Pagaya Technologies Ltd (PGY) 2025 Q4 法說會逐字稿

Greetings. Welcome to Pagaya fourth-quarter full year 2025 earnings call. (Operator Instructions)

您好。歡迎參加 Pagaya 2025 年第四季及全年業績電話會議。 （操作說明）

Please note, this conference is being recorded. I will now turn the conference over to Josh Fagen, Head of Investor Relations and COO of (inaudible).

請注意，本次會議正在錄音。現在我將會議交給（聽不清楚）的投資人關係主管兼營運長喬許費根。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, and welcome to Pagaya's fourth quarter and full-year 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 could 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.

感謝您參加 Pagaya 2025 年第四季及全年業績電話會議。今天與我一同探討公司業務和業績的有：Pagaya 執行長 Gal Krubiner、總裁 Sanjiv Das 和財務長 Evangelos Perros。您可以在我們網站 investor.pagaya.com 的「投資者關係」版塊找到我們準備的發言資料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 first quarter and full year of 2026. Our actual results may differ materially from those contemplated by those forward-looking statements.

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2026年第一季和全年的財務展望。我們的實際結果可能與這些前瞻性陳述所設想的結果有重大差異。

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

可能導致實際結果與預期有重大差異的因素包括但不限於今日新聞稿及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聲明的義務。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及其他報告。

Additionally, non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, fee revenue less production costs or FRLPC, FRLPC percentage of network volume and core operating expenses will be discussed on the call.

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、費用收入減去製作成本或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. We encourage you to review the shareholder letter which was furnished with the SEC on Form 8-K today for a detailed commentary on our business and performance in conjunction with the accompanying earnings supplement and press release.

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）。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，其中包含關於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. 2025 was a [hallmark] of a year. In Q4, we achieved $34 million of GAAP net income and $80 million in operating cash flow. In the beginning of 2024, we set the goal to become GAAP net income and cash flow positive, which we continue to accelerate in the fourth quarter this year. For the full year, we achieved revenues of $1.3 billion, up 26% year-over-year, adjusted EBITDA of $371 million, up 76% year over year and GAAP net income of $81 million, up $483 million versus 2024 with an EPS of $0.93.

謝謝大家，歡迎各位。 2025年是具有里程碑意義的一年。第四季度，我們實現了 3,400 萬美元的 GAAP 淨收入和 8,000 萬美元的營運現金流。2024年初，我們設定了實現GAAP淨利和現金流為正的目標，今年第四季我們將繼續加速實現這一目標。全年來看，我們實現了 13 億美元的收入，年增 26%；調整後的 EBITDA 為 3.71 億美元，年增 76%；GAAP 淨收入為 8,100 萬美元，比 2024 年增長 4.83 億美元；每股收益為 0.93 美元。

More importantly, these results and achievements were the outcome of growing and diversifying our business across verticals, further expansion into first look and second-look loans and optimizing our unit economics and balance sheet.

更重要的是，這些成果和成就源自於我們在各個垂直領域發展和多元化業務，進一步拓展至首筆貸款和二筆貸款，以及優化我們的單位經濟效益和資產負債表。

Before discussing our results and outlook, it is important to recall that 2025 was a year of discipline for Pagaya. We fine-tuned the foundations of our business and approach towards risk management and underwriting. In turn, this drives further consistency for our investors as we continue to serve our lending partner needs. All of that while building an enterprise focused on sustainable through-the-cycle growth.

在討論我們的結果和展望之前，有必要回顧一下，2025 年對 Pagaya 來說是自律之年。我們對業務基礎以及風險管理和核保方法進行了微調。反過來，隨著我們繼續滿足貸款合作夥伴的需求，這將進一步為我們的投資者帶來穩定性。所有這一切都是在打造一家專注於可持續全週期成長的企業的同時完成的。

Discipline drove us to proactively take action later in the fourth quarter in face of persistent consumer uncertainty and trends. While our data does not indicate consumer deterioration, we have the privilege of being able to pivot our production to focus on prudent and discipline. As such, credit performance across asset classes remain in line with our expectations.

面對持續存在的消費者不確定性和趨勢，自律促使我們在第四季後期積極採取行動。雖然我們的數據並未顯示消費者需求下降，但我們有幸能夠調整生產方向，專注於謹慎和自律。因此，各類資產的信貸表現均符合我們的預期。

However, we pulled back our exposure to higher risk [as we] profitable credit deals, which have potential for higher relative losses in a downside scenario. As we mature as a company, we are shifting more and more of our focus to achieve the best long-term outcomes for our stakeholders and to avoid any downside that could arise from potential tail risks.

然而，我們減少了對高風險信貸交易的敞口，因為這些交易盈利能力較強，但在不利情況下可能會造成相對更大的損失。隨著公司的發展成熟，我們越來越注重為利害關係人實現最佳的長期成果，並避免潛在的尾部風險可能帶來的任何不利影響。

We have been the business that is highly scalable with key inflection points in our operating and capital structure that results in stand-alone operating efficiencies. We had a robust list of onboarding partners and a healthy funding position. As important, with our data mode, technological leadership and commercial momentum, we are positioned to continue to take share in this vast market, a market that Pagaya creates and one that Pagaya leads and is increasingly profitable manner.

我們是一家具有高度可擴展性的企業，我們的營運和資本結構中的關鍵轉折點可實現獨立的營運效率。我們擁有強大的合作夥伴網絡和充足的資金。更重要的是，憑藉我們的數據模式、技術領先地位和商業勢頭，我們有能力繼續在這個廣闊的市場中佔據份額，這個市場由 Pagaya 創造，由 Pagaya 引領，並且盈利能力日益增強。

Let me now talk about the long-term fundamentals of our business. It is clear that we have momentum and are executing on all aspects of our business.

現在讓我來談談我們業務的長期基本面。很明顯，我們發展勢頭良好，並且在業務的各個方面都取得了進展。

As we have talked about throughout 2025, future growth will continue to come from the combination of recently onboarded partners and deepening our existing relationships. Our pipeline remains robust, a testament to our product suite becoming industry standards. In the latest quarter and the months that followed, we onboarded achieved GLS and a leading fast-growing buy-now-pay-later provider in North America, and we expect to announce additional partner launches in the coming quarters.

正如我們在 2025 年一直討論的那樣，未來的成長將繼續來自新加入的合作夥伴和深化我們現有關係的結合。我們的產品線依然強勁，證明我們的產品組合正在成為業界標準。在最近一個季度及之後的幾個月裡，我們成功引入了 GLS 和北美一家領先的快速成長的「先買後付」服務提供商，我們預計將在未來幾個季度宣布更多合作夥伴的加入。

GLS or [Global Lending Services] is a leading auto finance provider that offer financial solutions to almost 20,000 franchisees and independent dealerships national-wide. As I look ahead, I'm excited about more consumer lenders joining the Pagaya network, further highlighting the potential and value added of our enterprise platform.

GLS（Global Lending Services）是一家領先的汽車金融服務提供商，為全國近 20,000 家特許經營商和獨立經銷商提供金融解決方案。展望未來，我很高興看到更多消費貸款機構加入 Pagaya 網絡，這將進一步凸顯我們企業平台的潛力和附加價值。

For our existing partners, we continue to innovate, meeting our partners where they are to drive higher partner usage, certification and engagement. For instance, LendingClub recently adopted our marketing affiliate offering and became a multiproduct partner for us. We expect to end the third quarter with multiple large personal loan partners fully onboarded into our risk screen offering. Our earning power and cash flow generation will become more robust as partners continue maturing into multiproduct relationships.

對於我們現有的合作夥伴，我們將持續創新，滿足合作夥伴的需求，從而提高合作夥伴的使用率、認證率和參與度。例如，LendingClub 最近採用了我們的行銷聯盟服務，成為我們的多產品合作夥伴。我們預計到第三季末，多家大型個人貸款合作夥伴將全面加入我們的風險篩選服務。隨著合作關係日趨成熟，發展成為多產品合作關係，我們的獲利能力和現金流將更加強勁。

At the same time, we continue to institutionalize and diversifying our business through long-term agreements with fee and application flow commitments creating additional partner alignment and business stabilization.

同時，我們透過簽訂長期協議，承諾支付費用和申請流程，不斷推動業務的製度化和多元化，從而進一步加強合作夥伴的協調和業務的穩定。

This quarter, we entered into long-term agreements with two of our largest partners in auto and personal loans. While we were to continue growing our application volume from you and existing partners, our decision to reduce our exposure is firmly grounded in portfolio (inaudible) rather than growing just for the sake of growth. In fact, we are comfortable having a lower conversion rate when it is appropriate to reduce the likelihood of adverse outcomes.

本季度，我們與汽車貸款和個人貸款領域的兩家最大合作夥伴簽訂了長期協議。雖然我們將繼續增加來自您和現有合作夥伴的申請量，但我們減少投資的決定是基於投資組合（聽不清楚）而不是為了成長而成長。事實上，當降低不良後果發生的可能性時，我們樂於接受較低的轉換率。

As a maturing business, a core pillar of our culture is to deliberately balance long-term growth and profitability against short-term metrics. Our focus on top of funnel growth and expansion is designed for the future as we prioritize building an enterprise platform for the long term.

作為一家日趨成熟的企業，我們文化的核心支柱之一是刻意平衡長期成長和獲利能力與短期指標。我們專注於漏斗頂端的成長和擴張，旨在面向未來，因為我們優先建立一個長期的企業平台。

As a B2B2C enabler, our partner depends on Pagaya to manage the business for long-term strength and stability. And I appreciate our ability and willingness to make such proactive risk-based decisions. Turning to funding. We continue to leverage favorable market dynamics to create longer-term committed capital that enhance our capacity while reducing exposure to funding volatility. This year and in the months that followed, we made strides in diversifying our funding sources with forward flow arrangements across all 3 core asset classes personal loan, auto loans and point of sale.

