Pagaya Technologies Ltd

For the period ended Mar 31, 2024. Filed May 9, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

PGY$18.19+3.9%Stored close · as of Nov 9, 2026

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Contents

Condensed consolidated balance sheets

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share amounts)

	March 31,	December 31,
	2024	2023
Assets
Current assets:
Cash and cash equivalents	$274,495	$186,478
Restricted cash	16,872	16,874
Fees and other receivables (including related party receivables of $53,916 and $51,036 as of March 31, 2024 and December 31, 2023, respectively)	87,370	79,526
Investments in loans and securities	1,298	2,490
Prepaid expenses and other current assets (including related party assets of $7,090 and $7,896 as of March 31, 2024 and December 31, 2023, respectively)	19,059	18,034
Total current assets	399,094	303,402
Restricted cash	18,681	19,189
Fees and other receivables (including related party receivables of $34,792 and $33,739 as of March 31, 2024 and December 31, 2023, respectively)	35,230	34,181
Investments in loans and securities	892,853	714,303
Equity method and other investments	26,911	26,383
Right-of-use assets	53,631	55,729
Property and equipment, net	42,757	41,557
Goodwill	10,945	10,945
Intangible assets	1,913	2,550
Prepaid expenses and other assets	1,172	137
Total non-current assets	1,084,093	904,974
Total Assets	$1,483,187	$1,208,376
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$3,136	$1,286
Accrued expenses and other liabilities	36,712	28,562
Current maturities of operating lease liabilities	6,663	6,931
Current portion of long-term debt	12,750	—
Secured borrowing	108,054	37,685
Income taxes payable	2,069	461
Total current liabilities	169,384	74,925
Non-current liabilities:
Warrant liability	1,342	3,242
Revolving credit facility	—	90,000
Long-term debt	222,298	—
Secured borrowing	223,102	234,028
Operating lease liabilities	41,838	43,940
Long-term tax liabilities	24,955	22,135
Deferred tax liabilities, net	107	107
Total non-current liabilities	513,642	393,452
Total Liabilities	683,026	468,377
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of March 31, 2024; aggregate liquidation preference of $150,000 as of March 31, 2024. (1)	74,250	74,250.00
Shareholders’ equity:
Class A ordinary shares, no par value, 666,666,666 shares authorized, 57,950,053 and 49,390,936 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. (1)	—	—
Class B ordinary shares, no par value, 166,666,666 shares authorized, 12,652,310 and 12,652,310 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. (1)	—	—
Additional paid-in capital	1,214,969	1,101,914
Accumulated other comprehensive income (loss)	(24,279)	444
Accumulated deficit	(563,860)	(542,637)
Total Pagaya Technologies Ltd. shareholders’ equity	626,830	559,721
Noncontrolling interests	99,081	106,028
Total shareholders’ equity	725,911	665,749
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity	$1,483,187	$1,208,376

(1) Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.