NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NET LOSS PER SHARE

Net income (loss) per share is presented in conformity with the two-class method required for multiple classes of ordinary share and participating securities.

The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data):

	Three Months Ended March 31, 2024
	Class A		Class B
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(17,060)	$	(4,163)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	51,852,148		12,652,310
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.33)	$	(0.33)

	Three Months Ended March 31, 2023
	Class A		Class B
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(45,971)	$	(15,000)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	44,677,998		14,577,866
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(1.03)	$	(1.03)

The following potentially dilutive outstanding securities as of March 31, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods: 

	March 31,
	2024	2023
Share options	3,766,593	5,699,683
Options to restricted shares	20,034,514	20,168,906
RSUs	2,353,589	3,711,114
Ordinary share warrants	2,016,326	2,159,421
Redeemable convertible preferred shares	5,000,000	—
Net potential dilutive outstanding securities	33,171,022	31,739,124