作為 B2B2C 賦能者，我們的合作夥伴依靠 Pagaya 來管理業務，以實現長期實力和穩定性。我讚賞我們有能力和意願做出這種積極主動、基於風險的決策。轉向資金問題。我們將繼續利用有利的市場動態，創造更長期的承諾資本，從而增強我們的實力，同時降低資金波動風險。今年及接下來的幾個月裡，我們透過在所有 3 個核心資產類別（個人貸款、汽車貸款和銷售點）中建立遠期資金安排，在資金來源多元化方面取得了長足進步。

Building on this momentum, we further enhanced our funding stability with expansion into revolving ABS across point-of-sale and personal loan creating almost $3 billion of revolving capacity. As we enter 2026, our guidance and business plan are driven first and foremost, by this disciplined risk framework that we have developed over the years.

以此勢頭為動力，我們透過拓展銷售點和個人貸款領域的循環資產支持證券 (ABS) 業務，進一步增強了資金穩定性，創造了近 30 億美元的循環融資能力。進入 2026 年，我們的指導方針和業務計劃首先是由我們多年來建立的這套嚴謹的風險框架所驅動的。

Our accomplishments in 2024 and 2025, set us up for efficient and durable growth. We stabilized the business as we scale, we optimize our operating costs and balance sheet and diversified our sources of revenues and funding. Going forward, we are in the right place for balanced efficient growth.

我們在 2024 年和 2025 年的成就，為我們實現高效、可持續的成長奠定了基礎。隨著業務規模的擴大，我們穩定了業務，優化了營運成本和資產負債表，並實現了收入和資金來源的多元化。展望未來，我們正處於實現平衡高效成長的有利位置。

In 2026, investors should expect more measured volume [that] revenue growth. As we prioritize reducing credit exposure over market share gains at the moment. Our strategy reflects a business that is in control of its long-term growth trajectory while deploying measured risks. With our 10-year anniversary approaching, we believe this strategy reflects a company that is building an enduring platform that maximize value creation over time. We are building a B2B2C platform.

2026年，投資人應該預期銷售成長將更加穩健，而不是營收成長。目前，我們優先考慮降低信貸風險敞口，而不是追求市場份額成長。我們的策略體現了企業在掌控長期成長軌跡的同時，採取可控風險的策略。在我們即將迎來 10 週年之際，我們相信這項策略體現了公司正在建立一個持久平台，以最大限度地創造長期價值。我們正在建構一個B2B2C平台。

There will be cornerstone of the US financial ecosystem that should be embedded within every US consumer lender, leveraging intelligent AI (inaudible) decisioning as its core, our platform we operate wherever our partners are through the cycle while powering products that meet the needs of our customers. The first decade proved our model and secured our place in the market. The next decade is about scaling that foundation with greater ambition, durability and impact.

美國金融生態系統的基石應該嵌入到每個美國消費貸款機構中，以智慧人工智慧（聽不清楚）決策為核心，我們的平台在整個週期中，無論我們的合作夥伴身處何處，都能提供服務，同時還能提供滿足客戶需求的產品。第一個十年證明了我們的商業模式，並鞏固了我們在市場上的地位。未來十年，我們將以更大的雄心壯志、更持久的毅力和更大的影響力來擴大這一基礎。

Thank you, Gal. As we wrap up the year with our fourth consecutive quarter of GAAP net income profitability and look ahead, our growth strategy is clear, continue to build a sustainable and profitable business that is increasingly embedded in the US financial ecosystem. Pagaya's growth continues to be driven by institutional grade scaling of existing partner relationships as well as new partner additions. In fact, we just added three new partners to our platform, achieve GLS or global lending services and a leading fast growth buy-now-pay-later provider in North America.

謝謝你，蓋爾。隨著我們連續第四個季度實現 GAAP 淨利潤盈利，並以此結束今年的業績，展望未來，我們的成長策略很明確，那就是繼續打造一個可持續發展的盈利企業，並使其日益融入美國金融生態系統。Pagaya 的成長持續受到現有合作夥伴關係機構級規模化以及新增合作夥伴的推動。事實上，我們剛剛在我們的平台上新增了三個合作夥伴，分別是全球貸款服務 (GLS) 提供者和北美領先的快速成長的「先買後付」服務提供者。

Our onboarding process is becoming industrial grade, minimizing partner resource requirements. All new partners have a prebuilt API integration for the entire Pagaya product suite. Prebuilt product APIs, along with an 18-month joint road map will enable accelerated scaling. We also established long-term agreements with all of them that encompass volumes, fees and all other protections. Our onboarding pipeline remains the busiest in Pagaya's history, with demand and traction from leading lenders in the country across banks, fintechs and other lenders.

我們的入職流程正朝著工業級水準發展，最大限度地減少合作夥伴的資源需求。所有新合作夥伴都擁有針對整個 Pagaya 產品套件的預置 API 整合。預先建置的產品 API，以及為期 18 個月的聯合路線圖，將實現加速擴展。我們還與他們所有人簽訂了長期協議，涵蓋數量、費用和所有其他保障措施。我們的客戶進入流程仍然是 Pagaya 歷史上最繁忙的，來自全國各大銀行、金融科技公司和其他貸款機構的需求和關注度都很高。

In fact, a lot of these leading lenders are proactively engaging with us on all products which is a testament to Pagaya's relevance and strong product-driven value proposition. We are planning to announce some new names in the coming quarters.

事實上，許多領先的貸款機構都在積極與我們洽談所有產品，這證明了 Pagaya 的相關性和強大的產品驅動價值主張。我們計劃在未來幾季公佈一些新名字。

With our existing partners, we've been consistently delivering and diversifying across products, including the direct marketing engine, the affiliate optimizer engine and dual look. This diversification provides Pagaya with new volume beyond decline monetization, increased value and stickiness with existing lending partners and most importantly, provides future growth with Pagaya without expanding our own risk appetite. Existing partners continue to actively adopt our products.

我們與現有合作夥伴一起，不斷交付產品並實現產品多元化，包括直接行銷引擎、聯盟優化引擎和雙重外觀。這種多元化為 Pagaya 帶來了除虧損變現之外的新業務量，提高了現有貸款合作夥伴的價值和黏性，最重要的是，在不擴大我們自身風險承受能力的前提下，為 Pagaya 的未來成長提供了保障。現有合作夥伴持續積極採用我們的產品。

In fact, our largest existing partners signed definitive term sheets and adopted the direct marketing engine after a series of tests and are now scaling with us across direct mail and e-mail prescreen campaigns. Within our affiliate optimizer engine, we recently onboarded LendingClub on to Credit Karma, where they will be presenting personal loan offers to consumers in partnership with Pagaya.

事實上，我們最大的現有合作夥伴在經過一系列測試後簽署了最終條款清單並採用了直接行銷引擎，現在正與我們一起擴大直郵和電子郵件預篩選活動的規模。在我們的聯盟優化引擎中，我們最近將 LendingClub 引入了 Credit Karma，他們將與 Pagaya 合作，向消費者展示個人貸款優惠。

Additionally, we are currently expanding our affiliate optimizer engine to include Experian Activate platform with the launch of our first partner and several more in the onboarding queue. Lastly, we signed several long-term agreements with leading partners to establish commitments across application flow sides, quality and controls to provide further visibility through the cycle. Turning to funding.

此外，我們目前正在擴展我們的聯盟行銷優化引擎，將 Experian Activate 平台納入其中，我們的第一個合作夥伴已經上線，還有幾個合作夥伴正在排隊等待加入。最後，我們與領先的合作夥伴簽署了多項長期協議，以在應用程式流程、品質和控制方面做出承諾，從而在整個週期中提供更大的透明度。轉向資金問題。

We continue to diversify from prefunded ABS funding structure to include more committed capital structures that reduces our exposure to funding volatility. In the last few months, we have expanded our forward flow agreements into all three core asset classes, including inaugural agreements with Castlelake and [Sandpoint] in auto and point of sale, respectively. This broadens our Castlelake agreement into both personal loans and auto. We continue to innovate across our various ABS shelves.

我們不斷從預先註資的資產支持證券融資結構轉向更多承諾性資本結構，以降低我們對融資波動性的風險敞口。在過去的幾個月裡，我們已將遠期交易協議擴展到所有三個核心資產類別，包括與 Castlelake 和 [Sandpoint] 分別在汽車和銷售點領域達成的首批協議。這使得我們在 Castlelake 的協議範圍擴大到個人貸款和汽車貸款領域。我們不斷在各種ABS貨架上進行創新。

We introduced revolving structures, first in POS and then in personal loans, we inked our [Posch] ABS deal and our inaugural paid revolving ABS with [26] North, which gives us a more diverse set of financing options and more visibility hence, greater consistency in our funding construct in the face of potential capital market cyclicality.

我們首先在POS中引入了循環結構，然後在個人貸款中引入了循環結構，我們與[26] North簽署了[Posch] ABS協議和首筆有償循環ABS，這使我們擁有了更多樣化的融資選擇和更高的可見性，從而在面對潛在的資本市場週期性波動時，使我們的融資結構更加穩定。

I'd like to reflect broadly on the capital markets environment, which remains very supportive for Pagaya. We see continued strong demand from across insurance funds along with traditional asset managers, while we are witnessing a higher level of rationality than we saw in 2025 from private credit.

我想就資本市場環境進行一些概括性的探討，目前資本市場環境對 Pagaya 仍然非常有利。我們看到保險基金和傳統資產管理公司的持續強勁需求，同時我們看到私人信貸的理性程度比 2025 年預期的要高。

Overall, we would view the current environment as more of a steady state with healthy demand and execution, particularly for quality assets. Turning to credit performance. We remain disciplined in our underwriting with our core focus centered around gaining access to more high-quality flow from existing and new partners.

整體而言，我們認為當前環境較為穩定，需求和執行情況良好，尤其是優質資產。接下來關注信用表現。我們在核保方面保持嚴謹的態度，核心重點是爭取從現有和新的合作夥伴那裡獲得更多高品質的業務機會。

We continue to leverage our unique ability to assess risk in real time based on the data from over 30 lenders across three asset classes with agile decision-making. We continue to prioritize prudent risk management. While credit risk performance of our portfolio remains in line with expectations, we took proactive steps late in the year to reduce exposure to select higher volatility segments. These actions had a direct impact on our network volumes, revenues and profit in the fourth quarter. Our decision was primarily driven by the changes in risk appetite that we observed across multiple lending partners of ours in light of market uncertainty.

我們繼續利用我們獨特的即時風險評估能力，根據來自 30 多家貸款機構、涵蓋三大資產類別的數據，進行敏捷的決策。我們將繼續把審慎的風險管理放在第一位。儘管我們投資組合的信用風險表現仍符合預期，但我們在年底採取了積極措施，降低了對某些高波動性板塊的風險敞口。這些舉措對我們第四季的網路流量、收入和利潤產生了直接影響。鑑於市場的不確定性，我們觀察到多家貸款夥伴的風險偏好發生了變化，而我們做出這項決定的主要原因正是這些變化。

As we discussed in our outlook, the impact of these actions will restrain growth to a measured degree in the first quarter. We expect a ramp in growth through the year due to several factors that we will discuss including the onboarding of new partners and continued penetration into existing relationships.

正如我們在展望中所討論的，這些措施的影響將在第一季在一定程度上抑製成長。我們預計今年將實現快速成長，這主要得益於幾個因素，我們將在下文中討論這些因素，包括新合作夥伴的加入和現有關係的持續深化。

Before I hand the call to EP for a detailed review of our financial performance and outlook, I'd like to reflect on the successes we've had across the business this past year. In summary, 2025 was a year of innovation optimization and profitability across all aspects of the business, laying the groundwork for growth in 2026 and the years beyond.

在將電話交給 EP 詳細審查我們的財務表現和前景之前，我想回顧一下我們在過去一年中在業務方面的成功。總而言之，2025 年是公司在各個方面進行創新優化和獲利能力提升的一年，為 2026 年及以後的成長奠定了基礎。

Thanks, Sanjiv. I will start with the big picture. In 2025, we achieved several important milestones that position Pagaya up for sustainable profitable growth. Over the last few years, we have been deliberately reshaping this company, strengthening the foundation, tightening the operating model, improving the capital structure and most importantly, building a much more resilient, scalable and differentiated technology platform in consumer lending. In this past year, we made sustained investment in our data and risk infrastructure, combined with intentional decisions around risk management, balance sheet optimization and how we grow.

謝謝你，桑吉夫。我先從宏觀角度談起。2025年，我們實現了幾個重要的里程碑，使Pagaya能夠實現可持續的獲利成長。過去幾年，我們一直在有意識地重塑這家公司，加強基礎建設，完善營運模式，改善資本結構，最重要的是，在消費信貸領域建立一個更具韌性、可擴展性和差異化的技術平台。在過去的一年裡，我們對數據和風險基礎設施進行了持續投資，並圍繞風險管理、資產負債表優化以及我們的成長方式做出了有意識的決策。

The cumulative result of all that work became evident in the financials as we are exiting 2025 with 4 consecutive quarters of GAAP profitability. As it relates to our 2026 growth outlook, it reflects our long-term objective to grow the platform while remaining disciplined and adaptive in how we manage risk and even more so in an uncertain environment. We actively manage the business as a portfolio of products, partners and risk bands, adjusting exposure as conditions evolve. When uncertainty increases, the appropriate response is to reduce exposure to higher-risk segments. When conditions improve, we will reassess and reallocate accordingly.

所有這些工作的累積成果在財務報表中得到了體現，我們在 2025 年結束時已連續 4 個季度實現 GAAP 盈利。就我們 2026 年的成長展望而言，這反映了我們的長期目標，即在維持風險管理紀律和適應性的同時發展平台，尤其是在不確定的環境中。我們積極地將業務視為一個產品、合作夥伴和風險等級的組合進行管理，並隨著情況的變化調整風險敞口。當不確定性增加時，適當的因應措施是減少對高風險領域的投資。情況好轉後，我們將重新評估並相應調整資源分配。

We remain focused on growth from increased product usage penetration and new partners. Let me walk through the numbers. For the full year 2025, we delivered $1.3 billion of revenue, up 26% year-over-year, $512 million of FRLPC, also up 26%, $371 million of adjusted EBITDA, up 76% and $81 million of GAAP net income, representing a $483 million improvement versus last year. This reflects meaningful progress in profitability and operating leverage showing up at scale. For the fourth quarter specifically, revenue was $335 million, FRLPC was $131 million and adjusted EBITDA was $98 million, representing a 29% margin.

我們將繼續專注於透過提高產品使用滲透率和拓展新合作夥伴來實現成長。讓我來逐一分析這些數字。2025 年全年，我們實現了 13 億美元的收入，年增 26%；FRLPC 為 5.12 億美元，也成長了 26%；調整後 EBITDA 為 3.71 億美元，成長了 76%；GAAP 淨收入為 8,100 萬美元，比上年增長了 4.83 億美元。這反映出獲利能力和經營槓桿方面取得了實質進展，而這種進展已達到規模化水準。具體到第四季度，營收為 3.35 億美元，FRLPC 為 1.31 億美元，調整後 EBITDA 為 9,800 萬美元，利潤率為 29%。

We reported GAAP net income of $34 million compared to a loss of $238 million a year ago. FRLPC as a percentage of network volume was 4.9%, demonstrating strong monetization while remaining disciplined on risk. Turning to network volume. We reported $2.7 billion for the fourth quarter, up 3% year-over-year. Personal loan auto and POS volume combined grew at a double-digit rate and was partially offset by 0 [SFR] volume in the quarter.

我們公佈的GAAP淨利為3,400萬美元，去年同期虧損2.38億美元。FRLPC 佔網路流量的 4.9%，這表明在保持風險控制的同時，實現了強勁的獲利能力。轉向網路流量。第四季營收為 27 億美元，年增 3%。個人貸款汽車和 POS 交易量合計以兩位數的速度成長，但部分被本季 0 [SFR] 交易量所抵銷。

Personal loans remain our largest vertical at approximately 65% of total volume and grew 10% year-over-year. Auto and POS represented 19% and 16% of quarterly network volume, respectively. For the full year, network volume was $10.5 billion, up 9%. Excluding SFR, volume growth was substantially higher. Late in the quarter, we proactively tightened production in certain areas that remain profitable but could exhibit higher variability of credit outcomes and may be the first to show deterioration in a downside scenario.

個人貸款仍然是我們最大的業務板塊，約佔總業務量的 65%，年增 10%。汽車和 POS 分別佔季度網路交易量的 19% 和 16%。全年網路交易額為 105 億美元，成長 9%。剔除SFR（獨棟住宅）後，銷售成長幅度高出許多。本季末，我們主動收緊了某些仍然盈利但信貸結果波動性可能較大，並且在下行情景下可能最先出現惡化的領域的生產。

This was a dynamic reallocation within the portfolio away from higher-risk segments with a plan to be redeployed in volume from new application flow and new products and, therefore, more balanced risk. Given our visibility into new partner onboarding, new partner and product monetization and the operating leverage in the business, we are well positioned to make these adjustments. The decision reduced fourth quarter volume by approximately $100 million to $150 million without impacting the quarter's profitability targets. When risk moves and persist, we will adjust. We will not stretch.

這是投資組合內部的動態重新配置，旨在減少高風險領域，並透過新的應用流程和新產品進行大規模重新部署，從而實現更平衡的風險。鑑於我們對新合作夥伴的加入、新合作夥伴和產品貨幣化以及業務營運槓桿的了解，我們完全有能力做出這些調整。該決定使第四季度銷量減少了約 1 億至 1.5 億美元，但並未影響該季度的獲利目標。當風險轉移並持續存在時，我們會做出調整。我們不會拉伸。

We are dynamic, we recalibrate and continue compounding returns. Fourth quarter total revenue and other income was $335 million, up 20% year-over-year. Fee revenue grew 16% to $321 million and made up 96% of total revenue. Interest and investment income grew to $14 million. Importantly, revenue growth continued to outpace volume growth underscoring 2 key trends: improved monetization and higher revenue and profit per unit of volume and risk.

我們充滿活力，不斷調整策略，持續提升效益。第四季總營收及其他營收為 3.35 億美元，年增 20%。手續費收入成長 16% 至 3.21 億美元，佔總收入的 96%。利息和投資收益成長至1400萬美元。重要的是，營收成長持續超過銷售成長，凸顯了兩個關鍵趨勢：貨幣化程度提高，單位銷售和風險的收入和利潤更高。

Full year revenue grew 26% and interest and investment income reached approximately $40 million. FRLPC in the fourth quarter was $131 million, up 12% year-over-year, again, meaningfully outpacing volume growth. FRLPC margin expanded to 4.9%, driven primarily by partner and funding mix. For the full year, FRLPC totaled $512 million, also 4.9% of network volume, up 70 [base] points from 2024. I want to say a moment on a subset of fee revenue fees from capital markets execution.

全年營收成長26%，利息及投資收益約4,000萬美元。 FRLPC第四季營收為 1.31 億美元，年成長 12%，再次顯著超過了銷量成長。FRLPC利潤率擴大至4.9%，主要得益於合作夥伴和資金組合的調整。全年來看，FRLPC 總額為 5.12 億美元，佔網路總量的 4.9%，比 2024 年增加了 70 個基點。我想簡單談談資本市場執行費用收入的一個子集。

This is an area where we have progressed in a very intentional way. These fees were a negative $6 million for the quarter and a negative $21 million for the year, reflecting the pricing agreements with our (inaudible) flow partners and the risk-adjusted pricing of our ABS transactions. Specifically on ABS, negative fees reflect additional cash contribution report in our securitization structures in addition to our purchase of securities reflected in our investments in loans and securities.

在這個領域，我們採取了非常有計劃的方式來取得了進展。這些費用在本季為負 600 萬美元，全年為負 2,100 萬美元，反映了我們與（聽不清楚）流動合作夥伴的定價協議以及我們 ABS 交易的風險調整定價。具體來說，在資產支持證券 (ABS) 方面，負費用反映了我們在證券化結構中除購買證券外，還額外增加了現金投入，這反映在我們的貸款和證券投資中。

This cash contribution is accounted for as an upfront reduction in fee revenues and provide additional support against potential future credit losses. While this does not change the underlying credit performance of the asset, it reduces downside exposure and earnings volatility associated with the certificate investments we hold on our balance sheet.

這筆現金投入計入手續費收入的預付款減少額，並為應對未來潛在的信貸損失提供額外支持。雖然這不會改變資產的基本信用表現，但它會降低我們資產負債表上持有的憑證投資的下行風險和收益波動性。

Most importantly though, it also creates a clearer and a tighter risk bond for our investors. To put this into context, for every $1 billion of ABS funding tied to contribute a minimum of approximately $50 million of capital, i.e., 5%, in line with risk retention rules. Illustratively, a 100 basis point discount in ABS pricing translates into roughly $10 million of lower upfront fees but also implies $10 million less in future impairments or up to $10 million more in all else being equal. Now let's talk about what we view as another differentiated feature of the business. Our operating leverage -- adjusted EBITDA in the fourth quarter was $98 million, up 53% year over year with a 29% margin.

但最重要的是，它也為我們的投資者創造了更清晰、更緊密的風險保障。為了更好地理解這一點，每10億美元的ABS資金，至少需要貢獻約5000萬美元的資本，即5%，這符合風險留存規則。舉例來說，ABS 定價 100 個基點的折扣意味著前期費用減少約 1000 萬美元，但也意味著未來減損損失減少 1000 萬美元，或者在其他條件相同的情況下，未來減損損失增加 1000 萬美元。現在我們來談談我們認為這家企業的另一個差異化特徵。我們的經營槓桿－第四季調整後的 EBITDA 為 9,800 萬美元，年增 53%，利潤率為 29%。

Core operating expenses declined to 36% of FRLPC, a 13-point improvement year-over-year. Incremental EBITDA margin exceeded 100%, meaning nearly every incremental dollar of FRLPC flowed through to EBITDA. The modest mix versus guidance was driven by the late quarter production adjustment. For the full year, adjusted EBITDA was $371 million, up 76% and margin expanded to 28.5%, up 800 basis points. Turning to GAAP net income.

核心營運費用佔 FRLPC 的 36%，較去年同期下降 13 個百分點。增量 EBITDA 利潤率超過 100%，這意味著 FRLPC 的每一美元增量幾乎都轉化為 EBITDA。實際產量與預期相比略有下降，主要是由於季度末的生產調整。全年調整後 EBITDA 為 3.71 億美元，成長 76%；利潤率擴大至 28.5%，成長 800 個基點。接下來採用GAAP淨利。

We reported a record $34 million, our fourth consecutive quarter of profitability compared to a net loss of $238 million a year ago. Fourth quarter GAAP net income included the positive impact of approximately $9 million from extinguishment of corporate notes and a nonrecurring tax-related benefit. For the full year, GAAP net income was $81 million compared to $401 million loss in 2024. This largely reflects higher fee revenue alongside lower operating expenses, interest expense and impairments, resulting in a 10% margin in the fourth quarter compared to 6% last quarter and a negative 85% a year ago. Credit related fair value adjustments were $107 million for the year.

我們實現了創紀錄的 3,400 萬美元利潤，連續第四個季度獲利，而去年同期淨虧損為 2.38 億美元。第四季 GAAP 淨收入包括約 900 萬美元的公司票據清償帶來的正面影響以及一項非經常性稅收相關收益。全年GAAP淨收入為8,100萬美元，而2024年則虧損4.01億美元。這主要反映了手續費收入增加，同時營運支出、利息支出和減損損失減少，使得第四季的利潤率為 10%，而上一季為 6%，一年前為負 85%。本年度與信貸相關的公允價值調整額為 1.07 億美元。

Adjusted net income was $275 million. Diving into credit performance. The results across personal loan, auto and point of sale remain in line with expectations and within our risk tolerance. Demand for our assets remain strong as evidenced by new forward flow agreements, our first auto certificate sales since 2021 and the demand that we're seeing in the first few weeks of the year. 2025 (inaudible) represent a more normalized production compared to 2024, particularly given the lower cost of funding from investors relative to prior years.

調整後淨收入為2.75億美元。深入分析信貸表現。個人貸款、汽車貸款和銷售點業務的業績均符合預期，並在我們的風險承受範圍內。市場對我們資產的需求仍然強勁，這體現在新簽訂的遠期合約、自2021年以來的首次汽車證券銷售以及今年前幾週的需求。與2024年相比，2025年（聽不清楚）的生產將更加正常化，尤其是在投資者融資成本低於往年的情況下。

As it relates to new production, rating agencies also validated that cumulative net losses are expected to be lower relative to prior production after reflecting our recent risk actions. Let's go to the specifics. Personal loan CMLs for the second half of 2024 through the first half of 2025 vintages are running 30% to 40% better than 2021 peak levels. Auto C&Ls are running 50% to 70% better than 2022 vintages.

關於新產量，評級機構也證實，在反映我們最近的風險因應措施後，預計累計淨虧損將低於先前的產量。讓我們來看具體細節。2024 年下半年至 2025 年上半年的個人貸款 CML 表現比 2021 年的峰值水準高出 30% 至 40%。自動 C&L 的運作狀況比 2022 年的年份好 50% 到 70%。

While Auto 60-plus delinquencies are higher than 24, following the (inaudible) and broadly in line with 2023 levels, recoveries and roll rates are better than both 2023 and 2024, pointing to a normalized level of expected losses.

雖然汽車貸款逾期 60 天以上的比率高於 2024 年，但與 2023 年的水平大致相當，並且與 2023 年的水平基本一致，但回收率和展期率都優於 2023 年和 2024 年，這表明預期損失已恢復正常水平。

For point of sale, credit trends remained stable and in line with expectations. As I mentioned earlier, realized credit performance remains in line with expectations, and our late quarter actions reflect increased uncertainty rather than observed deterioration. When uncertainty increases, even if losses have not materialized, the platform is designed to reduce exposure to the tails of the distribution. When conditions improve, we will adjust again. Parting remains robust.

銷售點信貸趨勢維持穩定，符合預期。正如我之前提到的，實際信貸表現仍符合預期，我們季度末採取的行動反映的是不確定性的增加，而不是觀察到的惡化。當不確定性增加時，即使損失尚未發生，該平台的設計目的也是為了減少分佈尾部的風險敞口。情況好轉後，我們會再次調整。分手依然穩固。

In the fourth quarter, we issued $2.9 billion in our ABS program across 7 transactions. Last week, we closed an $800 million ABS deal that was oversubscribed even after upsizing from an initial size of $600 million. With the recent announcement of our inaugural POS forward flow with sound on capital, we now have forward flow agreements across all 3 asset classes. We also closed our first $350 million revolving personal loan ABS with 26 North and combined with our two point-of-sale ABS revolvers, we now have about $3 billion of revolving capacity from those 3 transactions. Turning to the balance sheet.

第四季度，我們透過 7 筆交易發行了 29 億美元的資產支持證券 (ABS) 專案。上週，我們完成了一筆 8 億美元的資產支持證券 (ABS) 交易，即使規模從最初的 6 億美元增加到 8 億美元，仍然超額認購。隨著我們近期宣布首個資本狀況良好的 POS 遠期資金流，我們現在已在所有 3 個資產類別中達成遠期資金流協議。我們還與 26 North 完成了首筆 3.5 億美元的循環個人貸款 ABS，加上我們的兩筆銷售點 ABS 循環貸款，我們現在透過這 3 筆交易擁有約 30 億美元的循環信貸能力。接下來看一下資產負債表。

Asset quality and mix have improved materially over the past 24 months, providing increased liquidity and flexibility. We ended the quarter with approximately $288 million in cash and cash equivalents, up $62 million from a year ago and $945 million in investments in loans and securities. As we have stated over the past year, we are leveraging our improved liquidity to make opportunistic investments to lower our cost of funding and increase profitability. In the fourth quarter, new investments in loan and securities were about $271 million of which $47 million was opportunistic in the form of ABS bonds, and we received $17 million in return of capital from prior deals. In December, we also repurchased $7 million of our corporate notes at an approximate 12.5% discount to par, consistent with our stated objective of opportunistic capital deployment.

過去 24 個月，資產品質和結構均顯著改善，從而提高了流動性和靈活性。本季末，我們持有約 2.88 億美元的現金及現金等價物，比去年同期增加了 6,200 萬美元；此外，我們還持有 9.45 億美元的貸款和證券投資。正如我們過去一年來所言，我們正在利用流動性的改善進行機會性投資，以降低融資成本並提高獲利能力。第四季度，貸款和證券方面的新投資約為 2.71 億美元，其中 4,700 萬美元為機會性投資，以資產支持證券 (ABS) 債券的形式進行；此外，我們還收到了先前交易的 1,700 萬美元資本返還。12 月，我們也以約 12.5% 的折扣回購了 700 萬美元的公司債，這與我們既定的機會主義資本部署目標一致。

Last week, we repurchased an additional $7 million of our corporate notes. Throughout 2025, discretionary investments in ABS structures, all in the form operated loans totaled approximately $171 million, representing about 27% of the total investments in loans and securities. Combined with cash, we now hold a healthy liquidity position under a wide range of scenarios. Our objective is no longer just liquidity. We are maturing and increasingly pursuing optionality.

