12:57 PM EDT, 07/14/2025 (MT Newswires) -- Pagaya Technologies ( PGY ) said Monday it signed a forward flow agreement with Castlelake for the purchase of up to $2.5 billion in personal loan assets over a 16-month period.

The deal, subject to closing conditions, expands on the companies' earlier agreement in 2024, which committed up to $1 billion in capital over 12 months.

The company said the expanded arrangement provides additional funding capacity to support growth in its personal loan program and scale volumes from both new and existing lending partners.

A Pagaya ( PGY ) spokesperson told MT Newswires the agreement is more than twice the size of the original deal and is expected to help the company "drive consistent execution for our lending and capital partners alike."

The spokesperson added that as the forward flow program grows, Pagaya ( PGY ) sees "strong validation" of its platform's performance and its ability to deliver credit assets at scale to institutional investors.

Shares of Pagaya ( PGY ) were up 2.6% in recent trading.

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