Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 29

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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  The following table summarized the Company’s RSU activity during the three months ended March 31, 2025: Number of RSUsWeighted Average Grant Date Fair Value Per ShareUnvested at December 31, 20243,009,918 $12.0 Granted2,030,880 9.9 Vested(948,773)11.8 Forfeited(132,669)10.8 Unvested at March 31, 20253,959,356 $11.0 As of March 31, 2025, unrecognized compensation expense related to RSUs was approximately $38.3 million, which is expected to be recognized over a remaining weighted-average period of 0.9 years. Options to Restricted Shares—Options to restricted shares were granted to certain employees and directors during 2021. See Note 16 to the consolidated financial statements included in the Annual Report on Form 10-K for additional information. The following table summarized the Company’s options to restricted shares activity during the three months ended March 31, 2025:

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Number of OptionsWeighted Average Exercise PriceWeighted AverageRemaining ContractualTerm (Years)AggregateIntrinsic Value (000’s)Balance, December 31, 202419,948,408 $19.4 6.2$— Granted— — Exercised(4,707)12.2 Forfeited(19,945)38.2 Balance, March 31, 202519,923,756 $19.3 6.0— Vested and exercisable, March 31, 202516,557,180 $19.3 6.0$— At March 31, 2025, unrecognized compensation expense related to options to restricted shares was approximately $9.3 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years. Employee Stock Purchase Plan—The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. During the three months ended March 31, 2025, 55,876 shares were issued under the ESPP. As of March 31, 2025, 776,837 shares of Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related