上週，我們又回購了價值 700 萬美元的公司債。2025 年全年，對 ABS 結構的自由支配投資（全部以營運貸款的形式）總額約為 1.71 億美元，約佔貸款和證券總投資的 27%。加上現金，我們現在在各種情況下都擁有健康的流動性狀況。我們的目標不再只是流動性。我們正在走向成熟，並且越來越追求選擇權。

Optionality allows us to be conservative on credit, opportunistic on capital deployment and patient on growth. In the fourth quarter, the fair value of the investment portfolio was adjusted down by approximately $50 million, and we added $97 million of new investments, net of pay downs, our guidance continues to reflect $100 million to $150 million of rolling 12 months forward credit-related impairments. I want to remind everyone that this is not a forecast of losses. It's a governance on risk embedded in our guidance. It reflects uncertainty and remains consistent with prior guidance.

選擇權使我們能夠在信貸方面保持保守，在資本部署方面抓住機會，在成長方面保持耐心。第四季度，投資組合的公允價值下調了約 5,000 萬美元，我們新增了 9,700 萬美元的投資，扣除償還款項後，我們的業績指引繼續反映出 1 億美元至 1.5 億美元的滾動 12 個月信貸相關減損。我想提醒大家，這並非虧損的預測。這是我們指導方針中所體現的風險治理原則。這反映了不確定性，並與先前的指導意見保持一致。

Let me close with our 2026 outlook. We remain cautious in the near term given persistent macro and credit uncertainty. We expect volume growth throughout the year, driven by new application flow, new partners and increased penetration of our products. PC margin is expected to be between 4% and 5% for the year and to revert lower within that range from current levels as a result of continued expansion in POS contribution from new partners and our funding mix. As just mentioned, guidance reflects the credit-related impairments, if any, of $100 million, $150 million.

最後，我想談談我們對2026年的展望。鑑於宏觀經濟和信貸市場持續存在不確定性，我們短期內仍將保持謹慎。我們預計全年銷售將持續成長，這主要得益於新的申請管道、新的合作夥伴以及我們產品滲透率的提高。由於新合作夥伴對銷售點 (POS) 的貢獻不斷擴大以及我們的資金組合，預計今年個人電腦 (PC) 利潤率將在 4% 到 5% 之間，並且將從目前的水平回落到該範圍內的較低水平。正如剛才提到的，指導意見反映了與信貸相關的減損（如果有的話），金額為 1 億美元至 1.5 億美元。

Both first quarter and full year guidance reflect the full impact of last quarter's exit rate volume reduction of approximately $100 million to $150 million per month. Illustratively, the midpoint of that range represents approximately $375 million of first quarter impact and $1.5 billion on a full year baseline essentially assuming current uncertainty persisted and to consumer and performance deterioration. If uncertainty receives, we will adjust accordingly and swiftly. This is an important point. So let me explain.

第一季和全年業績預期均反映了上季退出率下降的全部影響，每月下降幅度約為 1 億至 1.5 億美元。舉例來說，該範圍的中點代表第一季約 3.75 億美元的影響，以及全年基準線約 15 億美元的影響，這基本上假設當前的不確定性持續存在，並且消費者和業績惡化。如果出現不確定性，我們將迅速做出相應調整。這一點很重要。讓我來解釋一下。

We are exiting the year with $10.8 billion of fourth quarter annualized volume deliberately shrinking higher risk volume by $1.5 billion on an annualized basis while still delivering year-over-year volume growth. The reduction in certain credit years and new volume growth are not contradictory, there are 2 sides of the same optimization process. For the first quarter of 2026, we expect network volume in the range of $2.5 billion to $2.7 billion. Total revenue and other income in the range of $315 million to $335 million and adjusted EBITDA in the range of $80 million to $95 million. We expect GAAP net income for the quarter of $15 million to $35 million.

今年第四季度，我們的年化交易量達到 108 億美元，我們刻意將高風險交易量按年化計算減少了 15 億美元，同時仍然實現了同比增長。某些信貸年度的減少和新業務量的成長並不矛盾，這是同一個最佳化過程的兩個面向。我們預計 2026 年第一季的網路交易量將在 25 億美元至 27 億美元之間。總收入及其他收入在 3.15 億美元至 3.35 億美元之間，調整後 EBITDA 在 8,000 萬美元至 9,500 萬美元之間。我們預計本季GAAP淨利為1500萬美元至3500萬美元。

For the full year 2026, we are expecting network volume in the range of $11.25 billion to $13 billion. Total revenue and other income in the range of $1.4 billion to $1.575 billion and adjusted EBITDA in the range of $410 million to $460 million. We expect GAAP net income for the year to range from $100 million to $150 million. With that, let me turn it back to the operator for questions.

我們預計 2026 年全年網路交易額將在 112.5 億至 130 億美元之間。總收入及其他收入在 14 億美元至 15.75 億美元之間，調整後 EBITDA 在 4.1 億美元至 4.6 億美元之間。我們預計本年度 GAAP 淨利潤將在 1 億美元至 1.5 億美元之間。那麼，我把麥克風交還給接線員，回答大家的問題。

(Operator Instructions) John Hecht, Jefferies.

（操作說明）約翰‧赫克特，傑富瑞。

Gal, maybe just go away deeper in this concept of moving away from variable outcomes -- is it pricing in the market? Are you seeing something change with respect to payment trends? Or is this -- is it related to certain channel partners or certain types of products? Maybe just another layer of details on this.

Gal，或許你應該更深入地思考一下擺脫可變結果的概念——這是否反映了市場定價？您是否觀察到支付趨勢方面發生了一些變化？或者，這與某些通路合作夥伴或某些類型的產品有關？或許這只是關於此事的另一層細節。

Definitely, John. I appreciate the question. So before going into the market dynamics, I want just to start with reiterating that, that message that we gave from Pagaya perspective has been the same for the last year that we will always prioritize prudent risk management on the short-term group. And that principle that we have in rules call it a year, 1.5 years back is now fully embedded in the way we run the company. Now the main reason for that is that we are a different type of animal.

當然，約翰。感謝您的提問。因此，在深入探討市場動態之前，我想先重申一下，過去一年來，我們從 Pagaya 的角度傳達的訊息始終如一，那就是我們將始終優先考慮短期集團的審慎風險管理。而我們過去在規則中提出的那個原則（大約一年或一年半前）現在已經完全融入我們公司的運作方式。主要原因是我們是不同類型的動物。

I mean we are not like many consumer finance platform rely on marketing spend to generate volumes. We don't need to grow at any cost to justify our expense. And this structural advantage is obviously giving us more flexibility to be disciplined, especially when we see early signs of different market softness.

我的意思是，我們不像許多消費金融平台那樣依賴行銷支出來提升銷售量。我們不需要不惜一切代價去發展壯大，以此證明我們投入的資金是合理的。這種結構性優勢顯然讓我們在保持紀律方面擁有更大的靈活性，尤其是當我們看到不同市場疲軟的早期跡象時。

Now when you think about that and the data we collect, it really comes to the core strength of our platform, which is the ability to remove what we describe as (inaudible) liability outcomes that you pointed out in real time through the fact that we see signals across 30-plus different lend bills, 3 asset classes that are a lot of data that allows us to be proactive rather than being reactive. Now the first point I would point out to your question is the market dynamics.

現在，當你考慮到這一點以及我們收集的數據時，你會發現這真正體現了我們平台的核心優勢，那就是能夠消除我們所說的（聽不清）負債結果，正如你實時指出的那樣，因為我們可以看到 30 多個不同的貸款票據、3 個資產類別中的信號，這些大量數據使我們能夠主動出擊，而不是被動應對。現在，對於你的問題，我想指出的第一點是市場動態。

So from a market perspective, there is just a lot, you don't need to look very hard to see that in the last period, mainly in Q4. The amount of volatility and declining rationality that we have seen has just reached level. Financial markets are demonstrating much volatility driven by geopolitical private credit, you see notable shifts in sentiment and despite the fact that the consumer performance in our production remains strong, and the ABS market are functioning well, it's definitely giving you a pause as a risk manager to ask the question of like, what's your risk appetite and where you want to be?

所以從市場角度來看，這方面很多，你不需要費力就能看出，尤其是在上一時期，特別是第四季。我們所看到的波動性和理性下降的程度剛好達到一個水準。受地緣政治私人信貸的影響，金融市場波動性很大，市場情緒也發生了顯著變化。儘管我們生產的消費表現依然強勁，資產支持證券市場也運作良好，但身為風險管理人員，你肯定會停下來思考，你的風險承受能力是多少，你想達到什麼目標？

Now as I mentioned, the consumer behavior data front, we don't see a specific deterioration, so nothing on the [CNN] or the CPR. And therefore, our 2026 outlook of the impact of credit-related impairments, if any, is in line with our 2025 guide, which is the $100 million to $150 million, we did see a clear shift in our partner behavior.

正如我剛才提到的，從消費者行為數據來看，我們沒有看到任何明顯的惡化，所以[CNN]或CPR上沒有任何跡象。因此，我們對 2026 年信貸相關減損的影響（如果有的話）的展望與我們 2025 年的指導一致，即 1 億美元至 1.5 億美元，我們確實看到了合作夥伴行為的明顯轉變。

Several partners are moving away from expansion to cautious as they have progressed and the early signal is exactly what our operating model is designed to capture. If you will talk with our lenders call it, Q1, Q2 last year [Revlon] will tell you that, yes, this is a year of going very strongly, aggressively growing 40%, 50%. When you spoke with the same folks, -- the end of the year, the posture and the understanding of the situation was much more balanced.

