Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 13

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 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 unaudited condensed consolidated 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.  Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Services transferred at a point in time$298,604 $228,317 $561,722 $455,891 Services transferred over time19,110 14,277 38,696 23,707 Total revenue from fees, net$317,714 $242,594 $600,418 $479,598 The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of June 30, 2025 or December 31, 2024.Concentrations of Credit Risk and Significant CustomersFinancial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant. Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. Two customers, including one related party, individually represented greater than 10% of total revenue and collectively totaled approximately 23% for three months ended June 30, 2025. No customer represented more than 10% of the Company’s total revenue for six months ended June 30, 2025. Three customers, including two related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 55% for the three months ended June 30, 2024. Two customers, including one related party