EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted

The following tables set forth the calculation of basic and diluted earnings (loss) per share attributable to ordinary shareholders for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share data):

	Three Months Ended March 31, 2025
Basic EPS:
Numerator:
Net income	$	7,893
Less: Undistributed earnings allocated to preferred shares	489
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	7,404
Denominator:
Weighted average shares used for earnings per ordinary share, basic	75,765,080
Earnings per share attributable to ordinary shareholders, basic	$	0.10
Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	7,404
Denominator:
Shares used in computation of basic earnings per share	75,765,080
Ordinary share warrants	784,762
Unvested RSUs	473,300
Ordinary shares upon employee stock purchase plan	20,322
Weighted average shares used for earnings per ordinary share, diluted	77,043,464
Earnings per share attributable to ordinary shareholders, diluted	$	0.10

	Three Months Ended March 31, 2024
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(21,223)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	64,504,458
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.33)

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share

The following potentially dilutive outstanding securities as of March 31, 2025 and 2024 were excluded from the computation of diluted earnings (loss) per share because their effect would have been anti-dilutive for the periods: 

	March 31,
	2025	2024
Share options	3,427,161	3,766,593
Options to restricted shares	19,923,756	20,034,514
RSUs	271,876	2,353,589
Ordinary share warrants	1,229,166	2,016,326
Exchangeable notes(1)	11,434,704	—
Net potential dilutive outstanding securities	36,286,663	33,171,022

(1) For the three months ended March 31, 2025, the potential shares from exchangeable notes were excluded from the diluted EPS calculation as the incremental interest expense, net of tax, and the related shares would not be dilutive under the if-converted method.