Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 61

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 61
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F-31

Table of Contents

December 31, 2024Level 1Level 2Level 3TotalAssets:Investments in loans and securities (Notes)$— $114,480 $123,478 $237,958Investments in loans and securities (Certificates and Other loans and receivables)— — 526,161 526,161Liabilities:Warrant liability$890$3$—$893Contingent consideration liability (1)— — 6,090 6,090(1) Included in accrued expenses and other liabilities in the consolidated balance sheets. See Note 3 and Note 12 for additional information. December 31, 2023Level 1Level 2Level 3TotalAssets:Investments in loans and securities (Notes)$— $90,425 $— $90,425Investments in loans and securities (Certificates and Other loans and receivables)— — 626,368 $626,368Liabilities:Warrant liability$2,106$1,136$—$3,242There were no transfers between levels during the period ended December 31, 2023.Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2)Warrant liability (Level 1 and 2)The Company used the value of the Public Warrants (Level 1) as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. The following tables summarize the Warrant liability activity for the year ended December 31, 2024, 2023 and 2022 (in thousands):Balance as of December 31, 2021$27,469 Assumed warrants in connection with the Merger(1)5,594Change in fair value(11,088)Reclassification(2)(20,575)Balance as of December 31, 2022$1,400 Change in fair value1,842 Balance as of December 31, 2023$3,242 Change in fair value(2,349)Balance as of December 31, 2024$893 (1) See Note 3 for additional information. (2) In connection with the EJFA Merger, the liability-classified warrants were reclassified to equity-classified warrants. Assets and Liabilities Measured at Fair