Pagaya Technologies Ltd.

For the period ended Mar 31, 2025. Filed May 7, 2025.

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, 2025 · Filed May 7, 2025

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share amounts)

	March 31,	December 31,
	2025	2024
Assets
Current assets:
Cash and cash equivalents	$186,797	$187,921
Restricted cash	18,123	18,595
Fees and other receivables (including related party receivables of $62,141 and $70,198 as of March 31, 2025 and December 31, 2024, respectively) (1)	107,543	97,932
Investments in loans and securities (1)	19,665	22,087
Prepaid expenses and other current assets (including related party assets of $15,662 and $15,180 as of March 31, 2025 and December 31, 2024, respectively)	23,435	24,944
Total current assets	355,563	351,479
Non-current assets:
Restricted cash	24,714	20,002
Fees and other receivables (including related party receivables of $28,603 and $29,182 as of March 31, 2025 and December 31, 2024, respectively)	28,427	29,182
Investments in loans and securities	740,828	756,322
Equity method and other investments	21,543	21,933
Right-of-use assets	35,371	36,876
Property and equipment, net	36,135	37,974
Goodwill	22,903	23,062
Intangible assets, net	11,671	12,821
Prepaid expenses and other assets	1,210	1,421
Total non-current assets	922,802	939,593
Total Assets	$1,278,365	$1,291,072
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$10,006	$6,992
Accrued expenses and other liabilities	33,621	45,362
Current maturities of operating lease liabilities	6,574	6,453
Current portion of long-term debt	17,750	17,750
Secured borrowing	118,058	109,079
Income taxes payable	12,686	9,858
Total current liabilities	198,695	195,494
Non-current liabilities:
Warrant liability	1,992	893
Long-term debt	300,169	303,567
Exchangeable notes	146,925	146,342
Secured borrowing	60,691	67,010
Operating lease liabilities	28,574	30,611
Long-term tax and deferred tax liabilities, net	26,266	31,359
Total non-current liabilities	564,617	579,782
Total Liabilities	763,312	775,276
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024; aggregate liquidation preference of $150,000 as of March 31, 2025 and December 31, 2024.	74,250	74,250
Shareholders’ equity:
Class A ordinary shares, no par value, 666,666,666 shares authorized, 62,778,642 and 61,227,672 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.	—	—
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, 2025 and December 31, 2024, respectively.	—	—
Additional paid-in capital	1,299,010	1,282,022
Accumulated other comprehensive loss	(27,370)	(11,488)
Accumulated deficit	(936,150)	(944,043)
Total Pagaya Technologies Ltd. shareholders’ equity	335,490	326,491
Noncontrolling interests	105,313	115,055
Total shareholders’ equity	440,803	441,546
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity	$1,278,365	$1,291,072

(1) Accrued interest receivable of $14.3 million, previously reported within “Fee and other receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

ContentsView on SEC.gov

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