Key Takeaways PGY posted three consecutive quarters of GAAP net income in 2025, reversing sizable losses from prior years.Pagaya's profitability was driven by network volume growth, better monetization and operating leverage.PGY cut credit impairments by more than $95M y/y as loan vintages improved and AI underwriting accuracy rose.In 2025, Pagaya Technologies Ltd. (PGY) hit an inflection point with improving fundamentals and profitability. Despite macroeconomic headwinds and regulatory risks, the company p ...