Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 57

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
—Total Revenue and Other Income” and “—Gains and (losses) on Investments in Loans and Securities.”

Comparison of Nine Months Ended September 30, 2025 and 2024

Total Revenue and Other Income  

40

Nine Months Ended September 30,20252024Change% Change(in thousands, except percentages)Revenue from fees$940,305 $728,881 $211,424 29 %Interest income33,333 24,672 8,661 35 %Investment loss, net(7,086)(699)(6,387)(914)%Total Revenue and Other Income$966,552 $752,854 $213,698 28 %

Total revenue and other income, increased by $213.7 million, or 28%, to $966.6 million for the nine months ended September 30, 2025 from $752.9 million for the nine months ended September 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 nine months ended September 30, 2025 increased by $211.4 million, or 29%, to $940.3 million, compared to the same period in 2024. The increase was primarily due to a $177.7 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $666.2 million for the nine months ended September 30, 2024 to $843.9 million for the nine months ended September 30, 2025. The increase in Network AI fees was primarily driven by improved economics of AI integration fees earned from certain Partners, as well as the growth in Network Volume, which increased by 11% from $7.1 billion for the nine months ended September 30, 2024 to $7.9 billion for the nine months ended September 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 nine months ended September 30, 2025. 

Contract fees, comprised of administration and management fees and performance fees, increased by $33.7 million from $62.7 million for the nine months ended September 30, 2024 to $96.4 million for the nine months ended September 30,