Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 14

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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, individually represented great than 10% of total revenue and collectively totaled approximately 31% for six months ended June 30, 2024.

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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 interest rate of approximately thirteen percent and fifteen percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both June 30, 2025 and December 31, 2024.The Company has repaid $58.1 million of outstanding principal balance under the repurchase agreements as of August 7, 2025. See Note 15 for additional information.Receivables FacilityIn April 2025, Pagaya Structured Products LLC, a wholly-owned subsidiary, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders. This agreement established a 24-month Capitalized Interest Amounts Facility (the “CIA Facility”) with a maximum principal amount of $24 million to finance eligible capitalized interest amounts related to sponsored securitization transactions. Additionally, in