Pagaya (PGY) CFO Jonathan Dobres Sells 590 Shares

What Happened

Jonathan Dobres, Chief Financial Officer of Pagaya Technologies (PGY), converted 1,116 derivative shares (reported as code M) on 2026-09-25 at $0.00 per share and then sold 590 shares in an open-market sale (code S) on 2026-09-28 at $17.04 per share, generating $10,054. The filings indicate the conversions were related to compensatory awards (restricted stock units) and some shares were sold to meet tax obligations.

Key Details

• Transaction dates and prices:
  • 2026-09-25: Converted/exercised 1,116 derivative shares at $0.00 (acquired).
  • 2026-09-25: A corresponding derivative disposition of 1,116 shares is also reported (related to the conversion mechanics).
  • 2026-09-28: Open-market sale of 590 shares at $17.04 each, total $10,054.
• Shares owned after transaction: Not specified in this Form 4.
• Footnotes:
  • F1: Balance adjusted to reflect final shares sold to cover taxes from prior Form 4s (9/15/26 and 9/17/26).
  • F2: The sale was necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award.
  • F3: On 4/1/2026 the reporting person was granted 8,929 restricted stock units vesting in eight equal quarterly installments beginning 6/25/2026.
• Remarks: Exhibit 24 (Power of Attorney) attached.

Context

The 9/25 transactions reflect conversion/vesting of a compensatory award (RSUs or similar). The subsequent open-market sale appears to be a routine sale to cover tax withholding from that vesting, a common practice that does not necessarily signal a change in the insider’s view of the company. No 10b5-1 trading plan or indication of late filing is provided in this Form 4.