the long term. We do not consider ourselves beholden to being flame of volume with credit expansion, we believe the right way to grow our volumes is to partner expansion and product expansion, which is what we talk a lot about today and in future intervals, essentially in a market that has a TAM of over $500 billion, of which we represent about $10 billion.

所以本質上，這就是我們正在建立的，一個擁有 B2C 管理規範的穩固的 B2B 業務，並著眼於長遠發展。我們不認為自己必須依靠信貸擴張來追求銷量，我們相信成長銷售的正確方法是拓展合作夥伴關係和拓展產品線，這也是我們今天和未來一段時間內經常談論的內容，尤其是在一個市場規模超過 5000 億美元的市場中，而我們佔據了其中約 100 億美元的份額。

If I could ask one follow-up. You mentioned the most amount of partners in the queue. But I think, Sanjiv, you mentioned you've got a lot of technology kind of prebuilt that allows a much faster onboarding scaling. Could you just basically go over that again, describe what you've built and what will allow maybe next year to be one of your bigger years of onboarding? Thank you.

如果可以的話，我想問一個後續問題。你提到了排隊等候的合作夥伴數量最多。但我認為，Sanjiv，你提到你們有很多預先建立的技術，可以實現更快的用戶成長和規模化。您能否再簡單回顧一下，描述一下您已經建立了什麼，以及是什麼因素使得明年成為您新員工招募工作量最大的一年？謝謝。

Yeah. So you're right. So let me answer your tech question first. Again, I'll go back to what Gal said. So what's happened, Hal is that we've built out all these products. The decline monetization product. In addition to that, we now have the direct marketing engine product, the affiliate optimization product in personal loans.

是的。你說得對。讓我先回答你的技術問題。我再說一遍，我同意 Gal 的說法。哈爾，現在的情況是，我們已經開發了所有這些產品。下降貨幣化產品。除此之外，我們現在還有直接行銷引擎產品和個人貸款領域的聯盟優化產品。

And in auto, we have, in addition to decline monetization, we have FastPass and the develop program. So we're going further up the ecosystem. These products are now prebuilt and integrated into the Pagaya platform.

在汽車領域，除了降低貨幣化程度外，我們還有快速通行證和開發者計畫。所以我們正在向生態系統的更上游探索。這些產品現在已經預先建置並整合到 Pagaya 平台中。

So now when we go and onboard a platform, these products are already there. And the partner literally has to turn them on. And we have back to the number of partners, we now have several new partners that we are currently onboarding and several more that we will onboard in the next quarter.

所以現在當我們連接到一個平台時，這些產品就已經在那裡了。而且伴侶必須主動喚起他們的性慾。回到合作夥伴數量的問題，我們現在有幾家新的合作夥伴正在加入，下個季度還將有更多合作夥伴加入。

These include a mix of all three asset classes that Pagaya represents today. So we have onboarding partners that are in personal loans, onboarding partners in auto and onboarding partners in point-of-sale. They include a couple of banks, including a major regional bank point-of-sale fintech institutions and auto monolines.

其中包括 Pagaya 目前所代表的所有三種資產類別的組合。因此，我們有個人貸款領域的入駐合作夥伴、汽車領域的入駐合作夥伴和銷售點領域的進駐合作夥伴。其中包括幾家銀行（包括一家大型區域銀行）、銷售點金融科技機構和汽車單一保險公司。

As we said, and I said this very proudly because it took us some time to sort of build the product -- a robust product proposition on our platform, we now have partners that are in our onboarding queue for the next six months that are truly the highest we've had in our history as again, as Gal mentioned, in fact, we totally know that we will achieve our guidance of two to four partners a year, both for 2025 and 2026 in the next 6 months.

正如我們所說，我非常自豪地說，因為我們花了一些時間來打造這款產品——一個在我們平台上強大的產品方案，現在我們未來六個月的入​​駐合作夥伴數量達到了歷史最高水平。正如 Gal 所提到的，事實上，我們完全有信心在未來六個月內實現我們每年新增兩到四個合作夥伴的目標，無論是在 2025 年還是 2026 年。

I should also mention, Hal, that we are seeing very, very strong demand of cross-selling to existing partners that want to expand into other asset classes. So for example, right now, we have one of our biggest personal loan partners that wants to expand into POS. And they intend to be a very significant POS player. And we're already in the ecosystem. So we have those discussions, and we'll just expand with that.

