A Third of Office Mortgages Packed Into Bonds Are at Risk of Default [BNN Bloomberg (Canada)]
Pagaya Technologies Ltd. (PGY)
Company Research
Source: BNN Bloomberg
That share is up from 16% a year ago, according to the firm. Some cities have bigger headaches than others, with Chicago and Denver offices having 75% and 65% in jeopardy, respectively. The office sector is wrestling with twin challenges of low occupancy and rising interest rates that have pushed valuations sharply lower. Lenders are still absorbing losses and placing loans on watchlists, while borrowers have been extending loans in hopes that values will rebound. Read More: CMBS Delinquency Rate Surges to Highest Since September 2021 This week offered some hope for borrowers holding out for lower interest rates. On Friday, relatively soft job gains data suggested the economy is cooling, causing traders to pull forward bets on the first Federal Reserve rate cut to September from November. Even so, strain in the office sector could get worse before it gets better, said Michael Cohen, a managing partner at commercial real estate consulting firm Brighton Capital Advisors. “I d
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PGY
News
- Pagaya: An Undervalued Fintech Powerhouse [Seeking Alpha]Seeking Alpha
- Capital Allocation Trends At Pagaya Technologies (NASDAQ:PGY) Aren't Ideal [Yahoo! Finance]Yahoo! Finance
- Pagaya Technologies Ltd. (NASDAQ:PGY) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Pagaya Technologies Ltd. (NASDAQ: PGY) had its "buy" rating re-affirmed by analysts at Benchmark Co.. They now have a $22.00 price target on the stock.MarketBeat
- Pagaya Technologies Ltd. (NASDAQ: PGY) had its "buy" rating re-affirmed by analysts at Canaccord Genuity Group Inc.. They now have a $42.00 price target on the stock.MarketBeat
PGY
Earnings
- 5/9/24 - Beat
PGY
Sec Filings
- 5/17/24 - Form 4
- 5/17/24 - Form 3
- 5/9/24 - Form 10-Q
- PGY's page on the SEC website