Pagaya Technologies Ltd.
For the period ended Sep 30, 2026. Filed Nov 2, 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.
Sep 30, 2026 · Filed Nov 2, 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)
| September 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Assets | ||
| Cash and cash equivalents | $247,115 | $235,329 |
| Restricted cash and cash equivalents | 58,445 | 53,020 |
| Fee receivables (1) | 203,982 | 153,250 |
| Investments in loans and securities at fair value | 1,100,832 | 945,269 |
| Equity method and other investments | 10,678 | 13,518 |
| Right-of-use assets | 25,651 | 30,578 |
| Property, equipment and software, net | 33,853 | 30,221 |
| Goodwill | 25,296 | 22,903 |
| Intangible assets, net | 4,574 | 7,661 |
| Other assets (1) | 87,803 | 54,165 |
| Total Assets | $1,798,229 | $1,545,914 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Accounts payable | $4,565 | $3,931 |
| Accrued expenses and other liabilities | 82,434 | 74,635 |
| Operating lease liabilities | 29,710 | 34,212 |
| Income taxes payable and other tax liabilities | 22,266 | 18,687 |
| Warrant liability | 208 | 4,723 |
| Revolving credit facility | 25,000 | — |
| Secured borrowing | 314,301 | 193,892 |
| Exchangeable notes | 150,746 | 148,782 |
| Long-term debt | 472,333 | 481,598 |
| Total Liabilities | 1,101,563 | 960,460 |
| Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 shares issued and outstanding as of both September 30, 2026 and December 31, 2025; aggregate liquidation preference of $60,814 both as of September 30, 2026 and December 31, 2025. | 30,103 | 30,103 |
| Shareholders' equity: | ||
| Class A ordinary shares, no par value, 666,666,666 shares authorized, 72,637,016 and 70,747,357 shares issued and outstanding as of September 30, 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 September 30, 2026 and December 31, 2025. | — | — |
| Additional paid-in capital | 1,419,123 | 1,390,990 |
| Accumulated other comprehensive loss | (53,786) | (48,319) |
| Accumulated deficit | (742,955) | (862,654) |
| Total Pagaya Technologies Ltd. shareholders’ equity | 622,382 | 480,017 |
| Noncontrolling interests | 44,181 | 75,334 |
| Total Equity | 666,563 | 555,351 |
| Total Liabilities, Redeemable Convertible Preferred Shares, and Equity | $1,798,229 | $1,545,914 |
(1)Includes related-party fee receivables from ABS securitization trusts and investment funds totaling $138.3 million and $106.9 million and other related-party assets from ABS securitization trusts and investment funds of $75.0 million and $42.6 million, as of September 30, 2026 and December 31, 2025, respectively. Refer to Note 11, “Transactions with Related Parties,” for additional information regarding related-party transactions with ABS securitization trusts and investment funds.
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