Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 102

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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, and perform strategic planning and annual budgeting. However, this non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with U.S. GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. 

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The following tables present reconciliations of FRLPC to Operating Income, and Adjusted EBITDA to Net Income Attributable to Pagaya Technologies Ltd., in each case the most directly comparable U.S. GAAP measure ($ in thousands, unless otherwise noted):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Operating Income$79,958 $22,384 $184,112 $35,101 Add: Technology, data and product development18,236 16,655 56,135 57,970 Add: Sales and marketing14,453 11,440 43,707 35,028 Add: General and administrative36,944 57,790 123,476 185,307 Less: Interest income14,918 8,735 33,333 24,672 Less: Investment loss, net(4,640)(784)(7,086)(699)Fee Revenue Less Production Costs (FRLPC)$139,313 $100,318 $381,183 $289,433 Network Volume (in millions)$2,802 $2,351 $7,850 $7,101 Fee Revenue Less Production Costs % (FRLPC %)5.0 %4.3 %4.9 %4.1 %

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net Income (Loss) Attributable to Pagaya Technologies Ltd.$22,545 $(67,476)$47,093 $(163,484)Adjusted to exclude the following:Share-based compensation13,582 12,333 44,982 45,852 Fair value adjustment to contingent liability(418)— (5,807)— Fair value adjustment to warrant liability4,908 1,213 6,486 (358)Impairment loss on certain investments, net18,606 81,827 61,204 159,489 Write-off of capitalized software and other assets2,817 584 4,741 3