Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 26

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 to, purchase assets from the Financing Vehicles. Such repurchases  occur at the Company’s discretion, subject to contractual requirements and limitations. See Note 9 for additional information. 

NOTE 7 - LEASES 

The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York, Israel and several other locations. The security deposits for the leases are $1.9 million and $3.3 million as of September 30, 2025 and December 31, 2024, respectively, which have been recognized as restricted cash and cash equivalents in the unaudited condensed consolidated balance sheets. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Rent expense$2,804$2,900$8,377$8,748Variable lease payments$52$87$316$260Sublease income (1)$1,392$999$3,866$3,007(1) The Company entered into sublease agreements for certain leased office space, and the amounts were included in other expense, net in the unaudited condensed consolidated statements of operations.Supplemental information related to the Company’s operating leases was as follows ($ in thousands):

19

September 30, 2025December 31, 2024Weighted-average remaining lease term (in years)5.25.8Weighted-average discount rate9.0 %9.1 %Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Operating lease right-of-use assets recognized in exchange for new operating lease obligations$— $(19,961)$(113)$(20,179)Maturities of the Company’s operating lease liabilities as of September 30, 2025 were as follows (in thousands): 2025$2,458 20269,877 20278,421 20285,716 20295,811 Thereafter11,139 Total43,422 Less: imputed interest(8,464)Total operating lease liabilities$34,958 

NOTE 8 - COMMITMENTS AND CONTINGENCIES 

Legal Proceedings — From time to time the