Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 264

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 264
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.5 million for the year ended December 31, 2024, reflecting $4.4 million contributions from Theorem Technology, Inc. (“Theorem”) and an increase in net asset values of the assets held by certain Financing Vehicles driven by continued business growth.

Interest income decreased by $6.5 million, or 17%, to $32.3 million for the year ended December 31, 2024 from $38.7 million for the year ended December 31, 2023. The decrease 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 decrease in interest income was primarily the result of changes in structure and composition of the investments in loans and securities portfolio, and lower interest income on our cash balances. 

Investment income decreased by $5.1 million to a loss of $4.6 million for the year ended December 31, 2024, reflecting an unfavorable impact from the change in valuation of certain proprietary investments.  

Costs and Operating Expenses   

Year Ended December 31,20242023(in thousands)Production costs$597,652 $508,944 Technology, data and product development76,571 74,383 Sales and marketing50,404 49,773 General and administrative240,781 203,351 Total Costs and Operating Expenses$965,408 $836,451 

Production Costs

74

Table of Contents

Year Ended December 31,20242023Change% Change(in thousands, except percentages)Production costs$597,652 $508,944 $88,708 17 %

Production costs increased by $88.7 million, or 17%, to $597.7 million for the year ended December 31, 2024 from $508.9 million for the year ended December 31, 2023. This increase was predominantly due to increases in Network Volume and to a lesser extent the composition of the asset classes that make up our Network Volume, as well as new Partners onboarded to our network. 

Technology, Data and Product Development

Year Ended December 31,20242023Change% Change(in thousands, except percentages)Technology, data and product development$76,571 $74,383 $