Pagaya Technologies Ltd. bonds PGYWW
Who owns Pagaya Technologies Ltd.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. PGYWW stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 69549FAB5 convertible | 6.125% fixed | 2029-10-01 | USD | 166.40 | — | — | 2 | $1.6M | Jul 2026 |
| 69549FAC3 | 8.875% fixed | 2030-08-01 | USD | 89.23 | 12.37% | 807 bp | 16 | $39.3M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 2 | $40.9M | 127.81 | 12.37% | 807 bp | 16 |
| Jun 2026 | 2 | $49.5M | 122.65 | 13.44% | 926 bp | 21 |
| May 2026 | 2 | $7.2M | 106.94 | 16.21% | 1211 bp | 10 |
| Apr 2026 | 2 | $38.7M | 102.52 | 16.33% | 1244 bp | 16 |
| Mar 2026 | 2 | $39.6M | 93.33 | 18.65% | 1484 bp | 22 |
| Feb 2026 | 2 | $7.8M | 94.62 | 18.21% | 1458 bp | 10 |
| Jan 2026 | 2 | $39.8M | 130.68 | 11.99% | 826 bp | 19 |
| Dec 2025 | 2 | $98.4M | 134.87 | 12.58% | 891 bp | 34 |
| Nov 2025 | 2 | $12.9M | 149.02 | 11.67% | 802 bp | 10 |
| Oct 2025 | 2 | $29.5M | 155.98 | 11.48% | 785 bp | 20 |
| Sep 2025 | 2 | $97.7M | 165.53 | 10.64% | 699 bp | 31 |
| Aug 2025 | 2 | $37.1M | 193.24 | 8.80% | 502 bp | 12 |
| Jul 2025 | 2 | $10.9M | 169.24 | 9.03% | 508 bp | 17 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 20 added, 9 cut, 8 new holders and 8 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $23.7M | $21.2M | $3.8M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $9.1M | $8.1M | $234K |
| High Yield Fixed Income Fund Northern Funds | 2026-06-30 | $8.9M | $7.6M | $0 |
| Catalyst/SMH High Income Fund MUTUAL FUND SERIES TRUST | 2026-06-30 | $8.0M | $6.9M | $2.2M |
| American Beacon SSI Alternative Income Fund AMERICAN BEACON FUNDS | 2026-06-30 | $3.7M | $5.8M | $1.7M |
| RBC BlueBay High Yield Bond Fund RBC Funds Trust | 2026-06-30 | $5.4M | $4.7M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.1M | $4.4M | $1.9M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.2M | $3.8M | $105K |
| Ellsworth Growth & Income Fund Ltd | 2026-06-30 | $2.0M | $3.2M | $925K |
| Bancroft Fund Ltd | 2026-06-30 | $2.0M | $3.2M | $875K |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.2M | $2.8M | -$675K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $2.8M | $2.4M | -$100K |
| Weitz Core Plus Income Fund Weitz Funds | 2026-06-30 | $1.8M | $1.5M | $0 |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $1.1M | $1.4M | $0 |
| Carillon Chartwell Real Income Fund Carillon Series Trust | 2026-06-30 | $1.6M | $1.4M | $0 |
| Morningstar Alternatives Fund Morningstar Funds Trust | 2026-07-31 | $821K | $1.4M | $55K |
| Goldman Sachs Multi-Manager Non-Core Fixed Income Fund Goldman Sachs Trust II | 2026-07-31 | $1.5M | $1.3M | $16K |
| Strategic Alternatives Fund GuideStone Funds | 2026-06-30 | $759K | $1.2M | $381K |
| Advent Convertible & Income Fund ADVENT CONVERTIBLE & INCOME FUND | 2026-07-31 | $1.3M | $1.2M | new |
| Gabelli Convertible & Income Securities Fund Inc | 2026-06-30 | $700K | $1.1M | $350K |
| Weitz Core Plus Bond ETF NORTHERN LIGHTS FUND TRUST II | 2026-05-31 | $1.4M | $1.1M | -$1.0M |
| High Yield Fund John Hancock Bond Trust | 2026-05-31 | $1.4M | $1.1M | $379K |
| Catalyst/SMH Total Return Income Fund MUTUAL FUND SERIES TRUST | 2026-06-30 | $1.1M | $945K | $0 |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $1.1M | $890K | -$15K |
| Nuveen High Yield Corporate Bond ETF NuShares ETF Trust | 2026-07-31 | $909K | $811K | $426K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Axonic Strategic Income Fund ($10.4M), American High Income Trust ($8.6M), SIIT HIGH YIELD BOND FUND ($571K), WisdomTree U.S. High Yield Corporate Bond Fund ($460K), American High Income Trust ($300K), Capital World Bond Fund ($225K), iShares ESG Advanced High Yield Corporate Bond ETF ($200K), AB High Yield ETF ($200K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $9.1M | $8.1M | 0.03% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $5.1M | $4.4M | 0.09% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.2M | $3.8M | 0.05% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $3.2M | $2.8M | 0.04% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $2.8M | $2.4M | 0.02% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $1.1M | $890K | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $760K | $678K | 0.00% |
| HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2026-05-31 | 1 | $528K | $414K | 0.17% |
| FDHY Fidelity Enhanced High Yield ETF | 2026-05-31 | 1 | $500K | $391K | 0.07% |
| IBHJ iShares iBonds 2030 Term High Yield and Income ETF | 2026-07-31 | 1 | $332K | $296K | 0.19% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 1 | $233K | $182K | 0.03% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 1 | $200K | $179K | 0.12% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 1 | $200K | $178K | 0.00% |
| XB BondBloxx B Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $70K | $63K | 0.09% |
| BKHY BNY Mellon High Yield ETF | 2026-07-31 | 1 | $35K | $31K | 0.02% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.29: safer than 17% of companies (16th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $1.46B |
| Debt barrier (short-term + ½ long-term debt) | $437.5M |
| Equity volatility (1 year) | 74.8% |
| Asset value / asset volatility (solved) | $1.88B / 58.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 807 bp spread prices in about 13.5% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 5.10 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PGYWW's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 17 | $7.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 219 | $595.0M | 20 | $119.7M | 15 | $109.7M | 1 |
| 2026-03-31 | 202 | $404.2M | 18 | $49.9M | 14 | $38.0M | 1 |
| 2025-12-31 | 231 | $875.0M | 17 | $68.9M | 20 | $105.6M | 1 |
| 2025-09-30 | 222 | $1.23B | 17 | $76.2M | 22 | $90.9M | 1 |
| 2025-06-30 | 161 | $872.0M | 13 | $25.5M | 15 | $43.6M | 1 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.