XML 98 R3.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 187,921 $ 186,478
Restricted cash 18,595 16,874
Fees and other receivables (including related party receivables of $70,198 and $51,036 as of December 31, 2024 and 2023, respectively) 112,222 79,526
Investments in loans and securities 7,797 2,490
Prepaid expenses and other current assets (including related party assets of $15,180 and $7,896 as of December 31, 2024 and 2023, respectively) 24,944 18,034
Total current assets 351,479 303,402
Non-current assets:    
Restricted cash 20,002 19,189
Fees and other receivables (including related party receivables of $29,182 and $33,739 as of December 31, 2024 and 2023, respectively) 29,182 34,181
Investments in loans and securities 756,322 714,303
Equity method and other investments 21,933 26,383
Right-of-use assets 36,876 55,729
Property and equipment, net 37,974 41,557
Goodwill 23,062 10,945
Intangible assets, net 12,821 2,550
Prepaid expenses and other assets 1,421 137
Total non-current assets 939,593 904,974
Total Assets 1,291,072 1,208,376
Current liabilities:    
Accounts payable 6,992 1,286
Accrued expenses and other liabilities 45,362 28,562
Current maturities of operating lease liabilities 6,453 6,931
Current portion of long-term debt 17,750 0
Secured borrowing 109,079 37,685
Income taxes payable 9,858 461
Total current liabilities 195,494 74,925
Non-current liabilities:    
Warrant liability 893 3,242
Revolving credit facility 0 90,000
Long-term debt 303,567 0
Exchangeable notes 146,342 0
Secured borrowing 67,010 234,028
Operating lease liabilities 30,611 43,940
Long-term tax and deferred tax liabilities, net 31,359 22,242
Total non-current liabilities 579,782 393,452
Total Liabilities 775,276 468,377
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of December 31, 2024 and 2023; aggregate liquidation preference of $150,000 as of December 31, 2024 and 2023 [1] 74,250 74,250
Shareholders’ equity:    
Additional paid-in capital 1,282,022 1,101,914
Accumulated other comprehensive (loss) income (11,488) 444
Accumulated deficit (944,043) (542,637)
Total Pagaya Technologies Ltd. shareholders’ equity 326,491 559,721
Noncontrolling interests 115,055 106,028
Total shareholders’ equity 441,546 665,749
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity 1,291,072 1,208,376
Related Party    
Current assets:    
Fees and other receivables (including related party receivables of $70,198 and $51,036 as of December 31, 2024 and 2023, respectively) 70,198 51,036
Prepaid expenses and other current assets (including related party assets of $15,180 and $7,896 as of December 31, 2024 and 2023, respectively) 15,180 7,896
Non-current assets:    
Fees and other receivables (including related party receivables of $29,182 and $33,739 as of December 31, 2024 and 2023, respectively) 29,182 33,739
Common Class A    
Shareholders’ equity:    
Common stock [1] 0 0
Common Class B    
Shareholders’ equity:    
Common stock [1] $ 0 $ 0
[1] Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.