Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 173

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 173
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 attract and retain qualified residents for our SFR Partners’ properties.  Our customers face competition for residents from other lessors 

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Table of Contents

of single-family rental properties, apartment buildings, and condominium units. Potential competitors may have lower rates of occupancy than our customers do or may have superior access to capital and other resources, which may result in competing owners more easily locating residents and leasing available housing at lower rental rates than our customers might offer, which could adversely affect our customers’ ability to obtain quality residents and favorable terms. Additionally, some competing housing options may qualify for government subsidies that may make such options more accessible and therefore more attractive than our customers’ properties. This competition may affect our customers’ ability to attract and retain residents and may reduce the rental rates they are able to charge.

The success of our SFR operations depends on general economic conditions, the health of the U.S. real estate industry generally, and risks generally incident to the ownership and leasing of single-family rental real estate, and our SFR operations may be negatively impacted by economic and industry downturns, including seasonal and cyclical trends, and volatility in the single-family rental real estate lease market.

Our success is impacted, directly and indirectly, by general economic conditions, the health of the U.S. real estate industry and the markets in which we operate, and risks generally incident to the ownership and leasing of residential real estate, many of which are beyond our control. Our business could be harmed by a number of factors that could impact the conditions of the U.S. real estate industry, as well as the markets that we operate in, including: 

•a period of slow economic growth or recessionary conditions;

•volatility in the residential real estate industry;

•insufficient or excessive single-family home inventory levels by market or price points;

•increasing mortgage rates and down payment requirements or constraints on the availability of mortgage financing;

•a low level of consumer confidence in the economy or the single-family rental real estate market due to macroeconomic events domestically or internationally;

•weak credit markets;

•instability of financial institutions;

•legislative or regulatory changes (including changes in regulatory interpretations or regulatory practices) that would adversely impact the single-family rental real estate market as well as federal and/or state income tax changes and other tax reform affecting real estate and/or real estate transactions;

•insufficient or excessive regional single-family home inventory levels;

•adverse changes in local, regional, or national economic conditions;

•the inability or unwillingness of consumers to enter into single-family