Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 53

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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.5 million.

38

Income Tax Expense

Three Months Ended June 30,20252024Change% Change(in thousands, except percentages)Income tax expense$4,978 $14,512 $(9,534)(66)%

Income tax expense for the three months ended June 30, 2025 decreased $9.5 million, compared to the same period in 2024. The decrease was primarily driven by a decrease in discrete tax expenses during the three months ended June 30, 2025. 

Net Loss Attributable to Noncontrolling Interests

Three Months Ended June 30,20252024Change% Change(in thousands, except percentages)Net loss attributable to noncontrolling interests$(92)$(7,894)$7,802 99 %

Net loss attributable to noncontrolling interests for the three months ended June 30, 2025 decreased $7.8 million compared to the same period in 2024. The decrease was driven by the net loss generated by our consolidated VIEs associated with our risk retention holdings. This amount represented the net loss of the consolidated VIEs to which we had no economic right and was the result of a lower credit-related impairment loss of $7.3 million on the risk retention holdings. For further information, see “—Total Revenue and Other Income” and “—Other Expense, Net.”

Comparison of Six Months Ended June 30, 2025 and 2024

Total Revenue and Other Income  

Six Months Ended June 30,20252024Change% Change(in thousands, except percentages)Revenue from fees$600,418 $479,598 $120,820 25 %Interest income18,415 15,937 2,478 16 %Investment (loss) income, net(2,446)85 (2,531)(2978)%Total Revenue and Other Income$616,387 $495,620 $120,767 24 %

Total revenue and other income, increased by $120.8 million, or 24%, to $616.4 million for the six months ended June 30, 2025 from $495.6 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in revenue from fees, partially offset by a decrease in investment (loss) income. 

Revenue from fees for the six months ended June 30, 2025