Pagaya (PGY) CFO Jonathan Dobres Exercises RSUs, Sells Shares

What Happened Jonathan Dobres, Chief Financial Officer of Pagaya Technologies, had restricted stock units vest/exercised on June 25 and September 12, 2026 (acquiring 1,117 and 1,125 shares, respectively, at $0). He sold a portion of the vested shares in open-market transactions—403 shares on 2026-06-25 at $15.48 ($6,238) and 582 shares on 2026-09-12 at $20.21 ($11,762)—totaling 985 shares sold for $18,000. The filings show the sales were made to satisfy tax withholding obligations related to the compensatory awards.

Key Details

• Transaction dates and prices:
  • 2026-06-25: acquired 1,117 shares (derivative/vesting) at $0; sold 403 shares at $15.48 ($6,238).
  • 2026-09-12: acquired 1,125 shares (derivative/vesting) at $0; sold 582 shares at $20.21 ($11,762).
• Total disposed in these reported sales: 985 shares for $18,000.
• Footnotes:
  • F1: Sales were necessary to satisfy tax withholding obligations arising from vesting of a compensatory award.
  • F2/F3: These transactions relate to RSU grants (8,929 RSUs granted 4/1/2026 vesting quarterly from 6/25/2026; and 9,000 RSUs granted 3/13/2025 vesting quarterly from 6/12/2025). F2 notes a late report due to an administrative error.
• Shares owned after the transactions: Not specified in the provided Form 4.
• Timeliness: The filing indicates at least one transaction/reporting related to the April 1, 2026 grant was reported late due to an administrative error.

Context

• These were vesting/exercise events of RSUs (derivative transactions reported as "M") with partial immediate sales—common practice known as a cashless or sell-to-cover—to cover tax withholding; sales per F1 were solely for that purpose.
• Such routine sell-to-cover transactions typically reflect tax compliance rather than a directional bet on the stock.