<SEC-DOCUMENT>0001140361-22-007141.txt : 20220623
<SEC-HEADER>0001140361-22-007141.hdr.sgml : 20220623
<ACCEPTANCE-DATETIME>20220228215455
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-22-007141
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pagaya Technologies Ltd.
		CENTRAL INDEX KEY:			0001883085
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		AZRIELI SARONA BLDG, 54TH FLOOR
		STREET 2:		DERECH MENACHEM BEGIN 121
		CITY:			TEL-AVIV
		STATE:			L3
		ZIP:			000000
		BUSINESS PHONE:		(646) 710-7714

	MAIL ADDRESS:	
		STREET 1:		AZRIELI SARONA BLDG, 54TH FLOOR
		STREET 2:		DERECH MENACHEM BEGIN 121
		CITY:			TEL-AVIV
		STATE:			L3
		ZIP:			000000
</SEC-HEADER>
<DOCUMENT>
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                <div>&#160;<br>
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-variant: small-caps;">Skadden, Arps, Slate, Meagher &amp; Flom llp</div>
                  <br>
                  <div style="font-family: 'Times New Roman',Times,serif;">ONE MANHATTAN WEST</div>
                  <div>&#160;</div>
                  <div style="font-family: 'Times New Roman',Times,serif;">NEW YORK, NY 10001 <br>
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                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">________</div>
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                  <div style="font-family: 'Times New Roman',Times,serif;">TEL: (212) 735-3000</div>
                  <div>&#160;</div>
                  <div style="font-family: 'Times New Roman',Times,serif;">FAX: (212) 735-2000</div>
                  <div>&#160;</div>
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;">www.skadden.com</div>
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                <div style="font-family: 'Times New Roman',Times,serif; font-size: 7pt;"> FIRM/AFFILIATE OFFICES</div>
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    <div style="font-size: 12pt;">Office of Finance<br>
      Division of Corporation Finance<br>
      Securities and Exchange Commission<br>
      100 F Street, N.E.<br>
      Washington, D.C. 20549</div>
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              <div><font style="font-size: 12pt;">Attn:</font> <br>
              </div>
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              <div style="font-size: 12pt;">Sharon Blume<font style="font-family: 'Times New Roman',Times,serif;"><br>
                </font>Jacob Luxenburg <br>
              </div>
              <div><font style="font-size: 12pt;">Sandra Hunter Berkheimer<font style="font-family: 'Times New Roman',Times,serif;"><br>
                  </font>David Lin</font> </div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">Re:</td>
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            <div style="font-size: 12pt;"><font style="font-weight: bold;">Pagaya Technologies Ltd.</font><br>
              <font style="font-weight: bold;">Amended Draft Registration Statement on Form F-4</font><br>
              <font style="font-weight: bold;">Submitted January 24, 2022</font></div>
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">CIK No. 0001883085 </div>
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    <div>&#160;</div>
    <div style="font-size: 12pt;">Ladies and Gentlemen:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-size: 12pt;">On behalf of our client, Pagaya Technologies Ltd. (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), we hereby provide responses to the comments received from the staff (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) set forth in the comment letter dated February 22, 2022 (the &#8220;<font style="font-weight: bold; font-style: italic;">Comment Letter</font>&#8221;) with respect to the above-referenced amended Registration Statement on Form F-4 (the &#8220;<font style="font-weight: bold; font-style: italic;">Amended</font>&#160;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;) filed confidentially with the Commission by the Company on January 24, 2022.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-size: 12pt;">Concurrently with the filing of this letter, the Company has confidentially filed an amendment to the Amended Registration Statement (&#8220;<font style="font-weight: bold; font-style: italic;">Amendment No. 2</font>&#8221;)











      in response to the Staff&#8217;s comments and to reflect certain other changes.</div>
    <div>&#160;</div>
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      <div style="font-size: 12pt;">Office of Finance</div>
      <div style="font-size: 12pt;">Division of Corporation Finance</div>
      <div style="font-size: 12pt;">Securities and Exchange Commission</div>
      <div style="font-size: 12pt;">February 28, 2022</div>
      <div style="font-size: 12pt;">Page 2</div>
      &#160;</div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt;">The headings and paragraph numbers in this letter correspond to those contained in the Comment Letter and, to facilitate the Staff&#8217;s review, we have reproduced the text of the Staff&#8217;s comments in bold
      and italics below. Capitalized terms used but not defined herein have the meanings given to them in Amendment No. 2. All references to page numbers and captions (other than those in the Staff&#8217;s comments and unless otherwise stated) correspond to the
      page numbers and captions in Amendment No. 2.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-size: 12pt;"><u>General</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
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              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">&#160;We note your disclosure on pages 254 and 261 in response to comment 6 that the exclusive forum provision in the Pagaya A&amp;R Articles:</div>
