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
PGY$17.21-5.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net income including noncontrolling interests | $110,983 | $42,328 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Equity method and other investments loss | 140 | 7,086 |
| Depreciation and amortization | 12,034 | 22,951 |
| Share-based compensation | 24,372 | 44,982 |
| Fair value adjustment to warrant liability | (4,515) | 6,486 |
| (Gains) and losses on investments in loans and securities | 119,204 | 65,473 |
| Amortization of deferred costs | 19,516 | 8,250 |
| (Gains) and losses from extinguishment of debt | (1,504) | 18,585 |
| Write-off of capitalized software and other assets | 11,276 | 4,741 |
| Losses on foreign exchange | 149 | 1,092 |
| Change in operating assets and liabilities: | ||
| Fee receivables | (56,237) | (28,178) |
| Accrued interest on investments | (40,792) | (28,467) |
| Right-of-use assets | 4,927 | 4,598 |
| Other assets | (39,112) | 1,438 |
| Accounts payable | 1,092 | 4,597 |
| Accrued expenses and other liabilities | 7,471 | 2,737 |
| Operating lease liability | (5,684) | (4,669) |
| Income taxes | 3,617 | (15,207) |
| Net cash provided by operating activities | 166,937 | 158,823 |
| Cash flows from investing activities | ||
| Proceeds from the maturity and prepayment of investments in loans and securities (1) | 510,790 | 146,809 |
| Proceeds from the sales of investments in loans and securities (1) | 19,394 | 31,387 |
| Proceeds from equity method and other investments | 2,700 | — |
| Acquisition of Theorem Technology, Inc., net of cash acquired | — | 159 |
| Purchases of investments in loans and securities | (782,989) | (361,070) |
| Purchases of property, equipment and software | (9,907) | (10,816) |
| Purchases of other assets | (3,186) | (16,000) |
| Net cash used in investing activities | (263,198) | (209,531) |
| Cash flows from financing activities | ||
| Proceeds from long-term debt | — | 500,000 |
| Proceeds from secured borrowing | 324,595 | 263,484 |
| Proceeds from revolving credit facility | 139,700 | — |
| Proceeds from exercise of stock options, warrants and contributions to ESPP | 1,896 | 6,545 |
| Distributions made to noncontrolling interests | (23,558) | (11,972) |
| Payments made to revolving credit facility | (114,700) | — |
| Payments made to secured borrowing | (206,142) | (310,844) |
| Payments made to long-term debt | (9,461) | (347,643) |
| Payments for debt issuance costs | — | (12,660) |
| Net cash provided by financing activities | 112,330 | 86,910 |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 1,142 | 2,047 |
| Net increase in cash and cash equivalents, and restricted cash and cash equivalents | 17,211 | 38,249 |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 288,349 | 226,518 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | $305,560 | $264,767 |
| Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents within the unaudited condensed consolidated balance sheet to the amounts shown in the statements of cash flow above: | ||
|---|---|---|
| Cash and cash equivalents | $247,115 | $218,314 |
| Restricted cash and cash equivalents | 58,445 | 46,453 |
| Total cash and cash equivalents, and restricted cash and cash equivalents | $305,560 | $264,767 |
(1)Prior period amounts have been reclassified to conform to the current period’s presentation.
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