Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 15

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 collectively totaled approximately 25% for three months ended September 30, 2025. No customer represented more than 10% of the Company’s total fee revenue for nine months ended September 30, 2025. Four customers, including three related parties, individually represented greater than 10% of total fee revenue and collectively totaled approximately 65% for the three months ended September 30, 2024. Two customers, including one related party, individually represented great than 10% of total fee revenue and collectively totaled approximately 25% for nine months ended September 30, 2024.

NOTE 4 - BORROWINGS

The following table sets forth the Company’s outstanding borrowings as of the date indicated (in thousands): September 30, 2025December 31, 2024Secured borrowing$131,525 $176,089 Exchangeable notes$148,148 $146,342 Long-term debt$487,789 $321,317 The Company was in compliance with all covenants as of September 30, 2025 and December 31, 2024. Secured BorrowingDuring the three months ended September 30, 2025, the Company has repaid $153.9 million of secured borrowing, following the issuance of Senior Notes. As a result of these transactions, the Company has incurred a loss of $1.1 million during the three months ended September 30, 2025, related to the write-off of deferred issuance costs reported within “Loss from extinguishment of debt” in the unaudited condensed consolidated statements of operations.Risk Retention Master Repurchase In the 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 repledged by the counterparty are included in Investments in loans and securities in the Company’s unaudited condensed consolidated balance sheet. As of September 30, 2025 and December 31, 2024, the outstanding principal balance under the repurchase agreements was $68.4 million and $144.0 million, respectively, which is recorded within secured borrowing on the 

12

unaudited condensed