隨著業務的推進，一些合作夥伴正在從擴張轉向謹慎，而這種早期訊號正是我們營運模式旨在捕捉的。如果你和我們的貸款人談談，例如去年第一季、第二季度，露華濃會告訴你，是的，今年是發展非常強勁、積極成長 40%、50% 的一年。當你和這些人交談時——到了年底，他們對情況的態度和理解就平衡多了。

And as we saw that, we decided take even one step further and to be what we call ahead of the curve. Now the way we operate and what we were doing, we do it very quickly and swiftly because of the technology agile advantage that we have, and the fact that we can do these things real time.

看到這一點，我們決定更進一步，做到我們所說的領先一步。現在，由於我們擁有技術敏捷優勢，並且能夠即時完成這些事情，我們的運作方式和所做的事情都非常迅速且有效率。

So literally, a decision in the middle to late of Q4 can be related to all of that, and that's becoming our basis as we think about 2026. And if you will talk a little bit more about how we think about the guidance in that respect. I think before we close the question, I just want to emphasize that from an enterprise progression and execution perspective, what the team has done and is planning for 2026 is really exceptional. And we are becoming a better Pagaya and not just a bigger one. So think about it only in Q4.

所以，從字面上講，第四季中後期做出的決定可能與所有這些因素有關，而這正在成為我們思考 2026 年的基礎。如果您能再詳細談談我們在這方面是如何看待指導意見的就更好了。我認為在結束這個問題之前，我只想強調，從企業發展和執行的角度來看，團隊已經完成的工作以及為 2026 年制定的計劃都非常出色。我們正在成為一個更好的帕加亞，而不僅僅是一個更大的帕加亞。所以只需在第四季度考慮這個問題即可。

We added forward flow in 2 new asset classes. We included the revolver capacity in person alone and unbolded 2 more pains. So when I think about it from a CEO perspective and frankly, I think you should think about it, too, is that I'm very pleased with the [team] outcome despite the short-term reduction in risk decision that is trying very hard to avoid with any potential of downside because of retail risk.

我們在 2 個新的資產類別中增加了正向流動。我們單獨計算了左輪手槍的容量，並取消了另外 2 個疼痛。所以，從CEO的角度來看，坦白說，我認為你也應該考慮一下，儘管短期內為了避免零售風險帶來的任何潛在負面影響而做出了降低風險的決定，但我對（團隊）的成果非常滿意。

And when I'm looking ahead on 2026, we remain very focused about executing on the thing we send in and our long-term strategy which is expanding our power network, deepening our existing relationships and proactively cutting all scale risks rather than chasing short and volume. So to end that part, I just want to leave you with 2 small names that the first one, the fact that we have been more conservative is obviously retain our ability to scale quickly which is why our guide range is intentionally wide.

展望 2026 年，我們仍然非常專注於執行我們提交的產品和我們的長期策略，即擴大我們的實力網絡，深化我們現有的關係，並積極主動地降低所有規模風險，而不是追求短期利益和數量。最後，我想和大家分享兩個小細節。首先，我們採取更保守的做法顯然是為了保持快速擴張的能力，這也是為什麼我們的指導範圍有意擴大的原因。

And the second is that even in what we describe as volatile environment that we don't want to be over risk on we expect to deliver a meaningful GAAP net income profitability of over $100 million in 2026. So in other words, our entire 2026 guidance range, especially assume current uncertainty persists and into consumer and performance deterioration that we are kind of like taking as part of our plan. So if uncertainty received, we will definitely adjust accordingly and swiftly.

第二點是，即使在我們所謂的動盪環境中，我們不想承擔過高的風險，我們預計到 2026 年仍將實現超過 1 億美元的 GAAP 淨利潤。換句話說，我們整個 2026 年的業績指引範圍，特別是假設當前的不確定性持續存在，並且消費者和業績惡化，我們正將其作為我們計劃的一部分。因此，如果收到不確定性回饋，我們一定會迅速做出相應調整。

Yes. Maybe I'll jump in. So as we noted, this action translates to somewhere between $100 million and $150 million volume cut in the fourth quarter. So effectively, that's a $1.5 billion of volume into 2026. And remember, we're more than offsetting that with new volume from new partners and new products.

是的。或許我會加入。正如我們所指出的，這項舉措意味著第四季度交易量將減少 1 億美元至 1.5 億美元。因此，到 2026 年，交易額將達到 15 億美元。而且別忘了，我們透過新合作夥伴和新產品帶來的新銷量，完全可以彌補這些損失。

So effectively, what we're doing is we replace higher credit risk volume with volume from new products and new partners that come in at a much more balanced. And if you think about -- I'm sure you're wondering like, okay, to jump ahead, what's next for 2026, what does that mean for the guidance? What needs to happen for that change. I would say the -- we are assuming this decision does not for purpose of our guidance in 2026. And if we are right, we will not be chasing our tail for the year.

因此，我們實際上所做的，是用來自新產品和新合作夥伴的業務量來取代風險較高的業務量，而這些新產品和新合作夥伴的業務量則更加平衡。如果你仔細想想——我肯定你想知道，好吧，展望未來，2026 年接下來會發生什麼，這對指導方針意味著什麼？要實現這種改變，需要發生什麼？我想說的是──我們假設這項決定不會影響我們2026年的指導。如果我們是對的，那麼今年我們就不會白費力氣了。

And if we're wrong, we will reverse and in that case, we would have left some money on the table for a few quarters. So something has to really dramatically change really in 2026 to go below the guidance that we have provided. The other thing I want to point out though and to close the question is, just think about -- in the long term, there is no real impact in the long-term part of the business. We're still looking at the 15%, 20% growth of this business, especially if you start thinking about the annualization of the new volume that comes in 2021 into 2028. And the last thing is obviously to keep in mind and let that sink in, is this is still a business that's generating $100 million plus of net income even in that scenario.

如果我們錯了，我們會改變主意，那樣的話，我們就會在幾個季度裡白白損失一些錢。因此，到 2026 年，情況必須發生非常巨大的變化，才能低於我們提供的指導目標。不過，我想指出的另一點，也是結束這個問題的一點，就是請思考一下——從長遠來看，這對企業的長期發展並沒有什麼真正的影響。我們仍然期待這項業務能維持 15% 到 20% 的成長，特別是如果你開始考慮 2021 年新增業務量到 2028 年的年化成長情況。最後一點顯然需要記住並認真思考的是，即使在這種情況下，這仍然是一項能夠產生超過 1 億美元淨收入的業務。

Okay. And then your follow-up question, which I think is somewhat similar to the last question in terms of where your focus is. It seems like there is more commentary about being focused on volume outside of decline monetization. Maybe talk about what products might have like increased momentum there -- and do the economics of those transactions differ from the decline monetization?

好的。然後是你的後續問題，我認為這個問題與上一個問題有些類似，都集中在你的焦點上。似乎除了關注銷量下滑帶來的收益之外，還有更多評論關注銷量下滑帶來的收益下降。或許可以討論哪些產品可能會有更大的發展動能－以及這些交易的經濟效益是否與貨幣化程度下降的情況有所不同？

Sure, John. I'll take it. This is Sanjiv. Absolutely. I think you got it -- you hit the nail on its head with your question.

當然可以，約翰。我要買它。這是桑吉夫。絕對地。我覺得你問對了——你的問題一針見血。

So essentially, what we are diversifying our products into the direct marketing engine that we've talked about before, we talked about affiliate optimize their engine before and of course, dual or concurrent look, in [Autoware] we look at launch at the same time that our partners to essentially first look. The dynamic of the direct marketing engine where we essentially help our partners grow their originations is very, very strong and very positive. And the performance is also substantially better. Same with the affiliate optimizer engine. We're essentially a business that has about of its dependency on Credit Karma and experience continues to grow very, very strongly.

所以本質上，我們正​​在將產品多元化，使其涵蓋我們之前討論過的直接營銷引擎，我們之前也討論過聯盟營銷引擎的優化，當然還有雙重或併行視圖，在 [Autoware] 中，我們考慮與合作夥伴同時推出產品，以便他們能夠優先查看。我們透過直接行銷引擎幫助合作夥伴拓展業務，這種模式的動態非常強勁，而且非常積極。而且性能也大幅提升。聯盟行銷優化引擎也是如此。我們基本上是一家對 Credit Karma 有相當一部分依賴性的企業，而且這種依賴性還在持續強勁成長。

Similar to what credit card businesses do. We are doing the same thing in personal loans, and we are substantially improving our partner presence with our existing partners in both of those platforms. And so that is something that has done extremely well for us. This is where the shift in the business is happening, and this is exactly where we are we're emphasizing that because of the performance of these products at the economic needs are substantially better than what we have traditionally provided because of better risk performance and better ability to charge better economics. So that's something that we definitely want to talk about.

這與信用卡公司的做法類似。我們在個人貸款領域也採取了同樣的做法，並且正在大幅提升我們在這兩個平台上與現有合作夥伴的合作關係。所以，這一點對我們來說非常有利。這就是業務轉變發生的地方，也是我們所強調的重點：由於這些產品在經濟需求方面的表現，它們比我們傳統上提供的產品要好得多，因為它們具有更好的風險表現和更好的收費能力，從而帶來更好的經濟效益。所以這是我們一定要討論的話題。

We have, as you know, 31 existing partners. Our top 5 partners are already on these new products. We have signed agreements on (inaudible) product, which is our direct marketing product, as well as agreements on Credit Karma and the affiliate channels, and we are starting to increase our dual look performance very substantially. I do want to emphasize one other thing that is extremely important, which is that we have also onboarded a record number of new partners, Gal talked about that up onboarding right now. There's a third depth in process.

