Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 199

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 199
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 collateralize guarantees for related transactions, included in restricted cash and cash equivalents on the consolidated balance sheets. For further information, see Note 4 and Note 5, respectively, to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.

Shelf Registration Statement

On October 4, 2023, we filed a shelf registration statement on Form F-3 (the “Shelf Registration”) with the SEC that was declared effective on October 16, 2023. Under this Shelf Registration, we may, from time to time, offer and sell in one or more offerings Class A Ordinary Shares, various series of debt securities and/or warrants to purchase any of such securities, either individually or in combination with any of these securities, up to $500 million. 

Cash Flows

The following table presents summarized consolidated cash flow information for the periods presented (in thousands):

Nine Months Ended September 30, 20252024Net cash provided by operating activities$158,823 $19,897 Net cash used in investing activities$(209,531)$(448,117)Net cash provided by financing activities$86,910 $387,906 

Operating Activities

Our primary uses of cash in operating activities are for ordinary course of business, with the primary use related to employee and personnel-related expenses. As of September 30, 2025, we had 531 employees compared to 534 on September 30, 2024. During the first and second quarters of 2024, we reduced our headcount by over 20% across our Israel and U.S. offices. This reduction in workforce enabled us to streamline our operations resulting in cost savings. 

Net cash provided by operating activities for the nine months ended September 30, 2025 was $158.8 million, an increase of $138.9 million from net cash provided by operating activities of $19.9 million for the same period in 2024. This reflects our net income including noncontrolling interests of $42.3 million, adjusted for non-cash charges of $179.6 million, and net cash outflows of $63.2 million from changes in our operating assets and liabilities. 

Non-cash charges during nine months ended September 30, 2025 primarily consisted of (1) impairment losses on investments in loans and securities, which decreased by $92.0 million compared to the same period in 2024, primarily driven by changes in the fair value of investments in loans and securities as