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INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic (Israel)	$ (74,582)	$ (8,480)	$ (53,292)
Foreign	126,207	(412,642)	(127,876)
Income (Loss) Before Income Taxes	$ 51,625	$ (421,122)	$ (181,168)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BALANCE SHEET COMPONENTS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2026	$ 5,719
2027	1,942
Total	$ 7,661	$ 12,821

SEGMENTS AND GEOGRAPHICAL INFORMATION - Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 1,545,914	$ 1,291,072
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 1,361,016	$ 1,049,534
United States \| Long-Lived Assets, Excluding Intangible Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	88.00%	81.00%
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 184,898	$ 241,538
Israel \| Long-Lived Assets, Excluding Intangible Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	83.00%	82.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

SEGMENTS AND GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

In accordance with Accounting Standards Update 2023-09, which requires public entities to disclose significant segment expense categories and amounts for each reportable segment, the following disclosures are provided for the Company's single reportable segment:


	Year Ended December 31,
		2025		2024		2023
		(in thousands)
Personnel related costs		$	150,319	$	175,631	$	189,965
Non-personnel related costs		138,045		192,125		137,542
Total (1)		$	288,364	$	367,756	$	327,507

(1) Total of personnel and non-personnel related costs represent the total of technology, data and product development, sales and marking, and general and administrative expenses in the consolidated statements of operations.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table sets forth revenue from fees generated by geographic area (in thousands):


	December 31,
	2025		2024		2023
United States	$	1,261,341	$	1,004,550	$	772,814
Israel	—		—		—
Cayman	—		—		—
Total revenue from fees	$	1,261,341	$	1,004,550	$	772,814

The following tables provide total assets by geographic area (in thousands):


	December 31,
	2025			2024
United States	$	1,361,016		$	1,049,534
Israel	184,898			241,538
Total assets	$	1,545,914		$	1,291,072
% of assets based in U.S. of total assets	88		%	81		%

INCOME TAXES - Schedule of Deferred Tax Asset (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Carry forward tax losses	$ 19,854	$ 13,912
Research and development cost	5,657	8,930
Compensations and benefits	7,218	9,748
Operating lease liability	4,847	5,525
Investments credit loss	64,327	96,324
Interest expense (Section 163j)	0	8,082
Other comprehensive income	10,911	2,715
Capital loss	1,262	948
Equity method and other investments	3,228	1,062
Other	3,837	983
Deferred tax assets before valuation allowance	121,141	148,229
Valuation allowance	111,648	140,020
Deferred tax assets	9,493	8,209
Intangible assets	(1,066)	(1,838)
Right-of-use assets	(4,305)	(5,401)
Capitalized research and development costs	(3,759)	0
Equity method and other investments	0	(904)
Property, equipment and software	(335)	(246)
Other	(28)	(9)
Deferred tax liabilities	(9,493)	(8,398)
Deferred tax liabilities, net	$ 0	$ (189)

EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Severance expenses	$ 3.0	$ 3.1	$ 3.1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Net income (loss) including noncontrolling interests

$ 71,370

$ (445,698)

$ (196,739)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Equity method and other investments loss (income)

8,415

4,593

(488)

Depreciation and amortization

30,077

28,753

19,127

Share-based compensation

54,118

61,497

71,055

Fair value adjustment to warrant liability

3,830

(2,349)

1,842

(Gains) and losses on investments in loans and securities

^[1]

108,907

408,098

134,510

Write-off of capitalized software and other assets

4,919

3,245

2,475

Amortization of deferred costs

11,253

3,739

Losses (gains) from extinguishment of debt

17,883

Losses (gains) on foreign exchange

1,115

4,189

(1,320)

Other non-cash items

367

Change in operating assets and liabilities:

Fees receivables

^[1]

(26,283)

(23,041)

(25,464)

Accrued interest on investments

^[1]

(42,824)

(21,738)

(26,512)

Right-of-use assets

6,298

1,115

3,854

Other assets

(13,350)

(9,239)

12,912

Accounts payable

3,420

5,678

(448)

Accrued expenses and other liabilities

28,518

6,861

(17,770)

Operating lease liability

(6,517)

522

(3,712)

Income taxes

(22,529)

21,159

5,019

Net cash provided by (used in) operating activities

238,620

47,751

(21,659)

Cash flows from investing activities

Proceeds from the maturity and prepayment of investments in loans and securities

^[1]

273,039

132,423

203,297

Proceeds from the sales of investments in loans and securities

^[1]

79,176

114,117

Proceeds from equity method and other investments

Cash and restricted cash acquired from Darwin Homes, Inc.

1,608

Purchases of investments in loans and securities

(632,182)

(693,941)

(566,173)

Purchases of property, equipment and software

(13,902)

(17,737)

(20,189)

Purchases of intangible assets

(5,500)

Purchases of equity method and other investments

(175)

Purchases of other assets

^[2]

(16,000)

Acquisition of Theorem Technology, Inc., net of cash acquired

159

(9,094)

Net cash used in investing activities

(309,710)

(479,876)

(381,457)

Cash flows from financing activities

Proceeds from sale of ordinary shares, net of issuance costs

89,956

Proceeds from long-term debt

500,000

341,845

Proceeds from exchangeable notes

152,000

Proceeds from issuance of redeemable convertible preferred shares, net

74,250

Proceeds from secured borrowing

355,968

265,656

338,472

Proceeds received from noncontrolling interests

63,960

19,955

Proceeds from revolving credit facility

59,000

130,000

Proceeds from exercise of stock options, warrants and contributions to ESPP

6,923

3,305

4,334

Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement

11,865

27,892

Distributions made to noncontrolling interests

(25,762)

(9,820)

(43,767)

Payments made to revolving credit facility

(149,000)

(55,000)

Payments made to secured borrowing

(341,350)

(361,428)

(206,390)

Payments made to long-term debt

(353,690)

(14,000)

Debt issuance costs

(12,488)

(16,651)

Settlement of share-based compensation in satisfaction of tax withholding requirements

(650)

Net cash provided by financing activities

129,601

436,688

289,096

Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

3,320

(586)

(515)

Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents

61,831

3,977

(114,535)

Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period

226,518

222,541

337,076

Cash and cash equivalents, and restricted cash and cash equivalents, end of period

288,349

226,518

222,541

Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents within the consolidated balance sheet to the amounts shown in the statements of cash flow above:

Cash and cash equivalents

235,329

187,921

186,478

Restricted cash and cash equivalents

53,020

38,597

36,063

Total cash and cash equivalents, and restricted cash and cash equivalents

288,349

226,518

222,541

Supplemental disclosures of cash flow information

Cash paid for income taxes

^[3]

2,495

4,908

9,174

Cash paid for interest expense

91,794

80,321

17,779

Cash paid for operating leases

13,119

13,056

14,103

Supplemental disclosure of non-cash activities

Initial recognition (derecognition) of right-of-use assets and operating lease liability

(113)

(17,737)

(1,839)

In-kind distributions

20,603

Issuance of ordinary shares in connection with acquisitions

5,969

18,134

Stock-based compensation included in capitalized internal-use software

3,780

7,149

8,315

Contingent consideration liability in connection with the acquisition of Theorem

$ 183

$ 6,090

$ 0

[1]	Accrued interest receivable previously reported within “Fee receivables” in the prior periods has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2]	Represents an investment in an affiliate by settling its third-party debt using restricted cash collateralized on the Company's balance sheets.
[3]	See Note 16 for additional information regarding the income taxes paid by jurisdiction.

