Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 65

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 65
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arket Election is made) and provide such other information as may be required by
the U.S. Treasury Department. The rules governing PFICs are complex and their application is affected by various factors in addition to
those described above. Accordingly, U.S. Holders of Class A Ordinary Shares should consult their tax advisors concerning the application
of the PFIC rules to Class A Ordinary Shares generally, as well as in their particular circumstances.

THE PFIC RULES ARE COMPLEX AND THEIR APPLICATION IS AFFECTED BY VARIOUS FACTORS IN ADDITION TO THOSE DESCRIBED ABOVE. ALL U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE PFIC RULES TO THEM, INCLUDING WITH RESPECT TO WHETHER A MARK-TO-MARKET ELECTION OR ANY OTHER ELECTION IS AVAILABLE AND THE CONSIDERATIONS RELEVANT TO THEM OF ANY SUCH ELECTION, AND THE IMPACT OF ANY PROPOSED OR FINAL PFIC TREASURY REGULATIONS.

Information Reporting and Backup Withholding

Distributions on Class A Ordinary Shares and payments
of sales proceeds of Class A Ordinary Shares that are made within the United States or through certain U.S.-related intermediaries may
be subject to information reporting and backup withholding, unless (i) the U.S. Holder is a corporation or other “exempt recipient”
and (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is
not subject to backup withholding. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to
a U.S. Holder will be allowed as a credit against the U.S. Holder’s U.S. federal income tax liability and may entitle it to a refund,
provided that the required information is timely furnished to the IRS.

Certain U.S. Holders who are individuals (or certain
specified entities) may be required to report information (IRS Form 8938) relating to their ownership of Class A Ordinary Shares or non-U.S.
accounts through which the Class A Ordinary Shares are held. If a U.S. Holder does not file a required IRS Form 8938, such U.S. Holder
may be subject to substantial penalties and the statute of limitations on the assessment and collection of all U.S. federal income taxes
of such U.S. Holder for the related tax year may not close before the date which is three years after the date on which such report is
filed.