Pagaya Technologies Ltd.

Listed Company

PGYWWCIK 0001883085NasdaqLarge AcceleratedFinance ServicesL3FY ends Dec 31

Period

FY 2025

Revenue

$1.30B

Net Income

$81.39M

Total Assets

$1.55B

Equity

$480.02M

Shares Out

—

Op. Cash Flow

$238.62M

PGY$17.14−41.90% · past yearDBEQ Basic

Daily closing prices

Business

Pagaya Technologies Ltd. provides AI-powered lending technology that connects financial institutions and their customers with institutional investors to expand access to consumer credit. Its main offerings include a flagship second-stage reevaluation product integrated via API, along with solutions for personal loans, auto loans, point-of-sale financing and single-family rental services. The company operates through complementary business strands: a product-focused technology side serving lenders and investors and a capital-efficiency side that manages financing vehicles and related asset services. Pagaya primarily serves the U.S. market through integrations with lender partners and institutional distribution channels.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from fees	1,261	1,005	773	685	446
Interest income	48	32	39	58	29
Investment (loss) income	−8	−5	489,000	6	−155,000
Total Revenue and Other Income	1,301	1,032	812	749	475
Production costs	749	598	509	451	232
Technology, data and product development	75	77	74	151	66
Sales and marketing	54	50	50	104	50
General and administrative	160	241	203	294	132
Total Costs and Operating Expenses	1,038	965	836	1,000	480
Operating Income (Loss)	264	67	−24	−252	−6
Gains and (losses) on investments in loans and securities	−107	−404	−131	—	—
Other expenses, net	−80	−84	−25	−25	−56
Gains and (losses) from extinguishment of debt	−25	−200,000	0	—	—
Income (Loss) Before Income Taxes	52	−421	−181	−276	−62
Income tax (benefit) expense	−20	25	16	16	8
Net Income (Loss) Including Noncontrolling Interests	71	−446	−197	−293	−70
Less: Net income (loss) attributable to noncontrolling interests	−10	−44	−68	10	22
Net Income (Loss) Attributable to Pagaya Technologies Ltd.	81	−401	−128	−302	−91
Basic (in dollars per share)	0.99	−5.66	−2.14	−8.22	−8.25
Diluted (in dollars per share)	0.93	−5.66	−2.14	−8.22	−8.25
Basic (in shares)	78	71	60	38	16
Diluted (in shares)	83	71	60	38	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-05-31	FY 2022 2022-12-31
Cash and cash equivalents	235	188	186	—	310
Restricted cash and cash equivalents	53	39	36	—	—
Fees receivables	153	127	—	—	—
Fair Value	945	778	—	—	—
Equity method and other investments	14	22	26	—	26
Right-of-use assets	31	37	56	—	61
Property, equipment and software, net	30	38	42	—	32
Goodwill	23	23	11	—	0
Intangible assets, net	8	13	3	—	0
Other assets	54	26	—	—	—
Total Assets	1,546	1,291	1,208	—	1,045
Accounts payable	4	7	—	—	—
Accrued expenses and other liabilities	75	45	—	—	—
Operating lease liabilities	34	37	—	—	—
Income taxes payable and other tax liabilities	19	41	—	—	—
Warrant liability	5	893,000	3	—	1
Secured borrowing	194	176	—	—	—
Exchangeable notes	149	146	—	—	—
Long-term debt	482	321	—	—	—
Total Liabilities	960	775	468	—	280
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 and 5,000,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation preference of $60,814 and $150,000 as of December 31, 2025 and 2024, respectively.	30	74	74	74	0
Additional paid-in capital	1,391	1,282	1,102	—	968
Accumulated other comprehensive loss	−48	−11	444,000	—	−713,000
Accumulated deficit	−863	−944	−543	—	−414
Total Pagaya Technologies Ltd. shareholders equity	480	326	560	—	554
Noncontrolling interests	75	115	106	—	212
Total shareholders equity	555	442	666	—	765
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders Equity	1,546	1,291	1,208	—	1,045