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              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">identifies the competent courts in Tel Aviv, Israel as the exclusive forum for certain litigation matters; and</div>
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              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">would not apply to claims brought pursuant to the Securities Act or the Exchange Act, or any other claim for which U.S. federal courts would have exclusive jurisdiction.</div>
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    <div>&#160;</div>
    <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">Please ensure that such provision in the Pagaya A&amp;R Articles states this clearly, or tell us how you will inform investors in future filings that such provision
      does not apply to any actions brought under the Securities Act or the Exchange Act.</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;"><u>Response</u>: In response to the Staff&#8217;s comment, the Company notes for the Staff that Section 73(a) of the Pagaya A&amp;R Articles specifically provides that (emphasis added):</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt; font-size: 12pt;">Unless the Company consents in writing to the selection of an alternative forum, <u>with respect to any causes of action arising under the U.S. Securities Act of 1933, as amended, the federal district
        courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. Securities Act of 1933, as amended</u>; . . .</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">The Company intends to ensure that any future filings under the Securities Act or Exchange Act that describe the Pagaya A&amp;R Articles include a clear statement that causes of action brought under the Securities Act will
      be subject to the exclusive jurisdiction of U.S. federal courts. In addition, in response to the Staff&#8217;s comment, the Company has clarified its disclosures on pages 59, 256 and 263 of Amendment No. 2 to remove references to the Exchange Act and align
      such disclosure with the text of the Pagaya A&amp;R Articles.</div>
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    <div style="color: #000000; font-size: 12pt;">
      <div>Office of Finance</div>
      <div>Division of Corporation Finance</div>
      <div>Securities and Exchange Commission</div>
      <div>February 28, 2022</div>
      <div>Page 3</div>
    </div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
    <div style="color: #000000; font-size: 12pt;"><u>Risk Factors</u></div>
    <div style="color: #000000; font-size: 12pt;"><u>If we are deemed to be an investment company under the Investment Company Act&#8230;, page 50</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
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              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">With respect to your response to comment 5 regarding your intent to operate your business in order to maintain an exemption from the registration requirements of the
                Investment Company Act of 1940 (the &#8220;1940 Act&#8221;), we have the following initial comments.</div>
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              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">We note that you measure the percentage of your assets held in &#8220;investment securities&#8221; (for purposes of your Section 3(a)(1)(C) analysis) and &#8220;securities&#8221; (for purposes of
                your Section 3(b)(1) analysis) against &#8220;Adjusted Tangible Assets.&#8221; Please provide your detailed legal analysis explaining why the Company is able to &#8220;adjust&#8221; the value of certain assets represented on the consolidated balance sheets of the
                Company, which are audited by a public accounting firm, when accounting for the value of the Company&#8217;s assets for purposes of the Company&#8217;s Section 3(a)(1)(C) and Section 3(b)(1) analyses. In your response, please cite to relevant legal
                support, if any.</div>
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    <div>&#160;</div>
    <div style="font-size: 12pt;"><u>Response</u>: The term &#8220;Adjusted Tangible Assets&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> as used in our initial response letter is not intended to modify the value ascribed to
      any assets represented on the consolidated balance sheets of the Company. The values used to calculate &#8220;Adjusted Tangible Assets&#8221; are derived directly from the audited financial statements of the Company and not adjusted. The term is used to refer to
      the Company&#8217;s assets, including the value of the securities of the risk retention SPV interests held directly by the Company on an unconsolidated basis (the &#8220;<font style="font-weight: bold;">Company Unconsolidated RR SPV Interest</font>&#8221;), as
      prescribed by Section 3(a)(1)(C) of the Investment Company Act, and excluding cash items and government securities.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">For purposes of Section 3(a)(1)(C) and Section 3(b)(1) analysis, with respect to the Risk Retention SPVs, the relevant consideration is the value of the Company Unconsolidated RR SPV Interest on an unconsolidated basis,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> not the total value of the Risk Retention Residuals held by the Risk Retention SPVs.</div>
    <div style="font-size: 12pt;"> <br>
    </div>
    <div style="font-size: 12pt;">
      <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 1px; width: 20%; color: #000000;" noshade="noshade" align="left"></div>
    <div style="font-size: 12pt;"> <font style="font-size: 10pt;"><br>
      </font></div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;"> </font>
