1530 ET - Pagaya Technologies' second-quarter print is the kind of report that "forces a market to reconsider what it thinks it knows about a company," Benchmark analyst Mark Palmer writes in a note. Among "emphatic" headline numbers across the business, a standout was the Auto vertical, with an annualized network volume run-rate up 140%, to $4.8 billion--all while Pagaya maintained restraint around loan underwriting. "As such, PGY's 2Q26 growth came entirely from product and partner execution, rather than credit expansion," and this distinction should matter for assessing the company's sustainability, Palmer writes. "Sustainability of PGY's growth engine rests on a partner pipeline that continues to deepen." The stock is also valued cheaply compared to fintech peers with worse margins and growth, Palmer says, maintaining his "buy" rating. Shares are up 8.1%.