Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 261

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 261
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 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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Table of Contents

Year Ended December 31,202420232022RevenueRevenue from fees$1,004,550 $772,814 $685,414 Other IncomeInterest income32,291 38,748 57,758 Investment (loss) income(4,593)489 5,756 Total Revenue and Other Income1,032,248 812,051 748,928 Production costs597,652 508,944 451,084 Technology, data and product development (1)76,571 74,383 150,933 Sales and marketing (1)50,404 49,773 104,203 General and administrative (1)240,781 203,351 294,213 Total Costs and Operating Expenses965,408 836,451 1,000,433 Operating Income (Loss)66,840 (24,400)(251,505)Other expense, net(487,962)(156,768)(24,869)Loss Before Income Taxes(421,122)(181,168)(276,374)Income tax expense24,576 15,571 16,400 Net Loss (445,698)(196,739)(292,774)Less: Net (loss) income attributable to noncontrolling interests(44,292)(68,301)9,547 Net Loss Attributable to Pagaya Technologies Ltd. $(401,406)$(128,438)$(302,321)Per share data:Net loss attributable to Pagaya Technologies Ltd. $(401,406)$(128,438)$(302,321)Less: Undistributed earnings allocated to