Rosen Tami 4

What Happened

• Tami Rosen, Pagaya Technologies' Chief Development Officer and a director, converted/exercised 15,625 derivative units into common shares (reported at $0 exercise price) on March 12, 2026. The Form 4 also reports a simultaneous disposition of 15,625 derivative shares (reported at $0) and an open-market sale of 5,905 shares at $10.99 each for total proceeds of $64,896.
• The activity involved an exercise/conversion and a sale — exercises convert derivative awards into shares; the sale appears routine and, per the filing footnote, was tied to tax withholding rather than an investment decision.

Key Details

• Transaction date: March 12, 2026; Form 4 filed March 16, 2026 (timely).
• Exercise/conversion: 15,625 derivative shares converted into common stock @ $0.00.
• Reported dispositions: 15,625 derivative shares reported disposed @ $0.00; open-market sale of 5,905 shares @ $10.99 for $64,896.
• Shares owned after transaction: not disclosed in this Form 4.
• Footnote F1: Sale of securities was necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award.
• Footnote F2: The related grant vests over two years in eight equal quarterly installments beginning June 12, 2025.

Context

• This filing shows an exercise/conversion of a compensatory award (derivative units/RSU-like awards) with a related sale to satisfy tax withholding; such sales are common when restricted awards vest and do not necessarily indicate a view on the company's prospects.
• No 10b5-1 plan or late filing is indicated in the report.