Pagaya Technologies Ltd.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
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Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except share and per share data)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue | ||
| Revenue from fees (1) | $298,991 | $282,704 |
| Other Income | ||
| Interest income | 17,666 | 7,676 |
| Investment income (loss), net | 1,287 | (391) |
| Total Revenue and Other Income | 317,944 | 289,989 |
| Production costs | 177,561 | 167,083 |
| Technology, data and product development | 15,940 | 19,444 |
| Sales and marketing | 11,132 | 9,594 |
| General and administrative | 33,306 | 46,183 |
| Total Costs and Operating Expenses | 237,939 | 242,304 |
| Operating Income | 80,005 | 47,685 |
| Gains and (losses) on investments in loans and securities (2) | (37,996) | (29,024) |
| Other expenses, net (2) | (15,466) | (18,709) |
| Gains from extinguishment of debt | 767 | — |
| Income (Loss) Before Income Taxes | 27,310 | (48) |
| Income tax expense (benefit) | 3,149 | (2,540) |
| Net Income Including Noncontrolling Interests | 24,161 | 2,492 |
| Less: Net loss attributable to noncontrolling interests | (533) | (5,401) |
| Net Income Attributable to Pagaya Technologies Ltd. | $24,694 | $7,893 |
| Earnings per share attributable to Pagaya Technologies Ltd.’s ordinary shareholders (Note 12): | ||
| Basic | $0.29 | $0.10 |
| Diluted | $0.28 | $0.10 |
| Weighted average shares outstanding: | ||
| Basic | 82,717,374 | 75,765,080 |
| Diluted | 96,745,000 | 77,043,464 |
(1) Includes related party revenues of $158.9 million and $167.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 11 for additional information regarding transactions with related parties.
(2)Prior period amounts have been reclassified to conform to the current period’s presentation.
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