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity method and other investments loss (income)	8	5	−488,000	−6	155,000
Depreciation and amortization	30	29	19	6	815,000
Share-based compensation	54	61	71	242	68
Fair value adjustment to warrant liability	4	−2	2	−11	53
(Gains) and losses on investments in loans and securities	109	408	135	—	—
Write-off of capitalized software and other assets	5	3	2	3	0
Amortization of deferred costs	11	4	0	—	—
Losses (gains) from extinguishment of debt	18	0	0	—	—
Losses (gains) on foreign exchange	1	4	−1	0	—
Other non-cash items	0	367,000	0	0	—
Fees receivables	−26	−23	−25	—	—
Accrued interest on investments	−43	−22	−27	—	—
Right-of-use assets	6	1	4	8	—
Other assets	−13	−9	13	—	—
Accounts payable	3	6	−448,000	−10	11
Accrued expenses and other liabilities	29	7	−18	32	13
Operating lease liability	−7	522,000	−4	−11	0
Income taxes	−23	21	5	—	—
Net cash provided by (used in) operating activities	239	48	−22	−40	50
Proceeds from the maturity and prepayment of investments in loans and securities	273	132	203	—	—
Proceeds from the sales of investments in loans and securities	79	114	0	—	—
Proceeds from equity method and other investments	0	31,000	0	453,000	9
Cash and restricted cash acquired from Darwin Homes, Inc.	—	—	2	0	0
Purchases of investments in loans and securities	−632	−694	−566	—	—
Purchases of property, equipment and software	−14	−18	−20	−22	−7
Purchases of intangible assets	0	−6	0	0	—
Purchases of equity method and other investments	0	−175,000	0	−6	−23
Purchases of other assets	−16	0	0	—	—
Acquisition of Theorem Technology, Inc., net of cash acquired	159,000	−9	—	—	—
Net cash used in investing activities	−310	−480	−381	−265	−141
Proceeds from sale of ordinary shares, net of issuance costs	0	90	0	0	—
Proceeds from long-term debt	500	342	0	0	—
Proceeds from exchangeable notes	0	152	0	0	—
Proceeds from issuance of redeemable convertible preferred shares, net	0	0	74	0	173
Proceeds from secured borrowing	356	266	338	139	38
Proceeds received from noncontrolling interests	0	64	20	105	151
Proceeds from revolving credit facility	0	59	130	42	0
Proceeds from exercise of stock options, warrants and contributions to ESPP	7	3	4	2	—
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	0	12	28	0	0
Distributions made to noncontrolling interests	−26	−10	−44	−78	−82
Payments made to revolving credit facility	0	−149	−55	−27	0
Payments made to secured borrowing	−341	−361	−206	−38	0
Payments made to long-term debt	−354	−14	0	0	—
Debt issuance costs	−12	−17	0	0	—
Settlement of share-based compensation in satisfaction of tax withholding requirements	0	0	−650,000	0	0
Net cash provided by financing activities	130	437	289	438	290
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents	3	−586,000	−515,000	0	0
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents	62	4	−115	133	199
Cash paid for income taxes	2	5	9	—	—
Cash paid for interest expense	92	80	18	4	0
Cash paid for operating leases	13	13	14	11	—
Initial recognition (derecognition) of right-of-use assets and operating lease liability	−100,000	−18	−2	69	—
In-kind distributions	0	0	21	0	0
Issuance of ordinary shares in connection with acquisitions	0	6	18	0	0
Stock-based compensation included in capitalized internal-use software	4	7	8	9	—
Contingent consideration liability in connection with the acquisition of Theorem	183,000	6	0	0	—

Filings

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Frequently asked questions

What is Pagaya Technologies Ltd.'s CIK number?

Pagaya Technologies Ltd.'s SEC CIK number is 0001883085 (1883085). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Pagaya Technologies Ltd.'s SEC filings?

All of Pagaya Technologies Ltd.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Pagaya Technologies Ltd. last report earnings?

Pagaya Technologies Ltd. (PGYWW) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001883085-26-000027). This is Pagaya Technologies Ltd.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Pagaya Technologies Ltd.'s most recent earnings 8-K?

Pagaya Technologies Ltd.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001883085-26-000027. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Pagaya Technologies Ltd.'s latest earnings 8-K →
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