Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 14

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 obligations satisfied in the previous year that were less than the original estimate. Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period and payment is received monthly from the Financing Vehicles. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. Total Revenue 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 receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.  

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Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)Services transferred at a point in time$302,197 $235,594 $834,798 $691,485 Services transferred over time37,690 13,689 105,507 37,396 Total revenue from fees$339,887 $249,283 $940,305 $728,881 The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of September 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 cash equivalents 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 fee revenue for each respective period presented. Two related party customers individually represented greater than 10% of total fee revenue and