Pagaya Technologies Ltd.
For the period ended Jun 30, 2025. Filed Aug 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.
Jun 30, 2025 · Filed Aug 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share amounts)
| June 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $182,986 | $187,921 |
| Restricted cash | 23,845 | 18,595 |
| Fees and other receivables (1)(2) | 118,475 | 97,932 |
| Investments in loans and securities (1) | 21,519 | 22,087 |
| Prepaid expenses and other current assets (2) | 15,648 | 24,944 |
| Total current assets | 362,473 | 351,479 |
| Non-current assets: | ||
| Restricted cash | 35,203 | 20,002 |
| Fees and other receivables (2) | 30,709 | 29,182 |
| Investments in loans and securities | 848,542 | 756,322 |
| Equity method and other investments | 19,487 | 21,933 |
| Right-of-use assets | 33,726 | 36,876 |
| Property and equipment, net | 34,449 | 37,974 |
| Goodwill | 22,903 | 23,062 |
| Intangible assets, net | 10,521 | 12,821 |
| Prepaid expenses and other assets | 1,030 | 1,421 |
| Total non-current assets | 1,036,570 | 939,593 |
| Total Assets | $1,399,043 | $1,291,072 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $9,191 | $6,992 |
| Accrued expenses and other liabilities | 39,882 | 45,362 |
| Current maturities of operating lease liabilities | 6,931 | 6,453 |
| Current portion of long-term debt | 17,750 | 17,750 |
| Secured borrowing | 165,416 | 109,079 |
| Income taxes payable | 15,303 | 9,858 |
| Total current liabilities | 254,473 | 195,494 |
| Non-current liabilities: | ||
| Warrant liability | 2,471 | 893 |
| Long-term debt | 296,797 | 303,567 |
| Exchangeable notes | 147,526 | 146,342 |
| Secured borrowing | 100,141 | 67,010 |
| Operating lease liabilities | 29,153 | 30,611 |
| Long-term tax and deferred tax liabilities, net | 26,253 | 31,359 |
| Total non-current liabilities | 602,341 | 579,782 |
| Total Liabilities | 856,814 | 775,276 |
| Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024; aggregate liquidation preference of $150,000 as of June 30, 2025 and December 31, 2024. | 74,250 | 74,250 |
| Shareholders’ equity: | ||
| Class A ordinary shares, no par value, 666,666,666 shares authorized, 64,873,392 and 61,227,672 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. | — | — |
| Class B ordinary shares, no par value, 166,666,666 shares authorized, 11,288,577 and 12,652,310 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. | — | — |
| Additional paid-in capital | 1,319,312 | 1,282,022 |
| Accumulated other comprehensive loss | (33,065) | (11,488) |
| Accumulated deficit | (919,495) | (944,043) |
| Total Pagaya Technologies Ltd. shareholders’ equity | 366,752 | 326,491 |
| Noncontrolling interests | 101,227 | 115,055 |
| Total shareholders’ equity | 467,979 | 441,546 |
| Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity | $1,399,043 | $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.
(2) See Note 9 for additional information regarding the transactions with related parties.
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