      <div style="font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> "Adjusted Tangible Assets" is derived directly from the audited financial statements by taking into account the two relevant line items:
        (i) &#8220;Investments in Loans and Securities&#8221; (which as detailed later in our response, includes the value of all Risk Retention Residuals held by the Risk Retention SPVs), and (ii) &#8220;Non-Controlling Interests&#8221; (which reflects the value of the 80%
        interests in the Risk Retention SPVs beneficially owned by investors other than the Company).</div>
      <div style="font-size: 10pt;"> <br>
      </div>
      <div style="font-size: 10pt;">
        <div style="color: #000000; font-size: 12pt;"><font style="font-size: 8pt;">2 </font><font style="font-size: 10pt;">Section 3(a)(1)(C) of the Investment Company Act defines an investment company as an issuer that is &#8220;engaged or proposes to engage
            in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer&#8217;s total assets (exclusive of
            Government securities and cash items) on an unconsolidated basis&#8221; (emphasis added). Section 2(a)(41) of the Investment Company Act defines &#8220;value&#8221; for purposes of Section 3 of the Investment Company Act with respect to securities owned at the
            end of the last preceding fiscal quarter for which market quotations are not available and with respect to securities issued by controlled companies, such as the Risk Retention SPVs, as &#8220;fair value at the end of such quarter, as determined in
            good faith by the board of directors.&#8221; The Commission and the Staff have further stated that &#8220;[a]s a general principle, the current &#8216;fair value&#8217; of an issue of securities being valued by the board of directors would be the amount which the
            owner might reasonably expect to receive for them upon their current sale.&#8221; See ASR 118; Former Guide 28 to Form N-1A; Letter from Douglas Scheidt, Associate Director and Chief Counsel, Division of Investment Management, SEC, to Craig S. Tyle,
            General Counsel, Investment Company Institute (December 8, 1999). </font></div>
      </div>
      <div> <br>
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      <div style="color: #000000; font-size: 12pt;">
        <div>Office of Finance</div>
        <div>Division of Corporation Finance</div>
        <div>Securities and Exchange Commission</div>
        <div>February 28, 2022</div>
        <div>Page 4<br>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">Because the Risk Retention SPVs are consolidated subsidiaries for U.S. GAAP purposes, the value of all of the Risk Retention Residuals held by the Risk Retention SPVs appears on the Company&#8217;s balance sheet under the line
      item &#8220;Investments in Loans and Securities.&#8221; However, the Company holds only a 20% economic interest in the Risk Retention SPVs, and the other 80% economic interest is held by investors other than the Company&#8212;the value of the 20% economic interest is
      the value that the Company would expect to receive if sold and therefore the relevant fair value.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">Considering only the line item for &#8220;Investments in Loans and Securities&#8221; would vastly overstate the fair value of the Company Unconsolidated RR SPV Interest. No buyer of the Company Unconsolidated RR SPV Interest would pay
      an amount equal to the entire value of all of the underlying Risk Retention Residuals held by the Risk Retention SPVs when such securities represent only a 20% economic interest.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">Accordingly, the Company believes that &#8220;Investments in Loans and Securities&#8221; less &#8220;Non-Controlling Interests&#8221; accurately represents the fair value of the Company Unconsolidated RR SPV Interest, which is entirely consistent
      with the Company&#8217;s audited financial statements and as prescribed by Section 3(a)(1)(C) of the Investment Company Act.</div>
    <div>&#160;</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d78a14135554104a49317e0ae27d68e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Please provide a revised calculation for purposes of your analysis under Section 3(b)(1) that does not &#8220;adjust&#8221; the value of the &#8220;Investments in Loans and Securities&#8221;
                represented on the consolidated balance sheets of the Company, and as appropriate, revise your conclusion under the five factor test set out in Tonapah Mining Company of Nevada, 26 SEC 426 (1947).</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div> </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="font-size: 12pt;">Office of Finance
      <div>Division of Corporation Finance</div>
      <div>Securities and Exchange Commission</div>
      <div>February 28, 2022</div>
      <div>Page 5<br>
      </div>
    </div>
    <div style="font-size: 12pt;"><u> <br>
      </u></div>
    <div style="font-size: 12pt;"><u>Response</u>: As discussed in the first section of our response to this comment 2, the Company respectfully submits that considering the line item &#8220;Investments in Loans and Securities&#8221; on the consolidated balance sheets
      of the Company without also taking into account the line item &#8220;Non-Controlling Interests,&#8221; as in the presentation of Adjusted Tangible Assets in the Company&#8217;s initial response, does not properly reconcile the Company&#8217;s audited financial statements to
      the Section 3(a)(1)(C) test and Section 3(b)(1) analysis and significantly overstates the value of the Company Unconsolidated RR SPV Interest.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">However, as requested, the following table sets forth the Company&#8217;s calculations as of June 30, 2021, both (i) treating as Company assets the entire value of the Risk Retention Residuals held by the Risk Retention SPVs, as
