Pagaya Technologies Ltd-A 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June30, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________ Commission File Number:001-41430 Pagaya Technologies Ltd.(Exact name of registrant as specified in its charter) Israel98-1704718(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)335 Madison Ave, 16th FloorNew York, New York10017(Address of principal executive offices)(Zip Code) Indicate 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 of1934 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 suchfiling requirements for the past 90 days. Yes☒No☐Indicate 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 submitsuch files). Yes☒No☐Indicate 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 growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of July 29, 2026, the registrant had 72,137,266 Class A Ordinary Shares, no par value, outstanding; 11,288,577 Class B Ordinary Shares, no parvalue, outstanding; and 2,027,147 Series A Preferred Shares, no par value, outstanding. TABLE OF CONTENTS PagePart I - Financial Information1Item 1. Financial Statements1Condensed Consolidated Balance Sheets1Condensed Consolidated Statements of Income2Condensed Consolidated Statements of Comprehensive Income3Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Shares and Equity4Condensed Consolidated Statements of Cash Flows6Notes to the Consolidated Financial Statements8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item 3. Quantitative and Qualitative Disclosures About Market Risk47Item 4. Controls and Procedures49Part II - Other Information49Item 1. Legal Proceedings49Item 1A. Risk Factors50Item 2. Unregistered Sales of Equity Securities and Use of Proceeds50Item 3. Defaults Upon Senior Securities50Item 4. Mine Safety Disclosures50Item 5. Other Information50Item 6. Exhibits50Signatures52 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report contains forward-looking statements that involve substantial risks and uncertainties. The Private Securities Litigation ReformAct of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective informationabout their business. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. Insome 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,” orsimilar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include,without limitation, statements regarding: our expectations concerning the outlook for our business; our product suite; developing and scaling newasset types, products, and services; expanding our current Partner relationships; adding new Partners; increasing Network Volume; leveraging ourdata and AI capabilities; outperforming the broader market; improving our cost of capital; diversifying our funding network; delivering assets to meetour investors’ expectations; the impact of economic cycles on our financial performance and related metrics; evaluating operational and safetyprotocols; the importance of generating Network Volume, which is a key operating metric; making strategic investments to support our businessplans, including in technology, data, and product development; pursuing diversified sources of financing; the sufficiency of our liquidity and capitalresources to support our business operations; the