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 5,312	$ 750

FAIR VALUE MEASUREMENT - Schedule of Activity Related to the Fair Value of the Investments in Loans and Securities (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 658,296	$ 624,073
Transfer from level 2	42,577	10,469
Additions	550,154	607,398
Cash received	(294,467)	(180,567)
Gain on sale of investments in loans and securities	12,417	7,920
Loss on sale of investments in loans and securities	(26,836)
Change in accrued interest on investments	40,083	12,921
Change in fair value	$ (9,746)	$ (13,858)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Credit-related impairment loss	$ (94,924)	$ (410,060)
Balance, end of period	$ 877,554	$ 658,296

EARNINGS (LOSS) PER SHARE - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) attributable to Pagaya Technologies Ltd.	$ 81,389	$ (401,406)	$ (128,438)
Less: Undistributed earnings allocated to preferred shares	4,105
Net income (loss) attributed to Pagaya Technologies Ltd.	$ 77,284	$ (401,406)	$ (128,438)
Denominator:
Weighted average shares used for earnings per ordinary share, basic (in shares)	78,336,095	70,879,807	60,038,893
Earnings per share attributable to ordinary shareholders, basic (in dollars per share)	$ 0.99	$ (5.66)	$ (2.14)
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$ 77,284	$ (401,406)	$ (128,438)
Denominator:
Shares used in computation of basic earnings per share (in shares)	78,336,095	70,879,807	60,038,893
Ordinary share warrants (in shares)	785,890
Weighted average shares used for net earnings (loss) per ordinary share, diluted (in shares)	83,097,227	70,879,807	60,038,893
Earnings (loss) per share attributable to ordinary shareholders, diluted (in dollars per share)	$ 0.93	$ (5.66)	$ (2.14)
Share options
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	3,031,605
RSUs
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	943,637

INVESTMENTS - Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments in securities, available for sale:
Proceeds from sales/maturities/prepayments	$ 321,848	$ 242,285
Gross investment gains from sales	(9,339)	(7,922)
Reductions (additions) to allowance for credit losses	$ 122,863	$ (410,062)

BALANCE SHEET COMPONENTS - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 110,855	$ 93,172
Less: accumulated depreciation and amortization	(80,634)	(55,198)
Property, equipment and software, net	30,221	37,974
Internal-use software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	101,945	85,808
Computer and software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	6,860	5,406
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	938	878
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 1,112	$ 1,080

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Schedule of Shares Reserved For Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	May 31, 2023
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	51,340,403	54,762,940
Exchangeable notes
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	11,434,704	11,434,704
Redeemable convertible preferred shares
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	2,027,147	5,000,000	5,000,000
Ordinary share warrants
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	2,076,008	2,372,858
Share options
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	3,197,713	4,042,901
Options to restricted shares
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	19,884,985	19,948,408
RSUs
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	2,150,173	3,009,918
Share-Based Payment Arrangement
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	9,836,203	8,121,438
Employee Stock
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)	733,470	832,713

BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Secured borrowing
Debt Instrument [Line Items]
Outstanding borrowings	$ 193,892	$ 176,089
Exchangeable notes
Debt Instrument [Line Items]
Outstanding borrowings	148,782	146,342
Long-term debt
Debt Instrument [Line Items]
Outstanding borrowings	$ 481,598	$ 321,317

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

INCOME TAXES - Schedule of the Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Domestic	$ (57)	$ (247)	$ 593
Foreign	(19,499)	24,741	16,601
Total current	(19,556)	24,494	17,194
Deferred:
Domestic	(189)	82	(461)
Foreign	0	0	(1,162)
Total deferred	(189)	82	(1,623)
Total income tax provision	$ (19,745)	$ 24,576	$ 15,571

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of reportable segment	1

INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

As of December 31, 2025 and 2024, our investments in loans and securities portfolio consisted of (i) investments held at fair value with changes in fair value recorded in unrealized non-credit related adjustments on available for sale securities, excluding the portion relating to any credit loss; (ii) investments in loans and securities held at fair value, with changes in fair value recorded in earnings, for which we elected the fair value option; and (iii) loans held for investment at amortized cost, less an allowance for potential uncollectible amounts. Below is a disaggregated presentation of our investments in loans and securities, including fair value adjustments, accrued interest income and net of the allowance for credit losses, as applicable (in thousands):


	Carrying Value
	December 31, 2025		December 31, 2024
Investments in securities, available for sale
Securitization notes, available for sale (1)	$	395,717	$	240,273
Securitization certificates, available for sale (1)	471,661		533,243
Total	867,378		773,516
Investments in loans and securities under the fair value option
Securitization notes (1)	12,473		—
Securitization certificates (1)	60,840		—
Other loans	4,578		—
Total	77,891		—
Investments in loans, at amortized cost
Other loans, at amortized cost	—		4,893
Total investments in loans and securities	$	945,269	$	778,409

(1) $504.3 million and $414.8 million were held by the Company for regulatory risk retention purposes as of December 31, 2025 and 2024, respectively.

Investments in Securities Available for Sale

The amortized cost, gross unrealized gains and losses and fair value of Investments in Securities Available for Sales (“AFS securities”) as of December 31, 2025 and 2024 were as follows (in thousands). The Company has determined that it is the primary beneficiary of certain VIEs that were established to purchase investments in Pagaya sponsored ABS notes and certificates. The portion of these consolidated VIEs that the Company does not own, is accounted for as noncontrolling interest in the consolidated financial statements. Refer to Note 6 for additional information.


	As of December 31, 2025
Investments in securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Non-Credit Related Adjustments		Allowance for Credit Losses		Fair Value

Securitization notes	$	395,216	$	970	$	(469)	$	—	$	395,717
Securitization certificates	874,170		6,489		(23,120)		(385,878)		471,661
Total	$	1,269,386	$	7,459	$	(23,589)	$	(385,878)	$	867,378

(1) Includes accrued interest receivable of $25.8 million.


	As of December 31, 2024
Investments in securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Non-Credit Related Adjustments		Allowance for Credit Losses		Fair Value

Securitization notes	$	240,396	$	386	$	(509)	$	—	$	240,273
Securitization certificates	1,048,734		7,926		(14,676)		(508,741)		533,243
Total	$	1,289,130	$	8,312	$	(15,185)	$	(508,741)	$	773,516

(2) Includes accrued interest receivable of $13.7 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.

The following tables set forth the fair value and gross unrealized losses on investments in AFS securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands):


	As of December 31, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	36,797	$	(442)	$	5,504	$	(27)	$	42,301	$	(469)


	As of December 31, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	66	$	(1)	$	27,295	$	(508)	$	27,361	$	(509)

The following table sets forth the amortized cost and fair value of AFS securities by contractual maturities, as of the date indicated (in thousands):


	As of December 31, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale:(1):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	15,279	$	15,602	$	379,938	$	380,115	$	395,217	$	395,717
Securitization certificates	42,698		13,495		831,471		458,166		874,169		471,661
Total	$	57,977	$	29,097	$	1,211,409	$	838,281	$	1,269,386	$	867,378


	As of December 31, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale:(1)(2):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	9,907	$	9,903	$	230,489	$	230,370	$	240,396	$	240,273
Securitization certificates	11,554		11,554		1,037,180		521,689		1,048,734		533,243
Total	$	21,461	$	21,457	$	1,267,669	$	752,059	$	1,289,130	$	773,516

(1) Based on contractual maturities of corresponding repurchase agreements. See Note 8 for additional information.

