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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K/A\n\n(Amendment No. 2)\n\n(Mark One)\n\n         \n\n☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\n         \n\nOR         \n\n    \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission file number 001-41430\n\nPagaya Technologies Ltd.\n\n(Exact name of Registrant as specified in its charter)\n\nIsrael\n\n98-1704718\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n335 Madison Ave, 16th Floor\n\nNew York, New York\n\n10017\n\n(Address of principal executive offices)(Zip Code)\n\n(646) 710-7714\n\n(Registrant's telephone number, including area code)\n\nSecurities registered or to be registered, pursuant to Section 12(b) of the Act\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A Ordinary Shares, no par valuePGYThe NASDAQ Stock Market LLC\n\nWarrants to purchase Class A Ordinary Shares PGYWWThe NASDAQ Stock Market LLC\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\nYes ☐ No ☒\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.\n\nYes ☐ No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n☒\nLarge accelerated filer\n☐Accelerated filer☐ Non-accelerated filer☐Emerging growth company\n\n☐\nSmall Reporting Company\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nAs of May 30, 2026, the registrant had 71,601,146 Class A Ordinary Shares, no par value, outstanding and 11,288,577 Class B Ordinary Shares, no par value, outstanding, and 2,027,147 Series A Preferred Shares, no par value, outstanding.\n\nThe aggregate market value of the voting Class A Ordinary Shares by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was $1,113,790,997, based on the closing price reported for such date on the NASDAQ. Shares of the registrant’s Class A Ordinary Shares held by each executive officer, director and holder of 10% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the First Amendment (as defined below) are incorporated by reference in Part III.\n\nEXPLANATORY NOTE\n\nPagaya Technologies Ltd. (“Pagaya” or the “Company”) is filing this Amendment No. 2 on Form 10-K/A (this “Second Amendment”) to amend its Annual Report on Form 10-K initially filed with the Securities and Exchange Commission (“SEC”) on March 2, 2026 (the “Original Report”) and as previously amended on April 30, 2026 (the “First Amendment”). This Second Amendment is being filed for the primary purpose of updating Note 19 (Segments and Geographical Information) to the Company’s Consolidated Financial Statements included in Part II, Item 8 “Financial Statements and Supplementary Data” of the Annual Report on Form 10-K (the “Consolidated Financial Statements”) in order to provide more detailed information, consistent with prior filings, about the geographic distribution of the Company’s long-term assets. This update does not impact the Company’s financial position for the periods presented and is solely intended to provide more detailed information about these items.\n\nThis Second Amendment also amends and updates Note 20 (Subsequent Events) to the Consolidated Financial Statements and the Form 10-K cover page (primarily to update the number of Ordinary Shares outstanding to May 30, 2026). In accordance with applicable SEC rules, Part IV, Item 15 “Exhibits and Financial Statement Schedules” has also been supplemented to include currently dated certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and a currently dated consent of Kost Forer Gabbay & Kasierer, the Company’s independent registered public accountants. In addition, this Second Amendment includes an updated opinion of Kost Forer Gabbay & Kasierer with respect to the Consolidated Financial Statements, to update the date of its opinion solely with respect to Notes 19 and 20 thereto.\n\nFor the convenience of the reader, this Second Amendment sets forth the information in the Annual Report on Form 10-K in its entirety, other than the information in Part III incorporated by reference to the First Amendment, as such information is amended, updated, or supplemented as described above.