Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 140

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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 rate of the Notes is 8.7%.

13

NOTE 5 - INVESTMENTS

As of June 30, 2025, our investments in loans and securities portfolio consisted of (i) investments held at fair value with changes in fair value recorded in unrealized gain (loss) on securities, excluding the portion relating to any credit loss; (ii) loans held for investment at amortized cost, less an allowance for potential uncollectible amounts; and (iii) investments held at fair value, with changes in fair value recorded in earnings, for which we elected the fair value option. Below is a disaggregated presentation of our investments in loans and securities, including fair value adjustments, accrued interest income and net of the allowance for credit losses, as applicable: Carrying ValueJune 30, 2025December 31, 2024Investments in loans and securitiesSecuritization notes, available for sale$309,651 $240,273 Securitization certificates, available for sale525,757 533,243 Other loans and receivables, at amortized cost1,765 4,893 Total837,173 778,409 Investments in securities, under the fair value optionSecuritization notes11,544 — Securitization certificates21,344 — Total32,888 — Total investments in loans and securities$870,061 $778,409 Investments in Loans and SecuritiesThe amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in securities as of June 30, 2025 and December 31, 2024 were as follows (in thousands). As provided in Note 6, a portion of these investments in securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.As of June 30, 2025Investments in securities, available for sale(1):Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair ValueSecuritization notes$312,344 $271 $(91)$(2,873)$309,651 Securitization certificates1,045,199 5,851 (34,397)(490,896)525,757 (1) Includes accrued interest receivable of $18.0 million.As of December 31, 2024Investments in