Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 21

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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uritization certificatesOther Loans and ReceivablesTotalBalance, beginning of period$— $(121,349)$(5,011)$(126,360)Additions to allowance for credit losses not previously recorded— (23,628)— (23,628)Additions (reductions) on securities with previous allowance— (29,100)(334)(29,434)Write-offs charged against the allowance— — 850 850 Recoveries of amounts previously written off— — 442 442 Balance, end of period$— $(174,077)$(4,053)$(178,130)Six Months Ended June 30, 2024Securitization notesSecuritization certificatesOther Loans and ReceivablesTotalBalance, beginning of period$— $(98,679)$(2,279)$(100,958)Additions to allowance for credit losses not previously recorded— (26,593)— (26,593)Additions to the allowance for credit losses arising from purchases — — (3,246)(3,246)Additions (reductions) on securities with previous allowance— (48,805)(1,269)(50,074)Write-offs charged against the allowance— — 2,299 2,299 Recoveries of amounts previously written off— — 442 442 Balance, end of period$— $(174,077)$(4,053)$(178,130)Investments in securities, under the fair value option

16

The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs.  If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. We elected the fair value option to measure certain securities, as we believe that fair value best reflects the economic transaction of investing in certain new securities. We determined the fair value of certain securities using a discounted cash flow methodology, while also considering market data as it became available. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within the other expenses, net in the unaudited condensed consolidated statements of operations. We report the changes in fair value within Impairment loss on investments in loans and securities, net in the unaudited condensed consolidated statements of cash