Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 95

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 95
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)$(11,524)$(3,686)(32)%

Income tax benefit for the three months ended September 30, 2025 increased $3.7 million, compared to the same period in 2024. The increase was primarily driven by an increase in discrete tax benefit during the three months ended September 30, 2025. 

Net Income (Loss) Attributable to Noncontrolling Interests

Three Months Ended September 30,20252024Change% Change(in thousands, except percentages)Net income (loss) attributable to noncontrolling interests$728 $(6,755)$7,483 111 %

Net income (loss) attributable to noncontrolling interests for the three months ended September 30, 2025 increased $7.5 million compared to the same period in 2024. The increase was driven by the net income generated by our consolidated VIEs associated with our risk retention holdings. This amount represented the net income (loss) of the consolidated VIEs to which we had no economic right and was the result of interest income on investments, partially offset by a lower credit-related impairment loss of $6.9 million on the risk retention holdings. For further information, see “—Total Revenue and Other Income” and “—Gains and (losses) on Investments in Loans and Securities.”

Comparison of Nine Months Ended September 30, 2025 and 2024

Total Revenue and Other Income  

40

Nine Months Ended September 30,20252024Change% Change(in thousands, except percentages)Revenue from fees$940,305 $728,881 $211,424 29 %Interest income33,333 24,672 8,661 35 %Investment loss, net(7,086)(699)(6,387)(914)%Total Revenue and Other Income$966,552 $752,854 $213,698 28 %

Total revenue and other income, increased by $213.7 million, or 28%, to $966.6 million for the nine months ended September 30, 2025 from $752.9 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase in revenue from fees and interest income, partially offset by an increase in investment loss, net. 

Revenue from fees for the nine months ended September 30, 2025 increased by $211.4 million,