EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings (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 and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data):

	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	16,655	$	24,548
Less: Undistributed earnings allocated to preferred shares	1,017		1,509
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	15,638	$	23,039
Denominator:
Weighted average shares used for earnings per ordinary share, basic	76,873,529		76,347,801
Earnings per share attributable to ordinary shareholders, basic	$	0.20	$	0.30
Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	15,638	$	23,039
Denominator:
Shares used in computation of basic earnings per share	76,873,529		76,347,801
Ordinary share warrants	785,289		785,062
Share options	705,685		289,132
Unvested RSUs	1,264,668		852,798
Ordinary shares upon employee stock purchase plan	38,464		26,317
Weighted average shares used for earnings per ordinary share, diluted	79,667,635		78,301,110
Earnings per share attributable to ordinary shareholders, diluted	$	0.20	$	0.29

	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(74,785)	$	(96,008)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	71,765,884		68,113,860
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(1.04)	$	(1.41)

Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share

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

	June 30,
	2025	2024
Share options	914,710	3,539,256
Options to restricted shares	19,909,511	20,025,410
RSUs	82,509	3,754,702
Redeemable convertible preferred shares	—	5,000,000
Ordinary share warrants	1,229,166	2,016,321
Exchangeable notes(1)	11,434,704	—
Net potential dilutive outstanding securities	33,570,600	34,335,689

(1) For the three and six months ended June 30, 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.