Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 195

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 195
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11,440 43,707 35,028 Add: General and administrative36,944 57,790 123,476 185,307 Less: Interest income14,918 8,735 33,333 24,672 Less: Investment loss, net(4,640)(784)(7,086)(699)Fee Revenue Less Production Costs (FRLPC)$139,313 $100,318 $381,183 $289,433 Network Volume (in millions)$2,802 $2,351 $7,850 $7,101 Fee Revenue Less Production Costs % (FRLPC %)5.0 %4.3 %4.9 %4.1 %

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net Income (Loss) Attributable to Pagaya Technologies Ltd.$22,545 $(67,476)$47,093 $(163,484)Adjusted to exclude the following:Share-based compensation13,582 12,333 44,982 45,852 Fair value adjustment to contingent liability(418)— (5,807)— Fair value adjustment to warrant liability4,908 1,213 6,486 (358)Impairment loss on certain investments, net18,606 81,827 61,204 159,489 Write-off of capitalized software and other assets2,817 584 4,741 3,145 Restructuring expenses167 38 1,392 3,583 Transaction-related expenses— 1,072 23 1,607 Non-recurring expenses30,547 3,531 36,453 3,807 Adjusted Net Income$92,754 $33,122 $196,567 $53,641 Adjusted to exclude the following:Interest expenses21,858 27,371 66,158 64,098 Income tax (benefit) expense(15,210)(11,524)(12,772)7,991 Depreciation and amortization7,636 7,116 22,951 20,475 Adjusted EBITDA$107,038 $56,085 $272,904 $146,205 

Liquidity and Capital Resources

As of September 30, 2025 and December 31, 2024