Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 11

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 11
---
,429 Total revenue from fees, net$282,704 $237,004 The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of March 31, 2025 or December 31, 2024.Concentrations of Credit Risk and Significant CustomersFinancial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant. Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. Two related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 35% for three months ended March 31, 2025. Four customers, including three related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 57% for the three months ended March 31, 2024.

NOTE 4 - BORROWINGS

The following table sets forth the the Company’s outstanding borrowings, inclusive of current and non-current portions, as of the date indicated (in thousands): March 31, 2025December 31, 2024Secured borrowings$178,749 $176,089 Long-term debt$317,919 $321,317 Exchangeable notes$146,925 $146,342 The Company was in compliance with all covenants as of March 31, 2025. 

10

Secured BorrowingsRisk Retention Master Repurchase In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. These agreements with counterparties generally contain  contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in the Company’s balance sheet. As of March 31, 2025 and December 31, 2024, the outstanding principal balance under the repurchase agreements was $153