Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 162

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 162
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,054 $240,274 Investments in loans and securities (Certificates) (2)— — 533,243 533,243 Liabilities:Warrant liability$890$3$—$893Other liabilities (1)— — 6,090 6,090 (1) Included in “Accrued expenses and other liabilities” in the unaudited condensed consolidated balance sheets. See Note 8 for additional information. (2) Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2)Warrant liability (Level 1)The following tables summarize the Warrant liability activity for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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Three Months Ended September 30, 2025Balance as of June 30, 2025$2,471 Change in fair value4,908 Balance as of September 30, 2025$7,379 Nine Months Ended September 30, 2025Balance as of December 31, 2024$893 Change in fair value6,486 Balance as of September 30, 2025$7,379 Three Months Ended September 30, 2024Balance as of June 30, 2024$1,671 Change in fair value1,213 Balance as of September 30, 2024$2,884 Nine Months Ended September 30, 2024Balance as of December 31, 2023$3,242 Change in fair value(358)Balance as of September 30, 2024$2,884 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 3)Investments in Loans and Securities (Level 3)As of September 30, 2025, the Company held investments in securities classified as available for sale. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the unaudited condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the unaudited condensed consolidated statements of