Who Owns Pagaya Company?

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Who Really Owns Pagaya Technologies?

Understanding a company's ownership structure is crucial for investors and strategists alike. Pagaya Technologies, a fintech innovator leveraging AI in asset management, offers a compelling case study. Its journey from a Tel Aviv startup to a publicly traded company, following an IPO in early 2022, has significantly reshaped its ownership landscape, attracting a diverse group of investors.

This analysis will dissect the Pagaya SWOT Analysis, exploring the evolution of Pagaya ownership, from its founders and early financial backers to its current roster of shareholders. We'll examine the key players, including major stakeholders and institutional investors, providing insights into the dynamics of Pagaya stock and its strategic direction. Discover who owns Pagaya and how this influences its future, considering factors like the leadership team and the company's financial performance, including the recent Q1 2025 results.

The story of Pagaya Technologies Ltd. began in 2016 with its co-founders, Gal Krubiner, Avital Pardo, and Yahav Yulzari. They were instrumental in developing Pagaya's AI-driven credit model and system. Understanding the initial ownership structure is key to grasping the company's journey from its inception to its current status.

Before going public through a SPAC merger, the founders strategically consolidated their control. This involved converting their shares into Class B shares, which provided them with enhanced voting rights. This move ensured that the founders retained significant influence over the company's direction.

Early backing from investors played a crucial role in Pagaya's early growth. The company's financial journey is marked by several funding rounds that helped fuel its expansion and technological advancements. Understanding the initial investors provides insight into the company's early support and strategic partnerships.

Founders

Gal Krubiner serves as the Chief Executive Officer of Pagaya.

Founders

Avital Pardo is the Chief Technology Officer.

Founders

Yahav Yulzari is the Chief Business Officer, formerly the Chief Revenue Officer.

Share Structure

Class B shares have preferential voting rights.

Voting Rights

Class B shares have 10 votes per share.

Voting Rights

Class A shares have 1 vote per share.

Early investors played a key role in Pagaya's development. Oak HC/FT led a $25 million Series C funding round. Viola Group held 11% of shares outstanding as of May 9, 2025. For more information on Pagaya's strategies, you can check out the Marketing Strategy of Pagaya.

Key Investors

Early investors in Pagaya included Oak HC/FT, Viola Ventures, Clal Insurance Ltd., GF Investments, Harvey Golub, and Siam Commercial Bank.

• Oak HC/FT led a $25 million Series C funding round.
• Viola Group held 11% of shares outstanding as of May 9, 2025.
• The dual-class share structure concentrated voting power with the founders.
• The founders' control was solidified before the SPAC merger.

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The ownership of Pagaya Technologies has evolved significantly since its inception. A pivotal moment was the company's transition to a publicly traded entity in early 2022 through a merger with EJF Acquisition Corp. This strategic move reshaped the shareholder landscape, with pre-existing Pagaya shareholders initially holding approximately 89.5% of the shares post-merger.

Following the public listing, the ownership structure further diversified. Institutional investors now hold a significant portion of the company's shares. As of May 9, 2025, institutional investors own 39% of Pagaya Technologies. A concentrated group of 9 investors collectively controls a majority stake of 54%. This shift reflects the growing interest and confidence from major financial institutions in Pagaya's financial technology solutions.

Individual insiders also maintain a notable presence in the ownership structure, holding 19% of the company's shares as of May 9, 2025. Gal Krubiner, a co-founder, is the largest individual shareholder, owning 6.06% of the company as of 2025. This indicates a strong alignment between the company's leadership and its financial success. The strategic partnership with GIC, Singapore's sovereign wealth fund, and their increased holdings, further demonstrate the company's financial backing. To learn more about the company's strategic direction, consider exploring the Growth Strategy of Pagaya.

Key Takeaways on Pagaya Ownership

Pagaya's ownership structure is characterized by a mix of institutional investors and individual insiders. Institutional investors hold a significant portion of the shares, demonstrating confidence in the company's financial prospects.

• The public listing in 2022 was a key event that reshaped the ownership landscape.
• A concentrated group of institutional investors holds a majority stake.
• Individual insiders, including co-founders, maintain a significant ownership percentage.
• GIC, Singapore's sovereign wealth fund, is a major shareholder.

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The current Board of Directors of Pagaya Technologies Ltd. includes co-founders Gal Krubiner, Avital Pardo, and Yahav Yulzari, who also serve as executive officers. Other board members are Alison Davis and Asheet Mehta. Avi Zeevi serves as the independent chairman of the board. Understanding the composition of the board is crucial for Pagaya investors as it directly influences the company's strategic direction and governance.

The board's structure reflects the company's operational framework and the distribution of power among its stakeholders. The presence of the founders in key leadership roles, coupled with independent directors, aims to balance experience with independent oversight. The board's decisions affect Pagaya stock performance and its overall financial health.

Pagaya operates with a dual-class share structure, which significantly impacts voting power. Class A Ordinary Shares are entitled to one vote per share, while Class B Ordinary Shares are entitled to 10 votes per share. The Class B Ordinary Shares are primarily held by the founders, Gal Krubiner, Yahav Yulzari, and Avital Pardo, and certain permitted Class B owners. This structure concentrates voting power with the founders, potentially limiting the influence of other shareholders on important determinations and transactions, including a change in control. As of September 30, 2024, there were 60,167,979 outstanding Class A Ordinary Shares and 12,652,310 outstanding Class B Ordinary Shares. The dual-class structure has been in place since before Pagaya's public listing, allowing the founders to maintain control. This information is essential for anyone researching Pagaya ownership and the dynamics of Pagaya stock.

Understanding Pagaya's Governance

The dual-class share structure gives significant voting power to the founders, impacting shareholder influence.

• The founders, holding Class B shares, maintain control.
• Class A shareholders have limited voting power.
• This structure affects decisions on important matters.
• Understanding this is key for Pagaya investors.

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Over the past few years, Pagaya Technologies has seen significant shifts in its ownership landscape. In October 2024, the company acquired Theorem Technology, Inc., a move aimed at boosting market capabilities and funding sources. This acquisition is projected to be beneficial in 2025, potentially enhancing capital efficiency and providing access to over $3 billion in fund capital. These strategic moves reflect Pagaya's efforts to strengthen its financial position and market presence.

Leadership changes have also played a role in shaping the company's trajectory. Evangelos Perros became Chief Financial Officer in February 2024, with Sanjiv Das joining as President in 2023, and Rajinder Singh appointed as Chief Risk Officer in 2024. Tami Rosen transitioned to Chief Development Officer in April 2024 and now chairs a new strategic Advisory Board. Scott Bower resigned as principal accounting officer in September 2024. These changes indicate an evolving leadership structure designed to support Pagaya's growth and strategic direction.

Regarding ownership trends, institutional investors have increased their stake in Pagaya, contributing to a notable reduction in shares available. In Q1 2025, the company expanded its funding network, reaching a total of 135 funding partners. While insiders hold a significant percentage of shares, there have been instances of both selling and buying activity. For example, Yahav Yulzari bought Class A Ordinary Shares in October 2024, increasing his direct ownership, while Avital Pardo gifted shares in June 2025, decreasing his direct ownership. The company also reported its first GAAP net income of $8 million in Q1 2025, focusing on capital efficiency and profitable growth.

Pagaya Ownership Overview

Institutional ownership of Pagaya Technologies has seen a surge, with significant share additions in a recent quarter. Insider activity includes both buying and selling of shares, reflecting the dynamic nature of the company's ownership structure. The company's focus on capital efficiency has led to its first GAAP net income in Q1 2025.

Key Leadership Changes

Several leadership changes have occurred, including the appointment of new CFO, President, and Chief Risk Officer. These changes are part of the company's strategic evolution. The acquisition of Theorem Technology in October 2024 is aimed at strengthening market capabilities.

Financial Performance and Growth

The company has expanded its funding network, reaching 135 partners in Q1 2025. Pagaya reported its first GAAP net income of $8 million in Q1 2025. The company is focused on driving capital efficiency and profitable growth.

Insider Transactions

Insider transactions include both purchases and gifts of shares. In October 2024, Yahav Yulzari bought $248,171 worth of Class A Ordinary Shares. Avital Pardo gifted a large number of Class B shares in June 2025.

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