What Pagaya Technologies Ltd. told the SEC could break it.

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.”

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.”

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.”