Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 146

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 146
---
 As of December 31, 2024$628,038 $628,038 $10,708,146 

From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases  occur at the Company’s discretion, subject to contractual requirements and limitations. See Note 9 for additional information. 

NOTE 7 - LEASES 

The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York, Israel and several other locations. The security deposits for the leases are $3.1 million and $3.3 million as of June 30, 2025 and December 31, 2024, respectively, which have been recognized as restricted cash, non-current in the unaudited condensed consolidated balance sheets. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Rent expense$2,734$2,938$5,573$5,849Variable lease payments$130$80$264$174Sublease income (1)$1,310$1,003$2,474$2,008(1) The Company entered into sublease agreements for certain leased office space, and the amounts were included in other expense, net in the unaudited condensed consolidated statements of income.Supplemental information related to the Company’s operating leases was as follows ($ in thousands):

18

June 30, 2025December 31, 2024Weighted-average remaining lease term (in years)5.45.8Weighted-average discount rate9.0 %9.1 %Three Months Ended June 30,Six Months Ended June 30,2025202420252024Operating lease right-of-use assets recognized in exchange for new operating lease obligations$(113)$— $(113)$(219)Maturities of the Company’s operating lease liabilities as of June 30, 2025 were as follows (in thousands): 2025$4,861 20269,765 20278,310 20285,604 20295,697 Thereafter10,921 Total45,158 Less