Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 74

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 74
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740”). We are eligible for certain tax benefits in Israel under the 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 

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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 Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests in our consolidated statements of income 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): 

Three Months Ended March 31,20252024RevenueRevenue from fees$282,704 $237,004 Other IncomeInterest income7,676 7,744 Investment (loss) income(391)528 Total Revenue and Other Income289,989 245,276 Production costs167,083 144,881 Technology, data and product development (1)19,444 19,380 Sales and marketing (1)9,594 10,257 General and administrative (1)46,183 63,068 Total Costs and Operating Expenses242,304 237,586 Operating Income47,685 7,690 Other expenses, net(47,733)(34,349)Loss Before Income Taxes(48)(26,659)Income tax (benefit) expense(2,540)5,003 Net Income (Loss) Including Noncontrolling Interests 2,492 (31,662)Less: Net loss attributable to noncontrolling interests(5,401)(10,439)Net Income (Loss) Attributable to Pagaya Technologies Ltd. $7,893 $(21,223)Per share data:Net income (loss) attributable to Pagaya Technologies Ltd. $7,893 $(21,223)Less: Undistributed earnings allocated to preferred shares489 — Net income (loss) attributable to Pagaya Technologies Ltd.’s ordinary shares$7,404 $(21,223)