Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 64

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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 net(4,640)(784)(7,086)(699)Fee Revenue Less Production Costs (FRLPC)$139,313 $100,318 $381,183 $289,433 Network Volume (in millions)$2,802 $2,351 $7,850 $7,101 Fee Revenue Less Production Costs % (FRLPC %)5.0 %4.3 %4.9 %4.1 %

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net Income (Loss) Attributable to Pagaya Technologies Ltd.$22,545 $(67,476)$47,093 $(163,484)Adjusted to exclude the following:Share-based compensation13,582 12,333 44,982 45,852 Fair value adjustment to contingent liability(418)— (5,807)— Fair value adjustment to warrant liability4,908 1,213 6,486 (358)Impairment loss on certain investments, net18,606 81,827 61,204 159,489 Write-off of capitalized software and other assets2,817 584 4,741 3,145 Restructuring expenses167 38 1,392 3,583 Transaction-related expenses— 1,072 23 1,607 Non-recurring expenses30,547 3,531 36,453 3,807 Adjusted Net Income$92,754 $33,122 $196,567 $53,641 Adjusted to exclude the following:Interest expenses21,858 27,371 66,158 64,098 Income tax (benefit) expense(15,210)(11,524)(12,772)7,991 Depreciation and amortization7,636 7,116 22,951 20,475 Adjusted EBITDA$107,038 $56,085 $272,904 $146,205 

Liquidity and Capital Resources

As of September 30, 2025 and December 31, 2024, the principal sources of liquidity were cash and cash equivalents, and restricted cash and cash equivalents of $264.8 million and $226.5 million, respectively. We believe these sources will be sufficient to meet our current liquidity needs for the next twelve months, from the date of