The following table sets forth gross proceeds and related investment gains and losses, as well as losses on write-downs and the allowance for credit losses of AFS securities, for the periods indicated (in thousands):


	Year Ended December 31,
		2025		2024
Investments in securities, available for sale:
Proceeds from sales/maturities/prepayments		$	321,848	$	242,285
Gross investment gains from sales		(9,339)		(7,922)

Reductions (additions) to allowance for credit losses		122,863		(410,062)

The following tables set forth the activity in the allowance for credit losses for AFS securitization certificates, as of the dates indicated (in thousands):


	Year Ended December 31,
Investments in securitization certificates, available for sale:	2025		2024
Balance, beginning of period	$	(508,741)	$	(98,679)
Additions to allowance on securities without a previous allowance	(90,401)		(347,189)
Reductions for securities redeemed, prepaid or sold during the period	242,393		—

Additions to allowance on securities with a previous allowance	(29,129)		(62,873)


Balance, end of period	$	(385,878)	$	(508,741)

Refer to Note 10 for additional information regarding the allowance for credit losses for investments.

Investments in loans and securities, under the fair value option

certain loans and securities using a discounted cash flow methodology, while also considering market data as it became available. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within the gains and (losses) on investments in loans and securities in the consolidated statements of operations. We report the changes in fair value within (gains) and losses on investments in loans and securities in the consolidated statements of cash flow.

The following table presents activities of investments in securities for which we elected the fair value option. See Note 10 for the assumptions used in our fair value model (in thousands):


	Year Ended December 31,
Investments in securities under the fair value option	2025		2024
Balance, beginning of period	$	—	$	—
Purchases	78,358		—
Principal payments	(27,313)		—
Change in fair value	22,268		—
Balance, end of period (1)	$	73,313	$	—

(1) The balance excludes $4.6 million of other loans accounted for under the fair value option.

Refer to Note 10 for additional information regarding the discounted cash methodology used for investments in loans and securities for which we elected the fair value option

Equity Method and Other Investments

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of December 31, 2025 and December 31, 2024 (in thousands):


	Carrying Value
	December 31, 2025		December 31, 2024
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	8,324	$	12,530
Other (2)	5,194		9,403
Total	$	13,518	$	21,933

(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.

(2) Represents the Company’s proprietary investments. Income (loss) from these investments is included in Investment (loss) income in the consolidated statements of operations.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Corporate Income Tax - Ordinary taxable income in Israel is subject to a corporate tax rate of 23%.

Ordinary taxable income in Israel is subject to a corporate tax rate of 23%. However, the Company has received an approval from the Israeli Tax authorities on November 18, 2021 for Preferred Technological Enterprise (“PTE”) status. The Company is eligible for PTE status which is implemented commencing 2020. Income from a PTE is subject to 12% tax rate. The Company is currently in the process of obtaining a renewal of its PTE status.

Foreign Exchange Regulations in Israel

Under the Foreign Exchange Regulations, the Company calculates its tax liability in U.S. Dollars according to certain orders. The tax liability, as calculated in U.S. Dollars is translated into NIS according to the exchange rate as of December 31st of each year.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S. which contains a broad range of tax reform provisions affecting businesses. The Company took an accelerated deduction following the enactment of new tax law. The OBBBA legislation is not expected to have a material impact on our effective tax rate, deferred tax position, or results of operations in 2026.

Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence. The components of income (loss) before income taxes are as follows (in thousands):


	December 31,
	2025		2024		2023
Domestic (Israel)	$	(74,582)	$	(8,480)	$	(53,292)
Foreign	126,207		(412,642)		(127,876)
Total income (loss) before income taxes	$	51,625	$	(421,122)	$	(181,168)

The income tax (benefit) expense consists of (in thousands):


	December 31,
	2025		2024		2023
Current:
Domestic	$	(57)	$	(247)	$	593
Foreign	(19,499)		24,741		16,601
Total current	(19,556)		24,494		17,194
Deferred:
Domestic	(189)		82		(461)
Foreign	—		—		(1,162)
Total deferred	(189)		82		(1,623)
Total income tax provision	$	(19,745)	$	24,576	$	15,571

Effective Tax Rate

The following table presents the reconciliation between Company’s statutory tax and effective income taxes the for the year ended December 31, 2025 after the adoption of ASU 2023-09 (in thousands):


	December 31, 2025
	Amount		Percent

Theoretical income taxes at Israel statutory rate	$	11,874	23	%
Foreign tax effects:
United States:
State and local income taxes, net of federal income tax effect	(3,158)		(6)	%
Statutory tax rate difference	(3,081)		(6)	%
Interest expense adjustments	(7,183)		(14)	%
Base Erosion and Anti-Abuse Tax (BEAT)	6,255		12	%
Change in valuation allowances	(25,404)		(49)	%
Non-deductible compensations	3,294		6	%
Contingent consideration	(1,241)		(2)	%
Other	(247)		—	%
Cayman Islands	2,814		5	%
Other foreign jurisdictions	16		—	%
Change in valuation allowances	6,420		12	%
(Nontaxable) or nondeductible items:
Share-based payment awards	5,690		11	%
Statutory tax rate difference (Preferred technological enterprise)	4,874		9	%
Changes in unrecognized tax benefits	(20,592)		(40)	%
Other adjustments	(76)		—	%
Effective income tax benefit	$	(19,745)	NM*

The following tables presents the reconciliation between Company’s statutory tax and effective income taxes the years ended December 31, 2024 and 2023 prior to the adoption of ASU 2023-09 (in thousands):


	December 31,
	2024			2023
Loss before income taxes	$	(421,122)		$	(181,168)
Israel statutory income tax rate	23		%	23		%
Theoretical income taxes at statutory rate	(96,858)			(41,669)
Preferred technological enterprise benefit	949			5,891
Deferred tax assets for which valuation allowance was provided	82,602			16,067
Permanent differences	10,033			7,643
Uncertain tax positions	9,035			13,500
Prior year taxes	(1,416)			(2,312)
Subsidiaries taxed at a different tax rate	17,594			16,443
Changes in valuation allowance	—			(1,162)
Other adjustments	2,637			1,170
Effective income tax	$	24,576		$	15,571
Effective tax rate	NM*			NM*

*NM = Not meaningful.

Deferred Tax Assets and Liabilities

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2025 and 2024, a

valuation allowance was provided reducing the deferred tax assets due to uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets.

As of December 31, 2025 and 2024, deferred tax assets and deferred tax liabilities presented in the consolidated balance sheets are comprised as follows (in thousands):


	December 31,
	2025		2024
Carry forward tax losses	$	19,854	$	13,912
Research and development cost	5,657		8,930
Compensations and benefits	7,218		9,748
Operating lease liability	4,847		5,525
Investments credit loss	64,327		96,324
Interest expense (Section 163j)	—		8,082
Other comprehensive income	10,911		2,715
Capital loss	1,262		948
Equity method and other investments	3,228		1,062
Other	3,837		983
Deferred tax assets before valuation allowance	121,141		148,229
Valuation allowance	111,648		140,020
Deferred tax assets	9,493		8,209

Intangible assets	(1,066)		(1,838)
Right-of-use assets	(4,305)		(5,401)
Capitalized research and development costs	(3,759)		—
Equity method and other investments	—		(904)
Property, equipment and software	(335)		(246)
Other	(28)		(9)
Deferred tax liabilities	(9,493)		(8,398)
Deferred tax liabilities, net	$	—	$	(189)

As of December 31, 2025 the Company has an accumulated tax loss carry forward of approximately $110.7 million in Israel and $32.3 million federal and state losses in the U.S which can be offset with the limitation as described in Section 382 of the IRS Code due to U.S subsidiary prior change in ownership. These losses do not have an expiration date.

