Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 55

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 55
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 million and $4.8 million as of December 31, 2024 and December 31, 2023, respectively, which have been recognized as restricted cash, non-current in the 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):Year Ended December 31,202420232022Rent expense$11,993$13,016$11,946Variable lease payments$365$280$429Sublease income (1)$4,023$4,053$1,987(1) The Company entered into sublease agreements for certain leased office space, and the amounts were included in other expense, net in the consolidated statement of operations. For the year ended December 31, 2024, 2023 and 2022, the Company recognized $0.9 million, $0.4 million and $0 million of the sublease impairment loss, respectively.Supplemental information related to the Company’s operating leases was as follows ($ in thousands):As of December 31, 2024As of December 31, 2023Weighted-average remaining lease term (in years)5.87.4Weighted-average discount rate9.1 %6.1 %Year Ended December 31,202420232022Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)$(17,737)$(1,839)$68,819 (1) During the year ended December 31, 2024 and 2023, $17.7 million and $1.8 million of operating lease right-of-use assets and corresponding lease liability were derecognized as a result of early termination which was accounted for as a lease modification.

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Table of Contents

Maturities of the Company’s operating lease liabilities as of December 31, 2024 were as follows (in thousands): 2025$9,293 20269,343 20277,887 20285,181 20295,268 Thereafter10,096 Total47,068 Less: imputed interest(10,004)Total operating lease liabilities$37,064 

NOTE 11 - WARRANT LIABILITY

Following the 1-for-12 reverse share split effective March