Pagaya Technologies Ltd.
For the period ended Sep 30, 2026. Filed Nov 2, 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.
Sep 30, 2026 · Filed Nov 2, 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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue | ||||
| Revenue from fees (1) | $362,155 | $339,887 | $1,026,785 | $940,305 |
| Other Income | ||||
| Interest income | 28,962 | 14,918 | 68,833 | 33,333 |
| Investment loss, net | (625) | (4,640) | (140) | (7,086) |
| Total Revenue and Other Income | 390,492 | 350,165 | 1,095,478 | 966,552 |
| Production costs | 215,701 | 200,574 | 611,977 | 559,122 |
| Technology, data and product development | 17,352 | 18,236 | 50,640 | 56,135 |
| Sales and marketing | 9,514 | 14,453 | 30,733 | 43,707 |
| General and administrative | 35,377 | 36,944 | 103,776 | 123,476 |
| Total Costs and Operating Expenses | 277,944 | 270,207 | 797,126 | 782,440 |
| Operating Income | 112,548 | 79,958 | 298,352 | 184,112 |
| Gains and (losses) on investments in loans and securities | (43,400) | (19,557) | (123,714) | (62,832) |
| Other expenses, net | (23,606) | (27,377) | (62,044) | (66,267) |
| Gains and (losses) from extinguishment of debt | — | (24,961) | 1,504 | (25,457) |
| Income Before Income Taxes | 45,542 | 8,063 | 114,098 | 29,556 |
| Income tax expense (benefit) | 1,054 | (15,210) | 3,115 | (12,772) |
| Net Income Including Noncontrolling Interests | 44,488 | 23,273 | 110,983 | 42,328 |
| Less: Net (loss) income attributable to noncontrolling interests | (5,244) | 728 | (8,716) | (4,765) |
| Net Income Attributable to Pagaya Technologies Ltd. | $49,732 | $22,545 | $119,699 | $47,093 |
| Earnings per share attributable to Pagaya Technologies Ltd.’s ordinary shareholders (Note 12): | ||||
| Basic | $0.58 | $0.27 | $1.41 | $0.57 |
| Diluted | $0.52 | $0.23 | $1.30 | $0.55 |
| Weighted average shares outstanding: | ||||
| Basic | 83,672,736 | 78,539,137 | 83,142,891 | 77,086,125 |
| Diluted | 98,474,463 | 91,046,530 | 96,802,502 | 80,945,983 |
(1) Includes related-party revenues from ABS securitization trusts and investment funds totaling $237.3 million and $159.3 million for the three months ended September 30, 2026 and 2025, and $627.5 million and $473.7 million for the nine months ended September 30, 2026 and 2025, respectively. Refer to Note 11, “Transactions with Related Parties,” for additional information regarding related-party transactions with ABS securitization trusts and investment funds.
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