$Upstart(UPST)$ $Pagaya Technologies(PGY)$
$PGY is trading lower in sympathy with $UPST after a note from BTIG flagged concerning delinquency trends in Upstart's ABS securitizations:
“August data from Upstart's ABS securitizations shows accelerating delinquencies in both the months of July and August. We are candidly surprised by the rapid increase. August 30+ day delinquencies across the trusts now exceed 11.2%, up from 10.4% in July, both of which are well above the 6–8% range that delinquencies have ranged at between October 2022 and May 2025.”
While the market is lumping both names together, this may be more of a $UPST-specific issue rather than an industry-wide one. This is exactly why I've preferred exposure to a more conservative model like $PGY's, which doesn't take on the same level of risk as $UPST.
➡️ We’ll need to wait for Q3 results to confirm the impact, but $PGY's management attended Jefferies’ conference on September 3, and their positive outlook from the last earnings call remained unchanged.
以上找到了点今天神秘暴跌原因
不能说 做空者完全没理由 尽管Upst很大一部分贷款资产在表上 但打包出去的ABS还是有不少业务和PGY有重叠
经济真的恶化成这样了吗？ 怎么估值比Upst低了那么多 结果Upst暴雷 PGY跟着一起被炸？这次下跌 如果最终财报表现出来PGY的ABS资产更优质， 那也许经历这波后PGY的估值能加速起来