\n\nExcept as described above, this Second Amendment does not amend, update or change any other items or disclosures in the Original Report or the First Amendment and does not purport to reflect any information or events subsequent to the filing of the Original Report or the First Amendment, with respect to the information respectively contained therein. As such, except as described above, this Second Amendment speaks only as of the dates the Original Report and First Amendment were filed, with respect to the information respectively contained therein, and we have not undertaken herein to amend, supplement or update any information contained in the Original Report or the First Amendment to give effect to any subsequent events.\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\nCONTENTS\n\nPage\n\n[Introduction](#iab92c5b483164dd6bfa8efca5afa979f_13)\n\n[ii](#iab92c5b483164dd6bfa8efca5afa979f_13)\n\n[Selected Definitions](#iab92c5b483164dd6bfa8efca5afa979f_16)\n\n[ii](#iab92c5b483164dd6bfa8efca5afa979f_16)\n\n[Special Note Regarding Forward-Looking Statements](#iab92c5b483164dd6bfa8efca5afa979f_19)\n\n[vii](#iab92c5b483164dd6bfa8efca5afa979f_19)\n\n[Part I](#iab92c5b483164dd6bfa8efca5afa979f_22)\n\n[1](#iab92c5b483164dd6bfa8efca5afa979f_22)\n\n[Item 1. Business](#iab92c5b483164dd6bfa8efca5afa979f_25)\n\n[1](#iab92c5b483164dd6bfa8efca5afa979f_25)\n\n[Risk Factor Summary](#iab92c5b483164dd6bfa8efca5afa979f_28)\n\n[7](#iab92c5b483164dd6bfa8efca5afa979f_28)\n\n[Item 1A. Risk Factors](#iab92c5b483164dd6bfa8efca5afa979f_31)\n\n[9](#iab92c5b483164dd6bfa8efca5afa979f_31)\n\n[Item 1B. Unresolved Staff Comments](#iab92c5b483164dd6bfa8efca5afa979f_34)\n\n[61](#iab92c5b483164dd6bfa8efca5afa979f_34)\n\n[Item 1C. Cybersecurity](#iab92c5b483164dd6bfa8efca5afa979f_37)\n\n[61](#iab92c5b483164dd6bfa8efca5afa979f_37)\n\n[Item 2. Properties](#iab92c5b483164dd6bfa8efca5afa979f_40)\n\n[63](#iab92c5b483164dd6bfa8efca5afa979f_40)\n\n[Item 3. Legal Proceedings](#iab92c5b483164dd6bfa8efca5afa979f_43)\n\n[63](#iab92c5b483164dd6bfa8efca5afa979f_43)\n\n[Item 4. Mine Safety Disclosures](#iab92c5b483164dd6bfa8efca5afa979f_46)\n\n[63](#iab92c5b483164dd6bfa8efca5afa979f_46)\n\n[Part II](#iab92c5b483164dd6bfa8efca5afa979f_49)\n\n[63](#iab92c5b483164dd6bfa8efca5afa979f_49)\n\n[Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#iab92c5b483164dd6bfa8efca5afa979f_52)\n\n[63](#iab92c5b483164dd6bfa8efca5afa979f_52)\n\n[Item 6. [Reserved]](#iab92c5b483164dd6bfa8efca5afa979f_55)\n\n[64](#iab92c5b483164dd6bfa8efca5afa979f_55)\n\n[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#iab92c5b483164dd6bfa8efca5afa979f_58)\n\n[64](#iab92c5b483164dd6bfa8efca5afa979f_58)\n\n[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#iab92c5b483164dd6bfa8efca5afa979f_85)\n\n[83](#iab92c5b483164dd6bfa8efca5afa979f_85)\n\n[Item 8. Financial Statements and Supplementary Data](#iab92c5b483164dd6bfa8efca5afa979f_88)\n\n[85](#iab92c5b483164dd6bfa8efca5afa979f_88)\n\n[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#iab92c5b483164dd6bfa8efca5afa979f_91)\n\n[85](#iab92c5b483164dd6bfa8efca5afa979f_91)\n\n[Item 9A. Controls and Procedures](#iab92c5b483164dd6bfa8efca5afa979f_94)\n\n[85](#iab92c5b483164dd6bfa8efca5afa979f_94)\n\n[Item 9B. Other Information](#iab92c5b483164dd6bfa8efca5afa979f_97)\n\n[87](#iab92c5b483164dd6bfa8efca5afa979f_97)\n\n[Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#iab92c5b483164dd6bfa8efca5afa979f_103)\n\n[94](#iab92c5b483164dd6bfa8efca5afa979f_103)\n\n[Part III](#iab92c5b483164dd6bfa8efca5afa979f_106)\n\n[94](#iab92c5b483164dd6bfa8efca5afa979f_106)\n\n[Item 10. Directors, Executive Officers and Corporate Governance](#iab92c5b483164dd6bfa8efca5afa979f_109)\n\n[94](#iab92c5b483164dd6bfa8efca5afa979f_109)\n\n[Item 11. Executive Compensation](#iab92c5b483164dd6bfa8efca5afa979f_121)\n\n[95](#iab92c5b483164dd6bfa8efca5afa979f_121)\n\n[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#iab92c5b483164dd6bfa8efca5afa979f_127)\n\n[95](#iab92c5b483164dd6bfa8efca5afa979f_127)\n\n[Item 13. Certain Relationships and Related Transactions and Director Independence](#iab92c5b483164dd6bfa8efca5afa979f_133)\n\n[95](#iab92c5b483164dd6bfa8efca5afa979f_133)\n\n[Item 14. Principal Accountant Fees and Services](#iab92c5b483164dd6bfa8efca5afa979f_139)\n\n[95](#iab92c5b483164dd6bfa8efca5afa979f_139)\n\n[Part IV](#iab92c5b483164dd6bfa8efca5afa979f_145)\n\n[95](#iab92c5b483164dd6bfa8efca5afa979f_145)\n\n[Item 15. Exhibits and Financial Statement Schedules](#iab92c5b483164dd6bfa8efca5afa979f_148)\n\n[95](#iab92c5b483164dd6bfa8efca5afa979f_148)\n\n[Item 