Form 4: Pagaya CFO Perros Reports Share Transactions

Pagaya Technologies CFO Evangelos Perros reported the vesting of restricted stock units and a subsequent sale of shares to cover tax obligations.

Summary

• Evangelos Perros, Chief Financial Officer of Pagaya Technologies Ltd. (PGY), reported transactions involving Class A Ordinary Shares and Restricted Stock Units (RSUs).
• On October 1, 2025, 22,766 Class A Ordinary Shares were acquired through the vesting of RSUs.
• Concurrently, 12,754 Class A Ordinary Shares were disposed of at a price of $30.2 per share to satisfy tax withholding obligations related to the compensatory award vesting.
• Following these transactions, Mr. Perros directly beneficially owns 78,163 Class A Ordinary Shares.
• The filing also details the vesting schedule for a total of 273,224 restricted stock units, with portions vesting on August 1, 2024, January 1, 2025, and quarterly thereafter until January 1, 2027.
• Mr. Perros directly beneficially owns 113,828 derivative securities (Restricted Stock Units) after the reported transactions.

Sentiment

Score: 5

Explanation: The filing details a routine insider transaction involving the vesting of compensatory awards and a subsequent sale of shares to cover tax obligations. This is a neutral event that does not typically indicate a change in the company's operational performance or future prospects.

Positives

• The vesting of 22,766 restricted stock units indicates the fulfillment of compensatory awards for the Chief Financial Officer, reflecting continued executive compensation.

Negatives

• A sale of 12,754 Class A Ordinary Shares by the CFO, even for tax purposes, reduces direct insider ownership in the company.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, common across all industries for publicly traded companies when executives receive and vest equity compensation.

Stakeholder Impact

• Shareholders: The sale of shares by the CFO, while for tax purposes, slightly dilutes the overall insider ownership percentage. However, such sales are common and generally not viewed as a negative signal regarding the company's future.

Next Steps

• Continued vesting of the remaining 2/3rd of the 273,224 restricted stock units in equal quarterly installments until January 1, 2027.

Key Dates

Recommendation

This filing details a routine insider transaction involving the vesting of restricted stock units and a subsequent sale of shares to cover tax obligations. Such transactions are common for executives and do not typically indicate a change in the company's fundamental outlook or performance. Therefore, it does not provide a basis for altering an existing investment thesis, warranting a 'hold' recommendation.

Keywords

Pagaya Technologies, PGY, Form 4, Insider Transaction, CFO, Restricted Stock Units, Share Sale, Executive Compensation