Please use a PC Browser to access Register-Tadawul
Get It
BUZZ-Pagaya Technologies jumps as Blue Owl agrees to purchase $2.4B of consumer loans
Pagaya Technologies -9.05%
Blue Owl Capital Inc. Class A Common Stock -2.86%
Dow Jones Industrial Average -0.51%
S&P 500 index -1.07%
NASDAQ -1.69%
Pagaya Technologies PGY | 22.70 | -9.05% |
Blue Owl Capital Inc. Class A Common Stock OWL | 15.65 | -2.86% |
Dow Jones Industrial Average DJI | 48458.05 | -0.51% |
S&P 500 index SPX | 6827.41 | -1.07% |
NASDAQ IXIC | 23195.17 | -1.69% |
** Shares of financial technology firm Pagaya Technologies PGY.O jump as much as 12.5% in early trading; last up 6.7% at $11.15
** Funds managed by alternative asset manager Blue Owl Capital OWL.N have agreed to purchase as much as $2.4 bln of consumer loans through the PGY network over a 24-month period, PGY says
** Deal is in the form of a so-called forward flow agreement, wherein the buyer agrees to buy loans before they have originated
** Transaction demonstrates the role private credit can play to support the U.S. consumer lending industry, Ivan Zinn, head of alternative credit at Blue Owl says
** Brokerage Benchmark says PGY is now well-positioned to fund loan organizations with minimal use of its own capital
** PGY stock slumped 43.9% in 2024
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