Uncertain Tax Positions

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows (in thousands):


	December 31,
	2025		2024
Uncertain tax positions, beginning of the year	$	31,170	$	22,135
(Decrease) increase in tax positions for prior years	(25,724)		(13,001)
Increases related to current year tax positions	5,543		21,622
Revaluation	(411)		414
Uncertain tax positions, end of year	$	10,578	$	31,170

As of December 31, 2025 and 2024, unrecognized tax benefits of $10.6 million and $31.2 million, respectively, if recognized, would affect our effective tax rate in a future period. The Company currently does not expect uncertain tax positions to change significantly over the next twelve months.

The Company accrued interest and penalties related to uncertain tax positions recorded during the years ended December 31, 2025, 2024, and 2023. The amounts were immaterial.

Cash Income Taxes Paid (Net of Refunds)

The components of income taxes paid (net of refunds) for the year ended December 31, 2025 are as follows (in thousands):


	December 31, 2025
Domestic (Israel)	$	114
Foreign (U.S.)	2,381
Total	$	2,495

Tax Assessments

The Company files income tax return in various jurisdictions with varying statue of limitations. As of December 31, 2025, the Company have received final tax assessments in Israel through 2020. In 2025, the Company is currently subject to tax audits in Israel and federal and state tax audits in U.S. The tax audits are ongoing and to date, no material issues have been raised and no adjustments have been proposed.

Pillar Two Taxation

On October 8, 2021, the Organisation for Economic Co-operation and Development (“OECD”)/G20 inclusive framework (the “Inclusive Framework”) on Base Erosion and Profit Shifting published a statement updating and finalizing the key components

of a two-pillar plan on global tax reform. The Inclusive Framework plan has now been agreed to by more than 140 OECD

members. While many countries have adopted some or all aspects of these rules, some countries have not adopted any or all of

them, and many interpretive questions remain that are expected to be addressed in future guidance. In December 2025, Israel enacted Pillar Two legislation to implement a 15% global minimum tax on multinational enterprise groups with consolidated revenues exceeding €750 million in at least two of the four preceding fiscal years, effective from January 1, 2026. The Company is evaluating the effects of the legislation on our effective tax rate and cash tax position.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Tami Rosen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 16, 2025, Tami Rosen, a director and Chief Development Officer of the Company, entered into a new 10b5-1 Plan, with an end date of July 31, 2026, to sell a maximum aggregate of 40,000 shares.
Name	Tami Rosen
Title	director and Chief Development Officer of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 16, 2025
Expiration Date	July 31, 2026
Arrangement Duration	227 days
Aggregate Available	40,000

SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarizes the Company’s share option activity during the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)




















Balance, December 31, 2024	4,042,901	$	7.5	6.7	$	7,335
Granted	2,500	9.7
Exercised	(734,988)	7.2
Forfeited	(112,700)	32.2
Balance, December 31, 2025	3,197,713	$	6.7	5.7	$	45,031
Vested and exercisable, December 31, 2025	2,647,978	$	5.0	5.1	$	41,795

The following table summarized the Company’s options to restricted shares activity during the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
















Balance, December 31, 2024	19,948,408	$	19.4	6.2	$	—
Granted	—
Exercised	(34,179)	15.3
Forfeited	(29,244)	32.0
Balance, December 31, 2025	19,884,985	$	19.3	5.2	$	30,967
Vested and exercisable, December 31, 2025	16,539,026	$	19.3	5.2	$	26,643

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used to estimate the fair value of share options granted for the year ended December 31, 2025 were as follows:


	2025
Expected volatility	105.4	%
Expected term (in years)	5.6
Risk free interest	4.1%
Dividend yield	0.00

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the Company’s RSU activity during the year ended December 31, 2025:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share












Unvested at December 31, 2024	3,009,918	$	12.0
Granted	2,662,406	13.6
Vested	(2,838,979)	11.6
Forfeited	(683,172)	11.9
Unvested at December 31, 2025	2,150,173	$	14.5

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The following table presents the components and classification of share-based compensation for the year ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Technology, data and product development	$	4,965	$	8,695	$	12,375
Selling and marketing	21,142		14,666		13,216
General and administrative	28,011		38,136		45,464
Total	$	54,118	$	61,497	$	71,055

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Identified Intangible Assets

An assessment of the fair value of identified intangible assets and their respective lives as of the acquisition date are as follows:


	Estimated Useful Life	Fair Value
Trade name	2	$	1,400
Developed technology	2	3,700
Total		$	5,100

An assessment of the fair value of identified intangible assets and their respective lives as of the acquisition date are as follows:


	Estimated Useful Life	Fair Value
Investment management agreements	2	$	6,200
Developed technology	3	1,800
Trade name	3	300
Total		$	8,300

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth the Company’s outstanding borrowings as of the date indicated (in thousands):


	December 31, 2025		December 31, 2024
Secured borrowing	$	193,892	$	176,089
Exchangeable notes	$	148,782	$	146,342
Long-term debt	$	481,598	$	321,317

The following table sets forth the Company’s outstanding secured borrowings as of the date indicated (in thousands, except percentage):


	December 31, 2025			December 31, 2024
	Outstanding Balance		Interest Rate (1)	Outstanding Balance		Interest Rate (1)
Risk Retention Master Repurchase - Recourse	$	53,722	13%	$	115,298	17%
Risk Retention Master Repurchase - Non-Recourse	53,584		6%	28,987		7%
Receivables Facility - Recourse	22,427		8%	—		—%
Receivables Facility - Non-Recourse	64,159		6%	31,804		8%
Total principal balance under secured borrowings	$	193,892		$	176,089

(1) The interest rate is weighted based on the outstanding principal balance and interest rates in effect as of December 31, 2025 and 2024

The following table details the Company’s 2030 Notes as of December 31, 2025 (in thousands):


	December 31, 2025
Principal amount	$	493,085
Less: Unamortized issuance costs	(11,487)
Carrying amount	$	481,598

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

Below is a disaggregated presentation of our investments in loans and securities, including fair value adjustments, accrued interest income and net of the allowance for credit losses, as applicable (in thousands):


	Carrying Value
	December 31, 2025		December 31, 2024
Investments in securities, available for sale
Securitization notes, available for sale (1)	$	395,717	$	240,273
Securitization certificates, available for sale (1)	471,661		533,243
Total	867,378		773,516
Investments in loans and securities under the fair value option
Securitization notes (1)	12,473		—
Securitization certificates (1)	60,840		—
Other loans	4,578		—
Total	77,891		—
Investments in loans, at amortized cost
Other loans, at amortized cost	—		4,893
Total investments in loans and securities	$	945,269	$	778,409

(1) $504.3 million and $414.8 million were held by the Company for regulatory risk retention purposes as of December 31, 2025 and 2024, respectively.


	As of December 31, 2025
Investments in securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Non-Credit Related Adjustments		Allowance for Credit Losses		Fair Value

Securitization notes	$	395,216	$	970	$	(469)	$	—	$	395,717
Securitization certificates	874,170		6,489		(23,120)		(385,878)		471,661
Total	$	1,269,386	$	7,459	$	(23,589)	$	(385,878)	$	867,378

(1) Includes accrued interest receivable of $25.8 million.


