EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

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 nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data):


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	22,545	$	47,093
Less: Undistributed earnings allocated to preferred shares	1,259		2,804
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	21,286	$	44,289
Denominator:
Weighted average shares used for earnings per ordinary share, basic	78,539,137		77,086,125
Earnings per share attributable to ordinary shareholders, basic	$	0.27	$	0.57

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	21,286	$	44,289



Denominator:
Shares used in computation of basic earnings per share	78,539,137		77,086,125

Ordinary share warrants	786,333		785,789
Share options	9,993,930		1,950,226
Unvested RSUs	1,727,105		1,123,843
Ordinary shares upon employee stock purchase plan	25		0
Weighted average shares used for earnings per ordinary share, diluted	91,046,530		80,945,983
Earnings per share attributable to ordinary shareholders, diluted	$	0.23	$	0.55


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(67,476)	$	(163,484)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	72,728,667		69,619,813
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.93)	$	(2.35)

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

The following potentially dilutive outstanding securities as of September 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:


	September 30,
	2025	2024
Share options	—	3,161,986
Options to restricted shares	—	19,970,330
RSUs	23,718	3,155,558
Ordinary share warrants	1,229,166	2,016,321
Redeemable convertible preferred shares	—	5,000,000
Exchangeable notes(1)	11,434,704	—
Total	12,687,588	33,304,195

(1) For the three and nine months ended September 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.