我還應該提一下，Hal，我們看到現有合作夥伴對交叉銷售的需求非常非常強勁，他們希望拓展到其他資產類別。例如，目前我們最大的個人貸款合作夥伴之一希望拓展到 POS 領域。他們的目標是成為POS系統領域的重要參與者。我們已經身處在這個生態系統之中了。所以我們會進行這些討論，然後在此基礎上擴展。

Another major personal loans partner wants to expand into auto. And most interestingly, I should mention that a very significant auto partner wants to expand into our prescreen personal loans program, which we talked about before. So cross-selling across asset classes with our existing partners is truly becoming a strong value proposition in addition to onboarding new partners.

另一家大型個人貸款合作夥伴希望拓展汽車貸款業務。最有趣的是，我應該提一下，一個非常重要的汽車產業夥伴希望拓展到我們之前討論過的預篩選個人貸款計畫中。因此，除了吸引新合作夥伴之外，與現有合作夥伴進行跨資產類別的交叉銷售也正在成為一項強大的價值主張。

Thank you, Sanjiv. Very helpful.

謝謝你，桑吉夫。很有幫助。

Rayna Kumar, Oppenheimer & Company.

Rayna Kumar，奧本海默公司。

Hi, good morning. Good results here. Could you talk a little bit about what you're seeing in the macro -- in macro in general? Just are you seeing any pockets of weakness or where are you seeing strength? Thank you.

您好，早安。結果不錯。您能否談談您在宏觀層面——或者說在宏觀層面上——觀察到的情況？您認為存在哪些弱點？或者哪些方面存在優勢？謝謝。

Thank you for your question. This is Sanjiv. So as I think both EP and Gal mentioned, consumer performance has been very stable. EP said, our credit performance is in line with our expectations and then be the change.

謝謝你的提問。這是桑吉夫。正如EP和Gal都提到的那樣，消費者的表現一直非常穩定。EP表示，我們的信貸表現符合預期，接下來將進行調整。

I'm sure you're all hearing this across the board for most lenders, and it's what we hear from most all lending partners whom we check in to the factors that we have 31 lending partners. So we have the benefit of talking to all 31, we also have the benefit of looking at three asset classes. So there's one deterioration in one asset class. It's clearly a signal for the others so we can take actions proactively.

我相信你們大多數貸款機構都會聽到類似的說法，而我們也從幾乎所有貸款合作夥伴那裡聽到類似的說法，我們共有 31 家貸款合作夥伴。因此，我們有幸能與所有 31 家公司進行溝通，也有幸能檢視三種資產類別。所以，只有一類資產出現了惡化。這顯然是在向其他人發出信號，以便我們能夠積極主動地採取行動。

But having said that, we are closely monitoring early stage credit performance for any downstream impact that we keep hearing about from or the macro in terms of inflation or the impact of tariffs. But so far [credit]

但即便如此，我們仍在密切關注早期信貸表現，以防受到我們不斷聽到的任何來自宏觀經濟（如通貨膨脹或關稅影響）的下游影響。但到目前為止[信用]

And maybe I will add to that on the investor side, which is another part that could from a macro perspective impact. I think that putting the Liberation Day a little bit of like volatility aside. This year, demand for the different parts of the capital structure is very robust. So when we look on the -- in your -- the spread of the senior capital stack, it's actually been fairly steady throughout the year.

或許我還會在投資人方面做出一些貢獻，這部分內容可能會從宏觀角度產生影響。我認為應該把解放日帶來的一些波動暫時擱置一邊。今年，對資本結構各部分的需求非常強勁。所以，當我們觀察——在你的——高級資本結構分佈時，實際上它在這一年中相當穩定。

And on the junior business actually came a little bit even tighter, something like 50 basis points call in January, February versus now. There were points in the market of a little bit of overheating where people just wanted to deploy for the sake of deployment that went out, too. So a steady, healthy environment, which actually that's what we love. We prefer that on overheating or over cooling. So definitely, the trajectory of travel is something that we are feeling very confident in.

而初級業務的情況其實更加緊張，1 月、2 月的漲幅比現在低了約 50 個基點。市場一度出現過熱現象，有些人為了部署而部署，結果也部署出去了。所以，穩定、健康的環境，這正是我們所追求的。我們更傾向於避免過熱或過冷。所以，我們對旅遊業的發展軌跡絕對充滿信心。

Very helpful. Thank you.

很有幫助。謝謝。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Hey, good morning. Thanks for taking my questions. You guys talked a lot about product expansion and the ability to cross-sell. But just thinking about you guys are in three asset classes and this might be longer term, but are there any other asset classes you could see yourselves expanding into over the years?