      reflected in the &#8220;Investments in Loans and Securities,&#8221; and (ii) taking into account only the value of the Company Unconsolidated RR SPV Interest and the value of Risk Retention Residuals held by the Company directly, by subtracting Non-Controlling
      Interests from Investments in Loans and Securities.</div>
    <div><br>
    </div>
    <table class="cfttable" id="z9bdb1dd656814ee385dea53a8d585892" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 45%;" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="6" style="vertical-align: top;" valign="bottom">
            <div style="font-weight: bold;">Value of Company Unconsolidated RR SPV Interest (i.e. Adjusted)</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="5" style="vertical-align: top;" valign="bottom">
            <div style="font-weight: bold;">Value of all Risk Retention Residuals Held by Risk Retention SPVs</div>
            <div style="font-weight: bold;">(i.e. Unadjusted)</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="13" style="vertical-align: bottom;" valign="bottom">
            <div> </div>
            <div style="text-align: center;">June 30, 2021</div>
            <div style="text-align: center;">(In Thousands)</div>
            <div> </div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 45%;" valign="bottom">
            <div>Cash and Cash Equivalents</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">42,504</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">42,504</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>Restricted Cash&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">25,840</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">25,840</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 45%;" valign="bottom">
            <div>Short-Term Deposits&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">149,514</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">149,514</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div><font style="font-weight: bold;">Total Cash</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">217,858</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">217,858</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 45%;" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>Fees Receivable&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">34,661</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">34,661</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 45%;" valign="bottom">
            <div>Property and Equipment</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">2,137</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">2,137</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>Deferred Tax Asset&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">4,224</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">4,224</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 45%;" valign="bottom">
            <div>Prepaid Expenses and Other Assets</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">27,288</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">27,288</div>
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          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
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        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>Fund Seeding Holdings</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">23,409</div>
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          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">23,409</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%; background-color: rgb(204, 238, 255);" valign="bottom">
            <div>Investment in Loans and Securities</div>
          </td>
          <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">185,981</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">185,981</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>(less) Non-Controlling Interests</div>
          </td>
          <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">(142,911)</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;"><br>
            </div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%;" valign="bottom">&#160;</td>
          <td rowspan="1" class="cftfncell" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">N/A</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%; background-color: rgb(204, 238, 255);" valign="bottom">
            <div>Risk Retention Holdings</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">43,070</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">185,981</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><br>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div><font style="font-weight: bold;">Assets</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">134,789</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
            <div>$</div>
          </td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">277,700</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%;" valign="bottom"><br>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div>
      <div style="color: #000000; font-size: 12pt;">Office of Finance
        <div>Division of Corporation Finance</div>
        <div>Securities and Exchange Commission</div>
        <div>February 28, 2022</div>
        <div>Page 6</div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">
    </table>
    <table class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div> Risk Retention SPVs/Risk Retention Holdings as a Percentage of Assets (excluding cash and government securities)<sup style="font-family: Cambria, serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
