PGYWW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-30

• Pagaya’s revenues are primarily derived from Network Volume. We define Network Volume as the gross dollar value of assets originated by our Partners with the assistance of our artificial intelligence (“AI”) technology1. We generate revenue from network AI fees, contract fees, interest income and inv…

• execution fees. We primarily earn AI integration fees for the creation and delivery of the assets that comprise our Network Volume.

• Additionally, we earn interest income from our investments in loans and securities, including risk retention holdings and additional investments we may make in our sponsored asset backed securitizations, and from our corporate cash balances. We earn investment income associated with our ownership in…

• Contract fees. Contract fees primarily include administration and management fees, and performance fees. Administration and management fees are contracted upon the establishment of ABS trusts and investment funds. These fees are earned as the ABS trusts purchase loans and as the Company provides ser…

• We also earn interest income from our investments in loans and securities, including risk retention holdings and additional investments we may make in our sponsored asset backed securitizations, and our corporate cash balances. We earn investment income associated with our ownership interests in cer…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Pagaya’s revenues are primarily derived from Network Volume. We define Network Volume as the gross dollar value of assets originated by our Partners with the assistance of our artificial intelligence (“AI”) technology1. We generate revenue from network

• AI fees, contract fees, interest income and investment income. Revenue from fees is comprised of network AI fees and contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees.

• We primarily earn AI integration fees for the creation and delivery of the assets that comprise our Network Volume.

• Additionally, we earn interest income from our risk retention holdings and our corporate cash balances and investment income associated with our ownership interests in certain Financing Vehicles and other proprietary investments.

• March 31, 2026 and 2025, our top 5 investors collectively accounted for approximately 59% and 39%, respectively, of our total funding.

Text added vs the prior filing · source: 10-Q · 2026-07-30

• The fair values of these loans, securitization notes, and residual certificates are estimated based on a discounted cash flow model which involves the use of significant unobservable inputs and assumptions, the most significant of which is expected credit losses. Accordingly, these instruments are s…

• unaudited condensed consolidated balance sheets, with $986 million and $871 million, respectively, representing net exposure exclusive of non-controlling interests. We monitor our portfolio risk through internal monitoring as well as competitor and market assessments, reviewing macro-economic trends…

• The following table summarizes the potential effect that changes in estimates would have on the fair value of our investments in loans and securities as of June 30, 2026 given a hypothetical change in significant unobservable inputs (in millions):

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• The fair values of these loans, securitization notes, and residual certificates are estimated based on a discounted cash flow model which involves the use of significant unobservable inputs and assumptions, the most significant of which is expected credit losses. Accordingly, these instruments are s…

• The following table summarizes the potential effect that changes in estimates would have on the fair value of our investments in loans and securities as of March 31, 2026 given a hypothetical change in significant unobservable inputs (in millions):

• These scenarios illustrate a hypothetical, instantaneous shift in the value of our investments in loans and securities and do not represent management's performance expectations. As of March 31, 2026, our portfolio is comprised of 49% notes and 50%

Text added vs the prior filing · source: 10-Q · 2026-07-30

• Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may represent a non-Rule 10b5-1 trading arran…

• On June 2, 2026, Gal Krubiner, a director and the Company’s Chief Executive Officer, terminated his prior 10b5-1 Plan, dated March 25, 2026, with an end date of July 25, 2026, to sell a maximum aggregate of 350,000 shares. No sales occurred under the prior plan. On June 5, 2026, Mr. Krubiner entered…

• On June 25, 2026, Avi Zeevi, a director, adopted a new 10b5-1 plan with an end date of December 31, 2026, to sell up to a maximum aggregate of 180,398 shares. The 10b5-1 plan also covers the sale of up to a maximum aggregate of 206,126 shares held by entities affiliated with Mr. Zeevi.

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arran…