嘿，早安。謝謝您回答我的問題。你們談了很多關於產品拓展和交叉銷售能力的話題。但仔細想想，你們目前涉足三個資產類別，而且這可能是長期投資，那麼在未來幾年裡，你們有沒有考慮過拓展到其他資產類別呢？

Hi, Kyle, it's Gal here. Thanks for the question. So I will tell you that this question is actually a question we are dealing a lot with and it has more philosophy rather than the specifics. So let me share with you a little bit how we think about it and the process of what we are seeing in reality. So when you think about what's the next so-called asset class, we prefer to call it market that we are looking to expand into. There are a few must-haves that we need to make sure we are feeling comfortable with before we are going down.

嗨，凱爾，我是蓋爾。謝謝你的提問。所以我要告訴你們，這個問題其實是我們正在處理的一個問題，它更涉及哲學層面，而不是具體細節。那麼，讓我來和大家分享一下我們是如何看待這件事的，以及我們現實中看到的情況。所以，當你們思考下一個所謂的資產類別是什麼時，我們更願意稱之為我們正在尋求拓展的市場。在我們下去之前，有幾件必備的事情我們需要確保自己感到舒適。

So the first one is that the time is big enough, that when we are doing that, that's actually going to be something that is meaningful, meaningful for us is things that we believe we can produce $2 billion to $3 billion in relatively short period of time, which you can think about it as two, three yields tariff.

所以第一點是時間足夠長，當我們做這件事的時候，這實際上將是一件有意義的事情，對我們來說有意義的事情是，我們相信我們可以在相對較短的時間內產生 20 億至 30 億美元的收入，你可以把它看作是兩到三個收益關稅。

The second piece is we need to see the adaptation or the interest of more than one partner, more than two partners are actually going through this way because do remember that a lot of the operational heavy piece is not sitting within Pagaya, and therefore, we want to see the best-in-class business that are coming to that particular market.

第二點是，我們需要看到不只一個合作夥伴的適應或興趣，實際上至少有兩個合作夥伴正在透過這種方式合作，因為請記住，很多繁重的營運工作並不在 Pagaya 內部，因此，我們希望看到一流的企業進入這個特定的市場。

So if you have only one partner that is doing very well, something, it's less interest for Pagaya, but if you will see a phenomena of three to four partners that are going into one direction, that's starting to become very interesting for us.

所以，如果只有一個合作夥伴發展得非常好，這對 Pagaya 來說就沒什麼吸引力了；但是，如果出現三到四個合作夥伴朝著同一個方向發展的現象，那對我們來說就變得非常有趣了。

And then the third piece, it needs to be less cyclical or not cyclical. So anything which we believe that is a little bit more cyclical because of relativity of high sensitivity to interest rate like home equity or refi, auto, things that we might do a little bit, but not something that will put all of the -- what we call the Pagaya machine behind because when it takes something to build a year or two or three and then you're over the cycle, what's the point, right? We are not a trading shop, we are a technology business.

第三點，它需要減少循環性或完全不循環。所以，我們認為任何對利率高度敏感、週期性較強的投資，例如房屋淨值或再融資、汽車貸款等，我們可能會稍微涉足，但不會像我們所說的“Pagaya機器”那樣，讓整個投資計劃停滯不前。因為如果一項投資需要一兩年甚至三年的時間才能完成，而周期又過去了，那還有什麼意義呢？我們不是貿易商店，我們是一家科技公司。

And the reality is that to choose it, you need to have a very strong understanding of the financial piece, but in the same time, the understanding of the tech piece of what do they take to build and where is your -- where is your actually.

而現實情況是，要選擇它，你需要對財務方面有非常深刻的理解，但同時也要了解技術方面，了解建構它需要什麼，以及你的——你的實際位置在哪裡。

So in general, I would say that these are the things that are driving our decisions. Specifically to what we see with the partners, and Sanjiv, I don't know if you want to add any more after that just given the very high level.

所以總的來說，我認為這些因素影響著我們的決策。具體來說，就我們看到的合作夥伴和桑吉夫而言，鑑於他們目前的水平非常高，我不知道你是否還想補充什麼。

Home improvement is starting to be something that we feel is gaining some traction. We see a few partners that are going to adopt and to do that, and therefore, potentially a candidate in the future to think on that. Obviously, we need to see that partners are doing it and doing it properly and to a major scale.

