[Form 4] Pagaya Technologies Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Pagaya Technologies insider sale by CFO. Pagaya Technologies Ltd. reporting person Evangelos Perros, identified as the company's Chief Financial Officer and a director, reported two separate dispositions of Class A ordinary shares on September 5 and September 9, 2025. The filings show sales of 9,435 shares on 09/05/2025 at a weighted average price of $38.8376 and 14,356 shares on 09/09/2025 at a weighted average price of $37.3365, for a combined total of 23,791 shares sold.

After these transactions the reporting person beneficially owned 59,079 Class A ordinary shares. The form includes explanations that each sale consisted of multiple transactions within described price ranges and offers to provide detailed per-trade quantities on request. The Form 4 was signed by an attorney-in-fact on 09/09/2025.

Positive

• Transparent disclosure of transaction dates, quantities, weighted average prices, and post-sale beneficial ownership.
• Continued ownership: the reporting person still beneficially owns 59,079 Class A ordinary shares after the reported sales.

Negative

• Insider dispositions: the CFO sold a total of 23,791 Class A ordinary shares across two transactions.
• Price range variability: sales occurred in multiple trades at prices ranging from $37.25 to $39.21, creating some ambiguity about per-trade details (though the filer offers to provide them on request).

Insights

Securities Analyst

TL;DR Insider sales of 23,791 shares by the CFO are disclosed; holdings remain meaningful at 59,079 shares.

The Form 4 reports routine dispositions by Chief Financial Officer Evangelos Perros totaling 23,791 Class A shares across two dates with weighted average prices of $38.8376 and $37.3365. From an investor-signaling perspective, officer sales are notable but not necessarily unusual; the reporting person retains 59,079 shares after the transactions, indicating continued ownership. The filing notes the sales were executed in multiple trades within stated price ranges and commits to disclosing per-trade quantities if requested, which supports transparency.

Corporate Governance Expert

TL;DR Disclosure is complete and timely; transactions appear documented without corrective language.

The Form 4 clearly identifies the reporting person, relationship to the issuer, transaction dates, quantities sold, weighted average prices, and post-transaction beneficial ownership. The inclusion of explanatory footnotes about weighted average prices and an attorney-in-fact signature suggests proper procedural handling. There is no information in the filing indicating any noncompliance or an associated Rule 10b5-1 plan; the box indicating a planned sale is not checked. Based on the filing alone, this appears to be a routine reported sale rather than a governance red flag.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Perros Evangelos

(Last) (First) (Middle)

C/O PAGAYA TECHNOLOGIES LTD.

335 MADISON AVENUE, 16TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pagaya Technologies Ltd. [ PGY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Ordinary Share	09/05/2025	09/05/2025	S		9,435	D	$38.8376(1)	73,435	D
Class A Ordinary Share	09/09/2025	09/09/2025	S		14,356	D	$37.3365(2)	59,079	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Weighted average price. These shares were sold in multiple transactions at prices ranging from $38.54 to $39.21 inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

2. Weighted average price. These shares were sold in multiple transactions at prices ranging from $37.25 to $37.535 inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

Remarks:

	/s/ Natalie Wilmore, Attorney-in-Fact	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for Pagaya Technologies (PGY)?

The Form 4 was filed on behalf of Evangelos Perros, identified as the company's Chief Financial Officer and a director; the form was signed by an attorney-in-fact on 09/09/2025.

How many shares did the reporting person sell in the Form 4 for PGY?

The reporting person sold a total of 23,791 Class A ordinary shares: 9,435 on 09/05/2025 and 14,356 on 09/09/2025.

What were the sale prices reported on the Form 4 for PGY insider sales?

Weighted average prices reported were $38.8376 for the 09/05/2025 sales (range $38.54–$39.21) and $37.3365 for the 09/09/2025 sales (range $37.25–$37.535).

How many PGY shares does the reporting person own after the reported transactions?

After the reported sales the reporting person beneficially owned 59,079 Class A ordinary shares.

Were the sales reported as part of a 10b5-1 trading plan?

No box indicating a Rule 10b5-1 plan is checked in the form; there is no explicit statement that the sales were made pursuant to such a plan.