<p>Pagaya Technologies Ltd. ((PGY)) 已召开其 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>Pagaya Technologies 最新的财报电话会议传达了乐观的基调，管理层强调持续的 GAAP 盈利能力、两位数的收入增长和扩大的利润率，尽管他们承认市场波动和融资成本压力。投资者听到了关于运营纪律、强大的资本市场执行和升级的指引，这些都超过了一次性损失和持续的信用市场重新定价。</p>
<h2>连续第五个季度实现 GAAP 盈利</h2>
<p>Pagaya 报告称，2026 年第一季度 GAAP 净收入为 2500 万美元，标志着其连续第五个盈利季度，并强调财务韧性的改善。净收入同比增长 1700 万美元，使 GAAP 净利润率从一年前的 3% 提升至 8%，并显示出平台的更好可扩展性。</p>
<h2>顶线增长和强劲的盈利指标</h2>
<p>总收入同比增长 10%，达到 3.18 亿美元，而手续费收入达到 2.99 亿美元，FRLPC 增长 5%，达到 1.21 亿美元，显示出健康的核心经济。调整后的 EBITDA 增加到 9400 万美元，利润率为 29.6%，提高了 200 个基点，营业收入跃升 68%，达到 8000 万美元，更多收入流入底线。</p>
<h2>网络交易量扩张</h2>
<p>网络交易量达到 26 亿美元，同比增长 9%，在不包括 Darwin Homes 的 SFR 活动时增长 23%，反映出平台的通量扩大。管理层将全年的网络交易量指引上调至 114.5 亿至 130 亿美元的区间，将下限提高约 2 亿美元，显示出对需求的信心。</p>
<h2>重要融资和资本市场里程碑</h2>
<p>公司通过四笔 ABS 交易获得了约 21 亿美元的融资，引入了五位新投资者，扩大了其机构覆盖面。Pagaya 还执行了其首个汽车再证券化，增加了 Fitch 作为关键评级合作伙伴，并在其个人贷款再证券化架构上获得了 Fitch AAA 评级，向超过 160 家融资合作伙伴推销交易。</p>
<h2>再证券化和资本循环的好处</h2>
<p>再证券化活动在过去 12 个月内产生了约 4400 万美元的净现金流，为可回收资本提供了重要来源。公司通过这些结构再融资了约 8 亿美元的成熟抵押品，增强了资产负债表的灵活性，并支持持续的发放能力，而不依赖于新的融资。</p>
<h2>汽车业务激增</h2>
<p>Pagaya 的汽车部门达到了 23 亿美元的年化运行率，几乎是 2025 年第一季度水平的两倍，突显了汽车作为关键增长支柱的地位。管理层将创纪录的汽车投资组合盈利归功于改善的 ABS 执行、更高效的经销商级交易和更强的回收能力。</p>
<h2>合作伙伴和产品扩展势头</h2>
<p>公司新增了四个合作伙伴，包括 GLS、Upstart、Sezzle 和 Flex Pay，拓宽了其发放渠道，同时个人贷款仍占生产的 63%。Pagaya 还整合了 Experian Activate，完成了跨五个合作伙伴的 12 个预筛选活动，并描述了区域银行和其他入驻机会的强大管道。</p>
<h2>上调全年财务指引</h2>
<p>管理层上调了其 2026 年的全年展望，现在目标调整后的 EBITDA 为 4.2 亿至 4.6 亿美元，GAAP 净收入为 1.1 亿至 1.6 亿美元。对于第二季度，Pagaya 指引网络交易量为 28.75 亿至 30.75 亿美元，收入为 3.45 亿至 3.65 亿美元，调整后的 EBITDA 为 1 亿至 1.15 亿美元，GAAP 净收入为 2500 万至 4500 万美元。</p>
<h2>运营效率和杠杆</h2>
<p>核心运营费用保持严格管理，环比持平，同比仅略有上升，占 FRLPC 的 39%，强调了严格的成本控制。管理层强调强大的运营杠杆，指出大部分增量收入转化为更高的调整后 EBITDA 和绝对金额的营业收入。</p>
<h2>损失和公允价值下调</h2>
<p>并非所有指标都是积极的，因为贷款和证券投资的收益和损失包括本季度的 3800 万美元损失，反映了市场和估值的逆风。整体投资组合和准备金进一步下调了 2100 万美元的公允价值，尽管这比上一季度记录的 5000 万美元的调整要轻微。</p>
<h2>FRLPC 利润率压缩和较低的提成率</h2>
<p>FRLPC 占网络交易量的比例同比下降 19 个基点至 4.6%，反映了新合作伙伴组合和在融资成本上升的情况下 ABS 交易的定价趋紧。管理层承认，随着资本成本上升，提成率降低，表明这些压力直接影响 FRLPC，并抑制了每单位经济。</p>
<h2>私人信贷市场重新定价和盈利压力</h2>
<p>高管们强调了私人信贷市场的持续重新定价和加剧的波动性，这可能会对近期盈利产生压力，尤其是对于资本密集型产品。为了减轻这一风险，Pagaya 正在战术性地将更多交易量转向公共 ABS 渠道，旨在在市场重置时平衡融资可靠性与定价纪律。</p>
<h2>更严格的承保和低申请转化率</h2>
<p>申请转化率仍低于 1%，管理层将其描述为更保守的承保和关注高质量借款人的有意结果。虽然这种立场可能会限制近期的发放增长，但公司认为这有助于长期资产表现和投资者对其信用标准的信心。</p>
<h2>预防性流动性措施</h2>
<p>公司在季度末出于对地缘政治不确定性的预防措施而动用了循环信贷额度，随后在四月偿还了借款，展示了谨慎的流动性姿态。管理层将此举框定为一种风险管理措施，旨在确保在融资市场压力加大时的灵活性和韧性。</p>
<h2>FRLPC 在更高损失假设下的定价</h2>
<p>Pagaya 的定价实际上是在评级机构使用的损失假设基础上高出约 125 到 175 个基点，为投资者提供额外的风险保护，代价是短期费用的增加。这一保守的定价框架减少了前期 FRLPC，但旨在为意外的信用恶化创造缓冲，并支持长期关系。</p>
<h2>前瞻性指导和展望</h2>
<p>展望未来，Pagaya 预计 2026 年全年网络交易量将在 114.5 亿美元至 130 亿美元之间，总收入将在 14 亿美元至 15.75 亿美元之间，假设 FRLPC 利润率约为 4% 至 5%。公司计划在资本成本环境上升的情况下，仍然预测调整后的 EBITDA 为 4.2 亿美元至 4.6 亿美元，GAAP 净收入为 1.1 亿美元至 1.6 亿美元，显示出对其模型的信心。</p>
<p>Pagaya 的财报电话会议描绘了一个在增长与谨慎之间取得平衡的金融科技平台，随着融资成本上升和估值下滑，持续的盈利能力和更强的指导相抵消。对于投资者而言，关键要点是扩展的汽车和合作伙伴渠道、严谨的承保和资本管理，以及管理团队愿意牺牲一些利润以确保长期韧性。</p>

