Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 110

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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ishment of debt” in the condensed consolidated statements of operations.

The following table summarizes the Company’s new borrowings, repayments, and outstanding balances for the term loan, secured borrowing, and Senior Notes as of September 30, 2025 ($ in thousands):

Unpaid Principal Balance as of June 30, 2025Weighted Average Interest Rate as of June 30, 2025New Borrowing(1)Repayments(3)Unpaid Principal Balance as of September 30, 2025Weighted Average Interest Rate as of September 30, 2025Term loan(2)$332,125 11.95%$— $(332,125)$— —%Secured borrowing(2)267,647 11.48%18,714 (153,920)132,441 9.67%Senior Notes(2)— —%500,000 — 500,000 8.875%Revolving credit facility(4)— SOFR plus 7.5%— — — SOFR plus 3.5%Total$599,772 $518,714 $(486,045)$632,441 

(1) Excluding underwriting fees of $7.5 million and direct issuance costs of $5.2 million associated with Senior Notes

(2) Excluding unamortized debt issuance costs associated with each borrowing.

(3) Excluding an early payment penalty of $6.6 million associated with the repayment of the term loan.

(4) 2025 Revolving Credit Facility, replacing the old revolving credit facility, was closed on October 1, 2025. See Note 15 to the unaudited condensed consolidated financial statements elsewhere included in this Quarterly Report.

Receivables Facility

In April 2025, Pagaya Structured Products LLC, a wholly-owned subsidiary of the Company, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders. This agreement established a 24-months 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 June 2025, Pagaya Structured Products LLC entered into a 30-month Accrued Loan Purchasing Fee Receivables Facility (the “ALPF Facility”) with a maximum principal amount of $65 million to finance certain eligible rece