Credit-related AdjustmentThe company's report included a credit-related fair value adjustment of $156 million from loans, more than twice as large as the previous quarter's adjustment.
Macroeconomic ConcernsInvestors’ anxiety about the macroeconomic situation and markets has been reflected in Pagaya's share price, which has declined significantly.
Risk RetentionRisk retention remains a concern due to the need for larger co-investments and increased spreads, affecting financial sensitivity.