	As of December 31, 2024
Investments in securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Non-Credit Related Adjustments		Allowance for Credit Losses		Fair Value

Securitization notes	$	240,396	$	386	$	(509)	$	—	$	240,273
Securitization certificates	1,048,734		7,926		(14,676)		(508,741)		533,243
Total	$	1,289,130	$	8,312	$	(15,185)	$	(508,741)	$	773,516

The following table sets forth the amortized cost and fair value of AFS securities by contractual maturities, as of the date indicated (in thousands):


	As of December 31, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale:(1):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	15,279	$	15,602	$	379,938	$	380,115	$	395,217	$	395,717
Securitization certificates	42,698		13,495		831,471		458,166		874,169		471,661
Total	$	57,977	$	29,097	$	1,211,409	$	838,281	$	1,269,386	$	867,378


	As of December 31, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale:(1)(2):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	9,907	$	9,903	$	230,489	$	230,370	$	240,396	$	240,273
Securitization certificates	11,554		11,554		1,037,180		521,689		1,048,734		533,243
Total	$	21,461	$	21,457	$	1,267,669	$	752,059	$	1,289,130	$	773,516

(1) Based on contractual maturities of corresponding repurchase agreements. See Note 8 for additional information.

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value


	As of December 31, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	36,797	$	(442)	$	5,504	$	(27)	$	42,301	$	(469)


	As of December 31, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	66	$	(1)	$	27,295	$	(508)	$	27,361	$	(509)

Schedule of Realized Gain (Loss)


	Year Ended December 31,
		2025		2024
Investments in securities, available for sale:
Proceeds from sales/maturities/prepayments		$	321,848	$	242,285
Gross investment gains from sales		(9,339)		(7,922)

Reductions (additions) to allowance for credit losses		122,863		(410,062)

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss

The following tables set forth the activity in the allowance for credit losses for AFS securitization certificates, as of the dates indicated (in thousands):


	Year Ended December 31,
Investments in securitization certificates, available for sale:	2025		2024
Balance, beginning of period	$	(508,741)	$	(98,679)
Additions to allowance on securities without a previous allowance	(90,401)		(347,189)
Reductions for securities redeemed, prepaid or sold during the period	242,393		—

Additions to allowance on securities with a previous allowance	(29,129)		(62,873)


Balance, end of period	$	(385,878)	$	(508,741)

Schedule of Investments in Securities Elected for Fair Value Option

The following table presents activities of investments in securities for which we elected the fair value option. See Note 10 for the assumptions used in our fair value model (in thousands):


	Year Ended December 31,
Investments in securities under the fair value option	2025		2024
Balance, beginning of period	$	—	$	—
Purchases	78,358		—
Principal payments	(27,313)		—
Change in fair value	22,268		—
Balance, end of period (1)	$	73,313	$	—

(1) The balance excludes $4.6 million of other loans accounted for under the fair value option.

The following tables summarize the activity related to the fair value of the investments in loans and securities for the year ended December 31, 2025 and 2024 (in thousands):


Balance as of December 31, 2023	$	624,073
Transfer from level 2	10,469
Additions	607,398
Cash received	(180,567)
Gain on sale of investments in loans and securities	7,920
Change in accrued interest on investments	12,921
Change in fair value	(13,858)
Credit-related impairment loss	(410,060)
Balance as of December 31, 2024	$	658,296
Transfer from level 2	42,577
Additions	550,154
Cash received	(294,467)
Gain on sale of investments in loans and securities	12,417
Loss on sale of investments in loans and securities	(26,836)
Change in accrued interest on investments	40,083
Change in fair value	(9,746)
Credit-related impairment loss	(94,924)
Balance as of December 31, 2025	$	877,554

Schedule of Equity Method and Other Investments


	Carrying Value
	December 31, 2025		December 31, 2024
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	8,324	$	12,530
Other (2)	5,194		9,403
Total	$	13,518	$	21,933

(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.

(2) Represents the Company’s proprietary investments. Income (loss) from these investments is included in Investment (loss) income in the consolidated statements of operations.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 10.6	$ 31.2
United States
Income Tax Contingency [Line Items]
Accumulated tax loss carry forward	32.3
Israel \| Foreign Tax Jurisdiction
Income Tax Contingency [Line Items]
Accumulated tax loss carry forward	$ 110.7

REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Year Ended December 31,
		2025		2024		2023
		(in thousands)
Services transferred at a point in time		$	1,120,513	$	949,025	$	734,924
Services transferred over time		140,828		55,525		37,890
Total revenue from fees, net		$	1,261,341	$	1,004,550	$	772,814

BORROWINGS - Schedule of Outstanding Secured Borrowings (Details) - Secured borrowing - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Outstanding principal balance	$ 193,892	$ 176,089
Recourse \| Risk Retention Master Repurchase
Debt Instrument [Line Items]
Outstanding principal balance	$ 53,722	$ 115,298
Stated interest rate	13.00%	17.00%
Recourse \| Receivables Facility
Debt Instrument [Line Items]
Outstanding principal balance	$ 22,427	$ 0
Stated interest rate	8.00%	0.00%
Nonrecourse \| Risk Retention Master Repurchase
Debt Instrument [Line Items]
Outstanding principal balance	$ 53,584	$ 28,987
Stated interest rate	6.00%	7.00%
Nonrecourse \| Receivables Facility
Debt Instrument [Line Items]
Outstanding principal balance	$ 64,159	$ 31,804
Stated interest rate	6.00%	8.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