<p>Pagaya Technologies Ltd. 报告了其第一季度财报，实现了 2500 万美元的 GAAP 净收入，标志着连续第五个盈利季度。总收入同比增长 10%，达到 3.18 亿美元，调整后的 EBITDA 为 9400 万美元。公司上调了全年指引，目标调整后的 EBITDA 为 4.2 亿至 4.6 亿美元。尽管在投资和公允价值调整上损失了 3800 万美元，但管理层强调了运营纪律和强大的资本市场执行力。网络交易量增加至 26 亿美元，汽车部门显示出显著增长，年化运行率达到 23 亿美元</p>

<p>Pagaya Technologies Ltd. ((PGY)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Pagaya Technologies Ltd. ((PGY)) 已召开其 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Pagaya Technologies’ latest earnings call struck an optimistic tone, with management emphasizing sustained GAAP profitability, double‑digit revenue growth and expanding margins, even as they acknowledged market volatility and funding cost pressures. Investors heard a story of operational discipline, strong capital‑markets execution and upgraded guidance that outweighed one‑time losses and ongoing credit‑market repricing.</p>
<div class="lb-trans"><p>Pagaya Technologies 最新的财报电话会议传达了乐观的基调，管理层强调持续的 GAAP 盈利能力、两位数的收入增长和扩大的利润率，尽管他们承认市场波动和融资成本压力。投资者听到了关于运营纪律、强大的资本市场执行和升级的指引，这些都超过了一次性损失和持续的信用市场重新定价。</p>
</div><h2>Fifth Consecutive Quarter of GAAP Profitability</h2>
<div class="lb-trans"><h2>连续第五个季度实现 GAAP 盈利</h2>
</div><p>Pagaya reported GAAP net income of $25 million for the first quarter of 2026, marking its fifth straight profitable quarter and underscoring improving financial durability. Net income rose $17 million year over year, lifting the GAAP net margin to 8% from 3% a year earlier and signaling better scalability across the platform.</p>
<div class="lb-trans"><p>Pagaya 报告称，2026 年第一季度 GAAP 净收入为 2500 万美元，标志着其连续第五个盈利季度，并强调财务韧性的改善。净收入同比增长 1700 万美元，使 GAAP 净利润率从一年前的 3% 提升至 8%，并显示出平台的更好可扩展性。</p>
</div><h2>Top-Line Growth and Strong Profitability Metrics</h2>
<div class="lb-trans"><h2>顶线增长和强劲的盈利指标</h2>
</div><p>Total revenue climbed 10% year over year to $318 million, while fee revenue reached $299 million and FRLPC rose 5% to $121 million, showing healthy core economics. Adjusted EBITDA increased to $94 million, a 29.6% margin and 200‑basis‑point improvement, with operating income jumping 68% to $80 million as more revenue dropped to the bottom line.</p>
<div class="lb-trans"><p>总收入同比增长 10%，达到 3.18 亿美元，而手续费收入达到 2.99 亿美元，FRLPC 增长 5%，达到 1.21 亿美元，显示出健康的核心经济。调整后的 EBITDA 增加到 9400 万美元，利润率为 29.6%，提高了 200 个基点，营业收入跃升 68%，达到 8000 万美元，更多收入流入底线。</p>
</div><h2>Network Volume Expansion</h2>
<div class="lb-trans"><h2>网络交易量扩张</h2>
</div><p>Network volume reached $2.6 billion, up 9% from the prior year and 23% when excluding SFR activity from Darwin Homes, reflecting broadening throughput on the platform. Management raised full‑year network volume guidance to a range of $11.45 billion to $13.0 billion, lifting the lower end by about $200 million and signaling confidence in demand.</p>
<div class="lb-trans"><p>网络交易量达到 26 亿美元，同比增长 9%，在不包括 Darwin Homes 的 SFR 活动时增长 23%，反映出平台的通量扩大。管理层将全年的网络交易量指引上调至 114.5 亿至 130 亿美元的区间，将下限提高约 2 亿美元，显示出对需求的信心。</p>
</div><h2>Material Funding and Capital‑Markets Milestones</h2>
