PGY · CIK 0001883085
What Pagaya Technologies Ltd. told the SEC could break it.
Pagaya's disclosures point to concentration on both sides of its AI credit network plus an Israel operating base. Its funding depends on a concentrated set of ABS asset investors — the five largest provided about 46% of all ABS funding raised in 2025 — so a pullback there would crimp its ability to generate network volume. On the origination side, it relies on a limited number of lending Partners to facilitate assets using its AI technology, with a substantial share of volume and revenue running through them. And it is incorporated in Israel, with a major office and much of its R&D there (about 83% of long-lived assets), exposing it directly to the political, economic, and military conditions of the region, including the ongoing war.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- ABS asset-investor (funding-source) concentrationmedium
Pagaya's funding depends on a concentrated set of ABS asset investors — the five largest contributed approximately 46% of all ABS funding raised in 2025 (54% in 2024); a decrease in this funding would adversely affect its ability to generate Network Volume and revenue.
“five of the largest asset investors together contributed 46% of all ABS funding raised in 2025, compared to 54% of all ABS funding raised in 2024.”
SEC filing →As of 2026 - lending Partner concentration (origination side)medium
Pagaya relies on its Partners (lenders/banks/fintechs) to originate assets using its AI technology; a limited number of Partners account for a substantial portion of Network Volume and ultimately revenue (in 2024/2023 one customer individually exceeded 10% of revenue at ~13%/~11%; in 2025 no single customer exceeded 10%). The Partners are not named in the filing.
“We rely on our Partners to originate assets facilitated with the assistance of our AI technology. Currently, a limited number of Partners account for a substantial portion of our Network Volume — the financial products facilitated with the assistance of our AI technology — and, ultimately, our Revenue.”
Geographic concentration
- Israel operations and R&Dmedium
Pagaya is incorporated in Israel, with a major corporate office and a significant portion of R&D located there (~83% of long-lived assets, $50.7M, are in Israel); political, economic and military conditions in Israel and the surrounding region — including the ongoing war — directly affect its operations.
“We are incorporated under the laws of the State of Israel, and one of our major corporate offices and certain of our facilities, including a significant portion of our research and development are located in Israel. Accordingly, political, economic and military conditions in Israel and the surrounding region directly affect our business and operations.”
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