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          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">31.95</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">%</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">66.97</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">%</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>Fund Seeding Holdings as a Percentage of Assets (excluding cash and government securities)<sup style="font-family: Cambria, serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">17.37</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">%</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">8.43</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">%</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 45%;" valign="bottom">
            <div>Investment Securities as a Percentage of Assets&#160; (excluding cash and government securities)<sup style="font-family: Cambria, serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">49.32</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">%</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%;" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">75.40</div>
          </td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div style="font-family: 'Times New Roman',Times,serif;">%</div>
          </td>
          <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 9%;" valign="bottom">&#160;</td>
          <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0d0f1f69c884049b19d388450119bc6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">1</td>
          <td style="width: auto; vertical-align: top;">
            <div>For purposes of these calculations, assumes that Risk Retention SPVs/Risk Retention Holdings and Fund Seeding Holdings are &#8220;investment securities.&#8221;</div>
          </td>
        </tr>

    </table>
    <br>
    <div style="color: #000000; font-size: 12pt;">Furthermore, and as detailed in our initial response, the Company&#8217;s balance sheet does not reflect the significant value of its intangible assets, including its intellectual property and its management and
      administration contracts. The Company is confident that the value of its intellectual property would dwarf the value of the Company&#8217;s other assets and, as a result, the value of investment securities held by the Company, including the Company
      Unconsolidated RR SPV Interest, would be well below 40% of the Company&#8217;s total assets, inclusive of such intangible assets, but excluding Government securities and cash and cash items.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;"><font style="color: #000000;">The Company continues to believe that, notwithstanding its holding of investment securities in excess of 40% of its tangible assets, the </font><font style="font-style: italic;">Tonopah
        Mining Co.</font> factors considered in their totality clearly demonstrate that the Company is engaged in a business other than that of investing, reinvesting, owning, holding or trading in securities and that investors will treat the Company as an
      operating enterprise and not as an investment vehicle.</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09f41d8550944e7eaed97e08fb25b836" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Please clarify whether the interest that the Company, directly or indirectly, holds in Risk Retention Residuals is in excess of the minimum amount required to be retained in
                order to comply with the Risk Retention Rules. To the extent that the Company retains any such excess exposure, please describe this excess exposure, and reconcile with the Company&#8217;s representation that the Company&#8217;s direct or indirect
                holdings of Risk Retention Residuals &#8220;are not acquired by the Company for investment purposes but are held to comply with the requirements of the Risk Retention Rules&#8230;.&#8221; Please also explain whether, over time, the Company sells (or causes
                its risk-retention vehicles to sell) the Company&#8217;s direct or indirect interests in the Risk Retention Residuals as soon as the Company is no longer required to hold all or part of those interests in order to comply with applicable
                regulatory requirements.</div>
            </td>
          </tr>

      </table>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="font-size: 12pt;">Office of Finance
      <div>Division of Corporation Finance</div>
      <div>Securities and Exchange Commission</div>
      <div>February 28, 2022</div>
      <div>Page 7<br>
      </div>
    </div>
    <div style="font-size: 12pt;"><u> <br>
      </u></div>
    <u> </u>
    <div style="font-size: 12pt;"><u>Response</u>: Of the 22 securitizations sponsored by the Company since its inception, only two securitizations were in excess of the minimum amount required to be retained in order to comply with the Risk Retention
      Rules (the &#8220;<font style="font-weight: bold;">Excess Exposure Securitizations</font>&#8221;). The Excess Exposure Securitizations were sponsored in September 2019 and February 2020 and the amounts in excess of the regulatory requirements were minimal&#8212;0.3%
      and 0.8%, respectively.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> These two rare situations were a result of minimum denomination requirements of investors,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> rather than a desire to retain excess exposure to the particular securitization, which is entirely consistent with the Company&#8217;s business model of holding Risk Retention Residuals solely to comply with regulatory
      requirements and not for investment purposes.<br>
    </div>
    <div> <font style="font-size: 12pt;"><br>
      </font></div>
    <div> <font style="font-size: 12pt;"><br>
      </font></div>