<div class="lb-trans"><h2>重要融资和资本市场里程碑</h2>
</div><p>The company secured roughly $2.1 billion in funding through four ABS transactions, bringing in five new investors and widening its institutional reach. Pagaya also executed its first auto resecuritization, added Fitch as a key ratings partner and achieved a Fitch AAA on its personal loan resecuritization shelf, marketing deals to over 160 funding partners.</p>
<div class="lb-trans"><p>公司通过四笔 ABS 交易获得了约 21 亿美元的融资，引入了五位新投资者，扩大了其机构覆盖面。Pagaya 还执行了其首个汽车再证券化，增加了 Fitch 作为关键评级合作伙伴，并在其个人贷款再证券化架构上获得了 Fitch AAA 评级，向超过 160 家融资合作伙伴推销交易。</p>
</div><h2>Resecuritization and Capital Recycling Benefits</h2>
<div class="lb-trans"><h2>再证券化和资本循环的好处</h2>
</div><p>Resecuritization activity generated about $44 million in net cash flows over the past 12 months, providing a meaningful source of recyclable capital. The company refinanced roughly $800 million of seasoned collateral through these structures, enhancing balance‑sheet flexibility and supporting ongoing origination capacity without overreliance on new funding.</p>
<div class="lb-trans"><p>再证券化活动在过去 12 个月内产生了约 4400 万美元的净现金流，为可回收资本提供了重要来源。公司通过这些结构再融资了约 8 亿美元的成熟抵押品，增强了资产负债表的灵活性，并支持持续的发放能力，而不依赖于新的融资。</p>
</div><h2>Auto Business Surge</h2>
<div class="lb-trans"><h2>汽车业务激增</h2>
</div><p>Pagaya’s auto segment reached an annualized run rate of $2.3 billion, roughly double its level in the first quarter of 2025 and highlighting auto as a key growth pillar. Management credited improved ABS execution, more efficient dealer‑level transactions and stronger recoveries for driving record profitability in the auto portfolio.</p>
<div class="lb-trans"><p>Pagaya 的汽车部门达到了 23 亿美元的年化运行率，几乎是 2025 年第一季度水平的两倍，突显了汽车作为关键增长支柱的地位。管理层将创纪录的汽车投资组合盈利归功于改善的 ABS 执行、更高效的经销商级交易和更强的回收能力。</p>
</div><h2>Partner and Product Expansion Momentum</h2>
<div class="lb-trans"><h2>合作伙伴和产品扩展势头</h2>
</div><p>The company onboarded four new partners, including GLS, Upstart, Sezzle and Flex Pay, broadening its origination channels while personal loans still comprise 63% of production. Pagaya also integrated Experian Activate, completed 12 prescreen campaigns across five partners and described a robust pipeline of regional banks and other onboarding opportunities.</p>
<div class="lb-trans"><p>公司新增了四个合作伙伴，包括 GLS、Upstart、Sezzle 和 Flex Pay，拓宽了其发放渠道，同时个人贷款仍占生产的 63%。Pagaya 还整合了 Experian Activate，完成了跨五个合作伙伴的 12 个预筛选活动，并描述了区域银行和其他入驻机会的强大管道。</p>
</div><h2>Raised Full-Year Financial Guidance</h2>
<div class="lb-trans"><h2>上调全年财务指引</h2>
</div><p>Management lifted its full‑year 2026 outlook, now targeting adjusted EBITDA of $420 million to $460 million and GAAP net income of $110 million to $160 million. For the second quarter, Pagaya guided to network volume of $2.875 billion to $3.075 billion, revenue of $345 million to $365 million, adjusted EBITDA of $100 million to $115 million and GAAP net income of $25 million to $45 million.</p>
