Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 150

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 MEASUREMENT

FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such quoted market prices are not available, fair value is based upon models that use, as inputs, observable market-based parameters to the greatest extent possible. Financial Assets and Liabilities Recorded at Fair ValueThe following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):

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June 30, 2025Level 1Level 2Level 3TotalAssets:Investments in loans and securities (Notes)$— $133,326 $187,869 $321,195 Investments in loans and securities (Certificates)— — 547,101 547,101 Liabilities:Warrant liability$2,471 $— $— $2,471Other liabilities (1)— — 6,697 6,697 December 31, 2024Level 1Level 2Level 3TotalAssets:Investments in loans and securities (Notes) (2)$— $115,220 $125,054 $240,274 Investments in loans and securities (Certificates) (2)— 533,243 533,243 Liabilities:Warrant liability$890$3$—$893Other liabilities (1)— — 6,090 6,090 (1) Included in “Accrued expenses and other liabilities” in the unaudited condensed consolidated balance sheets. See Note 8 for additional information. (2) Accrued interest receivable of $14.3 million, previously reported within “Fee and other receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2)Warrant liability (Level 1)The following tables summarize the Warrant liability activity for the three and six months ended June 30, 2025 and 202