Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 48

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 in accordance with ASC 740, “Income Taxes” (“ASC 740”). We are eligible for certain tax benefits in Israel under the Law for the Encouragement of Capital Investments or the Investment Law at a reduced tax rate of 12%. Accordingly, as we generate taxable income in Israel, our effective tax rate is expected to be lower than the standard corporate tax rate for Israeli companies, which is 23%. Our taxable income generated in the United States or derived from other sources in Israel which is not eligible for tax benefits will be subject to the regular corporate tax rate in their respective tax jurisdictions. 

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests in our consolidated statements of operations is a result of our investments in certain of our consolidated variable interest entities (‘‘VIEs’’) and consists of the portion of the net income of these consolidated entities that is not attributable to us.

Results of Operations 

The following table sets forth operating results for the periods indicated (in thousands, except share and per share data): 

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Three Months Ended June 30,Six Months Ended June 30,2025202420252024RevenueRevenue from fees$317,714 $242,594 $600,418 $479,598 Other IncomeInterest income10,739 8,193 18,415 15,937 Investment (loss) income, net(2,055)(443)(2,446)85 Total Revenue and Other Income326,398 250,344 616,387 495,620 Production costs191,465 145,602 358,548 290,483 Technology, data and product development (1)18,455 21,935 37,899 41,315 Sales and marketing (1)19,660 13,331 29,254 23,588 General and administrative (1)40,349 64,449 86,532 127,517 Total Costs and Operating Expenses269,929 245,317 512,233 482,903 Operating Income56,469 5,027 104,154 12,717 Other expenses, net(34,928)(73,194)(82,661)(107,543)Income (Loss) Before Income Taxes21,541 (68,167)21,493 (94,826)Income tax expense4,978 14,512 2,438 19