16. Form 10-K Summary](#iab92c5b483164dd6bfa8efca5afa979f_151)\n\n[99](#iab92c5b483164dd6bfa8efca5afa979f_151)\n\n[Signatures](#iab92c5b483164dd6bfa8efca5afa979f_154)\n\n[100](#iab92c5b483164dd6bfa8efca5afa979f_154)\n\n[Index to Financial Statements](#iab92c5b483164dd6bfa8efca5afa979f_157)\n\nF-[1](#iab92c5b483164dd6bfa8efca5afa979f_157)\n\ni\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\nINTRODUCTION\n\nIn this annual report (this “Annual Report”), references to “we,” “us,” “our,” “our business,” “the Company,” “Pagaya” and similar references refer to Pagaya Technologies Ltd., together with its consolidated subsidiaries as a consolidated entity.\n\nThis Annual Report includes other statistical, market and industry data and forecasts which we obtained from publicly available information and independent industry publications and reports that we believe to be reliable sources. These publicly available industry publications and reports generally state that they obtain their information from sources that they believe to be reliable, but they do not guarantee the accuracy or completeness of the information. Additionally, this Annual Report contains estimates, projections and other information concerning our industry and our business, as well as data regarding market research, estimates and forecasts prepared by our management. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those discussed under the headings “Special Note Regarding Forward-Looking Statements” and “Item 1A.—Risk Factors” in this Annual Report.\n\nSELECTED DEFINITIONS\n\n“2030 Notes” refer to the 8.875% Senior Unsecured Notes due 2030.\n\n“ABS” refers to asset-backed securitizations.\n\n“Adjusted EBITDA” means net income (loss) attributable to Pagaya Technologies Ltd., excluding share-based compensation expense, change in fair value of warrant liability, change in fair value of contingent liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, non-recurring expenses associated with mergers and acquisitions and other one-time expenses, interest expense, depreciation expense, and provision (and benefit from) for income taxes.\n\n“Adjusted Net Income (Loss)” means net income (loss) attributable to Pagaya Technologies Ltd., excluding share-based compensation expense, change in fair value of warrant liability, change in fair value of contingent liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, and non-recurring expenses associated with mergers and acquisitions and other one-time expenses.\n\n“AI” or “AI technology” means our proprietary technology, which uses “machine learning” models as a subset of artificial intelligence that go through extensive testing, validation, and governance processes before they can be used or modified. The “machine learning” models require human intervention, testing, and validation; accordingly, the models do not have the ability to self-correct, self-improve, and/or learn over time.\n\n“B. Riley Principal Capital II” refers to B. Riley Principal Capital II, LLC.“Capital Restructuring” refers to, collectively, the Reclassification, the Preferred Share Conversion and the Stock Split as part of the EJFA Merger.“CFPB” refers to the Consumer Financial Protection Bureau.\n\n“Class A Ordinary Shares” refers to the Class A ordinary shares, no par value, of Pagaya, following the Capital Restructuring, which carry voting rights of one vote per share of Pagaya.\n\n“Class B Ordinary Shares” refers to the Class B ordinary Shares, no par value, of Pagaya, following the Capital Restructuring, which carry voting rights in the form of 10 votes per share of Pagaya.\n\n“Code” refers to the U.S. Internal Revenue Code of 1986, as amended.\n\n“Companies Law” refers to the Israeli Companies Law, 5759-1999, as amended, and the regulations promulgated thereunder.\n\n“Continental” refers to Continental Stock Transfer & Trust Company, the transfer agent, warrant agent and trustee of Pagaya.\n\n“Credit Agreement” refers to that certain Credit Agreement, dated as of February 2, 2024, by and among Pagaya, as the borrower, Pagaya US Holding Company LLC, as a borrower, the lenders from time to time party thereto and Acquiom Agency Services LLC, as administrative agent.\n\n“Darwin” refers to Darwin Homes, Inc., a Delaware corporation.\n\n“EEA” refers to the European Economic Area.