Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 56

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 56
---
 
 purposes;                                                                                                                          |

| · | certain expatriates and former citizens or residents of the United States; |

| · | persons that have a functional currency other than the U.S. Dollar; |

| · | persons holding Class A Ordinary Shares as part of a hedging, integrated, straddle, conversion or constructive sale transaction for 
 U.S. federal income tax purposes;                                                                                                   |

| · | persons subject to special tax accounting rules under Section 451 of the Code as a result of any item of gross income with respect 
 to Class A Ordinary Shares being taken into account in an applicable financial statement; and                                      |

| · | persons that actually or constructively own 5% or more of Pagaya’s shares by vote or value. |

This discussion does not address estate or gift
taxes, any aspect of the Medicare contribution tax on “net investment income” or any minimum tax, any state, local or non-U.S.
tax considerations, or any U.S. federal tax considerations other than U.S. federal income tax considerations.

For purposes of this discussion, a “U.S.
Holder” is any beneficial owner of Class A Ordinary Shares that is, for U.S. federal income tax purposes:

| · | an individual who is a citizen or resident of the United States; |

<div align='center'>31</div>

| · | a corporation (including any entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under 
 the laws of the United States or any state thereof or the District of Columbia;                                                     |

| · | an estate whose income is subject to U.S. federal income taxation regardless of its source; or |

| · | a trust if (i) a court within the U.S. is able to exercise primary supervision over the trust’s administration and one or more        
 U.S. persons have the authority to control all of the trust’s substantial decisions, or (ii) the trust has a valid election in effect 
 under applicable Treasury Regulations to be treated as a U.S. person.                                                                 |

If a partnership (including any entity or arrangement
treated as a partnership or other pass-through entity for U.S. federal income tax purposes) holds Class A Ordinary Shares, the U.S. federal
income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership
and certain determinations made at the owner or participant level. Accordingly, partners and partnerships considering an investment in
Class A