Pagaya Technologies Ltd. announced that KBRA assigned preliminary ratings to 13 classes of notes issued by its Pagaya AI Debt Grantor Trust 2026‑3, an unsecured consumer‑loan asset‑backed securities transaction. The ratings range from Class A‑1 to Class F‑2.
The preliminary ratings are supported by hard credit enhancement levels that vary from 83.57 % for the senior Class A‑1 notes to 4.12 % for the junior Class F‑2 notes. The total value of the notes is $585.60 million.
Pagaya has issued 63 securitizations sponsored by Pagaya Structured Products LLC, with this transaction following earlier 2026 issuances such as PAID 2026‑1 ($800 million) and PAID 2026‑2 (15 classes). The company uses AI‑driven credit analysis to evaluate the underlying unsecured consumer loans, a key differentiator that underpins the credit quality of its ABS.
The issuance is part of Pagaya’s diversified funding strategy, allowing the firm to originate more loans without holding them on its balance sheet. By raising capital through ABS, Pagaya can scale its lending operations while maintaining capital efficiency and accessing institutional investors.
No market reaction data were available at the time of the announcement.
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