<div class="lb-trans"><p>管理层上调了其 2026 年的全年展望，现在目标调整后的 EBITDA 为 4.2 亿至 4.6 亿美元，GAAP 净收入为 1.1 亿至 1.6 亿美元。对于第二季度，Pagaya 指引网络交易量为 28.75 亿至 30.75 亿美元，收入为 3.45 亿至 3.65 亿美元，调整后的 EBITDA 为 1 亿至 1.15 亿美元，GAAP 净收入为 2500 万至 4500 万美元。</p>
</div><h2>Operating Efficiency and Leverage</h2>
<div class="lb-trans"><h2>运营效率和杠杆</h2>
</div><p>Core operating expenses stayed tightly managed, flat sequentially and only modestly higher year over year, representing 39% of FRLPC and underscoring disciplined cost control. Management stressed strong operating leverage, noting that a large share of incremental revenue is translating into higher adjusted EBITDA and operating income in absolute dollars.</p>
<div class="lb-trans"><p>核心运营费用保持严格管理，环比持平，同比仅略有上升，占 FRLPC 的 39%，强调了严格的成本控制。管理层强调强大的运营杠杆，指出大部分增量收入转化为更高的调整后 EBITDA 和绝对金额的营业收入。</p>
</div><h2>Losses and Fair-Value Downward Adjustments</h2>
<div class="lb-trans"><h2>损失和公允价值下调</h2>
</div><p>Not all metrics were positive, as gains and losses on investments in loans and securities included a $38 million loss this quarter, reflecting market and valuation headwinds. The overall investment portfolio and allowances saw a further $21 million downward fair‑value adjustment, though this was less severe than the $50 million adjustment recorded in the prior quarter.</p>
<div class="lb-trans"><p>并非所有指标都是积极的，因为贷款和证券投资的收益和损失包括本季度的 3800 万美元损失，反映了市场和估值的逆风。整体投资组合和准备金进一步下调了 2100 万美元的公允价值，尽管这比上一季度记录的 5000 万美元的调整要轻微。</p>
</div><h2>FRLPC Margin Compression and Lower Take Rates</h2>
<div class="lb-trans"><h2>FRLPC 利润率压缩和较低的提成率</h2>
</div><p>FRLPC as a share of network volume slipped by 19 basis points year over year to 4.6%, reflecting new partner mix and tighter pricing in ABS deals amid higher funding costs. Management acknowledged lower take rates as the cost of capital rose, indicating that these pressures are flowing directly through FRLPC and tempering per‑unit economics.</p>
<div class="lb-trans"><p>FRLPC 占网络交易量的比例同比下降 19 个基点至 4.6%，反映了新合作伙伴组合和在融资成本上升的情况下 ABS 交易的定价趋紧。管理层承认，随着资本成本上升，提成率降低，表明这些压力直接影响 FRLPC，并抑制了每单位经济。</p>
</div><h2>Private Credit Market Repricing and Earnings Pressure</h2>
<div class="lb-trans"><h2>私人信贷市场重新定价和盈利压力</h2>
</div><p>Executives highlighted ongoing repricing across private credit markets and heightened volatility that could weigh on near‑term earnings, especially for capital‑intensive products. To mitigate this risk, Pagaya is tactically shifting more volume toward public ABS channels, aiming to balance funding reliability with pricing discipline as markets reset.</p>
<div class="lb-trans"><p>高管们强调了私人信贷市场的持续重新定价和加剧的波动性，这可能会对近期盈利产生压力，尤其是对于资本密集型产品。为了减轻这一风险，Pagaya 正在战术性地将更多交易量转向公共 ABS 渠道，旨在在市场重置时平衡融资可靠性与定价纪律。</p>
</div><h2>Tighter Underwriting and Low Application Conversion</h2>
<div class="lb-trans"><h2>更严格的承保和低申请转化率</h2>
