Pagaya Closes Five-Year $280M Credit Facility with BlackRock, UBS, JPMorgan Chase and Other Lenders

Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, announced today the closing of a credit facility with participation from Funds and Accounts managed by BlackRock U.S. Private Capital (“BlackRock”), UBS O’Connor, JPMorgan Chase, Valley Bank, and Israel Discount Bank. The facility, which consists of a $255 million term loan and a $25 million revolver, provides the capital and liquidity needed to support the Company’s future growth, extends its corporate debt maturity to 2029 and validates investors' confidence in Pagaya's business model and financial strength.

“This credit facility, led by BlackRock, showcases the confidence and support from some of the largest and most sophisticated financial institutions in the world, as we transform the consumer finance ecosystem in the next phase of our growth journey,” said Gal Krubiner, Co-Founder and CEO of Pagaya.

“We are pleased to partner with Pagaya and support its next stage of growth through this facility,” said Dan Worrell, Managing Director at BlackRock. “We are impressed by the company’s differentiated business model, core product offering, and financial strategy to create more financial opportunities and to enable new customer relationships.”

“The capital commitment demonstrates our ability to access new and diverse capital sources, bolstering our financial flexibility and fortifying our business as we consistently pursue further scale,” added Evangelos Perros, Interim CFO of Pagaya.

In the last four months of 2023, the Company secured four new lending partners, including a top bank and top auto captive, which are expected to drive a transformational step-change in Pagaya’s network expansion. In addition, the Company recently pre-announced strong full-year 2023 financial performance, with Network Volume exceeding $8.2 billion and Adjusted EBITDA exceeding $75 million, implying annualized run-rate Adjusted EBITDA of over $110 million based on 4Q2023.

Proceeds from the facility will be used to pay off outstanding borrowings from the Company's previous facility, invest in product innovation, and grow its network with both existing and new lending and investor partners.

Jefferies served as Sole Arranger on the transaction.

About Pagaya Technologies

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide. By using machine learning, a vast data network and a sophisticated AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate solutions for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com.