Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
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Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
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Item 1. Financial Statements

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Table of Contents

PAGAYA TECHNOLOGIES LTD. 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share amounts)

September 30,December 31,20252024AssetsCash and cash equivalents$218,314 $187,921 Restricted cash and cash equivalents46,453 38,597 Fees receivables (1)(2)154,976 127,114 Investments in loans and securities (1)887,736 778,409 Equity method and other investments14,847 21,933 Right-of-use assets32,166 36,876 Property, equipment and software, net32,408 37,974 Goodwill22,903 23,062 Intangible assets, net9,091 12,821 Other assets (2)36,482 26,365 Total Assets$1,455,376 $1,291,072 Liabilities and Shareholders’ EquityLiabilities:Accounts payable$5,064 $6,992 Accrued expenses and other liabilities48,598 45,362 Operating lease liabilities34,958 37,064 Income taxes payable and other tax liabilities25,977 41,217 Warrant liability7,379 893 Secured borrowing131,525 176,089 Exchangeable notes148,148 146,342 Long-term debt487,789 321,317 Total Liabilities889,438 775,276 Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 and  5,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $60,814 and $150,000 as of September 30, 2025 and December 31, 2024, respectively.30,103 74,250 Shareholders’ equity:Class A ordinary shares, no par value, 666,666,666 shares authorized, 68,839,327 and 61,227,672 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.— — Class B ordinary shares, no par value, 166,666,666 shares authorized, 11