Pagaya Technologies Ltd.PGY

Pagaya Technologies Ltd. Segments Disclosure

10-KFiled Mar 2, 20262 min read
SEGMENTS AND GEOGRAPHICAL INFORMATION
Segment Information

The Company manages, monitors, and reports its financial performance as a single operating segment. The Company's chief operating decision-maker (CODM), who is the Chief Executive Officer, assesses performance, makes operating decisions, and allocates resources based on consolidated financial information. In accordance with Accounting Standards Update 2023-09, which requires public entities to disclose significant segment expense categories and amounts for each reportable segment, the following disclosures are provided for the Company's single reportable segment:

Year Ended December 31,
202520242023
(in thousands)
Personnel related costs
$150,319 $175,631 $189,965 
Non-personnel related costs138,045 192,125 137,542 
Total (1)$288,364 $367,756 $327,507 
(1) Total of personnel and non-personnel related costs represent the total of technology, data and product development, sales and marking, and general and administrative expenses in the consolidated statements of operations.

Personnel related costs include salaries, wages, bonuses, employee benefits, payroll taxes, and other related expenses associated with our workforce. Non-personnel related costs encompass expenses such as rent, utilities, depreciation and amortization, marketing and advertising, professional services, and other operational costs not directly linked to personnel.

The Company does not have additional reportable segments, and therefore, all financial information is presented on a consolidated basis. The Company's assets are not allocated to segments for internal reporting purposes but are managed on a consolidated basis. However, for the purposes of geographical disclosure, long-lived assets are allocated based on where they are located.
Geographical Information

A. Revenue from Fees

The following table sets forth revenue from fees generated by geographic area (in thousands):  

December 31,
202520242023
United States$1,261,341$1,004,550$772,814
Israel———
Cayman———
Total revenue from fees$1,261,341$1,004,550$772,814


B. Assets

The total assets are primarily based in the United States with 88% and 81% of total as of December 31, 2025 and 2024, respectively. The following tables provide total assets by geographic area (in thousands):

December 31,
20252024
United States$1,361,016 $1,049,534 
Israel184,898 241,538 
Total assets
$1,545,914 $1,291,072 
% of assets based in U.S. of total assets
88 %81 %
As of December 31, 2025 and 2024, long-lived assets, consist of property, equipment and software, net, and right-of-use assets, located in Israel were $50.7 million (83%) and $61.5 million (82%), respectively. The remaining long-lived assets of $10.1 million and $13.3 million were located in the United States.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 12, 2025
2023Apr 25, 2024

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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