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

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	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenue	—	—	—
Revenue from fees	1,261	1,005	773
Other Income	—	—	—
Interest income	48	32	39
Investment (loss) income	−8	−5	489,000
Total Revenue and Other Income	1,301	1,032	812
Production costs	749	598	509
Technology, data and product development	75	77	74
Sales and marketing	54	50	50
General and administrative	160	241	203
Total Costs and Operating Expenses	1,038	965	836
Operating Income (Loss)	264	67	−24
Gains and (losses) on investments in loans and securities	−107	−404	−131
Other expenses, net	−80	−84	−25
Gains and (losses) from extinguishment of debt	−25	−200,000	0
Income (Loss) Before Income Taxes	52	−421	−181
Income tax (benefit) expense	−20	25	16
Net Income (Loss) Including Noncontrolling Interests	71	−446	−197
Less: Net income (loss) attributable to noncontrolling interests	−10	−44	−68
Net Income (Loss) Attributable to Pagaya Technologies Ltd.	81	−401	−128
Earnings (loss) per share attributable to Pagaya Technologies Ltd. ordinary shareholders:	—	—	—
Basic (in dollars per share)	0.99	−5.66	−2.14
Diluted (in dollars per share)	0.93	−5.66	−2.14
Weighted average shares outstanding:	—	—	—
Basic (in shares)	78	71	60
Diluted (in shares)	83	71	60

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Assets	—	—
Cash and cash equivalents	235	188
Restricted cash and cash equivalents	53	39
Fees receivables	153	127
Fair Value	945	778
Equity method and other investments	14	22
Right-of-use assets	31	37
Property, equipment and software, net	30	38
Goodwill	23	23
Intangible assets, net	8	13
Other assets	54	26
Total Assets	1,546	1,291
Liabilities and Shareholders’ Equity	—	—
Liabilities:	—	—
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
Secured borrowing	194	176
Exchangeable notes	149	146
Long-term debt	482	321
Total Liabilities	960	775
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
Shareholders’ equity:	—	—
Common stock	0	0
Additional paid-in capital	1,391	1,282
Accumulated other comprehensive loss	−48	−11
Accumulated deficit	−863	−944
Total Pagaya Technologies Ltd. shareholders’ equity	480	326
Noncontrolling interests	75	115
Total shareholders’ equity	555	442
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity	1,546	1,291

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Cash flows from operating activities	—	—	—
Net income (loss) including noncontrolling interests	71	−446	−197
Adjustments to reconcile net income (loss) to net cash used in operating activities:	—	—	—
Equity method and other investments loss (income)	−8	−5	488,000
Depreciation and amortization	30	29	19
Share-based compensation	54	61	71
Fair value adjustment to warrant liability	4	−2	2
(Gains) and losses on investments in loans and securities	−109	−408	−135
Write-off of capitalized software and other assets	5	3	2
Amortization of deferred costs	11	4	0
Losses (gains) from extinguishment of debt	−18	0	0
Losses (gains) on foreign exchange	−1	−4	1
Other non-cash items	0	−367,000	0
Change in operating assets and liabilities:	—	—	—
Fees receivables	26	23	25
Accrued interest on investments	43	22	27
Right-of-use assets	−6	−1	−4
Other assets	13	9	−13
Accounts payable	3	6	−448,000
Accrued expenses and other liabilities	29	7	−18
Operating lease liability	−7	522,000	−4
Income taxes	−23	21	5
Net cash provided by (used in) operating activities	239	48	−22
Cash flows from investing activities	—	—	—
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
Cash and restricted cash acquired from Darwin Homes, Inc.	—	—	2
Purchases of investments in loans and securities	632	694	566
Purchases of property, equipment and software	14	18	20
Purchases of intangible assets	0	6	0
Purchases of equity method and other investments	0	175,000	0
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
Cash flows from financing activities	—	—	—
Proceeds from sale of ordinary shares, net of issuance costs	0	90	0
Proceeds from long-term debt	500	342	0
Proceeds from exchangeable notes	0	152	0
Proceeds from issuance of redeemable convertible preferred shares, net	0	0	74
Proceeds from secured borrowing	356	266	338
Proceeds received from noncontrolling interests	0	64	20
Proceeds from revolving credit facility	0	59	130
Proceeds from exercise of stock options, warrants and contributions to ESPP	7	3	4
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	0	12	28
Distributions made to noncontrolling interests	26	10	44
Payments made to revolving credit facility	0	149	55
Payments made to secured borrowing	341	361	206
Payments made to long-term debt	354	14	0
Debt issuance costs	12	17	0
Settlement of share-based compensation in satisfaction of tax withholding requirements	0	0	650,000
Net cash provided by financing activities	130	437	289
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents	3	−586,000	−515,000
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents	62	4	−115
Total cash and cash equivalents, and restricted cash and cash equivalents	—	—	—
Total cash and cash equivalents, and restricted cash and cash equivalents	—	—	—
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents within the consolidated balance sheet to the amounts shown in the statements of cash flow above:	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash and cash equivalents	—	—	—
Total cash and cash equivalents, and restricted cash and cash equivalents	—	—	—
Supplemental disclosures of cash flow information	—	—	—
Cash paid for income taxes	2	5	9
Cash paid for interest expense	92	80	18
Cash paid for operating leases	13	13	14
Supplemental disclosure of non-cash activities	—	—	—
Initial recognition (derecognition) of right-of-use assets and operating lease liability	−113,000	−18	−2
In-kind distributions	0	0	21
Issuance of ordinary shares in connection with acquisitions	0	6	18
Stock-based compensation included in capitalized internal-use software	4	7	8
Contingent consideration liability in connection with the acquisition of Theorem	183,000	6	0

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