Key Takeaways PGY avoids holding loans on its books by using ABS and forward flow deals to offload credit risks.The model helps PGY scale efficiently, preserve liquidity and limit exposure in volatile markets.The PGY stock has soared 213% YTD, trades at a discount to peers, and has rising earnings growth estimates.Pagaya Technologies Ltd. (PGY) , a leading fintech innovator, operates a capital-efficient model that largely avoids holding loans on its balance sheet, significantly reducing its exposure to cred ...