Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 136

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 136
---
 credit quality. The Company has not experienced any losses on these deposits.The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant. Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. Two customers, including one related party, individually represented greater than 10% of total revenue and collectively totaled approximately 23% for three months ended June 30, 2025. No customer represented more than 10% of the Company’s total revenue for six months ended June 30, 2025. Three customers, including two related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 55% for the three months ended June 30, 2024. Two customers, including one related party, individually represented great than 10% of total revenue and collectively totaled approximately 31% for six months ended June 30, 2024.

11

NOTE 4 - BORROWINGS

The following table sets forth the Company’s outstanding borrowings, inclusive of current and non-current portions, as of the date indicated (in thousands): June 30, 2025December 31, 2024Secured borrowings$265,557 $176,089 Long-term debt$314,547 $321,317 Exchangeable notes$147,526 $146,342 The Company was in compliance with all covenants as of June 30, 2025 and December 31, 2024. Secured BorrowingsRisk Retention Master Repurchase In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. These agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in the Company’s unaudited condensed consolidated balance sheet. As of June 30, 2025 and December 31, 2024, the outstanding principal balance under the repurchase agreements was $194.7 million and $144.0 million, respectively, which is recorded within secured borrowing on the unaudited condensed consolidated balance sheet, with a weighted average