Curious: What do you think about Pagaya and its role in facilitating as a middleman in between the highway of private credit and bank originators? Seems like value-add comes from ability to execute on consumer-centric credit underwriting, but couldn't these private credit shops build in-house capabilities themselves without sacrificing any of the spread?
Curious: What do you think about Pagaya and its role in facilitating as a middleman in between the highway of private credit and bank originators? Seems like value-add comes from ability to execute on consumer-centric credit underwriting, but couldn't these private credit shops build in-house capabilities themselves without sacrificing any of the spread?