Dechert Advises Pagaya on Agreement to Sell US$1 Billion of Consumer Loans

Dechert advised Pagaya Technologies LTD. (NASDAQ: PGY), a global technology company delivering AI-driven product solutions for the financial ecosystem, on an agreement to source up to US$1 billion in consumer loans to Castlelake, L.P.

This transaction expands and diversifies Pagaya's funding capacity, enhances capital efficiency and adds a strategic funding partner to its network of more than 120 institutional investors. Bespoke forward flow agreements such as this provide scalability as new assets are continuously added and flexibility to adjust terms based on market conditions and performance.

"Dechert is privileged to have partnered with Pagaya from its earliest days as a market disrupting newcomer through its remarkable rise to become the industry leader it is today," said Dechert global finance partner Andrew Pontano. "This agreement with Castlelake is an impressive addition to Pagaya's ever-growing network of funding sources."

Castlelake is a global alternative investment manager specializing in asset-based private credit and an experienced investor in consumer credit opportunities.

In addition to Mr. Pontano, the Dechert team advising Pagaya included associates Bob Frink, Eric Green, Shlomo Manne and Hugo Sanchez.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital - from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.