Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 43

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 43
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 is based on contract terms.Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period and the payment term is based on contract terms. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. Total Revenue From FeesThe Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less. Once revenue is recognized, it is recorded on the balance sheet in fees and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.  

F-20

Table of Contents

Year Ended December 31,202420232022(in thousands)Services transferred at a point in time$949,025 $734,924 $661,646 Services transferred over time55,525 37,890 23,768 Total revenue from fees, net$1,004,550 $772,814 $685,414 The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of December 31, 2024 or December 31, 2023.

NOTE 5 - BALANCE SHEET COMPONENTS 

Property and equipment, net Property and equipment, net, consist of the following as of December 31, 2024 and 2023 (in thousands):  December 31,December 31,20242023Internal-use software $85,808 $61,482 Computer and software5,406 5,013 Furniture and equipment878 843 Leasehold improvements1,080 949 Property and equipment, gross93,172 68,287 Less: accumulated depreciation and amortization(55,198)(26,730)Property and equipment, net$37,974 $41,557 The Company capitalized $24.3 million, $28.1 million and $29.4 million, of internally developed costs during the