BUSINESS DESCRIPTION	12 Months Ended
BUSINESS DESCRIPTION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS DESCRIPTION	BUSINESS DESCRIPTION Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates, (iii) special purpose vehicles established by third-party investors to facilitate the purchase of assets under forward flow agreements and (iv) other similar vehicles (“Financing Vehicles”). Pagaya Technologies Ltd. was founded in 2016 and is organized under the laws of the State of Israel. Pagaya has its primary offices in Israel and the United States.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our information security program is designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and our customer data (“Information Systems and Data”). Our information security program consists of processes and controls around access control, authorization, auditing, and monitoring, and is supported by our cybersecurity tech ecosystem, all of which is designed to protect our business flows and Information Systems and Data. The information security program is overseen by our Chief Information Security Officer (“CISO”), who manages a team responsible for leading enterprise-wide cybersecurity policy, standards, architecture, and processes. As an organization that has become increasingly interconnected, we have defined a set of cybersecurity principles designed to support the continuous improvement of our overall information security measures, utilizing technology and controls to protect our core assets, infrastructure, Information Systems and Data throughout the entire life cycle of our business. In addition, we are aligned with the SOC 2 Type 2 standard and, since 2019, we have been certified under ISO 27001:2013, ISO 27017:2015 & ISO 27018 (also ISO 42001 certification was achieved this year). Our identification, assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program and identified in the Company’s risk register; (2) the CISO works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; and (3) our Technology Risk Committee evaluates material risks from cybersecurity threats against our overall business objectives and reports to the Risk Committee of our Board of Directors, which evaluates our overall enterprise risk. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example threat intelligence providers, cybersecurity consultants and software providers, managed cybersecurity service providers, penetration testing service providers, dark web monitoring service providers, and forensic investigators. In addition, our third party risk management program manages cybersecurity risks associated with our use of third-party service providers that perform a variety of functions throughout our business, such as software-as-a-service providers, hosting companies, distributors, and supply chain resources. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the third-party service provider, our third-party risk management process may involve different levels of assessment designed to help identify associated cybersecurity risks. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including “Cyberattacks, security breaches or similar compromise of our information technology systems, or those of third parties upon which we rely, or our data could adversely impact our brand and reputation and our business, operating results and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our information security program is designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and our customer data (“Information Systems and Data”). Our information security program consists of processes and controls around access control, authorization, auditing, and monitoring, and is supported by our cybersecurity tech ecosystem, all of which is designed to protect our business flows and Information Systems and Data. The information security program is overseen by our Chief Information Security Officer (“CISO”), who manages a team responsible for leading enterprise-wide cybersecurity policy, standards, architecture, and processes. As an organization that has become increasingly interconnected, we have defined a set of cybersecurity principles designed to support the continuous improvement of our overall information security measures, utilizing technology and controls to protect our core assets, infrastructure, Information Systems and Data throughout the entire life cycle of our business. In addition, we are aligned with the SOC 2 Type 2 standard and, since 2019, we have been certified under ISO 27001:2013, ISO 27017:2015 & ISO 27018 (also ISO 42001 certification was achieved this year). Our identification, assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program and identified in the Company’s risk register; (2) the CISO works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; and (3) our Technology Risk Committee evaluates material risks from cybersecurity threats against our overall business objectives and reports to the Risk Committee of our Board of Directors, which evaluates our overall enterprise risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity governance program is led by our CISO, who has more than 20 years of experience in the cybersecurity field, working for different enterprise organizations, holding multiple patents in the field and has vast knowledge and proven experience in both the technology and risk management domain of cybersecurity. Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other cybersecurity-related reports. Additionally, our Technology Risk Committee, who reports material risks from cybersecurity threats to the Risk Committee of our Board of Directors, is made up of members of our management team, including our CISO, who hold various certifications and have served in various roles related to risk management, technology and cybersecurity. Our CISO periodically reports risks from cybersecurity threats to our Chief Executive Officer and other senior management members, as well as to our Board of Directors. The Board’s Risk Committee provides oversight of risks from cybersecurity threats, including performing a review of all cybersecurity incidents and risks on a quarterly basis, as well as the processes the Company has implemented to address them. The Risk Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation. Our cybersecurity incident processes are designed to escalate material cybersecurity incidents to members of our management team depending on the circumstances, who will then work with our incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified, in addition to notifying the Risk Committee, as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity governance program is led by our CISO, who has more than 20 years of experience in the cybersecurity field, working for different enterprise organizations, holding multiple patents in the field and has vast knowledge and proven experience in both the technology and risk management domain of cybersecurity. Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other cybersecurity-related reports. Additionally, our Technology Risk Committee, who reports material risks from cybersecurity threats to the Risk Committee of our Board of Directors, is made up of members of our management team, including our CISO, who hold various certifications and have served in various roles related to risk management, technology and cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO periodically reports risks from cybersecurity threats to our Chief Executive Officer and other senior management members, as well as to our Board of Directors. The Board’s Risk Committee provides oversight of risks from cybersecurity threats, including performing a review of all cybersecurity incidents and risks on a quarterly basis, as well as the processes the Company has implemented to address them. The Risk Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.
Cybersecurity Risk Role of Management [Text Block]	Our CISO periodically reports risks from cybersecurity threats to our Chief Executive Officer and other senior management members, as well as to our Board of Directors. The Board’s Risk Committee provides oversight of risks from cybersecurity threats, including performing a review of all cybersecurity incidents and risks on a quarterly basis, as well as the processes the Company has implemented to address them. The Risk Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation. Our cybersecurity incident processes are designed to escalate material cybersecurity incidents to members of our management team depending on the circumstances, who will then work with our incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified, in addition to notifying the Risk Committee, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other cybersecurity-related reports. Additionally, our Technology Risk Committee, who reports material risks from cybersecurity threats to the Risk Committee of our Board of Directors, is made up of members of our management team, including our CISO, who hold various certifications and have served in various roles related to risk management, technology and cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity governance program is led by our CISO, who has more than 20 years of experience in the cybersecurity field, working for different enterprise organizations, holding multiple patents in the field and has vast knowledge and proven experience in both the technology and risk management domain of cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	December 31, 2025

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	67,715	$	340,475	$	408,190
Investments in loans and securities (Certificates)	—		—		532,501		532,501
Investments in loans and securities (Loans)	—		—		4,578		$	4,578
Liabilities:
Warrant liability	$	4,723	$	—	$	—	$	4,723
Other liabilities (1)	—		—		13,112		13,112


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes) (2)	$	—	$	115,220	$	125,053	$	240,273
Investments in loans and securities (Certificates) (2)	—		—		533,243		533,243
Liabilities:
Warrant liability	$	890	$	3	$	—	$	893
Other liabilities (1)	—		—		6,090		6,090

(1) Included in “Accrued expenses and other liabilities” in the consolidated balance sheets. See Note 15 for additional information.

(2) Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.

Schedule of Class of Warrant or Right Outstanding

The following tables summarize the Warrant liability activity for the year ended December 31, 2025, 2024 and 2023 (in thousands):



Balance as of December 31, 2023	$	3,242
Change in fair value	(2,349)
Balance as of December 31, 2024	$	893
Change in fair value	3,830
Balance as of December 31, 2025	$	4,723

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents activities of investments in securities for which we elected the fair value option. See Note 10 for the assumptions used in our fair value model (in thousands):


	Year Ended December 31,
Investments in securities under the fair value option	2025		2024
Balance, beginning of period	$	—	$	—
Purchases	78,358		—
Principal payments	(27,313)		—
Change in fair value	22,268		—
Balance, end of period (1)	$	73,313	$	—

(1) The balance excludes $4.6 million of other loans accounted for under the fair value option.

The following tables summarize the activity related to the fair value of the investments in loans and securities for the year ended December 31, 2025 and 2024 (in thousands):


Balance as of December 31, 2023	$	624,073
Transfer from level 2	10,469
Additions	607,398
Cash received	(180,567)
Gain on sale of investments in loans and securities	7,920
Change in accrued interest on investments	12,921
Change in fair value	(13,858)
Credit-related impairment loss	(410,060)
Balance as of December 31, 2024	$	658,296
Transfer from level 2	42,577
Additions	550,154
Cash received	(294,467)
Gain on sale of investments in loans and securities	12,417
Loss on sale of investments in loans and securities	(26,836)
Change in accrued interest on investments	40,083
Change in fair value	(9,746)
Credit-related impairment loss	(94,924)
Balance as of December 31, 2025	$	877,554

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the securities as of December 31, 2025 and 2024:


	December 31, 2025						December 31, 2024
Unobservable Input	Minimum		Maximum		Weighted Average		Minimum		Maximum		Weighted Average
Discount rate	5.0	%	15.0	%	15.0	%	5.0	%	15.0	%	15.0	%
Loss rate	4.9	%	33.1	%	17.0	%	5.8	%	34.1	%	19.5	%
Prepayment rate	0.0	%	40.0	%	14.2	%	—	%	40.0	%	9.4	%

Schedule of Fair Value Measurements, Nonrecurring

The below tables contain information about assets that are not measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	288,349	$	288,349	$	—	$	—	$	288,349
Fees receivables	153,250		—		69,864		83,386		153,250
Liabilities:
Secured borrowings	$	193,892	$	—	$	—	$	191,983	$	191,983
Exchangeable notes	148,782		—		292,445		—		292,445
Long-term debt	481,598		—		430,616		—		430,616


	December 31, 2024
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	226,518	$	226,518	$	—	$	—	$	226,518
Fees receivables (1)	127,114		—		63,143		63,971		127,114
Investments in loans and securities (Loans)	4,893		—		—		4,893		4,893
Liabilities:
Secured borrowings	$	176,089	$	—	$	—	$	177,554	$	177,554
Exchangeable notes	146,342		—		163,360		—		163,360
Long-term debt	321,317		—		—		366,396		366,396

(1) Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

- Definition

+ References + Details

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted earnings (loss) per share attributable to ordinary shareholders for the year ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):


	Year Ended December 31, 2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	81,389
Less: Undistributed earnings allocated to preferred shares	4,105
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	77,284
Denominator:
Weighted average shares used for earnings per ordinary share, basic	78,336,095
Earnings per share attributable to ordinary shareholders, basic	$	0.99

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	77,284
Denominator:
Shares used in computation of basic earnings per share	78,336,095
Ordinary share warrants	785,890
Share options	3,031,605
Unvested RSUs	943,637