\n\nii\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\n“Effective Time” refers to the effective time of the EJFA Merger.\n\n“EJF Investor” refers to EJF Debt Opportunities Master Fund, LP, a Delaware limited liability company, an affiliate of EJFA.\n\n“EJF Subscription Agreement” refers to that certain Subscription Agreement, dated as of September 15, 2021, by and between Pagaya and the EJF Investor, providing for the purchase by the EJF Investor at the EJFA Closing of up to 20 million Class A Ordinary Shares at a price per share of $10.00, for an aggregate purchase price of up to $200 million.\n\n“EJFA” refers to EJF Acquisition Corp., a Cayman Islands exempted company.“EJFA Class A Ordinary Shares” refers to the class A ordinary shares, par value $0.0001 per share, of EJFA.\n\n“EJFA Closing” refers to the consummation of the EJFA Merger.\n\n“EJFA Closing Date” refers to June 22, 2022.\n\n“EJFA Merger” refers to the merger of EJFA Merger Sub with and into EJFA, as contemplated by the EJFA Merger Agreement.\n\n“EJFA Merger Agreement” refers to that certain Agreement and Plan of Merger, dated as of September 15, 2021, by and among EJFA, Pagaya and Merger Sub.\n\n“EJFA Merger Sub” refers to Rigel Merger Sub Inc., a Cayman Islands exempted company and a wholly-owned subsidiary of Pagaya.\n\n“EJFA Private Placement Warrants” refers to the 5,166,667 private placement warrants of EJFA entitling the holder to purchase one EJFA Class A Ordinary Share per warrant.“\n\n“EJFA Public Warrants” refers to the 9,583,333 public warrants of EJFA entitling the holder to purchase one EJFA Class A Ordinary Share per warrant.\n\n“Equity Financing Purchase Agreement” refers to the Ordinary Shares Purchase Agreement, dated as of August 17, 2022, by and between Pagaya and B. Riley Principal Capital II.\n\n“Equity Financing Registration Rights Agreement” refers to the Registration Rights Agreement, dated as of August 17, 2022, by and between Pagaya and B. Riley Principal Capital II.\n\n“Exchange Act” refers to the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder.\n\n“FDIC” refers to the Federal Deposit Insurance Corporation.\n\n“Financing Vehicles” refers to (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates, (iii) special purpose vehicles established by third-party investors to facilitate the purchase of assets under forward flow agreements, and (iv) other similar vehicles.\n\n“Founders” refers to the three founders of Pagaya (including any trusts the beneficiary of which is a founder of Pagaya and to the extent that a founder of Pagaya has the right to vote the shares held by such trust).\n\n“FRB” refers to the U.S. Federal Reserve Board.\n\n“FRLPC” means fee revenue less production costs.\n\n“Guarantors” refers to the guarantors under the Credit Agreement.\n\n“Investment Advisers Act” refers to the U.S. Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.\n\n“Investment Company Act” refers to the U.S. Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.\n\n“Israeli Securities Law” refers to the Israeli Securities Law, 5728-1968, as amended, and the regulations promulgated thereunder.\n\n“ITA” refers to the Israel Tax Authority.\n\n“ITO” refers to the Israeli Income Tax Ordinance [New Version], 5721-1961, and the regulations, rules and orders promulgated thereunder, as amended.\n\niii\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\n“Nasdaq” refers to The NASDAQ Stock Market LLC.\n\n“Network Volume” refers to the gross dollar amount of assets originated by our Partners with the assistance of our AI technology and, with respect to single-family rental operations, the gross dollar value of services, which may include the value of newly onboarded properties onto our Darwin platform.\n\n“Oak HC/FT” refers to, collectively, Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P.\n\n“OCC” refers to the Office of the Comptroller of the Currency.\n\n“Pagaya” refers to Pagaya Technologies Ltd., together with its consolidated subsidiaries as a consolidated entity, a company organized under the laws of the State of Israel.\n\n“Pagaya Articles” refers to the Articles of Association of Pagaya, dated as of June 22, 2022.\n\n“Pagaya Board” refers to the board of directors of Pagaya.