Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 151

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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4 (in thousands):

21

Three Months Ended June 30, 2025Balance as of March 31, 2025$1,992 Change in fair value479 Balance as of June 30, 2025$2,471 Six Months Ended June 30, 2025Balance as of December 31, 2024$893 Change in fair value1,578 Balance as of June 30, 2025$2,471 Three Months Ended June 30, 2024Balance as of March 31, 2024$1,342 Change in fair value329 Balance as of June 30, 2024$1,671 Six Months Ended June 30, 2024Balance as of December 31, 2023$3,242 Change in fair value(1,571)Balance as of June 30, 2024$1,671 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 3)Investments in Loans and Securities (Level 3)As of June 30, 2025, the Company held investments in loans and securities classified as available for sale. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the unaudited condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the unaudited condensed consolidated statements of comprehensive loss. Declines in fair value due to credit are reflected in other expenses, net on the unaudited condensed consolidated statements of operations. The Company held investments in securities under the fair value option. These assets are measured using a discounted cash flow methodology, while also considering market data as it become available, and presented within investments in loans and securities on the unaudited condensed consolidated balance sheets. The initial fair value measurement and subsequent measurement changes in fair value in the period are reflected in the other expenses, net on the unaudited condensed consolidated statements of operations. The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale (Level 3 only) for the three and six months ended June 30, 2025 and 2024 (in thousands):

22

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Balance, beginning of period$641,617 $825,