</div><p>Application‑to‑volume conversion remains below 1%, which management described as an intentional outcome of more conservative underwriting and a focus on higher‑quality borrowers. While this stance may constrain near‑term origination growth, the company argues it supports long‑term asset performance and investor confidence in its credit standards.</p>
<div class="lb-trans"><p>申请转化率仍低于 1%，管理层将其描述为更保守的承保和关注高质量借款人的有意结果。虽然这种立场可能会限制近期的发放增长，但公司认为这有助于长期资产表现和投资者对其信用标准的信心。</p>
</div><h2>Precautionary Liquidity Actions</h2>
<div class="lb-trans"><h2>预防性流动性措施</h2>
</div><p>The company drew on its revolver late in the quarter as a precautionary measure amid geopolitical uncertainty, then repaid the borrowing in April, showcasing a cautious liquidity posture. Management framed the move as a risk‑management step designed to ensure flexibility and resilience should funding markets become more stressed.</p>
<div class="lb-trans"><p>公司在季度末出于对地缘政治不确定性的预防措施而动用了循环信贷额度，随后在四月偿还了借款，展示了谨慎的流动性姿态。管理层将此举框定为一种风险管理措施，旨在确保在融资市场压力加大时的灵活性和韧性。</p>
</div><h2>FRLPC Pricing at Higher Loss Assumptions</h2>
<div class="lb-trans"><h2>FRLPC 在更高损失假设下的定价</h2>
</div><p>Pagaya is effectively pricing at loss assumptions roughly 125 to 175 basis points above those used by rating agencies, giving investors additional risk protection at the expense of near‑term fees. This conservative pricing framework reduces upfront FRLPC but is intended to create a buffer against unexpected credit deterioration and support long‑term relationships.</p>
<div class="lb-trans"><p>Pagaya 的定价实际上是在评级机构使用的损失假设基础上高出约 125 到 175 个基点，为投资者提供额外的风险保护，代价是短期费用的增加。这一保守的定价框架减少了前期 FRLPC，但旨在为意外的信用恶化创造缓冲，并支持长期关系。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>Looking ahead, Pagaya expects full‑year 2026 network volume between $11.45 billion and $13.0 billion and total revenue of $1.4 billion to $1.575 billion, assuming FRLPC margins of about 4% to 5%. The company is planning for an elevated cost of capital environment yet still forecasts adjusted EBITDA of $420 million to $460 million and GAAP net income of $110 million to $160 million, signaling confidence in its model.</p>
<div class="lb-trans"><p>展望未来，Pagaya 预计 2026 年全年网络交易量将在 114.5 亿美元至 130 亿美元之间，总收入将在 14 亿美元至 15.75 亿美元之间，假设 FRLPC 利润率约为 4% 至 5%。公司计划在资本成本环境上升的情况下，仍然预测调整后的 EBITDA 为 4.2 亿美元至 4.6 亿美元，GAAP 净收入为 1.1 亿美元至 1.6 亿美元，显示出对其模型的信心。</p>
</div><p>Pagaya’s earnings call painted a picture of a fintech platform balancing growth with prudence, as rising funding costs and valuation hits were countered by sustained profitability and stronger guidance. For investors, the key takeaways are expanding auto and partner channels, disciplined underwriting and capital management, and a management team willing to sacrifice some margin today to anchor longer‑term resilience.</p>
<div class="lb-trans"><p>Pagaya 的财报电话会议描绘了一个在增长与谨慎之间取得平衡的金融科技平台，随着融资成本上升和估值下滑，持续的盈利能力和更强的指导相抵消。对于投资者而言，关键要点是扩展的汽车和合作伙伴渠道、严谨的承保和资本管理，以及管理团队愿意牺牲一些利润以确保长期韧性。</p>
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Pagaya Technologies 延续盈利势头，上调未来展望