CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents		$ 218,314	$ 187,921
Restricted cash and cash equivalents		46,453	38,597
Fees receivables	[1],[2]	154,976	127,114
Investments in loans and securities	[1]	887,736	778,409
Equity method and other investments		14,847	21,933
Right-of-use assets		32,166	36,876
Property, equipment and software, net		32,408	37,974
Goodwill		22,903	23,062
Intangible assets, net		9,091	12,821
Other assets	[2]	36,482	26,365
Total Assets		1,455,376	1,291,072
Liabilities:
Accounts payable		5,064	6,992
Accrued expenses and other liabilities		48,598	45,362
Operating lease liabilities		34,958	37,064
Income taxes payable and other tax liabilities		25,977	41,217
Warrant liability		7,379	893
Secured borrowing		131,525	176,089
Exchangeable notes		148,148	146,342
Long-term debt		487,789	321,317
Total Liabilities		889,438	775,276
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 and 5,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $60,814 and $150,000 as of September 30, 2025 and December 31, 2024, respectively.		30,103	74,250
Shareholders’ equity:
Additional paid-in capital		1,380,535	1,282,022
Accumulated other comprehensive loss		(45,290)	(11,488)
Accumulated deficit		(896,950)	(944,043)
Total Pagaya Technologies Ltd. shareholders’ equity		438,295	326,491
Noncontrolling interests		97,540	115,055
Total shareholders’ equity		535,835	441,546
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity		$ 1,455,376	$ 1,291,072
Shares issued (in shares)		2,027,147	5,000,000
Shares outstanding (in shares)		2,027,147	5,000,000
Common Class A
Shareholders’ equity:
Common stock		$ 0	$ 0
Common Class B
Shareholders’ equity:
Common stock		$ 0	$ 0

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

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