如您所知，我們目前有 31 個合作夥伴。我們前五的合作夥伴已經開始使用這些新產品了。我們已經簽署了關於（聽不清楚）產品的協議，這是我們的直接行銷產品，以及關於 Credit Karma 和聯盟管道的協議，我們正在大幅提高我們的雙重外觀表現。我還要強調另一件極其重要的事情，那就是我們也迎來了創紀錄數量的新合作夥伴，Gal 剛才在介紹新合作夥伴時也談到了這一點。過程中還有第三層次。

And I fully expect that by the end of the second quarter, we will have onboarded maybe 7 potentially 8 new partners, which will be like a record for Pagaya. Gal and I are trying to do is to emphasize is that we are focusing more on the shift in the business with our existing 31 lenders to more profitable partners. We're also focusing substantially more on getting new partners, essentially demonstrating that we are becoming part of the financial ecosystem in U.S. consumer lending. And we are managing the risk in a very thoughtful, responsible way as we grow our franchise in the long term.

我完全預期到第二季末，我們將迎來 7 到 8 位新合作夥伴，這將是 Pagaya 的記錄。Gal 和我正在努力強調的是，我們正在更加專注於將業務重心從與現有 31 家貸款機構的合作轉向更有利可圖的合作夥伴。我們也更加重視尋找新的合作夥伴，這實際上表明我們正在成為美國消費信貸金融生態系統的一部分。我們正在以非常周全、負責任的方式管理風險，以實現我們業務的長期發展。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Been a lot of headlines on private credit and the alts recently. Just wanted to get -- you guys gave an update on the funding side business, but how you're thinking about funding into your '26 outlook given all the headlines we've seen in that world recently?

最近關於私募信貸和另類投資的新聞很多。我只是想問一下——你們更新了融資方面的業務情況，但考慮到最近我們看到的關於融資領域的各種新聞，你們是如何考慮2026年融資前景的？

Yes. Thanks, Kyle. Thanks for the question. I'll take it. I mean, look, the demand for our product and production is very robust.

是的。謝謝你，凱爾。謝謝你的提問。我要買它。我的意思是，你看，市場對我們產品和生產的需求非常強勁。

Look at Q4, a couple of the things that we announced a new deal with [26 North], which combined with the post deal generates more than $3 billion of capacity across these 2 products from the revolver structure of these. The sale of the certificate to new forward flows in auto and POS, the sale of the set on OWS. So generally, very strong demand and validated by the execution that we're delivering for our investors. What I would say is if you step back, 2025 was a year where you have a very frothy sort of private credit market deploying capital. And now it's becoming a little bit more normal and much more disciplined.

看看第四季度，我們宣布了與 [26 North] 的一項新協議，加上先前的協議，透過這些循環信貸結構，在這兩款產品上產生了超過 30 億美元的產能。向汽車和 POS 的新正向流出售證書，向 OWS 出售套裝。所以總的來說，市場需求非常強勁，我們為投資人提供的服務也證明了這一點。我想說的是，如果你回顧一下，2025 年是私人信貸市場泡沫非常嚴重的一年，當時資本大量湧入。現在情況變得越來越正常，也越來越有條理了。

And we're actually benefiting from that. I will take it a step further and say that some of the actions that we took is actually fueling more demand for our product and production. If you look at the last ABS deal that we did a few days ago, going to market with $600 million of size, and it got upsized by 30% still oversubscribed. So I think what you see is the platform have a very robust and very diversified set of investors they work with like Pagaya. We are benefiting from all of this.

而我們其實正從中受益。我還要進一步指出，我們採取的一些措施實際上正在刺激對我們產品和生產的更大需求。如果你看看我們幾天前完成的最後一筆 ABS 交易，它最初以 6 億美元的規模進入市場，規模增加了 30%，仍然超額認購。所以我認為你看到的是，該平台擁有非常強大且非常多元化的投資者群體，他們與 Pagaya 等投資者合作。我們都從中受益。

We'll continue to obviously continue to try and diversify our funding further and on our pipeline. So I think we feel very good about the funding environment relative to our positioning in the marketplace. Maybe 1 one to add is that a lot of the colleagues have been going around, which obviously (inaudible) the full funding world, but like it's much more around the corporate side of the world and specifically around fast, et cetera, and companies that has been in the spear of trying to grab market share there. I think on the consumer side, which is a byproduct of that, but like you don't see that level of volatility or changes in the next quarter.

我們顯然會繼續努力，進一步分散我們的資金來源，並拓展我們的研發項目。因此，我認為我們對目前的融資環境以及我們在市場中的定位感到非常滿意。或許還要補充一點，很多同事一直在四處奔走，顯然（聽不清楚）是在整個融資領域，但更多的是在企業界，特別是快速發展等領域，以及那些一直處於搶佔市場份額前沿的公司。我認為在消費者方面，這是由此產生的副產品，但你不會在下一個季度看到這種程度的波動或變化。

Great. And then just a quick follow-up, a modeling question for you. On the impairment side of things, given the underwriting changes you guys have made, what sort of level should we expect to get to your GAAP EPS guidance for '26 -- thank -- no change on that. We're still guiding to the, call it, under scenario in our guidance of $100 million to $150 million range for the year, same as it was in 2025. So no changes there given the ongoing credit performance.

偉大的。最後還有一個後續問題，一個建模上的問題。關於減損方面，鑑於你們所做的核保變更，我們應該預期你們 2026 年的 GAAP EPS 指引會達到什麼樣的水準？ ——謝謝——這方面沒有改變。我們仍按照先前的預期，將今年的營收目標設定在 1 億至 1.5 億美元之間，與 2025 年的預期相同。鑑於目前的信貸表現，所以這方面不會有任何變化。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley Securities。

Got a question -- it's a big power intuitive given the macro trends we've seen over the year with falling inflation, rates coming down, job market generally good. And I think mentioned your action in the last quarter was based on increased uncertainty, not an increase in credit losses. So just wanted to -- can you give us any more qualitative or quantitative color on what you saw your partners doing in your response. The [50 million] to it seems like things are going in the consumers' direction to be better credits. -- is it's a little bit -- a little more flushing out.

我有個問題——考慮到我們今年看到的宏觀趨勢，例如通貨膨脹下降、利率降低、就業市場整體良好，這是一個很大的直覺。我認為您上一季的行動是基於不確定性增加，而不是信貸損失增加。所以我想問的是——您能否在回覆中提供更多關於您觀察到的合作夥伴所做的事情的定性或定量資訊？這5000萬似乎表明，事情正朝著有利於消費者的方向發展，信用狀況有望改善。 ——這有點像——有點像進一步澄清。

I think it's a great observation. In fact, those were some of the countervailing forces that we had in our mind as well at the end of Q4. On one hand, the macro was what it was in terms of inflation and rates coming down, as you pointed out, on the other hand, what we are observing very specifically from our 31 lending partner platform, some of the partners that have been talking about credit expansion in the middle of the year, we're feeling less certain about credit expansion by the third, fourth quarter. So the sheer uncertainty in the market. And by that, as Gal outlined in his opening comments, have clearly geopolitical uncertainty, which was causing some uncertainty in the financial markets.

我認為這是一個很好的觀察。事實上，這些也是我們在第四季末所考慮的一些抵銷因素。一方面，正如您所指出的，宏觀經濟形勢如預期般，通膨和利率都在下降；另一方面，我們從31家貸款合作夥伴平台觀察到的情況是，一些合作夥伴在年中曾談到信貸擴張，但到了第三、第四季度，我們對信貸擴張的前景感到不太確定。所以，市場存在著巨大的不確定性。正如 Gal 在開場白中所概述的那樣，這顯然存在地緣政治不確定性，而這又為金融市場帶來了一些不確定性。

There was some stuff going on at the tail end of certain businesses. There are certain markets and so we felt that the most responsible thing for us to do, and that's the beauty of being a B2B2C market is that in some ways, we are shielded from this because the B that between the CNS response or gives us signals that based on which we were able to take actions at what we thought would be the marginal risk tier in the business. And it is this theme of uncertainties in the potential uncertainty in the credit markets that drives us to think that we should be responsible and prudent rather than aggressive. And -- but having said that, our ability to scale and be nimble is extremely high. So things change in the market, which could change.

某些企業在倒閉前夕發生了一些事。在某些市場中，我們認為最負責任的做法是，B2B2C 市場的優勢在於，在某種程度上，我們能夠免受這種影響，因為 B 代表中樞神經系統 (CNS) 的反應或訊號，基於這些訊號，我們能夠在我們認為業務中風險最低的層面上採取行動。正是信貸市場潛在不確定性所帶來的這種不確定性，促使我們認為應該採取負責任和謹慎的態度，而不是激進的做法。但是——儘管如此，我們的擴展能力和靈活性都非常高。所以市場情況會發生變化，而且這種變化是有可能發生的。

I mean rates could change the market could change by the second half of the year, what we -- all we need to do is basically prudently turn that back on. And that is the reason why our guidance range is wide. But having said that, we, as a management team, have a very, very high conviction that we will deliver profitable volumes, which is why our GAAP net income number is what has -- so do you want to add anything to that or ...

我的意思是，利率可能會變化，市場也可能在下半年發生變化，我們——我們只需要謹慎地重新啟動它。這就是我們提供指導範圍如此廣泛的原因。但即便如此，我們管理團隊仍然非常有信心能夠實現盈利的銷量，這也是為什麼我們的GAAP淨利潤數據如此之高的原因——您還有什麼要補充的嗎？…

One point to take in mind, like when you see losses, it's a little bit too late. And when you are taking a frosty before, that's the way to be disciplined. So like you don't need always to look on deterioration of your outcomes on the CNL to say. Now I need to take action, and I think, again, given where we stand and what we see, it's enough to actually say, you know what, I'm going to be more conservative on that part of the spectrum, and that's it.

