For the year ending 2025-12-31, PGY had $61,831K increase in cash & cash equivalents over the period. $224,718K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) including noncontrolling interests | 71,370 | -445,698 | -196,739 |
| Equity method and other investments loss (income) | -8,415 | -4,593 | 488 |
| Loss on sale of equity method investments | - | - | 0 |
| Depreciation and amortization | 30,077 | 28,753 | 19,127 |
| Share-based compensation | 54,118 | 61,497 | 71,055 |
| Fair value adjustment to warrant liability | 3,830 | -2,349 | 1,842 |
| Issuance of ordinary shares related to commitment shares | - | 0 | 0 |
| Impairment loss on investments in loans and securities/loss on loans held-for-investment-Asset Backed Securities | - | -414,014 | -134,510 |
| Gain on sale of investments in loans and securities | - | 7,922 | - |
| Impairment loss on investments in loans and securities/loss on loans held-for-investment-Other Investments | - | 0 | 0 |
| Other than temporary impairment of investments in loans and securities | - | - | 0 |
| (gains) and losses on investments in loans and securities | -108,907 | - | - |
| Write-off of capitalized software and other assets | 4,919 | 3,245 | 2,475 |
| Amortization of deferred costs | 11,253 | - | - |
| Debt issuance costs amortization | - | 3,739 | - |
| Losses (gains) from extinguishment of debt | -17,883 | - | - |
| Losses (gains) on foreign exchange | -1,115 | -4,189 | - |
| Gain on foreign exchange | - | - | 1,320 |
| Other non-cash items | 0 | -367 | - |
| Fees and other receivables | - | 24,004 | 20,740 |
| Deferred tax assets, net | - | - | 1,162 |
| Income taxes | - | -21,159 | 461 |
| Fees receivables | 26,283 | - | - |
| Prepaid expenses and other assets | - | 9,239 | -12,912 |
| Accrued interest on investments | 42,824 | - | - |
| Right-of-use assets | -6,298 | -1,115 | -3,854 |
| Other assets | 13,350 | - | - |
| Accounts payable | 3,420 | 5,678 | -448 |
| Accrued expenses and other liabilities | 28,518 | 6,861 | -17,770 |
| Operating lease liability | -6,517 | 522 | -3,712 |
| Income tax receivable / payable | - | - | 6,642 |
| Income taxes | -22,529 | - | - |
| Net cash provided by (used in) operating activities | 238,620 | 66,520 | 9,577 |
| Investments in loans and securities | - | 227,771 | 172,061 |
| Proceeds from the maturity and prepayment of investments in loans and securities | 273,039 | - | - |
| Short-term deposits | - | 0 | 0 |
| Proceeds from the sales of investments in loans and securities | 79,176 | - | - |
| Proceeds from equity method and other investments | 0 | 31 | 0 |
| Cash and restricted cash acquired from darwin homes, inc | - | - | 1,608 |
| Investments in loans and securities | - | 693,941 | 566,173 |
| Purchases of investments in loans and securities | 632,182 | - | - |
| Purchases of property, equipment and software | 13,902 | 17,737 | 20,189 |
| Purchases of intangible assets | 0 | 5,500 | - |
| Purchases of equity method and other investments | 0 | 175 | 0 |
| Purchases of other assets | 16,000 | - | - |
| Acquisition of theorem technology, inc., net of cash acquired | -159 | 9,094 | - |
| Net cash used in investing activities | -309,710 | -498,645 | -412,693 |
| Proceeds from sale of ordinary shares, net of issuance costs | 0 | 89,956 | - |
| Proceeds from long-term debt | 500,000 | 341,845 | - |
| Proceeds from sale of ordinary shares in connection with the business combination and pipe investment, net of issuance costs | - | 0 | 0 |
| Proceeds from exchangeable notes | 0 | 152,000 | - |
| Proceeds from issuance of redeemable convertible preferred shares, net | 0 | 0 | 74,250 |
| Proceeds from issuance of ordinary share warrants, net | - | - | 0 |
| Proceeds from secured borrowing | 355,968 | 265,656 | 338,472 |
| Proceeds received from noncontrolling interests | 0 | 63,960 | 19,955 |
| Proceeds from revolving credit facility | 0 | 59,000 | 130,000 |
| Proceeds from exercise of stock options | - | - | 4,334 |
| Proceeds from exercise of stock options, warrants and contributions to espp | 6,923 | 3,305 | - |
| Proceeds from issuance of ordinary shares from the equity financing purchase agreement | 0 | 11,865 | 27,892 |
| Proceeds from exercise of redeemable convertible preferred shares warrants | - | - | 0 |
| Distributions made to noncontrolling interests | 25,762 | 9,820 | 43,767 |
| Payments made to revolving credit facility | 0 | 149,000 | 55,000 |
| Payments made to secured borrowing | 341,350 | 361,428 | 206,390 |
| Payments made to long-term debt | 353,690 | 14,000 | - |
| Debt issuance costs | 12,488 | 16,651 | - |
| Settlement of share-based compensation in satisfaction of tax withholding requirements | 0 | 0 | 650 |
| Payments for deferred offering costs | - | - | 0 |
| Net cash provided by financing activities | 129,601 | 436,688 | 289,096 |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 3,320 | -586 | -515 |
| Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 61,831 | 3,977 | -114,535 |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 226,518 | 222,541 | 337,076 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 288,349 | 226,518 | 222,541 |
Pagaya Technologies Ltd. (PGY)
Pagaya Technologies Ltd. (PGY)