Exhibit 21.1

SUBSIDIARIES OF PAGAYA TECHNOLOGIES LTD.



Name of Subsidiary						Jurisdiction of Organization
Pagaya US Holding Company LLC						Delaware
Pagaya Investments SARL						Luxembourg
Pagaya Investment Israel Ltd.						Israel
Rigel Merger Sub Inc.						Cayman Islands
Pagaya SP-1 Ltd.						Israel
Pagaya Investments US LLC						Delaware
Pagaya Technologies US LLC						Delaware
PREF 2019 LLC						Delaware
Asset Acquisition Capital LLC						Delaware
Citrus Tree Finance LLC						Delaware
Pagaya Securities Holdings LLC						Delaware
PAPA Owner LLC						Delaware
Park Avenue Property Advisors LLC						Delaware
TisCo 1, LLC						Delaware
PLG 1 LLC						Delaware
Pagaya Investments CH AG						Switzerland
MDP Loan Funds Ltd.						Israel
PLGA LP						Delaware
PLG 2 LLC						Delaware
TISCO 2, LLC						Delaware
Tangent Captive Insurance IC						Delaware
Tangent Insurance Services, LLC						Delaware
Pagaya Securities Holdings Trust						Delaware
Orange Grove Finance Trust						Delaware
Pagaya Auto Loans Manager Ltd.						Cayman Islands
Pagaya Auto Loans Manager, LP						Cayman Islands
Pagaya Structured Holdings II LLC						Delaware
Pagaya RE Management GP LLC						Delaware
SFR Fund II GP LLC						Delaware
Pagaya Opportunity Manager Ltd.						Cayman Islands
Pagaya Structured Products LLC						Delaware
RRRR Structured Holdings Repo Seller LLC						Delaware
RRRR Repo Holdings Trust 2021-1						Delaware
Pagaya Acquisition Trust						Delaware
Pagaya Acquisition Trust II						Delaware
Pagaya Acquisition Trust III						Delaware
Pagaya Acquisition Trust IV						Delaware
Pagaya Acquisition Trust V						Delaware
Pagaya Acquisition Trust VII						Delaware
Pagaya Acquisition Trust VIII						Delaware
RRRR Repo Funding Trust 2023-1						Delaware


RRRR Repo Funding Trust 2023-2						Delaware
RRRR Repo Funding Fee Receivables 2023-2, LLC						Delaware
RRRR Repo Funding Fee Receivables 2025-1, LLC						Delaware
Pagaya Receivables LLC						Delaware
Pagaya Structured Holdings III LLC						Cayman Islands
Pagaya Structured Holdings LLC						Cayman Islands
Rigel Merger Sub II Ltd.						Cayman Islands
Darwin Homes, Inc.						Delaware
Darwin Homes Services, LLC						Delaware
Darwin Homes Texas, LLC						Texas
Darwin Homes, LLC						Delaware
Darwin Homes Ohio, LLC						Delaware
Darwin Homes Missouri, LLC						Delaware
Darwin Adoor Member LLC						Delaware
Adoor Property Management LLC						Delaware
Darwin Turnkey, LLC						Delaware
Pagaya Lux GP SARL						Luxembourg
Pagaya Acquisition Trust VI						Delaware
Pagaya Private Credit Partners Manager, Ltd						Cayman Islands
Apple Orchard Finance Trust						Delaware
Theorem Technology, Inc.						Delaware
Theorem Partners LLC						Delaware
Olive Branch Finance LLC						Delaware
Pagaya FR LLC						Delaware
Origin Property Services LLC						Delaware
Pagaya Depositor Trust II						Delaware
Pagaya Motor Depositor Trust						Delaware
Pagaya POS Depositor Trust						Delaware

Pagaya Technologies Ltd. 10-K