Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 20

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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)5.55.8Weighted-average discount rate9.1 %9.1 %Three Months Ended March 31,20252024Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)$— $(219)(1) During the three months ended March 31, 2025 and 2024, $0 and $0.2 million of operating lease right-of-use assets and corresponding lease liability were derecognized as a result of early termination. Maturities of the Company’s operating lease liabilities as of March 31, 2025 were as follows (in thousands): 2025$7,021 20269,244 20277,788 20285,082 20295,167 Thereafter9,904 Total44,206 Less: imputed interest(9,058)Total operating lease liabilities$35,148 

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NOTE 8 - COMMITMENTS AND CONTINGENCIES 

Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the consolidated statements of balance sheets and these matters are immaterial. Contractual Obligations and Commitments — During 2023, the Company entered into a purchase commitment with our third-party cloud computing web services provider, which included an annual purchase commitment of $8.5 million for the period from October 2023 through September 2025. As of March 31, 2025, the total remaining contractual obligations are approximately $2.4 million, all of which is for the next 12 months. The Company may pay more than the minimum purchase commitment based on usage. In October 2024, the Company completed the acquisition of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. The Company acquired 100% of Theorem’s equity for approximately $17.5 million, consisting of $10.0 million cash and 504,440 of the Company’s Class A Ordinary Shares ($7