Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 135

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 represent performance obligations satisfied in the previous year that were greater than the original estimate. During the three months ended June 30, 2024, $0.1 million worth of fees were recognized, which represent performance obligations satisfied in the previous year that were greater than the original estimate. During the six months ended June 30, 2024, $3.2 million worth of fees were reversed, which represent performance 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 and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.  Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Services transferred at a point in time$298,604 $228,317 $561,722 $455,891 Services transferred over time19,110 14,277 38,696 23,707 Total revenue from fees, net$317,714 $242,594 $600,418 $479,598 The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of June 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 fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high