Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 173

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 173
---
 ended June 30, 2025. 

Contract fees, comprised of administration and management fees, performances fees, and servicing fees, increased by $11.0 million from $20.8 million for the three months ended June 30, 2024 to $31.8 million for the three months ended June 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 $2.5 million, or 31%, to $10.7 million for the three months ended June 30, 2025 from $8.2 million for the three months ended June 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 $1.6 million to $2.1 million for the three months ended June 30, 2025, reflecting an unfavorable impact from the change in valuation of certain proprietary investments. 

Costs and Operating Expenses  

Three Months Ended June 30,20252024(in thousands)Production costs$191,465 $145,602 Technology, data and product development18,455 21,935 Sales and marketing19,660 13,331 General and administrative40,349 64,449 Total Costs and Operating Expenses$269,929 $245,317 

Production Costs

Three Months Ended June 30,20252024Change% Change(in thousands, except percentages)Production costs$191,465 $145,602 $45,863 31 %

37

Production costs increased by $45.9 million, or 31%, to $191.5 million for the three months ended June 30, 2025 from $145.6 million for the three months ended June 30, 2024. This increase was due to an increase in the Network Volume attributable to business growth in addition to the composition of the asset classes that make up our Network Volume.

Technology, Data and Product development

Three Months Ended June 30,20252024Change% Change(in thousands, except percentages)Technology, data and product development$18