需要記住的一點是，當你發現虧損時，往往為時已晚。如果你在運動前喝杯冰飲料，那就是自律的表現。所以，你不需要總是關注 CNL 上的結果惡化。現在我需要採取行動，而且我認為，鑑於我們所處的境地和我們所看到的，實際上就應該說，你知道嗎，我將在這一方面採取更保守的立場，就是這樣。

Okay. And unlike maybe 2023, where you're still building the platform relationships with the lending partners your pullback from those riskier tiers that your lending partners were okay with that as well. There was not a relationship issue. Because I think it was key in 2023, 2024, if you build the platform, build those relationships. In this case, it was this kind of pullback is okay with the partner.

好的。與 2023 年的情況不同，當時你還在與貸款合作夥伴建立平台關係，你從那些風險較高的級別撤出，你的貸款合作夥伴也對此表示同意。不存在感情問題。因為我認為在 2023 年、2024 年，如果你建立了平台，建立這些關係，那將是關鍵。在這種情況下，這種退縮方式是伴侶可以接受的。

So it's a good question. It's exactly what we told it's a different situation. And see, the answer is no. They appreciate that. From them, 15% growth in the midpoint and the Pagaya, stronger today is much better than 25% growth. But then in three months, six months, nine months, we take it down on that. So stability is key for the actual customer.

所以，這確實是個好問題。情況確實和我們之前說的不一樣。你看，答案是否定的。他們很感激。其中，15% 的成長率（中點）和 Pagaya（今天表現強勁）遠比 25% 的成長率好得多。但三個月、六個月、九個月後，我們就把它撤下來。因此，穩定性對實際客戶而言至關重要。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Can you just talk about like where you actually started to pull back? Like was it a particular asset class? Or was the action taken across the board?

你能具體說說你是從什麼時候開始逐漸減少投入的嗎？例如，它屬於某種特定的資產類別嗎？或者，這項行動是全面採取的？

Rayna, it's primarily across like the entire portfolio with a little bit more focus on the personal and auto side just because of the secular growth that we see in POS. That was obviously the later part of the quarter and effective, that's why you see that sort of as an exit rate change in 2026.

Rayna，這主要體現在整個產品組合中，只是更專注於個人和汽車領域，因為我們看到了POS領域的長期成長。那顯然是季度後期發生的，而且是有效的，所以你會看到 2026 年的退出率發生了某種變化。

Understood. That's helpful. And then just on your target 4% to 5% RPC margin for '26. Obviously, it's a very wide range that you highlighted earlier. Can you just talk about like how much conservatism is baked in at the low end?

明白了。那很有幫助。然後就依照你2026年4%到5%的RPC利潤率目標來算。顯然，正如你之前提到的，這是一個非常廣泛的範圍。你能談談保守主義在低階市場滲透的程度嗎？

And like what are the puts and takes to get from the bottom to the top. And then if I can sneak in one modeling question, if you can just tell us your assumption for GAAP tax rate.

那麼，從底層到頂層，需要付出哪些努力和收穫呢？如果可以的話，我想問一個關於建模的問題，請問您能否告訴我們您對 GAAP 稅率的假設？

Yes. So as we have said before, as it relates to the FPC rate, I appreciate, obviously, that is a wide range, and we look to narrow that down going forward at some point. But ultimately, the way to think about it, focus on the (inaudible) in dollar terms. So volume we get from your partners and newer products that come in at the lower rate. You may see a sort of dilutive impact on the action rate, but still coming in at higher volumes and therefore, higher dollars at the top line.

是的。正如我們之前所說，就 FPC 利率而言，我當然明白這是一個很大的範圍，我們希望在未來的某個時候縮小這個範圍。但歸根究底，思考這個問題的方式是，關注以美元計價的（聽不清楚）。因此，我們從合作夥伴那裡獲得的銷售量以及以較低價格引進的新產品。您可能會看到成交率受到某種稀釋影響，但成交量仍然較高，因此總收入也會更高。

And then vice verse potentially, let's call it slower. And when you think about the mix of the portfolio, if you see a slow new product, new partners, you may end up with, call it, the lower end of the rate of the guidance on volume, but obviously achieving a relatively higher RPC. That's how a little bit how to think about that across the board. So sort of the key dollar amount. On the tax rate question, generally speaking, I would point to, call it, a 20% type of tax rate.

反過來也可能一樣，我們姑且稱之為速度較慢。當你考慮產品組合時，如果新產品、新合作夥伴進展緩慢，最終銷售可能會低於預期，但顯然每千次展示收入 (RPC) 會相對更高。這就是我們從整體上思考這個問題的大致思路。所以，關鍵的金額就是這個。關於稅率問題，總的來說，我會建議 20% 的稅率。

But obviously, there's a lot of moving parts there because the business is coming out from a period where it was 3 years ago, losing money now to get into capital profitability, but that's what I would assume for going forward.

但顯然，這裡面有很多變數，因為這家企業正從三年前的虧損期中走出來，以期實現資本盈利，但我認為這就是它未來的發展方向。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Maybe just to sort of dive in a little more to Hal's question and perhaps what your kind of behavior you're seeing from lending partners. This was so far, an earnings season where a lot of lenders pretty much said things are stable.

或許我們可以更深入地探討 Hal 的問題，以及你從貸款夥伴那裡觀察到的行為類型。到目前為止，本財報季的大部分數據都顯示，貸款機構的財務狀況較為穩定。

There are no -- certainly no rush to widen their credit boxes, but there certainly weren't indications that things were tightening either. Just so we understand -- did you start to see by the end of the quarter, more evidence of turndowns of loan application rejections by your partners that may have been approved by your partners 6 months earlier? Or is that how we should sort of interpret the behavioral changes you're seeing?

目前並沒有——當然也沒有——他們急於擴大信貸範圍，但也沒有任何跡象表明信貸正在收緊。為了讓我們了解情況——到本季末，您是否開始看到更多證據表明，您的伴侶拒絕了 6 個月前可能已經批准的貸款申請？或者，我們應該這樣解讀你觀察到的行為改變嗎？

I think the best way to look on it is many more expansions that were in place or in [plant] became not in play. So it's not to say that people are now saying, hey, we are going to continue to grow, but it has been shifted much more towards how do we do more asset classes, how do we get more to our customers rather than the pricing are high, and we're just going to make it more aggressive for the losses low too low and therefore, we're going to approve more type of population.

我認為最好的理解方式是，許多原本已經建成或在工廠裡建造的擴建工程都無法投入使用了。所以，這並不是說人們現在會說，嘿，我們會繼續成長，而是說，重點已經更多地轉移到如何拓展更多資產類別，如何為我們的客戶帶來更多收益，而不是定價過高，我們將採取更激進的策略來降低損失，因此，我們將批准更多類型的客戶。

So you definitely see a difference -- and by the way, I think you will see on the gross numbers of all of the reporting companies we talked about the growth going forward. So shopping growth is not what it used to be last year, especially on the personal loan and other business.

所以你肯定會看到差異——順便說一句，我認為你會在我們討論過的所有報告公司的毛利率數據中看到未來的成長。因此，購物成長不如去年，尤其是在個人貸款和其他業務方面。

Got it. No, that's helpful. I mean, obviously, you -- as you noted, your business is in a unique position to kind of see the activities of multiple lenders as opposed to just observing your own portfolio. So that's helpful. And then just as a follow-up, should we think about maybe the recalibration on credit extending and reducing tail risk. Does that extend to how you approach your discretionary investing in securities in addition to originations or loan approvals?

知道了。不，這很有幫助。我的意思是，很顯然，正如你所指出的，你的企業處於一個獨特的地位，可以觀察多家貸款機構的活動，而不僅僅是觀察你自己的投資組合。那很有幫助。然後，作為後續問題，我們是否應該考慮重新調整信貸發放和降低尾部風險？除了貸款發放或核准之外，這是否也包括您如何處理證券方面的自主投資？

Dave, it's EP. I think these are 2 different aspects right 2 sides of the network, one that is necessarily tied to the other.

Dave，是EP。我認為這是網路兩端的兩個不同方面，一個必然與另一個相連。

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

知道了。明白了。我們的問答環節到此結束。我謹將會議交還給 Gal，請她作閉幕致詞。

So I want to thank everyone for joining us today. As you can say, our results demonstrate power of the B2B2C model we have worked so hard to build that for Pagaya, increasingly diversified growth with an under-landing focus on disciplined underwriting, along with a growing list of (inaudible) and funding mechanism that keeps evolving and improving.

所以，我要感謝今天到場的各位。正如您所說，我們的結果證明了我們努力構建的 B2B2C 模式的強大之處，對於 Pagaya 而言，增長日益多元化，專注於嚴格的承保，以及不斷增長的（聽不清）和融資機制，並且不斷發展和改進。

I look forward for 2026 and to share the journey with you as we broke Pagaya into a key partners for all U.S. consumers and institutions, continuing optimizing our product suite and value proposition, to maximize the value we provide to our partners. We remain laser focused on the long-term potential of Pagaya as we penetrate this enormous market opportunity, a market that we created and that we need.

我期待著 2026 年，並期待與您分享這段旅程，我們將 Pagaya 打造成美國所有消費者和機構的重要合作夥伴，繼續優化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。我們始終專注於 Pagaya 的長期潛力，努力開拓這個巨大的市場機遇，這是一個我們創造且我們需要的市場。

Thank you very much for your time today.

非常感謝您今天抽出時間。

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。