Pagaya Technologies Ltd. (PGY) SEC Filings & Earnings Calls

No new risk signals; historical data only.

FRLPC margin compression due to asset class mix and tighter ABS pricing

“FRLPC as a % of network volume contracted by 61 basis points year-over-year to 4.2%, driven by asset class mix, new partner and product contributions, and tighter pricing on our ABS transactions reflecting higher cost of capital” · word for word

Dependence on ABS funding market conditions

“Tighter pricing on ABS transactions reflecting higher cost of capital in light of market conditions”

Credit loss cycle intensifying

“Losses on investments in loans and securities for the three months ended June 30, 2026 increased by $28.1 million, or 197% to $42.3 million, compared to $14.3 million for the three months ended June 30, 2025” · word for word

Geopolitical risk from Israel-Iran conflict

“The ongoing conflict between Israel, the U.S., and Iran that erupted in February 2026 has resulted in volatility and disruption of global energy and financial markets, which has increased our cost of capital and may diminish investor appetite for risk assets” · word for word

Macroeconomic pressure on consumer credit

“Macroeconomic pressures, including sustained high interest rates and inflation, continue to shape our operating environment... could lead to higher delinquencies, defaults, and charge-offs, reducing investor returns and dampening demand for assets generated on our platform” · word for word

Concentration in top investors

“For the six months ended June 30, 2026 and 2025, our top 5 investors collectively accounted for approximately 44% and 52%, respectively, of our total funding” · word for word

Founder super-voting control limits minority shareholder influence

“Gal Krubiner ... 43.3% ... Avital Pardo ... 42.5% ... Yahav Yulzari ... 40.1%”

CFO departure may signal internal instability, though stated as not related to disagreements.

“Mr. Perros’s departure is not related to any disagreements with the Company on any matter relating to its accounting practices, financial statements, internal controls, or operations.”

Geopolitical Conflict Risk

“The ongoing conflict between Israel, the U.S., and Iran that erupted in February 2026 has resulted in volatility and disruption of global energy and financial markets, which has increased our cost of capital and may diminish investor appetite for risk assets.” · word for word

Credit Performance Risk

“Macroeconomic pressures, including sustained high interest rates and inflation, continue to shape our operating environment. ... could lead to higher delinquencies, defaults, and charge-offs, reducing investor returns and dampening demand for assets generated on our platform.” · word for word

Funding Concentration Risk

“For the three months ended March 31, 2026 and 2025, our top 5 investors collectively accounted for approximately 59% and 39%, respectively, of our total funding.” · word for word

Customer Concentration Risk

“One related party customer represented greater than 10% of total fee revenue and totaled approximately 20% for three months ended March 31, 2026.” · word for word

Regulatory Risk

“the regulation of AI technologies by the FTC, CFPB, and other governmental agencies” · word for word

Partner concentration risk

“Currently, a majority of the loans or receivables that are facilitated with the assistance of our AI technology result from transactions with a small number of Partners who operate in the financial technology space.” · word for word

Funding dependency risk

“Our ability to raise capital from asset investors is vital to our ability to offer products to Partners. If we are unable to raise capital from asset investors at competitive rates, or at all, it would materially reduce our revenue and cash flow and adversely affect our financial condition.” · word for word

AI model performance risk

“Our AI technology has not yet been extensively tested during different economic conditions, including down-cycles.” · word for word

Non-cash mark-to-market loss on Bitcoin of $227.1M due to FASB fair value accounting, creating GAAP net income volatility.

“$227.1 million non-cash mark-to-market loss on Bitcoin resulting from FASB-required fair value accounting adjustment.”

Concentration of revenue with a small number of partners and platforms poses dependency risk.

“Concentration of a large percentage of its investment revenue with a small number of partners and platforms.” · word for word

Funding arrangements may not be renewed or replaced, impacting ability to originate loans.

“Existing funding arrangements may not be renewed or replaced on terms acceptable to it, or at all.”

Concentration of investment revenue with a small number of partners and platforms.

“the concentration of a large percentage of its investment revenue with a small number of partners and platforms” · word for word

Funding arrangements may not be renewed or replaced on acceptable terms.

“its existing funding arrangements for the Company and its affiliates that may not be renewed or replaced or its existing funding sources that may be unwilling or unable to provide funding to it on terms acceptable to it, or at all” · word for word

Geopolitical risk due to operations in Israel.

“geopolitical conflicts such as the war in Israel” · word for word

Macroeconomic sensitivity

“Macroeconomic conditions, including persistent inflation, elevated interest rates, supply chain constraints, geopolitical tensions, climate-related disruptions, and evolving global conflicts, may affect consumer demand for financial products, our Partners’ ability to generate and convert customer application volume, and the availability and cost of funding f” · word for word

Geopolitical risk (Israel conflict)

“The war in Israel and Gaza, which escalated following the October 7, 2023 and intensified during the third quarter of 2025, remains a source of uncertainty.” · word for word

Funding availability risk

“The availability and pricing of funding from investors is critical to our growth.” · word for word