我們感覺家居裝修正逐漸成為一個越來越受歡迎的領域。我們看到一些合作夥伴打算採用並實施這項方案，因此，未來可能會有一些合作夥伴考慮採用該方案。顯然，我們需要看到合作夥伴正在這樣做，而且要正確地、大規模地這樣做。

But I think the bigger picture is really that the opportunities that are front of us is really all the consumer credit per se. And as we see things that are sticking going and becoming meaningful, you should expect that Pagaya will participate in that capacity rather early on after that's becoming to be institutional.

但我認為，從更宏觀的角度來看，我們面前的機會其實都來自於消費信貸本身。隨著我們看到一些事情持續發展並變得有意義，你應該預料到，當這些事情逐漸制度化之後，帕加亞會很早就以這種身分參與其中。

Sanjiv, do you have anything to add?

Sanjiv，你還有什麼要補充的嗎？

No, just to reinforce what you just said, Gal, which is essentially being very, very disciplined around the criteria that our partners up or the market demands. And we are seeing some very consistent stable demand across some of the product that you talked about.

不，我只是想重申你剛才說的，Gal，那就是要非常非常自律地遵守我們的合作夥伴或市場提出的標準。我們看到您提到的某些產品的需求非常穩定且持續。

And -- but we follow a very strict discipline of making sure the TAM is there, the -- through the cycle performance is there and there's robust investor demand for those kinds of assets, and they are consistent with what. Certainly, home improvement record stand up.

但是——但我們遵循非常嚴格的紀律，確保TAM（總市場規模）存在，——在整個週期中的表現存在，並且投資者對這類資產有強勁的需求，並且它們與什麼一致。當然，房屋裝修績效經得起時間考驗。

But having said that, with the new regulatory environment as you mentioned Gal earlier, there's a lot of demand for our existing products from new players, banks, in general, are sort of leaning in to growth. So we are seeing a very strong demand to stand up brand-new personal loans programs for banks, standup brand new personal loan we so many of the online very successful monolines. So the focus on the existing business itself, I think it demands a lot of our attention.

但話雖如此，正如你之前提到的 Gal，在新的監管環境下，新參與者對我們現有產品的需求很大，銀行總體上都在努力實現成長。因此，我們看到市場對銀行推出全新的個人貸款專案有著非常強勁的需求，許多線上單一貸款機構也推出了全新的個人貸款專案。因此，我認為我們應該把大量精力放在現有業務本身。

Great. Thanks for taking my question.

偉大的。謝謝您回答我的問題。

Thank you. We have reached our -- the end of our question-and-answer session. I would like to turn the conference back over to Gal Krubiner for closing remarks.

謝謝。我們的問答環節到此結束。我謹將會議交還給加爾·克魯比納，請她作閉幕致詞。

So thank you, everyone, for joining us today. As you can see, this quarter record results are truly starting to reflect the benefits of the B2B business model that we also out to build increasingly diversified growth drivers, responsible and disciplined underwriting, a highly diversified partner and funding mechanism, all with the increasing efficient capital and operating structure that we have.

謝謝大家今天蒞臨本節目。正如你所看到的，本季創紀錄的業績真正開始反映出 B2B 商業模式的優勢，我們也致力於建立日益多元化的成長驅動力、負責任和嚴謹的承保、高度多元化的合作夥伴和融資機制，所有這一切都得益於我們日益高效的資本和營運結構。

The result is through the cycle stable growth and increasing profitability. I'm even more excited about the long term as we enter our next stage of the long-term growth. We have optimized and perfect our product suite and value proposition to maximize the value we provide to partners. We are defining and accelerating our tailored multiproduct road map for B2C financial institutions from day one.

透過週期性成長，最終實現穩定成長和獲利能力不斷提高。隨著我們進入長期成長的下一個階段，我對長遠前景更加充滿期待。我們已優化並完善了我們的產品組合和價值主張，以最大限度地提高我們為合作夥伴提供的價值。從一開始，我們就著手製定並加速推進為 B2C 金融機構量身定制的多產品路線圖。

This underscores the organic opportunity for our B2B solutions and has driven a record number of partners in our onboarding pipeline. We remain laser focused on the long-term potential of Pagaya and look forward to sharing progress with you over the coming years. Thank you very much, everyone.

這凸顯了我們 B2B 解決方案的自然成長機會，並推動了我們新合作夥伴數量的創紀錄成長。我們始終專注於 Pagaya 的長期潛力，並期待在未來幾年與您分享進展。非常感謝大家。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。