Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 160

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 160
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,20252024Share options914,710 3,539,256 Options to restricted shares19,909,511 20,025,410 RSUs82,509 3,754,702 Redeemable convertible preferred shares— 5,000,000 Ordinary share warrants1,229,166 2,016,321 Exchangeable notes(1)11,434,704 — Net potential dilutive outstanding securities33,570,600 34,335,689 (1) For the three and six months ended June 30, 2025, the potential shares from exchangeable notes were excluded from the diluted EPS calculation as the incremental interest expense, net of tax, and the related shares would not be dilutive under the if-converted method.

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NOTE 15 - SUBSEQUENT EVENTS

Senior Notes Issuance On July 28, 2025, the Company, through Pagaya US Holding Company LLC (“Pagaya US”), a wholly-owned subsidiary of the Company, completed the issuance of $500 million aggregate principal amount of Senior Unsecured Notes (“Senior Notes”) due 2030. The Senior Notes will accrue interest at a rate of 8.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026. The Senior Notes will mature on August 1, 2030, unless earlier repurchased or redeemed. The Senior Notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by the Company and each of the Company’s subsidiaries (other than Pagaya US) that is a guarantor under its existing credit agreement (collectively, the “Guarantors”). The Senior Notes and the related note guarantees will be senior unsecured obligations of Pagaya US and the Guarantors.The Company used the net proceeds from the Senior Notes to repay amounting to $332.1 million of outstanding principal of long-term debt on July 28, 2025. Additionally, the Company has repaid $58.1 million of secured borrowing as of August 7, 2025 and has indicated its intention to repay additional secured borrowings. As a result of these transactions, the Company has incurred a loss of $24 million, related to the write-off of deferred issuance costs and early payment penalty associated with the long-term debt. The new borrowings, repayments and pro-forma