0001883085 2025-01-01 2025-12-31 0001883085 2024-01-01 2024-12-31 0001883085 2023-01-01 2023-12-31 0001883085 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001883085 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001883085 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember 2025-01-01 2025-12-31 0001883085 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001883085 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2025-01-01 2025-12-31 0001883085 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001883085 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001883085 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001883085 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001883085 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001883085 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001883085 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001883085 1 2025-01-01 2025-12-31 0001883085 2 2025-01-01 2025-12-31 0001883085 3 2025-01-01 2025-12-31 iso4217:USD 0001883085 PRE 14A false Pagaya Technologies Ltd. true <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the compensation for our principal executive officer (“</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">PEO</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">”) and the average compensation for our non-PEO named executive officers, both as reported in the Summary Compensation Table and with certain adjustments to reflect the “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Compensation Actually Paid</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">” or “</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">CAP</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">” to such individuals, as defined under Item 402(v) of Regulation S-K, for each of 2025, 2024 and 2023. The table also provides information on our cumulative total shareholder return (“</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">TSR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">”), the cumulative TSR of our peer group, our Net Income (Loss) Attributable to Pagaya Technologies Ltd. and our Adjusted EBITDA. We selected Adjusted EBITDA as our most important performance measure used to link CAP to our Chief Executive Officer and other named executive officers.</span></div>Reflects “Net Income (Loss) Attributable to Pagaya Technologies Ltd.” in the Company’s Consolidated Statements of Operations included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2026, for each of the years ended December 31, 2025, 2024 and 2023.<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth an unranked list of the performance measures which we view as the “most important” measures for linking our named executive officers’ compensation to performance, as specifically listed below: </span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(1) Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. For a reconciliation of Adjusted EBITDA to Net Income (Loss) Attributable to Pagaya Technologies Ltd., its most directly comparable GAAP financial measure, please refer to “</span><span style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#if3929825b0b84aa5b6911f08a1491608_1014" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Appendix A—Reconciliation of Non-GAAP Financial Measures</a></span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">” in this Proxy Statement.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following charts set forth the relationship between Compensation Actually Paid to our PEO and the average Compensation Actually Paid to our other named executive officers with (i) the Company’s cumulative TSR and the Company’s peer group TSR, (ii) Net Income (Loss) Attributable to Pagaya Technologies Ltd. and (iii) Adjusted EBITDA, for the three most recently completed fiscal years. Further information about the factors used to determine compensation levels can be found in the “</span><span style="color:#0000ff;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1883085/000162828026028608/pgy-20251231.htm#i29b8317907724956bb3f2265165aa7a4" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Compensation Discussion and Analysis</a></span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">” included in Company’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 30, 2026.</span></div> <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.767%"><tr><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.012%"></td><td style="width:0.1%"></td></tr><tr style="height:39pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Fiscal Year</span></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Summary Compensation Table Total for PEO</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%"> ($)</span></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Compensation Actually Paid to PEO</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%"> ($)</span></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Average Summary Compensation Table Total for non-PEO NEOs</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%"> ($)</span></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Average Compensation Actually Paid to non-PEO NEOs</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">($)</span></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Value of Initial Fixed $100 Investment Based On:</span></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Net Income (Loss) Attributable to Pagaya Technologies Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%"> (millions) ($)</span></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">Adjusted EBITDA</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%"> (millions) ($)</span></div></td></tr><tr style="height:20pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Pagaya TSR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%"> ($)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">Peer Group TSR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%"> ($)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">2025</span></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">6,019,560 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">16,649,537 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">3,058,528</span></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">12,260,459 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">140.45</span></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">140.92</span></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">81.39 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">370.99</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">2024</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">4,704,773 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">(2,073,913)</span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">4,586,649</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">(101,707)</span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">62.43</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">126.62</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">(401.41)</span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">210.38 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">2023</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:100%">3,650,000</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">5,485,351 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">2,376,500</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">3,367,065 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">111.29</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">115.09</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">(128.44)</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">82.02 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 6019560 16649537 3058528 12260459 140.45 140.92 81390000 370990000 4704773 -2073913 4586649 -101707 62.43 126.62 -401410000 210380000 3650000 5485351 2376500 3367065 111.29 115.09 -128440000 82020000.00 Compensation for our PEO, Mr. Krubiner, reflects the amounts reported in the “<span style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1883085/000162828026028608/pgy-20251231.htm#i3f4d042be10b41f7873748d4275d0405" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Summary Compensation Table</a></span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">” for the respective years. Average compensation for non-PEO named executive officers includes the following individuals: (i) in 2025, Evangelos Perros, Sanjiv Das, Tami Rosen and Avital Pardo, (ii) in 2024, Avital Pardo, Sanjiv Das, Evangelos Perros and Tami Rosen; and (iii) in 2023, Ashok Vaswani, Tami Rosen, Michael Kurlander and Amol Naik.</span> Mr. Krubiner In 2025, the Compensation Actually Paid for the PEO and average Compensation Actually Paid for our non-PEO named executive officers reflects the respective amounts set forth in columns (b) and (d), adjusted in accordance with SEC rules as set forth in the table below. These dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO and our non-PEO named executive officers during the applicable year. For information regarding the decisions made by our Compensation Committee with respect to our named executive officers’ compensation for fiscal year 2025, see the “<span style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1883085/000162828026028608/pgy-20251231.htm#i29b8317907724956bb3f2265165aa7a4" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Compensation Discussion and Analysis</a></span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">” included in Company’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 30, 2026. Fair values set forth in the table below are computed in accordance with ASC 718 as of the end of the respective fiscal year, other than fair values of awards that vest in the covered year, which are valued as of the applicable vesting year.