Pagaya Technologies is Set to Join the Russell 2000® Index

Rhea-AI Summary

Pagaya Technologies (NASDAQ: PGY) announced its inclusion in the Russell 2000® Index and the Russell 3000® Index, effective July 1st, as part of the annual reconstitution by FTSE Russell. This inclusion, confirmed on May 24, 2024, recognizes Pagaya among the largest U.S. stocks by market capitalization. CFO Evangelos Perros highlighted that the inclusion enhances marketability and aligns Pagaya with U.S. capital markets best practices, showcasing the company's strong financial performance.

Positive

• Pagaya Technologies is set to join the Russell 2000® Index, enhancing its visibility and credibility in the market.
• Inclusion in the Russell 3000® Index indicates Pagaya is among the largest U.S. stocks by market capitalization.
• CFO Evangelos Perros emphasized the inclusion reflects the company's strong financial results and marketability efforts.
• Joining these indexes can lead to increased institutional and retail investor interest.

Negative

• No specific negative business impacts were noted in the press release. However, it's essential to monitor stock performance post-inclusion to gauge actual market reaction and any arising challenges.

NEW YORK--(BUSINESS WIRE)-- Pagaya Technologies Ltd. (“Pagaya”) (NASDAQ: PGY), a global technology company delivering AI-driven product solutions for the financial ecosystem, announced today that as part of the annual reconstitution of the Russell stock indexes, Pagaya is set to join the Russell 2000® Index and the broad-market Russell 3000® Index, effective at the open of US equity markets on Monday, July 1st. A preliminary list of Russell 3000® Index additions, including Pagaya, was posted by FTSE Russell on May 24, 2024.

Annual Russell index reconstitution captures coverage of up to 4,000 of the largest US stocks by total market capitalization as of the reconstitution rank date. FTSE Russell determines membership for its various Russell indexes primarily by objective, market-capitalization and style attributes.

“We are thrilled to join the Russell 2000® Index, one of the most widely referenced benchmarks in U.S. equity markets,” said Evangelos Perros, CFO of Pagaya. “Inclusion reflects our team's efforts to improve our stock's marketability, as we adopt U.S. capital markets best practices while continuing to deliver strong financial results for our shareholders.”

For more information on the Russell 3000® Index and the Russell indexes reconstitution, please refer to the "Russell Reconstitution" section on the FTSE Russell website.

About Pagaya

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com

Cautionary Note About Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “future,” “strategy,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. All statements other than statements of historical fact are forward-looking statements, including statements regarding the potential inclusion of the Company in U.S. equity indices. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Certain of these risks are described in the Company’s Form 10-K filed on April 25, 2024 and subsequent filings with the U.S. Securities and Exchange Commission. These forward-looking statements reflect the Company's views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, reflect the Company’s current beliefs and are based on information currently available as of the date they are made, and the Company assumes no obligation and does not intend to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528344591/en/

Jency John

Head of Investor Relations

IR@pagaya.com

Emily Passer

Head of PR & External Communications, Pagaya

Press@pagaya.com

Source: Pagaya Technologies Ltd.

FAQ

What is the significance of Pagaya Technologies joining the Russell 2000® Index?

Joining the Russell 2000® Index enhances Pagaya's market visibility and credibility among investors.

When will Pagaya Technologies be added to the Russell 2000® Index?

Pagaya Technologies will be included in the Russell 2000® Index on July 1st, 2024.

How does inclusion in the Russell 3000® Index benefit Pagaya Technologies?

Inclusion in the Russell 3000® Index indicates Pagaya is among the largest U.S. stocks by market capitalization and can attract more investors.

What criteria determine inclusion in the Russell 2000® and 3000® indexes?

FTSE Russell determines inclusion based on market capitalization and style attributes.

How will Pagaya Technologies' stock performance be affected by joining the Russell indexes?

Inclusion in the Russell indexes can enhance stock marketability and potentially increase institutional and retail investor interest.