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PGY Pagaya Technologies Ltd.

(In thousands, except share amounts)

Redeemable Convertible Preferred Shares	Ordinary Shares (Class A and Class B)			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings (Accumulated Deficit)			Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)			Non-Controlling Interests			Total Shareholders’ Equity
Shares (1)			Amount							Shares (1)												Amount			Balance – December 31, 2020			26,817,162		$	105,981	15,866,428	$	—	$	315	$	—	$	2,885	$	3,200	$	84,945	$	88,145	Issuance of Series D convertible preferred shares, net of issuance costs of $11	3,821,088		36,639	—	—	—	—	—	—	—	—	Issuance of Series E convertible preferred shares, net of issuance costs of $158	2,917,248		136,006	—	—	—	—	—	—	—	—	Issuance of Preferred B shares upon exercise of warrants 2021	227,700		22,412	—	—	—	—	—	—	—	—	Issuance of Preferred D shares upon exercise of warrants 2021	83,384		6,009	—	—	—	—	—	—	—	—	Issuance of ordinary shares upon exercise of share options	—		—	329,055	—	346	—	—	346	—	346	Share-based compensation	—		—	—	—	68,090	—	—	68,090	—	68,090	Deemed contribution	—		—	—	—	23,612	—	—	23,612	—	23,612	Deemed dividend distribution	—		—	—	—	—	—	(23,612)	(23,612)	—	(23,612)	Issuance of ordinary share warrants	—		—	—	—	20,807	—	—	20,807	—	20,807	Contributions of interests in consolidated VIEs	—		—	—	—	—	—	—	—	151,035	151,035	Return of capital to interests in consolidated VIEs	—		—	—	—	—	—	—	—	(81,548)	(81,548)	Net income (loss)	—		—	—	—	—	—	(91,151)	(91,151)	21,628	(69,523)	Balance – December 31, 2021	33,866,582		$	307,047	16,195,483	$	—	$	113,170	$	—	$	(111,878)	$	1,292	$	176,060	$	177,352	Issuance of ordinary shares upon exercise of share options	—		—	1,393,798	—	1,617	—	—	1,617	—	1,617	Issuance of ordinary shares upon vesting of RSUs	—		—	10,242	—	—	—	—	—	—	—	Issuance of ordinary shares upon exercise of warrants	—		—	1,878,280	—	—	—	—	—	—	—	Issuance of ordinary shares related to commitment shares	—		—	3,878	—	1,000	—	—	1,000	—	1,000	Issuance of ordinary shares in connection with the Merger and PIPE Investment, net of issuance costs of $57,400	(33,866,582)		(307,047)	37,460,951	—	581,359	—	—	581,359	—	581,359	Share-based compensation	—		—	—	—	250,711	—	—	250,711	—	250,711	Reclassification of warrants	—		—	—	—	20,575	—	—	20,575	—	20,575

PGY Pagaya Technologies Ltd.

2023	2022			2021
Cash flows from operating activities			Net loss including noncontrolling interests			$	(196,739)	$	(292,774)	$	(69,523)	Adjustments to reconcile net income (loss) to net cash used in operating activities:	Equity method income (loss)			(488)		(5,756)	155	Loss on sale of equity method investments	—		—	421	Depreciation and amortization	19,127		6,294	815	Share-based compensation	71,055		241,689	67,785	Fair value adjustment to warrant liability	1,842		(11,088)	53,019	Issuance of ordinary shares related to commitment shares	—		1,000	—	Impairment loss on investments in loans and securities	134,510		15,007	—	Loss on loans held-for-investment	—		10,651	—	Other than temporary impairment of investments in loans and securities	—		33,704	—	Write-off of capitalized software	2,475		3,209	—	Gain on foreign exchange	(1,320)		—	—	Change in operating assets and liabilities:	Fees and other receivables			(20,740)		(46,453)	(27,555)	Deferred tax assets, net	(1,162)		5,681	(3,378)	Deferred tax liabilities, net	(461)		568	—	Prepaid expenses and other assets	12,912		(23,227)	(4,738)	Right-of-use assets	3,854		7,742	—	Accounts payable	(448)		(9,841)	10,999	Accrued expenses and other liabilities	(17,770)		32,403	13,407	Operating lease liability	(3,712)		(11,192)	—	Income tax receivable / payable	6,642		2,383	8,404	Net cash provided by (used in) operating activities	9,577		(40,000)	49,811	Cash flows from investing activities	Proceeds from the sale/maturity/prepayment of:			Investments in loans and securities			172,061		112,897	28,904	Short-term deposits	—		5,020	53,412	Equity method and other investments	—		453	8,925	Cash and restricted cash acquired from Darwin Homes, Inc.	1,608		—	—	Payments for the purchase of:	Investments in loans and securities			(566,173)		(355,633)	(202,366)	Property and equipment	(20,189)		(22,406)	(6,624)	Equity method and other investments	—		(5,750)	(22,991)	Net cash used in investing activities	(412,693)		(265,419)	(140,740)	Cash flows from financing activities	Proceeds from sale of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs			—		291,872	—	Proceeds from issuance of redeemable convertible preferred shares, net	74,250		—	172,645	Proceeds from issuance of ordinary share warrants, net	—		—	20,807	Proceeds from secured borrowing	338,472		139,413	37,905	Proceeds received from noncontrolling interests	19,955		105,469	151,035	Proceeds from revolving credit facility	130,000		42,100	—	Proceeds from exercise of stock options	4,334		1,617	346	Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	27,892		—	—	Proceeds from exercise of redeemable convertible preferred shares warrants	—		—	400	Distributions made to noncontrolling interests	(43,767)		(77,764)	(81,548)	Payments made to revolving credit facility	(55,000)		(27,100)	—

PGY Pagaya Technologies Ltd.

Annual report (foreign)

(In thousands, except share amounts)

Redeemable Convertible Preferred Shares	Ordinary Shares (Class A and Class B)			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings (Accumulated Deficit)			Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)			Non-Controlling Interests			Total Shareholders’ Equity
Shares (1)			Amount							Shares (1)												Amount			Balance – December 31, 2020			26,817,162		$	105,981	15,866,428	$	—	$	315	$	—	$	2,885	$	3,200	$	84,945	$	88,145	Issuance of Series D convertible preferred shares, net of issuance costs of $11	3,821,088		36,639	—	—	—	—	—	—	—	—	Issuance of Series E convertible preferred shares, net of issuance costs of $158	2,917,248		136,006	—	—	—	—	—	—	—	—	Issuance of Preferred B shares upon exercise of warrants 2021	227,700		22,412	—	—	—	—	—	—	—	—	Issuance of Preferred D shares upon exercise of warrants 2021	83,384		6,009	—	—	—	—	—	—	—	—	Issuance of ordinary shares upon exercise of share options	—		—	329,055	—	346	—	—	346	—	346	Share-based compensation	—		—	—	—	68,090	—	—	68,090	—	68,090	Deemed contribution	—		—	—	—	23,612	—	—	23,612	—	23,612	Deemed dividend distribution	—		—	—	—	—	—	(23,612)	(23,612)	—	(23,612)	Issuance of ordinary share warrants	—		—	—	—	20,807	—	—	20,807	—	20,807	Contributions of interests in consolidated VIEs	—		—	—	—	—	—	—	—	151,035	151,035	Return of capital to interests in consolidated VIEs	—		—	—	—	—	—	—	—	(81,548)	(81,548)	Net income (loss)	—		—	—	—	—	—	(91,151)	(91,151)	21,628	(69,523)	Balance – December 31, 2021	33,866,582		$	307,047	16,195,483	$	—	$	113,170	$	—	$	(111,878)	$	1,292	$	176,060	$	177,352	Issuance of ordinary shares upon exercise of share options	—		—	1,393,798	—	1,617	—	—	1,617	—	1,617	Issuance of ordinary shares upon vesting of RSUs	—		—	10,242	—	—	—	—	—	—	—	Issuance of ordinary shares upon exercise of warrants	—		—	1,878,280	—	—	—	—	—	—	—	Issuance of ordinary shares related to commitment shares	—		—	3,878	—	1,000	—	—	1,000	—	1,000	Issuance of ordinary shares in connection with the Merger and PIPE Investment, net of issuance costs of $57,400	(33,866,582)		(307,047)	37,460,951	—	581,359	—	—	581,359	—	581,359	Share-based compensation	—		—	—	—	250,711	—	—	250,711	—	250,711	Reclassification of warrants	—		—	—	—	20,575	—	—	20,575	—	20,575

8 Mar 24

9:07am

PGY Pagaya Technologies Ltd.

Annual report (foreign)

2023	2022			2021
Cash flows from operating activities			Net loss including noncontrolling interests			$	(196,739)	$	(292,774)	$	(69,523)	Adjustments to reconcile net income (loss) to net cash used in operating activities:	Equity method income (loss)			(488)		(5,756)	155	Loss on sale of equity method investments	—		—	421	Depreciation and amortization	19,127		6,294	815	Share-based compensation	71,055		241,689	67,785	Fair value adjustment to warrant liability	1,842		(11,088)	53,019	Issuance of ordinary shares related to commitment shares	—		1,000	—	Impairment loss on investments in loans and securities	134,510		15,007	—	Loss on loans held-for-investment	—		10,651	—	Other than temporary impairment of investments in loans and securities	—		33,704	—	Write-off of capitalized software	2,475		3,209	—	Gain on foreign exchange	(1,320)		—	—	Change in operating assets and liabilities:	Fees and other receivables			(20,740)		(46,453)	(27,555)	Deferred tax assets, net	(1,162)		5,681	(3,378)	Deferred tax liabilities, net	(461)		568	—	Prepaid expenses and other assets	12,912		(23,227)	(4,738)	Right-of-use assets	3,854		7,742	—	Accounts payable	(448)		(9,841)	10,999	Accrued expenses and other liabilities	(17,770)		32,403	13,407	Operating lease liability	(3,712)		(11,192)	—	Income tax receivable / payable	6,642		2,383	8,404	Net cash provided by (used in) operating activities	9,577		(40,000)	49,811	Cash flows from investing activities	Proceeds from the sale/maturity/prepayment of:			Investments in loans and securities			172,061		112,897	28,904	Short-term deposits	—		5,020	53,412	Equity method and other investments	—		453	8,925	Cash and restricted cash acquired from Darwin Homes, Inc.	1,608		—	—	Payments for the purchase of:	Investments in loans and securities			(566,173)		(355,633)	(202,366)	Property and equipment	(20,189)		(22,406)	(6,624)	Equity method and other investments	—		(5,750)	(22,991)	Net cash used in investing activities	(412,693)		(265,419)	(140,740)	Cash flows from financing activities	Proceeds from sale of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs			—		291,872	—	Proceeds from issuance of redeemable convertible preferred shares, net	74,250		—	172,645	Proceeds from issuance of ordinary share warrants, net	—		—	20,807	Proceeds from secured borrowing	338,472		139,413	37,905	Proceeds received from noncontrolling interests	19,955		105,469	151,035	Proceeds from revolving credit facility	130,000		42,100	—	Proceeds from exercise of stock options	4,334		1,617	346	Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	27,892		—	—	Proceeds from exercise of redeemable convertible preferred shares warrants	—		—	400	Distributions made to noncontrolling interests	(43,767)		(77,764)	(81,548)	Payments made to revolving credit facility	(55,000)		(27,100)	—

8 Mar 24

9:07am

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