Pagaya: 3× Upside But On Thin Ice

Pagaya has a massive growth potential ahead but it comes with lethal balance sheet related risks.

Let me start with a question—why was the internet so revolutionary?

Because the internet achieved two things:

• Infinite scale.

• Instant access.

Thus, resources and services that were previously hard to reach have become increasingly accessible.

This is the hallmark of the digital era: Democratization of access.

Naturally, most successful companies on the intern…