Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 91

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 91
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,728,667 80,945,983 69,619,813 

(1) The following table sets forth share-based compensation for the periods indicated below (in thousands):

Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024Technology, data and product development$1,243 $1,011 $3,666 $6,985 Sales and marketing5,452 2,875 18,963 9,594 General and administrative6,887 8,447 22,353 29,273 Total share-based compensation in operating expenses$13,582 $12,333 $44,982 $45,852 

Comparison of Three Months Ended September 30, 2025 and 2024

Total Revenue and Other Income  

37

Three Months Ended September 30,20252024Change% Change(in thousands, except percentages)Revenue from fees$339,887 $249,283 $90,604 36 %Interest income14,918 8,735 6,183 71 %Investment loss, net(4,640)(784)(3,856)(492)%Total Revenue and Other Income$350,165 $257,234 $92,931 36 %

Total revenue and other income, increased by $92.9 million, or 36%, to $350.2 million for the three months ended September 30, 2025 from $257.2 million for the three 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 three months ended September 30, 2025 increased by $90.6 million, or 36%, to $339.9 million, compared to the same period in 2024. The increase was primarily due to a $75.5 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $229.1 million for the three months ended September 30, 2024 to $304.6 million for the three months ended September 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 19.2% from $2.4 billion