Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 45

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 45
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42025$4,600 20264,600 20273,621 2028— 2029—   Total$12,821 Prepaid and other current assetsPrepaid and other current assets, consist of the following as of December 31, 2024 and 2023 (in thousands): December 31,December 31,20242023Prepaid expenses$7,557 $6,715 Related party receivables15,180 7,896 Other current assets2,207 3,423 Total prepaid expenses and other current assets$24,944 $18,034 Accrued expenses and other liabilities Accrued expenses and other liabilities consist of the following as of December 31, 2024 and 2023 (in thousands): December 31,December 31,20242023Employee payables$16,327 $10,353 Contingent consideration from the Theorem acquisition6,090 — Other short-term liabilities22,945 18,209 Total accrued expenses and other liabilities$45,362 $28,562 

NOTE 6 - BORROWINGS

As of December 31, 2024 and December 31, 2023, the Company had secured borrowings, inclusive of current and non-current portions, with an outstanding balance of $176.1 million and $271.7 million, respectively, long-term debt, inclusive of current and non-current portions, with an outstanding balance of $321.3 million and $0 million, respectively, exchangeable senior notes with an outstanding balance of $146.3 million and $0 million, respectively and a revolving credit facility with an outstanding balance of $0 million and $90.0 million, respectively. The Company was in compliance with all covenants as of December 31, 2024 and December 31, 2023.Risk Retention Master Repurchase In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. These agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in our balance sheet