Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 177

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 177
---
5 from $15.9 million for the six months ended June 30, 2024. The increase in interest income was directly related to our risk retention holdings and related securities held in our consolidated VIEs as well as certain risk retention holdings held directly by our consolidated subsidiaries. For further information, see “—Net Income (Loss) Attributable to Noncontrolling Interests.” The increase in interest income was primarily the result of changes in structure and composition of asset portfolio.

39

Investment (loss) income decreased by $2.5 million to a loss of $2.4 million for the six months ended June 30, 2025 from an income of $0.1 million for six months ended June 30, 2024, reflecting an unfavorable impact from the change in valuation of certain proprietary investments.  

Costs and Operating Expenses   

Six Months Ended June 30,20252024(in thousands)Production costs$358,548 $290,483 Technology, data and product development37,899 41,315 Sales and marketing29,254 23,588 General and administrative86,532 127,517 Total Costs and Operating Expenses$512,233 $482,903 

Production Costs

Six Months Ended June 30,20252024Change% Change(in thousands, except percentages)Production costs$358,548 $290,483 $68,065 23 %

Production costs increased by $68.1 million, or 23%, to $358.5 million for the six months ended June 30, 2025 from $290.5 million for the six months ended June 30, 2024. This increase was due to an increase in the Network Volume attributable to business growth in addition to the composition of the asset classes that make up our Network Volume.

Technology, Data and Product Development

Six Months Ended June 30,20252024Change% Change(in thousands, except percentages)Technology, data and product development$37,899 $41,315 $(3,416)(8)%

Technology, data and product development costs for the six months ended June 30, 2025 decreased $3.4 million, or 8%, compared to the same period in 2024. This decrease was primarily driven by a $4.3 million decrease in compensation expense and a $1.3 million decrease in depreciation expense, including impairment charges for capitalized software development costs