Pagaya (PGY) CFO Jonathan Dobres Sells 2,183 Shares

What Happened Jonathan Dobres, Chief Financial Officer of Pagaya Technologies (PGY), had 4,375 restricted stock units (RSUs convert/vest) reported on Sep 15, 2026 (reported as an exercise/conversion of a derivative at $0.00). Following the vesting, an open-market sale of 2,183 shares occurred on Sep 17, 2026 at $21.04 per share for gross proceeds of $45,930. The Form 4 also shows a disposition of 4,375 shares on Sep 15 at $0.00 reported as a derivative transaction (consistent with shares being withheld/surrendered in connection with the vesting).

Key Details

• Transaction dates and prices:
  • 2026-09-15: Exercise/conversion (code M) — 4,375 shares acquired at $0.00
  • 2026-09-15: Derivative disposition (code M) — 4,375 shares disposed at $0.00
  • 2026-09-17: Open-market sale (code S) — 2,183 shares sold at $21.04; proceeds $45,930
• Shares owned after transaction: Not specified in the excerpt provided (check full Form 4 for beneficial ownership totals).
• Footnotes:
  • F1: The sale was necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award.
  • F2: On July 1, 2026 Dobres was granted 34,995 RSUs, vesting in eight equal quarterly installments beginning Sept 15, 2026 (34,995 / 8 ≈ 4,375 per installment).
• Filing timeliness: Form filed Sep 17, 2026 for transactions on Sep 15 and Sep 17 — appears to be timely (Form 4 is generally due within two business days).

Context

• The “M” code means a conversion/exercise of a derivative (here, RSUs converting into common shares at $0 cost). The $0.00 disposition entries typically reflect shares surrendered or withheld to cover tax obligations rather than a market sale.
• The open-market sale reported was to cover tax withholding tied to the compensatory award; such sales are common after RSU vesting and do not by themselves indicate the insider’s view on the company’s prospects.