Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 18

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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Investments in loans and securitiesSecuritization notes, available for sale$309,651 $240,273 Securitization certificates, available for sale525,757 533,243 Other loans and receivables, at amortized cost1,765 4,893 Total837,173 778,409 Investments in securities, under the fair value optionSecuritization notes11,544 — Securitization certificates21,344 — Total32,888 — Total investments in loans and securities$870,061 $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 June 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 June 30, 2025Investments in securities, available for sale(1):Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair ValueSecuritization notes$312,344 $271 $(91)$(2,873)$309,651 Securitization certificates1,045,199 5,851 (34,397)(490,896)525,757 (1) Includes accrued interest receivable of $18.0 million.As of December 31, 2024Investments in securities, available for sale(2):Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair ValueSecuritization notes$240,396 $386 $(509)$— $240,273 Securitization certificates1,048,734 7,926 (14,676)(508,741)533,243 (2) Includes accrued interest receivable of $14.3 million, previously reported within “Fee and other receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.The following tables set forth the fair value and gross unrealized losses on investments in securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss