What is Pagaya Technologies's convertible notes payable?

Pagaya Technologies (PGY) reported convertible notes payable of $149.42M in Q1 2026.

What does convertible notes payable mean?

This refers to debt instruments that provide the holder with the option to convert the principal amount into a predetermined number of equity shares. These notes are often used as a flexible financing tool that balances debt obligations with potential equity participation. Investors monitor these notes to evaluate the company's debt maturity profile and the potential for future equity dilution.

Pagaya Technologies PGY Convertible Notes Payable

Convertible Notes Payable at other companies

Pagaya TechnologiesPGY

$149.42M—

CelcuityCELC

$130M+30.0%

Hannon Armstrong Sustainable Infrastructure CapitalHASI

$400.11M-35.3%

Hope BancorpHOPE

$444K0.0%

Two Harbors Investment CorporationTWO

$0-100%

ANI PharmaceuticalsANIP

$308.47M+0.7%

Other financials

Income statement

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Revenue$317.9M+9.6%

Gross profit$140.4M+14.2%

Operating income$80.0M+67.8%

Net income$24.7M+213%

EPS (diluted)$0.28+180%

Balance sheet

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Cash & equivalents$380.0M+65.5%

Total debt$507.6M+43.8%

Total equity$529.3M+57.8%

Total assets$1.6B+29.0%

Cash flow

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Operating cash flow$43.2M+25.4%

CapEx$3.2M-15.9%

Free cash flow$40.0M+30.5%

Valuation

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Market cap$1.26B+21.8%

Enterprise value$1.39B+19.3%

P/E12.8×—

P/S1×0.0×

Profitability

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Gross margin42.9%+0.4pp

Operating margin22.3%+12.4pp

Net margin7.4%+4.0pp

FCF margin17.6%—

Returns & leverage

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Return on equity22.7%+12.8pp

Debt / equity1×-0.1×

Current ratio1.4×-0.1×

Where this comes from

Reported directly by Pagaya Technologies in its filing.

Tagged under the XBRL concept us-gaap:ConvertibleNotesPayable.

The official record: Pagaya Technologies’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Pagaya Technologies's convertible notes payable?: Pagaya Technologies (PGY) reported convertible notes payable of $149.42M in Q1 2026.
What does convertible notes payable mean?: This refers to debt instruments that provide the holder with the option to convert the principal amount into a predetermined number of equity shares. These notes are often used as a flexible financing tool that balances debt obligations with potential equity participation. Investors monitor these notes to evaluate the company's debt maturity profile and the potential for future equity dilution.