Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 5

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 Balance – March 31, 20255,000,000 $74,250 75,430,952 $— $1,299,010 $(27,370)$(936,150)$335,490 $105,313 $440,803 

The accompanying notes are an integral part of these condensed consolidated financial statements

5

PAGAYA TECHNOLOGIES LTD. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands) 

Three Months Ended March 31,20252024Cash flows from operating activitiesNet income (loss) including noncontrolling interests$2,492 $(31,662)Adjustments to reconcile net income (loss) to net cash used in operating activities:Equity method loss (income)391 (528)Depreciation and amortization7,722 6,317 Share-based compensation13,172 15,475 Fair value adjustment to warrant liability1,099 (1,900)Impairment loss on investments in loans and securities (1)37,080 26,987 Gain on sale of investments in loans and securities(5,894)— Amortization of deferred costs2,396 475 Write-off of capitalized software— 408 Loss on foreign exchange 32 264 Change in operating assets and liabilities:Fees and other receivables (1)(8,844)(6,832)Accrued interest on investments (1)(6,088)(4,940)Prepaid expenses and other assets1,652 (1,936)Right-of-use assets1,505 1,879 Accounts payable3,016 1,885 Accrued expenses and other liabilities(11,615)8,298 Operating lease liability(1,415)(1,524)Income taxes(2,274)5,043 Net cash provided by operating activities34,427 17,709 Cash flows from investing activitiesProceeds from the sale/maturity/prepayment of:Investments in loans and securities (1)58,674 38,658 Cash and restricted cash acquired from Theorem Technology, Inc.159 — Payments for the purchase of:Investments in loans and securities(81,943)(261,638)Property and equipment(3,776)(5,145)Net cash used in investing activities(26,886)(228,125)