Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 52

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 52
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PLAN OF DISTRIBUTION</div>

We are not offering or selling any securities
under this prospectus. We are registering the issuance by us of up to 2,076,013 Warrant Shares. The Selling Securityholders named in this
prospectus are also offering their Class A Ordinary Shares (including Class A Ordinary Shares underlying the Warrants previously issued
in connection with the EJFA Merger and Class B Ordinary Shares) for possible sale from time to time.

The term “Selling Securityholders”
as used herein includes donees, pledgees, transferees, or other successors in interest selling shares received after the date of this
prospectus from a selling shareholder as a gift, pledge, partnership distribution, or other non-sale related transfer. The Selling Securityholders
will act independently of us in making decisions with respect to the timing, manner, and size of each sale. Any sales of securities by
the Selling Securityholders may be made on one or more exchanges or in the over-the-counter market or otherwise, at prices and under terms
then-prevailing, or at prices related to the then-current market price of our Class A Ordinary Shares or other securities or in negotiated
transactions.

Any Selling Securityholders, if applicable, may
sell the securities in one or more of the following ways (or in any combination) from time to time:

| · | through underwriters or dealers; |

| · | directly to a limited number of purchasers or to a single purchaser; |

| · | “at the market” or through market makers or into an existing market for the securities;; |

| · | to or through one or more underwriters on a firm commitment or agency basis; |

| · | through put or call option transactions relating to the securities; |

| · | to or through dealers, who may act as agents or principals, including a block trade (which may involve crosses) in which a broker                 
 or dealer so engaged will attempt to sell as agent but may position and resell a portion of the block as principal to facilitate the transaction; |

| · | through agents; |

| · | purchases by a broker or dealer as principal and resale by such broker or dealer for its own account pursuant to this prospectus; |

| · | directly to purchasers, including our affiliates, through a specific bidding or auction process, on a negotiated basis or otherwise; |

| · | exchange distributions and/or secondary distributions; |

| · | ordinary