Weighted average shares used for earnings per ordinary share, diluted	83,097,227
Earnings per share attributable to ordinary shareholders, diluted	$	0.93


	Year Ended December 31, 2024	Year Ended December 31, 2023
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(401,406)	$	(128,438)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		70,879,807		60,038,893
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(5.66)	$	(2.14)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive outstanding securities as of December 31, 2025, 2024 and 2023 were excluded from the computation of diluted earnings (loss) per share because their effect would have been anti-dilutive for the periods:


	December 31,
	2025	2024	2023
Share options	—	3,740,789	3,895,087
Options to restricted shares	—	19,948,408	20,046,080
RSUs	425,251	3,009,918	3,034,203

Ordinary share warrants	1,229,166	2,016,321	2,016,326
Redeemable convertible preferred shares	—	5,000,000	5,000,000
Exchangeable notes	11,434,704	11,434,704	—
Net potential dilutive outstanding securities	13,089,121	45,150,140	33,991,696

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In February 2026, the Company repurchased $7.4 million of the outstanding 2030 Notes at a price equal to 87.3% of the principal amount. The Company paid total consideration of $6.5 million, excluding accrued interest, resulting in a $0.8 million gain on extinguishment of debt. This gain is net of the written-off carrying value. Following the repurchase, the remaining aggregate principal amount of the 2030 Notes outstanding was $485.7 million.

SHARE BASED COMPENSATION - Stock Option Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in dollars per share) \| $ / shares	$ 9.67
Aggregate intrinsic value of options exercised	$ 9.6
Fair value of vested options	7.9
Unrecognized compensation expense related to unvested share options	$ 5.6
Share options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Unrecognized compensation expense, period of recognition	1 year 3 months 18 days
Share options \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Vesting percentage	25.00%
Share options \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years

INVESTMENTS - Investments by Maturity (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Fair Value

Total

^[1]

$ 945,269

$ 778,409

Accrued interest receivable

25,800

14,300

Total

Amortized Cost

Within 1 year

57,977

21,461

Greater than 1 year, less than or equal to 5 years

1,211,409

1,267,669

Total

1,269,386

1,289,130

Fair Value

Within 1 year

29,097

21,457

Greater than 1 year, less than or equal to 5 years

838,281

752,059

Total

867,378

773,516

Accrued interest receivable

13,700

Securitization notes

Amortized Cost

Within 1 year

15,279

9,907

Greater than 1 year, less than or equal to 5 years

379,938

230,489

Total

395,217

240,396

Fair Value

Within 1 year

15,602

9,903

Greater than 1 year, less than or equal to 5 years

380,115

230,370

Total

395,717

240,273

Securitization certificates

Amortized Cost

Within 1 year

42,698

11,554

Greater than 1 year, less than or equal to 5 years

831,471

1,037,180

Total

874,169

1,048,734

Fair Value

Within 1 year

13,495

11,554

Greater than 1 year, less than or equal to 5 years

458,166

521,689

Total

$ 471,661

$ 533,243

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

INVESTMENTS - Schedule of Equity Method and Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Total	$ 13,518	$ 21,933
Investments in Pagaya SmartResi F1 Fund, LP
Schedule of Equity Method Investments [Line Items]
Total	$ 8,324	12,530
Equity method investment, ownership percentage	5.40%
Other
Schedule of Equity Method Investments [Line Items]
Total	$ 5,194	$ 9,403

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal and regulatory matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the consolidated balance sheets and these matters are immaterial. Contractual Obligations and Commitments — From time to time, the Company entered into a purchase commitment with our third-party cloud computing web services provider. As of December 31, 2025, the total remaining contractual obligations are approximately $10.7 million, of which $6.3 million is for the next 12 months. The Company may pay more than the minimum purchase commitment based on usage. Additionally, the Company has contractual obligations related to its lease for corporate office space. See Note 14 for details regarding when these obligations are due. In October 2024, the Company completed the acquisition of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. The Company acquired 100% of Theorem’s equity for approximately $17.5 million, consisting of $10.0 million cash and 504,440 of the Company’s Class A Ordinary Shares ($7.5 million worth as of the closing date), with an additional contingent consideration based on achievement of certain performance objectives defined in the purchase agreement. The Company established contingent consideration liability is reported at fair value, which is determined based on the present value of an expected payment under the arrangement, using an option pricing model based on a number of assumptions, including certain unobservable assumptions discounted at an estimated market interest rate. The fair value of the liability is updated each reporting period, with changes in fair value reported within “Other expenses, net.” The fair value of the contingent consideration liability was $0.2 million and $6.1 million as of December 31, 2025 and December 31, 2024, respectively. Guarantees and Indemnifications — In the ordinary course of business, the Company may provide indemnifications or loss guarantees of varying scope and terms to customers and other third parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. For our forward flow agreements, we may be subject to a contractual performance requirement. Where applicable, this requirement is measured periodically over the life of the underlying loans. If the loans’ performance is below the contractual requirement, the counterparty may have first loss up until a contractual agreed limit. If the loans’ performance is below the counterparty’s first loss limit, or if there is no first loss limit, then Pagaya would be required to make a payment to the counterparty such that the loans purchased would have achieved the contractual performance requirement. There is a contractual maximum loss for Pagaya’s loss protection with the counterparty taking full risk of loss beyond Pagaya’s loss protection. Our guarantee of contractual loss protection for the buyer meets the accounting definition of a derivative, and therefore we recognize, at inception and each reporting period, a liability for the fair value of the estimated loss protection payments, if any. As of December 31, 2025, there have been no known events or circumstances that have resulted in a material indemnification liability and the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. As of December 31, 2025, the unfunded maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $120.2 million. Additionally, in accordance with the guarantee contracts, the Company is required to fund segregated cash balances to provide protection in the event the Company is not able to meet its contractual commitments. As of December 31, 2025, $46.0 million has been segregated and recognized within restricted cash and cash equivalents, of which $12.9 million has been accrued within accrued expenses and other liabilities in the consolidated balance sheets in accordance with these contractual requirements.

SHARE BASED COMPENSATION - Restricted Stock Unit (RSUs) Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	3,009,918
Granted (in shares) \| shares	2,662,406
Vested (in shares) \| shares	(2,838,979)
Forfeited (in shares) \| shares	(683,172)
Ending balance (in shares) \| shares	2,150,173
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 12.0
Granted (in dollars per share) \| $ / shares	13.6
Vested (in dollars per share) \| $ / shares	11.6
Forfeited (in dollars per share) \| $ / shares	11.9
Ending balance (in dollars per share) \| $ / shares	$ 14.5

BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Equipment, and Software, Net

Useful lives by asset category are as follows:


Computer and software						3 to 7 years
Furniture and equipment						3 to 7 years
Internal-use software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Property, equipment and software, net, consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Internal-use software	$	101,945	$	85,808
Computer and software	6,860		5,406
Furniture and equipment	938		878
Leasehold improvements	1,112		1,080
Property, equipment and software, gross	110,855		93,172
Less: accumulated depreciation and amortization	(80,634)		(55,198)
Property, equipment and software, net	$	30,221	$	37,974

Schedule of Finite-Lived Intangible Assets

The gross and net carrying values and accumulated amortization are as follows (in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Investment management agreements	$	6,200	$	(3,014)	$	3,186	$	6,200	$	(387)	$	5,813
License	5,500		(2,292)		3,208		5,500		(458)		5,042
Developed technology	5,500		(4,413)		1,087		5,500		(3,813)		1,687
Trade name	1,700		(1,520)		180		1,700		(1,421)		279
Total intangible assets	$	18,900	$	(11,239)	$	7,661	$	18,900	$	(6,079)	$	12,821

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Expected future amortization expense for intangible assets is as follows (in thousands):


	December 31, 2025
2026	$	5,719
2027	1,942



Total	$	7,661

Schedule of Other Assets

Other assets, consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Prepaid expenses	$	6,930	$	7,557
Related party assets (1)	42,558		14,637
Other assets	4,677		4,171
Total other assets	$	54,165	$	26,365

(1) Related party assets include $13.0 million of contract assets as of December 31, 2025. No such contract assets existed as of December 31, 2024.