    <font style="font-size: 12pt;"></font>
    <div style="color: #000000; font-size: 12pt;">Presently, no Risk Retention Residuals held by the Company or the Risk Retention SPVs have become eligible to be disposed of under the Risk Retention Rules.&#160; However, consistent with the Company&#8217;s business
      model of holding Risk Retention Residuals solely to comply with regulatory requirements and not for the purpose of earning investment income, it is the Company&#8217;s intention to seek to dispose of Risk Retention Residuals as promptly as reasonably
      practicable once they are eligible to do so under the Risk Retention Rules and to reinvest the proceeds of such dispositions in the further growth of the business of the Company, including sponsorship of future securitizations.</div>
    <div>&#160;</div>
    <div>
      <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 1px; width: 20%; color: #000000;" noshade="noshade" align="left">
      <div><br>
        <div style="color: #000000; font-size: 12pt;"><font style="font-size: 8pt;">3 </font><font style="font-size: 10pt;">Such excess exposure was retained in securitizations where the Company (or the Risk Retention SPVs) held an eligible &#8220;horizontal&#8221;
            residual interest in order to comply with the Risk Retention Rules. The &#8220;horizontal residual interest&#8221; is required to be held in the most subordinated class of the securitization in an amount equal to at least 5% of the fair value of all
            interests issued as part of such securitization transaction. </font></div>
        <div style="color: #000000; font-size: 12pt;"><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="color: #000000; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></font> Investors typically purchase interests in the
            subordinated class of a securitization only in significant block sizes. As a result, the Company cannot always precisely calibrate the size of the interest it retains in the subordinated class to 5%. Completing a securitization transaction
            while holding a portion of the subordinated class in excess of 5% is not done for investment purposes or because the Company desires to obtain more or less exposure to any particular securitization transaction. Instead, it is merely in response
            to the minimum denomination requirements of investors as to whether the full amount of the subordinated class can be sold to investors in order to leave the Company with a residual of exactly 5%.<br>
          </font></div>
        <br>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div> <font style="font-size: 12pt;">Office of Finance</font>
      <div style="font-size: 12pt;">Division of Corporation Finance</div>
      <div style="font-size: 12pt;">Securities and Exchange Commission</div>
      <div style="font-size: 12pt;">February 28, 2022</div>
      <div style="font-size: 12pt;">Page 8<br>
      </div>
    </div>
    <div> <br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0bbe6f4056ad4bf78516a1e1b681eedb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Further, we note that Pagaya Investments US LLC is a registered investment adviser under the Investment Advisers Act of 1940, and is an indirect wholly-owned subsidiary of
                the Company. Please explain the business relationship and activities shared between Pagaya Investments US LLC and the Company. Please also clarify whether the Company, or any of its wholly-owned subsidiaries, employs a chief investment
                officer or similar staff, and describe their specific activities and job functions, including how much time is devoted to managing the Risk Retention SPVs, the Company&#8217;s interests in Risk Retention Residuals, or other securities held by the
                Company.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="font-size: 12pt;"><u>Response</u>: Pagaya Investments US LLC (&#8220;<font style="font-weight: bold;">Pagaya RIA</font>&#8221;) is an indirect wholly-owned subsidiary of Pagaya. Pagaya RIA serves as the investment manager of Pagaya&#8217;s private funds (<font style="font-style: italic;">i.e.</font>, Pagaya RIA&#8217;s clients). The Company provides Pagaya RIA with general corporate support for accounting, operations, legal and technology. Pagaya RIA utilizes proprietary technology, developed and owned by the
      Company and provided as a service to Pagaya RIA to inform the investment management of its client&#8217;s assets.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">Pagaya RIA currently has a Chief Investment Officer, whose role relates to the investment strategy of Pagaya RIA&#8217;s business and its clients. Pagaya RIA&#8217;s Chief Investment Officer is also a member of the Pagaya RIA
      Investment Committee, which makes decisions with respect to its clients&#8217; (<font style="font-style: italic;">i.e.</font>, private funds) investments. The role of the Pagaya RIA Investment Committee is to review potential investments solely for Pagaya
      RIA clients and acts independent of the other activities of the Company and its other affiliates. The Chief Investment Officer of Pagaya RIA is not involved in or responsible for the management, structuring, or administration of the Risk Retention
      SPVs, the Company&#8217;s interests in Risk Retention Residuals, or other securities held by the Company or any determination with respect to the Company&#8217;s regulatory requirements to hold risk retention residuals.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="font-size: 12pt;">The statements included in our original response regarding the number and composition of the Company&#8217;s personnel and their activities were inclusive of the Company&#8217;s subsidiaries, including Pagaya RIA. Because the Risk
