Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 23

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such quoted market prices are not available, fair value is based upon models that use, as inputs, observable market-based parameters to the greatest extent possible. Financial Assets and Liabilities Recorded at Fair ValueThe following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):March 31, 2025Level 1Level 2Level 3TotalAssets:Investments in loans and securities (Notes)$— $118,875 $125,328 $244,203 Investments in loans and securities (Certificates and Other loans)— — 516,289 516,289 Liabilities:Warrant liability$1,992 $— $— $1,992Contingent consideration liability (1)— — 2,902 2,902 December 31, 2024Level 1Level 2Level 3TotalAssets:Investments in loans and securities (Notes) (2)$— $115,220 $125,054 $240,274 Investments in loans and securities (Certificates and Other loans) (2)— 538,135 538,135 Liabilities:Warrant liability$890$3$—$893Contingent consideration liability (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 and other 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 and 2)

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The Company used the value of the Public Warrants (Level 1) as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. The following tables summarize the Warrant liability activity for