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Pagaya Technologies Ltd. (PGY) 鈥� Form 8-K: Proposed $450 million senior unsecured notes

On 22 July 2025, subsidiary Pagaya US Holding Company LLC announced a private Rule 144A offering of $450 million aggregate principal amount of senior unsecured notes due 2030. The securities will be fully and unconditionally guaranteed, on a senior unsecured basis, by Pagaya Technologies Ltd. and each subsidiary that already guarantees the company鈥檚 existing credit agreement.

Use of proceeds

• Repay all borrowings outstanding under current credit facilities.
• Retire $75 million of other secured debt.
• Cover transaction fees and expenses.
• Any remainder allocated to general corporate purposes.

The notes will be marketed only to qualified institutional buyers that also meet 鈥渜ualified purchaser鈥� standards under the Investment Company Act. They will not be registered under the Securities Act, and resale will be restricted accordingly.

Strategic impact: If priced successfully, the deal would lengthen PGY鈥檚 maturity profile, switch secured debt to unsecured status, and potentially improve liquidity and covenant flexibility, offset by the unknown coupon and an increase in gross debt outstanding.

Pagaya Technologies Ltd. (PGY) 鈥� Form 4 insider activity

Chief Development Officer and Director Tami Rosen reported the vesting and conversion of 28,466 Restricted Stock Units (RSUs) into Class A Ordinary Shares on 1-Jul-2025 at a zero exercise price. The RSUs represented the final tranche of a 170,765-unit award that began vesting in October 2024.

Immediately following the vesting, Rosen executed two pre-arranged Rule 10b5-1 sales to meet tax-withholding obligations:

• 2-Jul-2025: 14,645 shares sold at $22.57.
• 3-Jul-2025: 13,821 shares sold at a $21.8529 weighted-average price (range $21.17-$22.45).

All 28,466 newly issued shares were sold, reducing Rosen鈥檚 direct holdings from 64,085 to 35,619 shares鈥攁bout a 44% reduction鈥攚hile leaving her with no remaining derivative (RSU) balance.

The filing cites tax obligations as the reason for the disposal, and the sales were conducted under a disclosed 10b5-1 plan, potentially mitigating negative signaling. Nevertheless, the sizable sale by a C-suite officer may influence short-term sentiment.

Pagaya Technologies Ltd. (PGY) 鈥� Form 4 insider activity

Chief Development Officer and Director Tami Rosen reported the vesting and conversion of 28,466 Restricted Stock Units (RSUs) into Class A Ordinary Shares on 1-Jul-2025 at a zero exercise price. The RSUs represented the final tranche of a 170,765-unit award that began vesting in October 2024.

Immediately following the vesting, Rosen executed two pre-arranged Rule 10b5-1 sales to meet tax-withholding obligations:

• 2-Jul-2025: 14,645 shares sold at $22.57.
• 3-Jul-2025: 13,821 shares sold at a $21.8529 weighted-average price (range $21.17-$22.45).

All 28,466 newly issued shares were sold, reducing Rosen鈥檚 direct holdings from 64,085 to 35,619 shares鈥攁bout a 44% reduction鈥攚hile leaving her with no remaining derivative (RSU) balance.

The filing cites tax obligations as the reason for the disposal, and the sales were conducted under a disclosed 10b5-1 plan, potentially mitigating negative signaling. Nevertheless, the sizable sale by a C-suite officer may influence short-term sentiment.

Rocket Pharmaceuticals, Inc. (RCKT) 鈥� Form 144 filing discloses that insider Aaron Ondrey intends to sell 1,477 common shares through Fidelity Brokerage Services on 07 July 2025. The planned transaction is valued at approximately $4,256.42, based on the market price at the time of filing. The shares were acquired via restricted-stock vesting on 01 July 2025 and constitute less than 0.002% of the 107.7 million shares outstanding. The insider previously sold 7,489 shares on 04 Apr 2025 for $39,646.77.

The filing is a routine notification under Rule 144 and does not, by itself, indicate any change to Rocket Pharmaceuticals鈥� fundamentals. The modest size of the transaction suggests minimal dilution or ownership impact for existing shareholders.

Form 144 filed for Joby Aviation, Inc. (JOBY) discloses a proposed insider sale of 7,961 common shares, worth approximately $80,884, through Morgan Stanley Smith Barney on or about 07/03/2025. The seller, Gregory Bowles, acquired the stock as restricted stock units on 07/01/2025 and will transact on the NYSE. JOBY has 鈮�791.8 million shares outstanding, so the planned sale represents roughly 0.001% of total shares.

The filing also lists prior insider sales by Bowles over the last three months totaling 25,330 shares for gross proceeds of about $169,434, some executed under a Rule 10b5-1 trading plan. While repeated selling can draw investor attention, the absolute and relative amounts are small and do not materially affect JOBY鈥檚 float or capital structure.