Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 172

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 172
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0252024Technology, data and product development$1,326 $3,069 $2,423 $5,974 Sales and marketing8,731 3,867 13,511 6,719 General and administrative8,171 11,108 15,466 20,826 Total share-based compensation in operating expenses$18,228 $18,044 $31,400 $33,519 

Comparison of Three Months Ended June 30, 2025 and 2024

Total Revenue and Other Income  

36

Three Months Ended June 30,20252024Change% Change(in thousands, except percentages)Revenue from fees$317,714 $242,594 $75,120 31 %Interest income10,739 8,193 2,546 31 %Investment loss, net(2,055)(443)(1,612)(364)%Total Revenue and Other Income$326,398 $250,344 $76,054 30 %

Total revenue and other income, increased by $76.1 million, or 30%, to $326.4 million for the three months ended June 30, 2025 from $250.3 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in revenue from fees and interest income, partially offset by an increase in investment loss, net. 

Revenue from fees for the three months ended June 30, 2025 increased by $75.1 million, or 31%, to $317.7 million, compared to the same period in 2024. The increase was primarily due to a $64.1 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $221.8 million for the three months ended June 30, 2024 to $285.9 million for the three months ended June 30, 2025. The increase in Network AI fees was primarily driven by improved economics in AI integration fees earned from certain Partners, as well as the growth in Network Volume, which increased by 13.6% from $2.3 billion for the three months ended June 30, 2024 to $2.6 billion for the three months ended June 30, 2025. These increases were partially offset by a decrease in capital markets execution fees earned from our ABS and forward flow transactions during the three months