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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Private Placement, Ordinary Share Offering
Private Placement, Equity Financing Purchase Agreement
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
Private Placement, Ordinary Share Offering
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
Private Placement, Equity Financing Purchase Agreement
Ordinary Shares (Class A and Class B)
Ordinary Shares (Class A and Class B)
Private Placement, Ordinary Share Offering
Ordinary Shares (Class A and Class B)
Private Placement, Equity Financing Purchase Agreement
Additional Paid-In Capital
Additional Paid-In Capital
Private Placement, Ordinary Share Offering
Additional Paid-In Capital
Private Placement, Equity Financing Purchase Agreement
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Accumulated Deficit)
Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022 [1] 0                            
Beginning balance at Dec. 31, 2022 $ 0                            
Redeemable Convertible Preferred Shares                              
Issuance of preferred shares, net of issuance costs (in shares) [1] 5,000,000                            
Issuance of preferred shares, net of issuance costs $ 74,250                            
Ending balance (in shares) at Jun. 30, 2023 [1] 5,000,000                            
Ending balance at Jun. 30, 2023 $ 74,250                            
Beginning balance (in shares) at Dec. 31, 2022 [1]             56,942,632                
Beginning balance at Dec. 31, 2022 765,423     $ 553,520           $ 968,432     $ (713) $ (414,199) $ 211,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of ordinary shares upon exercise of share options (in shares) [1]             365,763                
Issuance of ordinary shares upon exercise of share options 1,430     1,430           1,430          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             235,908                
Issuance of ordinary shares upon exercise of warrants (in shares) [1]             16,304                
Share-based compensation 39,691     39,691           39,691          
Contributions of interests in consolidated VIEs 15,293                           15,293
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares) [1]             1,515,145                
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. 18,134     18,134           18,134          
Reclassification of investments 16,460     (1,881)                 (1,881)   18,341
Return of capital to interests in consolidated VIEs (28,913)                           (28,913)
Other comprehensive income (loss) 6,367     4,557                 4,557   1,810
Net income (loss) (130,762)     (92,268)                   (92,268) (38,494)
Ending balance (in shares) at Jun. 30, 2023 [1]             59,075,752                
Ending balance at Jun. 30, 2023 $ 703,123     523,183           1,027,687     1,963 (506,467) 179,940
Beginning balance (in shares) at Mar. 31, 2023 [1] 0                            
Beginning balance at Mar. 31, 2023 $ 0                            
Redeemable Convertible Preferred Shares                              
Issuance of preferred shares, net of issuance costs (in shares) [1] 5,000,000                            
Issuance of preferred shares, net of issuance costs $ 74,250                            
Ending balance (in shares) at Jun. 30, 2023 [1] 5,000,000                            
Ending balance at Jun. 30, 2023 $ 74,250                            
Beginning balance (in shares) at Mar. 31, 2023 [1]             58,672,769                
Beginning balance at Mar. 31, 2023 716,440     527,917           1,004,346     (1,259) (475,170) 188,523
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of ordinary shares upon exercise of share options (in shares) [1]             194,154                
Issuance of ordinary shares upon exercise of share options 946     946           946          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             208,829                
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement   $ 0                          
Share-based compensation 22,395     22,395           22,395          
Contributions of interests in consolidated VIEs 5,165                           5,165
Return of capital to interests in consolidated VIEs (16,719)                           (16,719)
Other comprehensive income (loss) 7,035     3,222                 3,222   3,813
Net income (loss) (32,139)     (31,297)                   (31,297) (842)
Ending balance (in shares) at Jun. 30, 2023 [1]             59,075,752                
Ending balance at Jun. 30, 2023 $ 703,123     523,183           1,027,687     1,963 (506,467) 179,940
Beginning balance (in shares) at Dec. 31, 2023 [1] 5,000,000                            
Beginning balance at Dec. 31, 2023 [2] $ 74,250                            
Ending balance (in shares) at Jun. 30, 2024 [1] 5,000,000                            
Ending balance at Jun. 30, 2024 [2] $ 74,250                            
Beginning balance (in shares) at Dec. 31, 2023 [1]             62,043,246                
Beginning balance at Dec. 31, 2023 $ 665,749     559,721           1,101,914     444 (542,637) 106,028
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of ordinary shares upon exercise of share options (in shares) 269,644           272,918 [1]                
Issuance of ordinary shares upon exercise of share options $ 759     759           759          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             1,481,470                
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares) [1]               7,500,000 298,057            
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement   89,956 $ 5,338   $ 89,956 $ 5,338         $ 89,956 $ 5,338      
Share-based compensation 37,710     37,710           37,710          
Contributions of interests in consolidated VIEs 2,815                           2,815
Return of capital to interests in consolidated VIEs (5,318)                           (5,318)
Other comprehensive income (loss) (67,094)     (71,494)                 (71,494)   4,400
Net income (loss) (114,341)     (96,008)                   (96,008) (18,333)
Ending balance (in shares) at Jun. 30, 2024 [1]             71,595,691                
Ending balance at Jun. 30, 2024 $ 615,574     525,982           1,235,677     (71,050) (638,645) 89,592
Beginning balance (in shares) at Mar. 31, 2024 [1] 5,000,000                            
Beginning balance at Mar. 31, 2024 $ 74,250                            
Ending balance (in shares) at Jun. 30, 2024 [1] 5,000,000                            
Ending balance at Jun. 30, 2024 [2] $ 74,250                            
Beginning balance (in shares) at Mar. 31, 2024 [1]             70,602,363                
Beginning balance at Mar. 31, 2024 725,911     626,830           1,214,969     (24,279) (563,860) 99,081
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of ordinary shares upon exercise of share options (in shares) [1]             172,305                
Issuance of ordinary shares upon exercise of share options 598     598           598          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             821,023                
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement   $ 17     $ 17           $ 17        
Share-based compensation 20,093     20,093           20,093          
Return of capital to interests in consolidated VIEs (2,803)                           (2,803)
Other comprehensive income (loss) (45,563)     (46,771)                 (46,771)   1,208
Net income (loss) (82,679)     (74,785)                   (74,785) (7,894)
Ending balance (in shares) at Jun. 30, 2024 [1]             71,595,691                
Ending balance at Jun. 30, 2024 $ 615,574     $ 525,982           $ 1,235,677     $ (71,050) $ (638,645) $ 89,592
[1] Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
[2] Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.