</span><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.196%"><tr><td style="width:1.0%"></td><td style="width:73.939%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.381%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">PEO</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Non-PEO NEOs</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Summary Compensation Table Total</span></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">6,019,560 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">3,058,528 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">- Grant Date Fair Value of Option Awards and Stock Awards Granted in FY</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">(1,229,000)</span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Fair Value at FYE of Outstanding and Unvested Option Awards and Stock Awards Granted in FY</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">1,567,500 </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior FYs (from prior FYE to current FYE)</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">10,629,977 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">5,929,230 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Fair Value at Vesting of Option Awards and Stock Awards Granted in FY That Vested During FY</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">1,212,300 </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior FYs For Which Applicable Vesting Conditions Were Satisfied During FY</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">1,721,901 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">- Fair Value as of Prior FYE of Option Awards and Stock Awards Granted in Prior FYs That Failed to Meet Applicable Vesting Conditions During FY</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Compensation Actually Paid</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">16,649,537 </span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">12,260,459 </span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> In 2025, the Compensation Actually Paid for the PEO and average Compensation Actually Paid for our non-PEO named executive officers reflects the respective amounts set forth in columns (b) and (d), adjusted in accordance with SEC rules as set forth in the table below. These dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO and our non-PEO named executive officers during the applicable year. For information regarding the decisions made by our Compensation Committee with respect to our named executive officers’ compensation for fiscal year 2025, see the “<span style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1883085/000162828026028608/pgy-20251231.htm#i29b8317907724956bb3f2265165aa7a4" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Compensation Discussion and Analysis</a></span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">” included in Company’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 30, 2026. Fair values set forth in the table below are computed in accordance with ASC 718 as of the end of the respective fiscal year, other than fair values of awards that vest in the covered year, which are valued as of the applicable vesting year.</span><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.196%"><tr><td style="width:1.0%"></td><td style="width:73.939%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.381%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">PEO</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Non-PEO NEOs</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Summary Compensation Table Total</span></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">6,019,560 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">3,058,528 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">- Grant Date Fair Value of Option Awards and Stock Awards Granted in FY</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">(1,229,000)</span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Fair Value at FYE of Outstanding and Unvested Option Awards and Stock Awards Granted in FY</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">1,567,500 </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior FYs (from prior FYE to current FYE)</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">10,629,977 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">5,929,230 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Fair Value at Vesting of Option Awards and Stock Awards Granted in FY That Vested During FY</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">1,212,300 </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">+ Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior FYs For Which Applicable Vesting Conditions Were Satisfied During FY</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">1,721,901 </span></td><td style="background-color:#ffffff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">- Fair Value as of Prior FYE of Option Awards and Stock Awards Granted in Prior FYs That Failed to Meet Applicable Vesting Conditions During FY</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Compensation Actually Paid</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">16,649,537 </span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">12,260,459 </span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 6019560 3058528 0 -1229000 0 1567500 10629977 5929230 0 1212300 0 1721901 0 0 16649537 12260459 Represents the cumulative TSR on our Class A Ordinary Shares and the cumulative TSR on the Russell 2000 Index (the “<span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">Peer Group TSR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">”), which is the same peer group used for the Stock Performance Graph included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2026, through December 31, 2023, 2024 and 2025. TSR is cumulative for the measurement periods beginning on December 31, 2022 and ending on December 31 of each of 2025, 2024 and 2023, calculated in accordance with Item 201(e) of Regulation S-K. The peer group for purposes of this table is Russel 2000 Index.</span> Adjusted EBITDA is not a financial measure prepared in accordance with GAAP. For a reconciliation of Adjusted EBITDA to Net Income (Loss) Attributable to Pagaya Technologies Ltd., its most directly comparable GAAP financial measure, please refer to “<span style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#if3929825b0b84aa5b6911f08a1491608_1014" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Appendix A—Reconciliation of Non-GAAP Financial Measures</a></span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">” in this Proxy Statement.</span> Adjusted EBITDA <div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:33.333%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:130%">Performance Measures</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">Adjusted EBITDA(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">Total Revenue and Other Income</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:130%">GAAP Net Income</span></td></tr></table></div> Adjusted EBITDA Total Revenue and Other Income GAAP Net Income <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Relationship Between PEO and Other NEO Compensation Actually Paid and Company and Peer Group TSR</span></div><div><span><br/></span></div><div style="text-align:center;text-indent:18pt"><img alt="Comp actually paid vs TSR.jpg" id="i-5" src="pgy-20260626_g3.jpg" style="height:298px;margin-bottom:5pt;vertical-align:text-bottom;width:648px"/></div> <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Relationship Between PEO and Other NEO Compensation Actually Paid and Company and Peer Group TSR</span></div><div><span><br/></span></div><div style="text-align:center;text-indent:18pt"><img alt="Comp actually paid vs TSR.jpg" id="i-5" src="pgy-20260626_g3.jpg" style="height:298px;margin-bottom:5pt;vertical-align:text-bottom;width:648px"/></div> <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Relationship Between PEO and Other NEO Compensation Actually Paid and Net Income (Loss) Attributable to Pagaya Technologies Ltd.</span></div><div><span><br/></span></div><div style="text-align:center;text-indent:18pt"><img alt="Comp actually paid vs Net Income.jpg" id="i-6" src="pgy-20260626_g4.jpg" style="height:309px;margin-bottom:5pt;vertical-align:text-bottom;width:648px"/></div> <div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Relationship Between PEO and Other NEO Compensation Actually Paid and Adjusted EBITDA</span></div><div><span><br/></span></div><div style="text-align:center;text-indent:18pt"><img alt="Comp actually paid vs Adjusted EBITDA.jpg" id="i-7" src="pgy-20260626_g5.jpg" style="height:323px;margin-bottom:5pt;vertical-align:text-bottom;width:646px"/></div>