Pagaya Technologies Ltd. reported a net income of $81.4 million for the year ended December 31, 2025, a significant turnaround from a net loss of $401.4 million in 2024. Total revenue and other income increased by 26% to $1,301.4 million in 2025, up from $1,032.2 million in 2024. Fee revenue grew by 26% to $1,261.3 million in 2025, primarily due to a $215.2 million increase in Network AI fees and a $41.6 million increase in contract fees. Adjusted EBITDA saw a 76% increase, reaching $371.0 million in 2025 compared to $210.4 million in 2024, reflecting FRLPC improvement initiatives and disciplined cost management. Network Volume, a key operating metric, grew by 9% to $10.5 billion in 2025 from $9.7 billion in 2024. General and administrative costs decreased by 34% ($81.2 million) in 2025, mainly due to lower losses from loan purchases and reduced transaction costs. Losses on investments in loans and securities decreased by $297.1 million in 2025, primarily due to a $316.7 million reduction in credit-related impairment loss. The company refinanced its Revolving Credit Facility on October 1, 2025, securing a new three-year facility with a committed borrowing capacity of $132 million and reduced interest rates. Pagaya US Holding Company LLC issued $500 million aggregate principal amount of 8.875% Senior Unsecured Notes due 2030 on July 28, 2025, using proceeds to fully pay off the outstanding principal balance under the previous Credit Agreement. The company repurchased $6.9 million of the 2030 Notes in December 2025 and an additional $7.4 million in February 2026, funded by cash from its balance sheet. As of December 31, 2025, Pagaya had 2,027,147 Class A Preferred Shares outstanding, 70,747,357 Class A Ordinary Shares outstanding, and 11,288,577 Class B Ordinary Shares outstanding. The company transitioned from an emerging growth company to a large accelerated filer and ceased to be a foreign private issuer as of December 31, 2025, aligning with U.S. domestic issuer reporting requirements.