NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2024

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 and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data):


	Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(55,737)	$	(11,739)	$	(133,773)	$	(29,711)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	60,076,357		12,652,310		56,967,503		12,652,310
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.93)	$	(0.93)	$	(2.35)	$	(2.35)


	Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(16,672)	$	(5,080)	$	(86,396)	$	(27,624)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	46,533,452		14,180,196		45,173,807		14,443,853
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.36)	$	(0.36)	$	(1.91)	$	(1.91)

The following potentially dilutive outstanding securities as of September 30, 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:


	September 30,
	2024	2023
Share options	3,161,986	4,486,788
Options to restricted shares	19,970,330	20,092,340
RSUs	3,155,558	3,444,892

Ordinary share warrants	2,016,321	2,016,330
Redeemable convertible preferred shares	5,000,000	5,000,000
Net potential dilutive outstanding securities	33,304,195	35,040,350