Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 151

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 151
---
 an allowance for potential uncollectible amounts; and (iii) investments held at fair value, with changes in fair value recorded in earnings, for which we elected the fair value option. Below is a 

14

disaggregated presentation of our investments in loans and securities, including fair value adjustments, accrued interest income and net of the allowance for credit losses, as applicable (in thousands): Carrying ValueSeptember 30, 2025December 31, 2024Investments in loans and securitiesSecuritization notes, available for sale$333,166 $240,273 Securitization certificates, available for sale504,202 533,243 Other loans and receivables, at amortized cost1,610 4,893 Total838,978 778,409 Investments in securities, under the fair value optionSecuritization notes11,597 — Securitization certificates37,161 — Total48,758 — Total investments in loans and securities$887,736 $778,409 Investments in Loans and SecuritiesThe amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in securities as of September 30, 2025 and December 31, 2024 were as follows (in thousands). As provided in Note 6, a portion of these investments in securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.As of September 30, 2025Investments in securities, available for sale(1):Amortized CostGross Unrealized GainsGross Unrealized Non-Credit Related AdjustmentsAllowance for Credit LossesFair ValueSecuritization notes$335,533 $559 $(53)$(2,873)$333,166 Securitization certificates979,623 11,759 (53,719)(433,461)504,202 (1) Includes accrued interest receivable of $21.7 million.As of December 31, 2024Investments in securities, available for sale(2):Amortized CostGross Unrealized GainsGross Unrealized Non-Credit Related AdjustmentsAllowance for Credit LossesFair ValueSecuritization notes$240,396 $386 $(509)$— $240,273 Securitization certificates1,048,734 7,926 (14