Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 53

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 53
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 brokerage transactions and transactions in which the broker solicits purchasers; |

| · | transactions not involving market makers or established trading markets, including direct sales or privately negotiated transactions; |

| · | transactions in options, swaps or other derivatives that may or may not be listed on an exchange; |

| · | through the distribution for value of the securities by any Selling Securityholder to its partners, members, stockholders or other 
 equity holders;                                                                                                                    |

| · | in short sales entered into after the effective date of the registration statement of which this prospectus is a part; |

| · | by pledge to secured debts and other obligations; |

| · | through any other method permitted by applicable law and described in the applicable prospectus supplement, if required; or |

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| · | through a combination of any such methods of sale. |

There can be no assurance that the Selling Securityholders
will sell all or any of the securities offered by this prospectus.

The Selling Securityholders may sell the securities
at prices then prevailing, related to the then prevailing market price or at negotiated prices. The offering price of the securities from
time to time will be determined by the Selling Securityholders and, at the time of the determination, may be higher or lower than the
market price of our securities on Nasdaq or any other exchange or market.

The Selling Securityholders may also sell our
securities short and deliver the securities to close out their short positions or loan or pledge the securities to broker-dealers that
in turn may sell the securities. The shares may be sold directly or through broker-dealers acting as principal or agent or pursuant to
a distribution by one or more underwriters on a firm commitment or best-efforts basis. The Selling Securityholders may also enter into
hedging transactions with broker-dealers. In connection with such transactions, broker-dealers of other financial institutions may engage
in short sales of our securities in the course of hedging the positions they assume with the Selling Securityholders. The Selling Securityholders
may also enter into options or other transactions with broker-dealers or other financial institutions, which require the delivery to such
broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial
institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

In connection with an underwritten offering, underwriters
or agents may receive compensation in the form of discounts