Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 55

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 55
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and other item constituting compensation, any discount, commission or concession allowed or reallowed or paid to any dealer, and the proposed
selling price to the public.

To the extent required, this prospectus may be
amended and/or supplemented from time to time to describe a specific plan of distribution. Instead of selling the securities under this
prospectus, the Selling Securityholders may sell the securities in compliance with the provisions of Rule 144 under the Securities Act,
if available, or pursuant to other available exemptions from the registration requirements of the Securities Act.

<div align='center'>30

MATERIAL U.S. TAX
CONSIDERATIONS FOR U.S. HOLDERS OF CLASS A ORDINARY SHARES</div>

The following are U.S. federal income tax considerations
of the ownership and disposition of Pagaya’s Class A Ordinary Shares. This discussion is based on the Internal Revenue Code of 1986,
as amended (the “Code”), Treasury Regulations, published positions of the U.S. Internal Revenue Service (the “IRS”),
court decisions and other applicable authorities, all as of the date hereof and all of which are subject to change or differing interpretations
(possibly with retroactive effect). This discussion applies only to holders of Class A Ordinary Shares that hold their Class A Ordinary
Shares as capital assets within the meaning of the Code (generally, property held for investment). The following does not purport to be
a complete analysis of all potential U.S. federal income tax effects arising in connection with the ownership and disposition of Class
A Ordinary Shares. Pagaya has not sought and will not seek any rulings from the IRS regarding any matter discussed herein. There can be
no assurance that the IRS will not assert, or that a court will not sustain, a position contrary to any of those set forth below.

This discussion does not discuss all aspects of
U.S. federal income taxation that may be relevant to holders in light of their particular circumstances or status, including:

| · | persons who acquire shares of our Class A Ordinary Shares as compensation or otherwise in connection with the performance of services 
 ;                                                                                                                                     |

| · | banks, insurance companies, and other financial institutions; |

| · | tax-exempt entities or governmental organizations; |

| · | individual retirement accounts or “Roth IRAs”; |

| · | regulated investment companies and real estate investment trusts; |

| · | brokers, dealers, traders in securities or other persons that elect to mark their securities to market for U.S. federal income tax