      Retention Residuals are (i) held passively and to comply with regulatory requirements and not for investment purposes and (ii) not subject to active management or oversight, none of the Company&#8217;s directors, officers, or other Company personnel
      (including those of its subsidiaries), regularly devote any significant time to managing the Company&#8217;s Risk Retention Residual holdings or other securities, if any, held by the Company.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="font-size: 12pt;">Office of Finance
      <div>Division of Corporation Finance</div>
      <div>Securities and Exchange Commission</div>
      <div>February 28, 2022</div>
      <div>Page 9<br>
      </div>
      <div><br>
      </div>
      Once the Company is eligible to dispose of Risk Retention Residuals pursuant to the Risk Retention Rules, while it will continue to be the case that the Risk Retention Residuals are held passively and to comply with regulatory requirements and will
      not be subject to regular active management by any Company personnel, the Company does expect that some personnel will devote a portion of their time to effecting dispositions of Risk Retention Residuals as such dispositions are permitted.&#160; However,
      the Company expects that such disposition activities will be limited to a small number of personnel within the Company&#8217;s overall workforce, and expects any such personnel to devote less than 5% of their time to such disposition activities.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-size: 12pt;"><u>U.S. Federal Income Tax Considerations, page 159</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72f6b0e35139487cb727758a5c9a64b1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Please be advised that we continue to review your response to comment 10 and may have further comments.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt; font-size: 12pt;"><u>Response</u>: The Company acknowledges that the Staff continues to review the Company&#8217;s prior responses.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-size: 12pt;"><u>Pagaya's Management's Discussion and Analysis of Financial Condition and Results of Operations, page 189</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8d18df6e6ee45d4b8859bfe64a19630" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">As it relates to the risk retention interest that you are required to hold in your unconsolidated securitization vehicles that you sponsor, please inform us as to why you
                did not provide the information required by instruction 8 to Item 303(b) of Regulation SK.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt; font-size: 12pt;"><u>Response</u>: In response to the Staff&#8217;s comment, the Company acknowledges the Staff&#8217;s comment and has revised its off-balance sheet arrangement disclosure on page 203 of Amendment No. 2.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-size: 12pt;"><u>Consolidated Balance Sheets, page F-26</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22f72559971b4bd5838b810ef2121b28" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">In accordance with Rule 5-02 of Regulation S-X, please revise your annual and interim period balance sheets to clearly distinguish between current and non-current assets.
                Similarly, clearly distinguish between current and non-current liabilities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt; font-size: 12pt;"><u>Response</u>: In response to the Staff&#8217;s comment, the Company acknowledges the Staff&#8217;s comment and has revised its annual and interim period balance sheets to distinguish between current and
      non-current assets and liabilities on pages F-2 and F-27 of Amendment No. 2.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div> <font style="font-size: 12pt;">Office of Finance</font>
      <div style="font-size: 12pt;">Division of Corporation Finance</div>
      <div style="font-size: 12pt;">Securities and Exchange Commission</div>
      <div style="font-size: 12pt;">February 28, 2022</div>
      <div style="font-size: 12pt;">Page 10<br>
      </div>
    </div>
    <div> <br>
    </div>
    <div style="color: #000000; font-size: 12pt;"><u>Consolidation and Variable Interest Entities, page F-40</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z099d6880ae514a31bcfaac19483b2d49" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">6.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">We acknowledge your response to our prior comment 17. Please amend your disclosure, in both your annual and interim financial statements, to clearly state the following:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z353d75634d1a422e81bd8450133e4bdc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">That both Pagaya Structured Holdings LLC and Pagaya Structured Holdings II LLC, which you consolidate in accordance with ASC 810, represent your risk retention SPVs that
                have been established to hold your required 5% interest in the securitization vehicles that you sponsor</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5fc239c50d64c4696cec02afbb6ccb9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">That your unconsolidated VIEs solely represent the actual securitization vehicles that you sponsor</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">Further, provide the following information:</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc96e11dd8fda4491af20a091109e35e9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">For your consolidated VIEs (i.e. the risk retention SPVs) the information required by ASC 810-10-50-3</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc83f8dd9ae8b46b29679de115520f89c" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 36pt; font-size: 12pt; font-style: italic; font-weight: bold;">&#8226;</div>
