Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 124

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 124
---
 to prevent targeted jurisdictions and persons from accessing the U.S. financial system; and

•other foreign, U.S., federal, state and local statutes, rules and regulations.

In addition to the laws, regulations, and rules that apply to our Partners, and that we facilitate compliance with, we, in our capacity as a service provider to financial services providers, and our Partners, vendors, and other service providers, may be deemed to be subject to certain laws, regulations, and rules through our relationships with our Partners and asset investors. We are also subject to a variety of laws, rules, and regulations relating to the real estate and auto insurance industries, and data security, cybersecurity, privacy, and consumer protection. See “Item 1A.—Risk Factors—Risks Related to Our Legal and Regulatory Environment” for additional information with respect to our regulatory risks.

Organizational Structure 

Refer to Exhibit 21.1 to this Annual Report for a list of our subsidiaries, including our significant subsidiaries.

RISK FACTOR SUMMARY

The following is a summary of the principal risks that could significantly and negatively affect our business, prospects, financial

conditions, or operating results. For a more complete discussion of the material risks facing our business, see “Item 1A.—Risk

Factors”:

Risks Related to the Operations of Our Business

•We are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses and difficulties, and it may be difficult to evaluate our future prospects.

•Our revenue and FRLPC growth rate and financial performance in recent periods may not be indicative of future performance and such growth may slow or reverse over time. 

•If we fail to effectively manage our growth, our business, financial condition, and results of operations could be adversely affected. 

•We have incurred U.S. GAAP net losses, and we may not be able to achieve profitability in the future.

•Adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, such as actual events or concerns involving liquidity, defaults or non-performance, could adversely affect our operations and liquidity. 

8

Table of Contents

•Our business, financial condition and results of operations could be adversely affected as a result of an unexpected failure of a vendor, bank or other third party service provider that presents concentration risks to us or our Partners. 

•We are heavily dependent on our AI technology. If we are unable to continue to improve our AI technology or if our AI technology does not