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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Revenue from fees (including related party revenues of $174,177 and $157,590 for the three months ended September 30, 2024 and 2023, respectively, and $528,021 and $459,581 for the nine months ended September 30, 2024 and 2023, respectively) $ 249,283 $ 201,447 $ 728,881 $ 562,386
Other Income        
Interest income 8,735 10,375 24,672 30,965
Investment income (loss) [1] (784) (65) (699) 656
Total Revenue and Other Income 257,234 211,757 752,854 594,007
Production costs 148,965 128,792 439,448 374,462
Technology, data and product development 16,655 18,039 57,970 56,833
Sales and marketing 11,440 11,339 35,028 40,197
General and administrative 57,790 53,425 185,307 157,567
Total Costs and Operating Expenses 234,850 211,595 717,753 629,059
Operating Income (Loss) 22,384 162 35,101 (35,052)
Other expenses, net (108,139) (47,260) (215,682) (131,135)
Loss Before Income Taxes (85,755) (47,098) (180,581) (166,187)
Income tax expense (benefit) (11,524) (1,158) 7,991 10,515
Net Loss Including Noncontrolling Interests (74,231) (45,940) (188,572) (176,702)
Less: Net loss attributable to noncontrolling interests (6,755) (24,188) (25,088) (62,682)
Net Loss Attributable to Pagaya Technologies Ltd. $ (67,476) $ (21,752) $ (163,484) $ (114,020)
Net loss per share attributable to Pagaya Technologies Ltd.:        
Basic (in dollars per share) [2] $ (0.93) $ (0.36) $ (2.35) $ (1.91)
Diluted (in dollars per share) [2] $ (0.93) $ (0.36) $ (2.35) $ (1.91)
Weighted average shares outstanding:        
Basic (in shares) [2] 72,728,667 60,713,648 69,619,813 59,617,660
Diluted (in shares) [2] 72,728,667 60,713,648 69,619,813 59,617,660
[1] Includes income from proprietary investments.
[2] Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.