Pagaya Technologies Ltd.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of ash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net income (loss) including noncontrolling interests | $2,492 | $(31,662) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Equity method loss (income) | 391 | (528) |
| Depreciation and amortization | 7,722 | 6,317 |
| Share-based compensation | 13,172 | 15,475 |
| Fair value adjustment to warrant liability | 1,099 | (1,900) |
| Impairment loss on investments in loans and securities (1) | 37,080 | 26,987 |
| Gain on sale of investments in loans and securities | (5,894) | — |
| Amortization of deferred costs | 2,396 | 475 |
| Write-off of capitalized software | — | 408 |
| Loss on foreign exchange | 32 | 264 |
| Change in operating assets and liabilities: | ||
| Fees and other receivables (1) | (8,844) | (6,832) |
| Accrued interest on investments (1) | (6,088) | (4,940) |
| Prepaid expenses and other assets | 1,652 | (1,936) |
| Right-of-use assets | 1,505 | 1,879 |
| Accounts payable | 3,016 | 1,885 |
| Accrued expenses and other liabilities | (11,615) | 8,298 |
| Operating lease liability | (1,415) | (1,524) |
| Income taxes | (2,274) | 5,043 |
| Net cash provided by operating activities | 34,427 | 17,709 |
| Cash flows from investing activities | ||
| Proceeds from the sale/maturity/prepayment of: | ||
| Investments in loans and securities (1) | 58,674 | 38,658 |
| Cash and restricted cash acquired from Theorem Technology, Inc. | 159 | — |
| Payments for the purchase of: | ||
| Investments in loans and securities | (81,943) | (261,638) |
| Property and equipment | (3,776) | (5,145) |
| Net cash used in investing activities | (26,886) | (228,125) |
| Cash flows from financing activities | ||
| Proceeds from sale of ordinary shares, net of issuance costs | — | 89,938 |
| Proceeds from long-term debt | — | 244,725 |
| Proceeds from secured borrowing | 49,162 | 97,448 |
| Proceeds received from noncontrolling interests | — | 2,815 |
| Proceeds from revolving credit facility | — | 44,000 |
| Proceeds from exercise of stock options, warrants and contributions to ESPP | 2,859 | 161 |
| Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement | — | 5,338 |
| Distributions made to noncontrolling interests | (4,442) | (2,515) |
| Payments made to revolving credit facility | — | (134,000) |
| Payments made to secured borrowing | (46,919) | (38,005) |
| Payments made to long-term debt | (4,439) | (3,188) |
| Debt issuance costs | — | (7,974) |
| Net cash (used in) provided by financing activities | (3,779) | 298,743 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (646) | (820) |
| Net increase in cash, cash equivalents and restricted cash | 3,116 | 87,507 |
| Cash, cash equivalents and restricted cash, beginning of period | 226,518 | 222,541 |
| Cash, cash equivalents and restricted cash, end of period | $229,634 | $310,048 |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flow above: | ||
|---|---|---|
| Cash and cash equivalents | $186,797 | $274,495 |
| Restricted cash - current | 18,123 | 16,872 |
| Restricted cash - non-current | 24,714 | 18,681 |
| Total cash, cash equivalents, and restricted cash | $229,634 | $310,048 |
(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.
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