\n\n“Pagaya Class A-1 Preferred Shares” refers to the Class A-1 Preferred Shares, nominal value NIS 0.01 each, of Pagaya, prior to the Capital Restructuring.\n\n“Pagaya Class A Preferred Shares” refers to the Class A Preferred Shares, nominal value NIS 0.01 each, of Pagaya, prior to the Capital Restructuring.\n\n“Pagaya Class B Preferred Shares” refers to the Class B Preferred Shares, nominal value NIS 0.01 each, of Pagaya, prior to the Capital Restructuring.\n\n“Pagaya Class C Preferred Shares” refers to the Class C Preferred Shares, nominal value NIS 0.01 each, of Pagaya, prior to the Capital Restructuring.\n\n“Pagaya Class D Preferred Shares” refers to the Class D Preferred Shares, nominal value NIS 0.01 each, of Pagaya, prior to the Capital Restructuring.\n\n“Pagaya Class E Preferred Shares” refers to the Class E Preferred Shares, nominal value NIS 0.01 each, of Pagaya, prior to the Capital Restructuring.\n\n“Pagaya Option” refers to each outstanding and unexercised option to purchase Pagaya Ordinary Shares issued pursuant to the Pagaya Share Plans, whether or not then vested or fully exercisable.\n\n“Pagaya Ordinary Shares” refers to the ordinary shares, NIS 0.01 each, of Pagaya, prior to the Capital Restructuring, provided, however, that after the Preferred Share Conversion and Reclassification, every reference to Pagaya Ordinary Shares shall be to the Class A Ordinary Shares and Class B Ordinary Shares, collectively.\n\n“Pagaya Preferred Shares” refers to the Pagaya Class A Preferred Shares, Pagaya Class A-1 Preferred Shares, Pagaya Class B Preferred Shares, Pagaya Class C Preferred Shares, Pagaya Class D Preferred Shares and Pagaya Class E Preferred Shares, prior to the Capital Restructuring.\n\n“Pagaya Shareholders” refers, prior to the EJFA Merger, to the shareholders of Pagaya and, now, to the current shareholders of Pagaya.\n\n“Pagaya US” refers to Pagaya US Holding Company LLC.\n\n“Pagaya Voting Agreement” refers to that certain Company Voting Agreement, dated as of September 15, 2021, by and among EJFA and certain of the Pagaya Shareholders.\n\n“Partners” refers to financial institutions including, among others, banks, peer-to-peer lending networks, online marketplaces, non-bank finance companies, fintechs, financing intermediaries, consumer product companies, brokers, agents and credit unions that have entered into arrangements to benefit from Pagaya’s proprietary technology to assist them in creating and originating credit and other assets that may be acquired by a Financing Vehicle.\n\n“PFIC” refers to a passive foreign investment company.\n\niv\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\n“PIPE Investment” refers to the investment by the EJF Investor and by those certain other PIPE Investors pursuant to the Subscription Agreements.\n\n“PIPE Investors” refers to the EJF Investor and those certain other investors participating in the PIPE Investment pursuant to the Subscription Agreements.\n\n“Preferred Purchase Agreement” refers to that certain Preferred Shares Purchase Agreement, dated April 14, 2023, by and among Pagaya, Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P.\n\n“Preferred Share Conversion” refers to the conversion of the outstanding Pagaya Preferred Shares into Pagaya Ordinary Shares in accordance with the EJFA Merger Agreement.\n\n“Public warrants” refers to the outstanding and unexercised warrants to purchase Class A Ordinary Shares issued to holders of EJFA Public Warrants in connection with the EJFA Merger.\n\n“Reclassification” refers to the reclassification of each Pagaya Ordinary Share that was outstanding immediately following the Preferred Share Conversion (and for the avoidance of doubt, any warrant, right or other security convertible into or exchangeable or exercisable therefor, including each Pagaya Ordinary Share underlying any Pagaya Option), into one Class A Ordinary Share or one Class B Ordinary Share, as applicable, as set forth in the EJFA Merger Agreement.\n\n“Registration Rights Agreement” refers to the Amended and Restated Registration Rights Agreement entered into at EJFA Closing, by and among Pagaya, EJFA, the Sponsor and certain equity holders of Pagaya named therein, replacing EJFA’s and Pagaya’s existing registration rights agreements.\n\n“Rule 10b5-1 Plan” refers to an individual share trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, in which the individual will contract with a broker to buy or sell shares on a periodic basis.