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

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 25
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 year ended December 31, 2024 and 2023, the Company has recorded $4.2 million losses and $1.3 million gains, respectively, on the consolidated statements of operations.Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions or highly liquid investments purchased with an original maturity of three months or less. Cash equivalents are stated at carrying value, which approximates fair value. Restricted cash consists primarily of: (i) deposits restricted by standby letters of credit for lease facilities; and (ii) funds held in accounts as collateral for certain guarantees that the Company provide within the ordinary course of business, including certain securitization transactions. The Company has no ability to draw on such funds as long as the funds remain restricted under the applicable agreements. The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flow (in thousands):December 31,20242023(in thousands)Cash and cash equivalents$187,921 $186,478 Restricted cash18,595 16,874 Restricted cash, non-current20,002 19,189 Cash, cash equivalents and restricted cash$226,518 $222,541 Concentrations of Credit Risk and Significant CustomersFinancial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant. Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. One customer individually represented greater than 10% of total revenue and collectively totaled approximately 13% and 11% for year ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2022, three related parties individually represented greater than 10% of total revenue and collectively totaled approximately 42%.Fair Value Measurement ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain