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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Revenue from fees [1] $ 317,714 $ 242,594 $ 600,418 $ 479,598
Other Income        
Interest income 10,739 8,193 18,415 15,937
Investment (loss) income, net [2] (2,055) (443) (2,446) 85
Total Revenue and Other Income 326,398 250,344 616,387 495,620
Production costs 191,465 145,602 358,548 290,483
Technology, data and product development 18,455 21,935 37,899 41,315
Sales and marketing 19,660 13,331 29,254 23,588
General and administrative 40,349 64,449 86,532 127,517
Total Costs and Operating Expenses 269,929 245,317 512,233 482,903
Operating Income 56,469 5,027 104,154 12,717
Other expenses, net (34,928) (73,194) (82,661) (107,543)
Income (Loss) Before Income Taxes 21,541 (68,167) 21,493 (94,826)
Income tax expense 4,978 14,512 2,438 19,515
Net Income (Loss) Including Noncontrolling Interests 16,563 (82,679) 19,055 (114,341)
Less: Net loss attributable to noncontrolling interests (92) (7,894) (5,493) (18,333)
Net Income (Loss) Attributable to Pagaya Technologies Ltd. 16,655 (74,785) 24,548 (96,008)
Per share data:        
Net income (loss) attributable to Pagaya Technologies Ltd. 16,655 (74,785) 24,548 (96,008)
Less: Undistributed earnings allocated to preferred shares 1,017 0 1,509 0
Net income (loss) attributed to Pagaya Technologies Ltd.’s ordinary shares $ 15,638 $ (74,785) $ 23,039 $ (96,008)
Earnings (loss) per share attributable to Pagaya Technologies Ltd.:        
Basic (in dollars per share) $ 0.20 $ (1.04) $ 0.30 $ (1.41)
Diluted (in dollars per share) $ 0.20 $ (1.04) $ 0.29 $ (1.41)
Weighted average shares outstanding:        
Basic (in shares) 76,873,529 71,765,884 76,347,801 68,113,860
Diluted (in shares) 79,667,635 71,765,884 78,301,110 68,113,860
[1] (1) See Note 9 for additional information regarding the transactions with related parties
[2]
(2) Includes income from proprietary investments.