\n\n“SEC” refers to the U.S. Securities and Exchange Commission.\n\n“Securities Act” refers to the U.S. Securities Act of 1933, as amended.\n\n“Series A Preferred Shares” refers to the Series A Preferred Shares issued and sold pursuant to the Preferred Purchase Agreement.“SFR” refers to single-family rental properties and/or business.\n\n“SFR Partners” refers to both the Company’s Financing Vehicles that are SFR property owners and any other property owners that the Company and its subsidiaries, specifically Darwin, partners with for property management and other SFR-related operations.\n\n“Stock Split” refers to the stock split of the Pagaya Ordinary Shares into a number of Pagaya Ordinary Shares calculated in accordance with the terms of the Merger Agreement such that each Pagaya Ordinary Share will have a value of $10.00 per share immediately following the Capital Restructuring on the basis of the Company Value (as defined in the EJFA Merger Agreement) set out in the EJFA Merger Agreement.\n\n“Subscription Agreements” refers to the EJF Subscription Agreement and the other subscription agreements entered into by the PIPE Investors, the form of which is incorporated herein by reference to Exhibit 4.5 of Pagaya’s Registration Statement on Form F-4 filed with the SEC on April 7, 2022.\n\n“Term Loan Facility” refers to the 5-year senior secured term loan facility provided for by the Credit Agreement.\n\n“Theorem” refers to Theorem Technology, Inc., a Silicon Valley-based institutional asset manager.\n\n“Treasury Regulations” refers to the regulations promulgated by the U.S. Department of the Treasury pursuant to and in respect of provisions of the Code.\n\n“United States” or “U.S.” refers to the United States of America, including the states, the District of Columbia and its territories and possessions.\n\n“U.S. Dollars” or “$” refers to U.S. dollars.\n\n“U.S. GAAP” refers to the U.S. generally accepted accounting principles.\n\n“U.S. Holder” refers to any beneficial owner of Pagaya securities, that is, for U.S. federal income tax purposes:\n\nv\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\n•an individual who is a citizen or resident of the United States;\n\n•a corporation (including any entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state thereof or the District of Columbia;\n\n•an estate whose income is subject to U.S. federal income taxation regardless of its source; or\n\n•a trust if (i) a court within the United States is able to exercise primary supervision over the trust’s administration and one or more U.S. persons have the authority to control all of the trust’s substantial decisions, or (ii) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.\n\n“VIE” refers to a variable interest entity.\n\n“VWAP” refers to, on any trading day on or after the EJFA Closing Date, the volume weighted-average of the trading prices of the Class A Ordinary Shares trading during such day on the principal securities exchange or securities market on which Class A Ordinary Shares are then traded or quoted for purchase and sale (as reported by Bloomberg L.P. or, if not reported therein, in another authoritative source selected by Pagaya), except if there occurs any change in the outstanding Class A Ordinary Shares as a result of any reclassification, recapitalization, stock split or combination, exchange or readjustment of shares, or any stock dividend, the VWAP shall be equitably adjusted to reflect such change.\n\n“Warrants” refers to the public warrants and the private placement warrants, collectively.\n\n“Warrant Agreement” refers to the Amended and Restated Warrant Agreement, entered into immediately prior to the Effective Time, by and among EJFA, Pagaya and Continental, as transfer agent.\n\nvi\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Annual Report contains forward-looking statements that involve substantial risks and uncertainties. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, without limitation, our expectations concerning the outlook for our business, productivity, plans and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations.