Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 92

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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 for the three months ended September 30, 2024 to $2.8 billion for the three months ended September 30, 2025. These increases were partially offset by a decrease in capital markets execution fees earned from our ABS and forward flow transactions during the three months ended September 30, 2025. 

Contract fees, comprised of administration and management fees, performances fees, and servicing fees, increased by $15.2 million from $20.1 million for the three months ended September 30, 2024 to $35.3 million for the three months ended September 30, 2025, reflecting an increase in net asset values of the assets held by certain Financing Vehicles driven by continued business growth. 

Interest income increased by $6.2 million, or 71%, to $14.9 million for the three months ended September 30, 2025 from $8.7 million for the three months ended September 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.

Investment loss increased by $3.9 million to $4.6 million for the three months ended September 30, 2025, reflecting an unfavorable impact from the change in valuation of certain proprietary investments. 

Costs and Operating Expenses  

Three Months Ended September 30,20252024(in thousands)Production costs$200,574 $148,965 Technology, data and product development18,236 16,655 Sales and marketing14,453 11,440 General and administrative36,944 57,790 Total Costs and Operating Expenses$270,207 $234,850 

Production Costs

Three Months Ended September 30,20252024Change% Change(in thousands, except percentages)Production costs$200,574 $148,965 $51,609 35 %

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Production costs increased by $51.6 million, or 35%, to $200.6 million for the three months ended September 30, 2025 from $149.0 million for the three months ended September 30, 2024. This increase was due to an increase in the