Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 182

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 182
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 Law for the Encouragement of Capital Investments or the Investment Law at a reduced tax rate of 12%. Accordingly, as we generate taxable income in Israel, our effective tax rate is expected to be lower than the standard corporate tax rate for Israeli companies, which is 23%. Our taxable income generated in the United States or derived from other sources in Israel which is not eligible for tax benefits will be subject to the regular corporate tax rate in their respective tax jurisdictions. 

Net Income (Loss) Attributable to Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests in our condensed consolidated statements of operations is a result of our investments in certain of our consolidated variable interest entities (‘‘VIEs’’) and consists of the portion of the net income of these consolidated entities that is not attributable to us.

Results of Operations 

The following table sets forth operating results for the periods indicated (in thousands, except share and per share data): 

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Three Months Ended September 30,Nine Months Ended September 30,2025202420252024RevenueRevenue from fees$339,887 $249,283 $940,305 $728,881 Other IncomeInterest income14,918 8,735 33,333 24,672 Investment loss, net(4,640)(784)(7,086)(699)Total Revenue and Other Income350,165 257,234 966,552 752,854 Production costs200,574 148,965 559,122 439,448 Technology, data and product development (1)18,236 16,655 56,135 57,970 Sales and marketing (1)14,453 11,440 43,707 35,028 General and administrative (1)36,944 57,790 123,476 185,307 Total Costs and Operating Expenses270,207 234,850 782,440 717,753 Operating Income79,958 22,384 184,112 35,101 Gains and (losses) on investments in loans and securities(19,557)(77,594)(62,832)(154,001)Other expenses, net(27,377)(30,345)(66,267)(61,481)Loss from extinguishment of debt(24,961)(200)(25,457)(200)Income (Loss) Before Income Taxes8,063 (85,755