\n\nPagaya desires to take advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection with this safe harbor legislation. All statements other than statements of historical facts contained in this Annual Report, including statements regarding our future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters.\n\nForward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those implied in those statements. Important factors that could cause such differences include, but are not limited to:\n\n•the ability to implement business plans and other expectations;\n\n•the impact of the continuation of or changes in the short-term and long-term interest rate environment;\n\n•uncertain market or political conditions;\n\n•the availability and cost of capital, including the financing of risk retention investments;\n\n•our ability to service our debt financing and meet associated covenants\n\n•our ability to develop and maintain a diverse and robust funding network;\n\n•the impact of fair value changes in our risk retention investments in our Financing Vehicles;\n\n•our uncertain future prospects and rate of growth;\n\n•the performance of our technology to consistently meet return expectations of asset investors in Financing Vehicles;\n\n•our ability to improve, operate and implement our AI technology, including as we expand into new asset classes;\n\n•competition in attracting and onboarding new Partners and raising capital from asset investors through Financing Vehicles given the current limited number of Partners that account for a substantial portion of the total number of the financial products facilitated with the assistance of our AI technology;\n\n•potential difficulties in retaining our current management team and other key employees and independent contractors, including highly-skilled technical experts;\n\n•our estimates of our future financial performance;\n\n•changes in the political, legal and regulatory framework related to AI technology, machine learning; financial institutions and consumer protection;\n\n•the impact of health epidemics, natural disasters, acts of terrorism or other catastrophic events;\n\n•our ability to realize the potential benefits of past or future acquisitions;\n\n•conditions related to our operations in Israel;\n\nvii\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\n•risks related to data, security and privacy;\n\n•changes to accounting principles and guidelines;\n\n•our ability to develop and maintain effective internal controls;\n\n•the ability to maintain the listing of our securities on Nasdaq;\n\n•the price of our securities has been and may continue to be volatile;\n\n•unexpected costs or expenses;\n\n•future issuances, sales or resales of our Class A Ordinary Shares;\n\n•an active public trading market for our Class A Ordinary Shares may not be sustained; and\n\n•the other matters described in “Item 1A.—Risk Factors.”\n\nWe caution you not to rely on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date of this Annual Report. We undertake no obligation to revise forward-looking statements to reflect future events, changes in circumstances or changes in beliefs except to the extent required by law. In the event that any forward-looking statement is updated, no inference should be made that we will make additional updates with respect to that statement, related matters, or any other forward-looking statements except to the extent required by law. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear in our public filings with the SEC, which are or will be (as appropriate) accessible at www.sec.gov, and which you are advised to consult.\n\nMarket, ranking and industry data used throughout this Annual Report, including statements regarding market size and technology adoption rates, is based on the good faith estimates of our management, which in turn are based upon our management’s review of internal surveys, independent industry surveys and publications and other third-party research and publicly available information. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we are not aware of any misstatements regarding the industry data presented herein, its estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under “Item 1A.—Risk Factors” and “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report.\n\nviii\n\n[Table of](#iab92c5b483164dd6bfa8efca5afa979f_7)[Contents](#iab92c5b483164dd6bfa8efca5afa979f_7)\n\nPART I"}