Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 142

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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 yearGreater than 1 year, less than or equal to 5 yearsTotalInvestments in securities, available for sale(1)(2):Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueSecuritization notes$9,907 $9,903 $230,489 $230,370 $240,396 $240,273 Securitization certificates11,554 11,554 1,037,180521,6891,048,734533,243(1) Based on expected maturity date cash flows. (2) Includes accrued interest receivable of $14.3 million, previously reported within “Fee and other receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Investments in loans and securities:Proceeds from sales/maturities/prepayments$70,676 $30,925 $129,350 $75,779 Gross investment gains from sales and maturities$(2,796)$— $(8,690)$— Write-offs charged against the allowance$157 $850 $593 $2,299 Reductions (additions) to allowance for credit losses$(28,506)$(53,062)$14,832 $(79,913)The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):

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Three Months Ended June 30, 2025Securitization notesSecuritization certificatesOther Loans and ReceivablesTotalBalance, beginning of period$(2,873)$(462,436)$(1,211)$(466,520)Additions to allowance for credit losses not previously recorded— (22,594)— (22,594)Additions (reductions) on securities with previous allowance— (5,866)(46)(5,912)Write-offs charged against the allowance— — 157 157 Balance, end of period$(2,873)$(490,896)$(1,100)$(494,869)Six