Pagaya Technologies Ltd.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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, 2026 · Filed May 7, 2026
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)
| March 31, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Assets | ||
| Cash and cash equivalents | $317,813 | $235,329 |
| Restricted cash and cash equivalents | 62,218 | 53,020 |
| Fee receivables (1) | 170,688 | 153,250 |
| Investments in loans and securities at fair value | 941,367 | 945,269 |
| Equity method and other investments | 14,805 | 13,518 |
| Right-of-use assets | 28,965 | 30,578 |
| Property, equipment and software, net | 31,413 | 30,221 |
| Goodwill | 22,903 | 22,903 |
| Intangible assets, net | 6,231 | 7,661 |
| Other assets (1) | 52,240 | 54,165 |
| Total Assets | $1,648,643 | $1,545,914 |
| Liabilities and Shareholders’ Equity | ||
| Liabilities: | ||
| Accounts payable | $3,796 | $3,931 |
| Accrued expenses and other liabilities | 63,472 | 74,635 |
| Operating lease liabilities | 32,619 | 34,212 |
| Income taxes payable and other tax liabilities | 23,561 | 18,687 |
| Warrant liability | 561 | 4,723 |
| Revolving credit facility | 114,700 | — |
| Secured borrowing | 156,275 | 193,892 |
| Exchangeable notes | 149,416 | 148,782 |
| Long-term debt | 474,988 | 481,598 |
| Total Liabilities | 1,019,388 | 960,460 |
| Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 shares issued and outstanding as of both March 31, 2026 and December 31, 2025; aggregate liquidation preference of $60,814 as of both March 31, 2026 and December 31, 2025. | 30,103 | 30,103 |
| Shareholders’ equity: | ||
| Class A ordinary shares, no par value, 666,666,666 shares authorized, 71,486,867 and 70,747,357 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. | — | — |
| Class B ordinary shares, no par value, 166,666,666 shares authorized, 11,288,577 shares issued and outstanding as of both March 31, 2026 and December 31, 2025. | — | — |
| Additional paid-in capital | 1,399,545 | 1,390,990 |
| Accumulated other comprehensive loss | (32,276) | (48,319) |
| Accumulated deficit | (837,960) | (862,654) |
| Total Pagaya Technologies Ltd. shareholders’ equity | 529,309 | 480,017 |
| Noncontrolling interests | 69,843 | 75,334 |
| Total shareholders’ equity | 599,152 | 555,351 |
| Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity | $1,648,643 | $1,545,914 |
(1)Includes related party fee receivables of $108.9 million and $106.9 million and related party other assets of $41.1 million and $42.6 million, as of March 31, 2026 and December 31, 2025, respectively. See Note 11 for additional information regarding transactions with related parties.
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