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[SCHEDULE 13G/A] Pagaya Technologies Ltd. SEC Filing

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13G/A

Rhea-AI Filing Summary

This Amendment No. 3 to Schedule 13G reports beneficial ownership of Pagaya Technologies Ltd. (Class A ordinary shares) by a group of Viola-related funds and three individuals. The five Reporting Holders directly hold a total of 6,131,831 Class A shares (breakdown: Viola IV (A) 2,679,415; Viola IV (B) 2,799,471; Viola IV Principals 154,249; Viola IV CEO 41,295; Viola 4 P 457,401), representing 9.5% of outstanding Class A shares.

Reporting Individuals collectively report significant aggregate holdings as well. Avi Zeevi is reported as beneficially owning 6,364,797 Class A shares (reported as 9.8% of Class A), with specified sole voting and dispositive power amounts and certain options/RSUs that are excluded from current beneficial ownership but may become exercisable. Percentages are based on 64,873,392 Class A ordinary shares outstanding as of June 30, 2025. The filing notes there are 11,288,577 Class B shares (10 votes each) and 5,000,000 Series A preferred shares convertible on a one-for-one basis, so the Reporting Persons' voting power is lower than their Class A percentage figures indicate.

Positive

  • Transparent disclosure of precise beneficial ownership figures across multiple related entities and individuals
  • Reporting Holders directly hold 6,131,831 Class A shares, representing 9.5% of Class A, a clearly material stake for investor monitoring
  • Avi Zeevi's reported aggregate beneficial ownership of 6,364,797 shares (9.8%) is explicitly quantified

Negative

  • Reported voting power is lower than Class A percentages because the issuer has 11,288,577 Class B shares with 10 votes each and 5,000,000 convertible Series A preferred shares
  • Certain options and RSUs held via Mr. Zeevi's holding company (28,818 and 16,761 shares) are currently excluded from beneficial ownership but could increase his stake if vested/exercisable
  • Ownership is structured across multiple affiliated entities and GP layers, which complicates direct assessment of individual control or influence

Insights

TL;DR: Viola-linked entities and individuals disclose a material ~9.5% stake in Pagaya Class A shares; voting influence is reduced by dual-class capital.

The filing is an Amendment No. 3 to a Schedule 13G and provides precise share counts and percentages based on 64,873,392 Class A shares outstanding as of June 30, 2025. The Reporting Holders directly hold 6,131,831 Class A shares (9.5%), while Avi Zeevi's reported aggregate beneficial ownership is 6,364,797 shares (9.8%). Importantly, the filing explicitly states the issuer also has 11,288,577 Class B shares with 10 votes each and 5,000,000 Series A preferred shares convertible one-for-one, which reduces the reported holders' voting power relative to their Class A percentages. This disclosure is material for ownership concentration assessment but the filing does not specify intent or changes in control.

TL;DR: Ownership is layered through GP and management entities, creating shared beneficial claims though voting power is constrained by superior-vote share classes.

The document details a common GP structure: Viola 4 GP, Viola 4 GP GP and Viola 4 Investment Management link the Reporting Holders and may result in shared beneficial ownership across related entities. The filing also discloses that limited partners retain rights to dividends and proceeds from sales. For governance analysis, the combination of concentrated economic ownership across affiliated funds and the presence of high-vote Class B and convertible preferred shares means economic exposure does not directly translate into equivalent voting influence.






Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)






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Viola Ventures IV (A) L.P.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola Ventures IV (B) L.P.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola Ventures IV Principals Fund L.P.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola Ventures IV CEO Program L.P.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola 4 P, Limited Partnership
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola Ventures 4 L.P.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola Ventures 4 Ltd.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Viola Ventures V.C. Management 4 Ltd.
Signature:/s/ Avi Zeevi
Name/Title:Avi Zeevi
Date:08/12/2025
Signature:/s/ Yitzhak Avidor
Name/Title:Yitzhak Avidor
Date:08/12/2025
Avi Zeevi
Signature:/s/ Avi Zeevi
Name/Title:AVI ZEEVI
Date:08/12/2025
Harel Beit-On
Signature:/s/ Harel Beit-On
Name/Title:HAREL BEIT-ON
Date:08/12/2025
Shlomo Dovrat
Signature:/s/ Shlomo Dovrat
Name/Title:SHLOMO DOVRAT
Date:08/12/2025
Exhibit Information

Exhibit 1 - Joint Filing Agreement pursuant to Rule 13d-1(k)(1)- incorporated by reference to Exhibit 1 to the Statement

FAQ

How many Class A shares does the Viola group report owning in Pagaya (PGY)?

The Reporting Holders directly own 6,131,831 Class A shares, which the filing states represent 9.5% of the outstanding Class A shares.

What is Avi Zeevi's reported beneficial ownership in PGY?

Avi Zeevi is reported as beneficially owning 6,364,797 Class A shares in the aggregate, reported as 9.8% of Class A.

On what share base are the percentages calculated?

Percentages are based on 64,873,392 Class A ordinary shares outstanding as of June 30, 2025, per the filing.

Does the filing state whether the Reporting Persons control voting power?

The filing notes that because there are 11,288,577 Class B shares (10 votes each) and 5,000,000 Series A preferred shares convertible one-for-one, the Reporting Persons' voting power is lower than their Class A percentage figures.

Are there additional shares that could increase reported ownership?

Yes. The filing discloses 28,818 Class A shares underlying options exercisable upon certain conditions and an additional 16,761 shares underlying options/RSUs subject to vesting/performance that are not currently included in the reported beneficial ownership.
Pagaya Technologies Ltd.

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