On February 11, 2025, Iceberg Research issued a report alleging the company misled investors about its financial health and exposure to risk. The report claims that Pagaya used investor funds to absorb high-risk loan tranches, contradicting its public claims about risk distribution, and engaged in questionable financial maneuvers to inflate fees and attempt to mask impairments.
Following this news, shares of Pagaya Technologies fell over 13% on the same day.
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