Pagaya Technologies Ltd.
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 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)
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Cash and cash equivalents | $218,314 | $187,921 |
| Restricted cash and cash equivalents | 46,453 | 38,597 |
| Fees receivables (1)(2) | 154,976 | 127,114 |
| Investments in loans and securities (1) | 887,736 | 778,409 |
| Equity method and other investments | 14,847 | 21,933 |
| Right-of-use assets | 32,166 | 36,876 |
| Property, equipment and software, net | 32,408 | 37,974 |
| Goodwill | 22,903 | 23,062 |
| Intangible assets, net | 9,091 | 12,821 |
| Other assets (2) | 36,482 | 26,365 |
| Total Assets | $1,455,376 | $1,291,072 |
| Liabilities and Shareholders’ Equity | ||
| Liabilities: | ||
| Accounts payable | $5,064 | $6,992 |
| Accrued expenses and other liabilities | 48,598 | 45,362 |
| Operating lease liabilities | 34,958 | 37,064 |
| Income taxes payable and other tax liabilities | 25,977 | 41,217 |
| Warrant liability | 7,379 | 893 |
| Secured borrowing | 131,525 | 176,089 |
| Exchangeable notes | 148,148 | 146,342 |
| Long-term debt | 487,789 | 321,317 |
| Total Liabilities | 889,438 | 775,276 |
| Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 and 5,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $60,814 and $150,000 as of September 30, 2025 and December 31, 2024, respectively. | 30,103 | 74,250 |
| Shareholders’ equity: | ||
| Class A ordinary shares, no par value, 666,666,666 shares authorized, 68,839,327 and 61,227,672 shares issued and outstanding as of September 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 September 30, 2025 and December 31, 2024, respectively. | — | — |
| Additional paid-in capital | 1,380,535 | 1,282,022 |
| Accumulated other comprehensive loss | (45,290) | (11,488) |
| Accumulated deficit | (896,950) | (944,043) |
| Total Pagaya Technologies Ltd. shareholders’ equity | 438,295 | 326,491 |
| Noncontrolling interests | 97,540 | 115,055 |
| Total shareholders’ equity | 535,835 | 441,546 |
| Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity | $1,455,376 | $1,291,072 |
(1)Accrued interest receivable of $14.3 million, previously reported within “Fee 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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