Pagaya Technologies Ltd. reported an insider equity award to Jonathan Dobres, with the transaction dated July 1, 2026. The filing shows Dobres was granted 34,995 restricted stock units, or RSUs, in Pagaya securities. The RSUs vest over two years in eight equal quarterly installments, with vesting scheduled to begin on September 15, 2026. Based on the disclosed schedule, the award would continue vesting quarterly through mid-2028, subject to the terms of the grant and any rounding or plan provisions that apply to fractional installments. The reported transaction was an equity grant, not an open-market purchase or sale. The filing text does not show a cash purchase price, exercise price, or transaction code, and it does not indicate that Dobres disposed of any shares. Instead, the action increases his reported beneficial ownership of derivative securities through the new RSU award. The Form 4 was signed on July 2, 2026, by Eric Watson as attorney-in-fact for the reporting person. The key significance is that Pagaya issued a new stock-based compensation award to Dobres, aligning part of his compensation with the company’s share performance over the vesting period.