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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue        
Revenue from fees [1] $ 339,887 $ 249,283 $ 940,305 $ 728,881
Other Income        
Interest income 14,918 8,735 33,333 24,672
Investment loss, net (4,640) (784) (7,086) (699)
Total Revenue and Other Income 350,165 257,234 966,552 752,854
Production costs 200,574 148,965 559,122 439,448
Technology, data and product development 18,236 16,655 56,135 57,970
Sales and marketing 14,453 11,440 43,707 35,028
General and administrative 36,944 57,790 123,476 185,307
Total Costs and Operating Expenses 270,207 234,850 782,440 717,753
Operating Income 79,958 22,384 184,112 35,101
Gains and (losses) on investments in loans and securities (19,557) (77,594) (62,832) (154,001)
Other expenses, net (27,377) (30,345) (66,267) (61,481)
Loss from extinguishment of debt (24,961) (200) (25,457) (200)
Income (Loss) Before Income Taxes 8,063 (85,755) 29,556 (180,581)
Income tax (benefit) expense (15,210) (11,524) (12,772) 7,991
Net Income (Loss) Including Noncontrolling Interests 23,273 (74,231) 42,328 (188,572)
Less: Net income (loss) attributable to noncontrolling interests 728 (6,755) (4,765) (25,088)
Net Income (Loss) Attributable to Pagaya Technologies Ltd. 22,545 (67,476) 47,093 (163,484)
Per share data:        
Net income (loss) attributable to Pagaya Technologies Ltd. 22,545 (67,476) 47,093 (163,484)
Less: Undistributed earnings allocated to preferred shares 1,259 0 2,804 0
Net income (loss) attributed to Pagaya Technologies Ltd.’s ordinary shares $ 21,286 $ (67,476) $ 44,289 $ (163,484)
Earnings (loss) per share attributable to Pagaya Technologies Ltd.:        
Basic (in dollars per share) $ 0.27 $ (0.93) $ 0.57 $ (2.35)
Diluted (in dollars per share) $ 0.23 $ (0.93) $ 0.55 $ (2.35)
Weighted average shares outstanding:        
Basic (in shares) 78,539,137 72,728,667 77,086,125 69,619,813
Diluted (in shares) 91,046,530 72,728,667 80,945,983 69,619,813
[1] See Note 9 for additional information regarding the transactions with related parties