Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 7

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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,055 $(114,341)Adjustments to reconcile net income (loss) to net cash used in operating activities:Equity method loss (income)2,446 (86)Depreciation and amortization15,315 13,359 Share-based compensation31,400 33,519 Fair value adjustment to warrant liability1,578 (1,571)Impairment loss on investments in loans and securities, net (1)54,605 80,046 Gain on sale of investments in loans and securities(8,690)— Amortization of deferred costs5,843 1,250 Write-off of capitalized software— 2,561 Loss on foreign exchange 1,311 186   Change in operating assets and liabilities:Fees and other receivables (1)(22,132)(11,614)Accrued interest on investments (1)(15,246)(10,204)Prepaid expenses and other assets9,628 998 Right-of-use assets3,035 3,879 Accounts payable2,108 6,071 Accrued expenses and other liabilities(5,842)7,793 Operating lease liability(3,001)(3,205)Income taxes364 18,363 Net cash provided by operating activities91,777 27,004 Cash flows from investing activitiesProceeds from the sale/maturity/prepayment of:Investments in loans and securities (1)129,350 75,779 Acquisition of Theorem Technology, Inc., net of cash acquired159 — Payments for the purchase of:Investments in loans and securities(274,125)(408,459)Property and equipment(7,576)(9,525)Equity method and other investments— (125)Net cash used in investing activities(152,192)(342,330)Cash flows from financing activitiesProceeds from sale of ordinary shares, net of issuance costs— 89,956 Proceeds from long-term debt— 244,725 Proceeds from secured borrowing244,894 207,317 Proceeds received from noncontrolling interests— 2,815 Proceeds from revolving credit facility— 44,000 Proceeds from exercise of stock options, warrants and contributions to ESPP3,977 759 Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement— 5,338 Distributions made to noncontrolling interests(8,