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              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">For your non-consolidated VIEs (i.e. the securitization vehicles) the information required by ASC 810-10-50-4</div>
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    <div>&#160;</div>
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      <div style="margin-bottom: 8pt; font-size: 10pt;">
        <div style="margin-bottom: 8pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u>: </font><font style="font-size: 12pt;">The Company acknowledges the Staff&#8217;s comment and has revised its disclosures within
            Footnote 5, &#8220;Variable Interest Entities&#8221;, on pages F-12, F-13, and F-41 in the interim and annual financial statements included within Amendment No. 2 to reflect the Company&#8217;s involvement with variable interest entities (&#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">VIEs</font>&#8221;), including the requirements of ASC 810-10-50-3 and ASC 810-10-50-4. The Company has clarified that Pagaya Structured Holdings LLC and Pagaya Structured
            Holdings II LLC are consolidated VIEs (i.e., &#8220;Risk Retention Entities&#8221;). Additionally, the Company&#8217;s involvement with non-consolidated VIEs solely relates to securitizations sponsored by the Company. The Company also notes that it does not use warehouse facilities or similar facilities in connection with its sponsored securitizations.</font></div>
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    <div style="color: #000000; font-size: 12pt;"><u> </u>Office of Finance
      <div>
        <div>Division of Corporation Finance</div>
        <div>Securities and Exchange Commission</div>
        <div>February 28, 2022</div>
        <div>Page 11<br>
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    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
    <div style="color: #000000; font-size: 12pt;"><u>Transactions with Related Parties, page F-41</u></div>
    <div style="color: #000000; font-size: 12pt;"><u> <br>
      </u></div>
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              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">7.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt; font-style: italic; font-weight: bold;">We acknowledge your response to our prior comment 19. As requested in our prior comment, please amend your related party disclosure footnote in your interim financial
                statements to provide the information required by ASC 850-10-50-1 for your $24.7 million related party receivable.</div>
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    <div>&#160;</div>
    <div style="margin-left: 36pt; font-size: 12pt;"><u>Response</u>: In response to the Staff&#8217;s comment, the Company acknowledges the Staff&#8217;s comment and has revised its disclosure to Footnote 7, &#8220;Transactions with Related Parties&#8221;, on page F-14 of
      Amendment No. 2 to provide information related to the $24.7 million related party receivable.</div>
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    <div style="text-align: center; font-size: 12pt;">***</div>
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  <div><font style="font-size: 12pt;">Office of Finance</font>
    <div style="font-size: 12pt;">Division of Corporation Finance</div>
    <div style="font-size: 12pt;">Securities and Exchange Commission</div>
    <div style="font-size: 12pt;">February 28, 2022</div>
    <font style="font-size: 12pt;">Page 12</font><br>
    <br>
    <div style="text-indent: 36pt; font-size: 12pt;">We hope that the foregoing has been responsive to the Staff&#8217;s comments and look forward to resolving any outstanding issues as quickly as possible. Please direct any questions or comments regarding the
      foregoing to me at (212) 735-2587.</div>
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              <div style="font-size: 12pt;">Very truly yours, <br>
              </div>
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              <div>&#160;</div>
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              <div style="font-size: 12pt;">&#160;</div>
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              <div>&#160;</div>
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              <div style="font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif;">/s/ Jeffrey A. Brill</font>&#160;&#160; <br>
              </div>
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              <div>&#160;</div>
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            <td style="width: 50.00%;">
              <div style="font-size: 12pt;">Jeffrey A. Brill<br>
              </div>
            </td>
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            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div style="font-size: 12pt;">Skadden, Arps, Slate, Meagher &amp; Flom LLP <br>
              </div>
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      <div><br>
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      <font style="font-size: 12pt;"><br>
        cc:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Maxim O. Mayer-Cesiano</font></div>
    <div style="text-indent: 36pt; font-size: 12pt;">Andrea L. Nicol&#225;s</div>
    <div style="text-indent: 36pt; font-size: 12pt;">B. Chase Wink</div>
    <div style="text-indent: 36pt; font-size: 12pt; font-style: italic;">Skadden, Arps, Slate, Meagher &amp; Flom LLP</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt;">Gal Krubiner</div>
    <div style="text-indent: 36pt; font-size: 12pt;">Richmond Glasgow</div>
    <div style="text-indent: 36pt; font-size: 12pt; font-style: italic;">Pagaya Technologies Ltd.</div>
    <div>&#160;</div>
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