Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 78

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 78
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 income per share of Class A Ordinary Shares assumes the conversion of Class B Ordinary Shares, while the diluted net income per share of Class B Ordinary Shares does not assume the conversion of those shares. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and result in an identical net loss per share for each class under the two-class method. The Preferred Shares are a participating security, whereby if a dividend is declared to the holders of ordinary shares, the holders of Preferred Shares would participate to the same extent as if they had converted the Preferred Shares to ordinary shares. Net loss is attributed to ordinary shareholders and participating securities based on their participation rights. Net loss attributable to ordinary shareholders is not allocated to the Preferred Shares as the holders of the Preferred Shares do not have a contractual obligation to share in any losses. The following table sets forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the year ended December 31, 2024, 2023 and 2022 (in thousands, except share and per share data): Year Ended December 31, 2024Class AClass BNumerator:Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted$(329,754)$(71,652)Denominator:Weighted average shares used for net loss per ordinary share, basic and diluted58,227,49712,652,310Net loss per share attributable to ordinary shareholders, basic and diluted$(5.66)$(5.66)Year Ended December 31, 2023Class AClass BNumerator:Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted$(98,505)$(29,933)Denominator:Weighted average shares used for net loss per ordinary share, basic and diluted46,046,60713,992,286Net loss per share attributable to ordinary shareholders, basic and diluted$(2.14)$(2.14)

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Table of Contents

Year Ended December 31, 2022Class AClass BNumerator:Allocation of undistributed earnings:Net loss attributable to Pagaya Technologies Ltd. shareholders$(238,299)$(64,022)Less: Undistributed earnings allocated to participating securities(9,620)(2,585)Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders