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Possible new PGY shares

PGYDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($1.1B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Dec 5, 2025: not limited by the baby-shelf rule, because the $1.1B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Dec 5, 2025, effective Dec 5, 2025 · public float, as of Jun 30, 2025.

What could become new Pagaya Technologies (PGY) shares: convertible notes and options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

PGY dilution ladder

Every source of new shares on record, from the filings that created it.

86.1M outstanding; up to 91.9M fully diluted, +7%

  1. Outstandingas of Oct 30, 2026 (10-Q filed Nov 2) · share count on the cover page
    86.1M
  2. Convertible notesconvert at $13.99, 0 shares10-Q Nov 2, 2026 · securities left out of diluted EPS
    +0
  3. Options and RSUs3.1M options, 2.8M RSUs10-Q Nov 2, 2026 · equity note
    +5.9M

Not stated in the filings we read: an ATM program, warrants.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Nov 2, 2026.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.