CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 182,986	$ 187,921
Restricted cash		23,845	18,595
Fees and other receivables	[1],[2]	118,475	97,932
Investments in loans and securities	[1]	21,519	22,087
Prepaid expenses and other current assets	[2]	15,648	24,944
Total current assets		362,473	351,479
Non-current assets:
Restricted cash		35,203	20,002
Fees and other receivables	[2]	30,709	29,182
Investments in loans and securities		848,542	756,322
Equity method and other investments		19,487	21,933
Right-of-use assets		33,726	36,876
Property and equipment, net		34,449	37,974
Goodwill		22,903	23,062
Intangible assets, net		10,521	12,821
Prepaid expenses and other assets		1,030	1,421
Total non-current assets		1,036,570	939,593
Total Assets		1,399,043	1,291,072
Current liabilities:
Accounts payable		9,191	6,992
Accrued expenses and other liabilities		39,882	45,362
Current maturities of operating lease liabilities		6,931	6,453
Current portion of long-term debt		17,750	17,750
Secured borrowing		165,416	109,079
Income taxes payable		15,303	9,858
Total current liabilities		254,473	195,494
Non-current liabilities:
Warrant liability		2,471	893
Long-term debt		296,797	303,567
Exchangeable notes		147,526	146,342
Secured borrowing		100,141	67,010
Operating lease liabilities		29,153	30,611
Long-term tax and deferred tax liabilities, net		26,253	31,359
Total non-current liabilities		602,341	579,782
Total Liabilities		856,814	775,276
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024; aggregate liquidation preference of $150,000 as of June 30, 2025 and December 31, 2024.		74,250	74,250
Shareholders’ equity:
Additional paid-in capital		1,319,312	1,282,022
Accumulated other comprehensive loss		(33,065)	(11,488)
Accumulated deficit		(919,495)	(944,043)
Total Pagaya Technologies Ltd. shareholders’ equity		366,752	326,491
Noncontrolling interests		101,227	115,055
Total shareholders’ equity		467,979	441,546
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity		1,399,043	1,291,072
Common Class A
Shareholders’ equity:
Common stock		0	0
Common Class B
Shareholders’ equity:
Common stock		$ 0	$ 0

[1] (1) Accrued interest receivable of $14.3 million, previously reported within “Fee and other receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

[2] (2) See Note 9 for additional information regarding the transactions with related parties.