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Employee payables	$	17,381	$	16,327
Related party payables (1)	10,610		2,969
Interest payables	22,896		7,171
Contingent consideration from the Theorem acquisition	183		6,090
Other liabilities	23,565		12,805
Total accrued expenses and other liabilities	$	74,635	$	45,362

(1) Related party payables include $8.0 million of contract liabilities as of December 31, 2025. No such contract liabilities existed as of December 31, 2024.

INVESTMENTS - Allowance for Credit Losses (Details) - Securitization certificates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ (508,741)	$ (98,679)
Additions to allowance on securities without a previous allowance	(90,401)	(347,189)
Reductions for securities redeemed, prepaid or sold during the period	242,393	0
Additions to allowance on securities with a previous allowance	(29,129)	(62,873)
Balance, end of period	$ (385,878)	$ (508,741)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer Benchmark \| One Largest Customer \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	11.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

+ References + Details

BORROWINGS

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

BORROWINGS

The following table sets forth the Company’s outstanding borrowings as of the date indicated (in thousands):


	December 31, 2025		December 31, 2024
Secured borrowing	$	193,892	$	176,089
Exchangeable notes	$	148,782	$	146,342
Long-term debt	$	481,598	$	321,317

The Company was in compliance with all covenants as of December 31, 2025 and December 31, 2024.

Secured Borrowing

Secured borrowings are comprised of risk retention master repurchase agreements and receivable facilities. Interest expenses related to secured borrowings totaled $22.2 million for the year ended December 31, 2025, compared to $47.1 million for the year ended December 31, 2024.

During the third quarter of 2025, the Company has repaid $153.9 million of secured borrowing, following the issuance of the 2030 Notes. As a result of these transactions, the Company has incurred a loss of $1.4 million related to the write-off of deferred issuance costs reported within “Gains and (losses) from extinguishment of debt” in the consolidated statements of operations.

The following table sets forth the Company’s outstanding secured borrowings as of the date indicated (in thousands, except percentage):


	December 31, 2025			December 31, 2024
	Outstanding Balance		Interest Rate (1)	Outstanding Balance		Interest Rate (1)
Risk Retention Master Repurchase - Recourse	$	53,722	13%	$	115,298	17%
Risk Retention Master Repurchase - Non-Recourse	53,584		6%	28,987		7%
Receivables Facility - Recourse	22,427		8%	—		—%
Receivables Facility - Non-Recourse	64,159		6%	31,804		8%
Total principal balance under secured borrowings	$	193,892		$	176,089

(1) The interest rate is weighted based on the outstanding principal balance and interest rates in effect as of December 31, 2025 and 2024

Risk Retention Master Repurchase

In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. These agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in our balance sheet. As of December 31, 2025 and December 31, 2024, the outstanding principal balance under the repurchase agreements was $107.3 million and $144.3 million, respectively, with a weighted average interest rate of approximately 10% and 15%, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both December 31, 2025 and December 31, 2024.

Receivables Facility

In April 2025, Pagaya Structured Products LLC, a wholly-owned subsidiary of the Company, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders. This agreement established a 24-month Capitalized Interest Amounts Facility (the “CIA Facility”) with a maximum principal amount of $24 million to finance eligible capitalized interest amounts related to sponsored securitization transactions. Additionally, in June 2025, Pagaya Structured Products LLC entered into a 30-month Accrued Loan Purchasing Fee Receivables Facility (the “ALPF Facility”) with a maximum principal amount of $65 million, to finance certain eligible receivables from sponsored securitization transactions. Borrowings under the CIA Facility bear interest at a rate per annum equal to the adjusted term SOFR (subject to a 1.00% floor) plus a margin of 4.00%, while borrowings under the ALPF Facility bear interest at a rate per annum equal to the adjusted term SOFR (subject to a 1.00% floor) plus a margin of 1.9%. As of December 31, 2025, the combined outstanding principal balance under the CIA Facility and ALPF Facility was $86.6 million, which is recorded within secured borrowing on the consolidated balance sheets.

In June 2025, Pagaya Receivables LLC, a wholly-owned subsidiary of the Company, repaid the outstanding balance of a 3-year loan facility (the “SVB Receivables Facility”) and terminated the related Loan and Security Agreement, which was originally executed in October 2022. Borrowings under the SVB Receivables Facility bear interest at a rate per annum equal to the adjusted term SOFR (subject to a 0.00% floor) plus a margin of 3.50%. As of December 31, 2024, the outstanding principal balance under the SVB Receivable Facility was $31.8 million, which is recorded within secured borrowing on the consolidated balance sheets. As of December 31, 2025, there was no outstanding balance under the SVB Receivable Facility, and the facility was no longer in effect.

Exchangeable Notes

On October 1, 2024, the Company, through a wholly owned subsidiary of the Company, issued $160 million aggregate principal amount of its 6.125% Exchangeable Notes due 2029 (the “2029 Notes”). The issuance was in connection with a purchase agreement dated September 26, 2024, with certain initial purchasers. The 2029 Notes bear interest at a rate of 6.125% per annum, payable semiannually in arrears on April 1 and October 1 of each year, beginning April 1, 2025. The 2029 Notes will mature on October 1, 2029, unless earlier repurchased, redeemed, or exchanged.

The initial exchange rate of the 2029 Notes is 71.4669 Class A Ordinary Shares per $1,000 principal amount of 2029 Notes (equivalent to an initial exchange price of approximately $13.99 per Class A Ordinary Share). The exchange rate is subject to customary adjustments upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest. In addition, if certain corporate events that constitute a “make-whole fundamental change” (as defined in the 2029 Notes Indenture)

occur, then the Company will, in certain circumstances, increase the exchange rate for 2029 Notes exchanged during a specified period of time.

Prior to the close of business on the business day immediately preceding July 2, 2029, the 2029 Notes will be exchangeable at the option of the holders only upon the satisfaction of one or more specified conditions. These conditions include, among others, the sale price of the Class A Ordinary Shares exceeding 130% of the initial exchange price for a specified number of trading days (such condition, the “Sales Price Contingent Exchange Condition”). On or after July 2, 2029 until the close of business on the second scheduled trading day immediately preceding October 1, 2029, the 2029 Notes will be exchangeable at the option of the holders at any time regardless of the specified conditions.

During the third quarter of 2025, the Sales Price Contingent Exchange Condition was met as the closing sale price of the Company’s Class A Ordinary Shares exceeded 130% of the exchange price for the required period and, as a result, noteholders have been entitled to exchange their 2029 Notes. As of December 31, 2025, no holders have elected to exchange their 2029 Notes.

The 2029 Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the option of the Company at any time, and from time to time, on or after October 5, 2027 and on or before the 41st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if (i) the 2029 Notes are “Freely Tradable” (as defined in the 2029 Notes Indenture), and all accrued and unpaid additional interest, if any, has been paid in full as of the first interest payment date occurring on or before the related “Redemption Notice Date” (as defined in the 2029 Notes Indenture); and (ii) the last reported sale price per Class A Ordinary Share exceeds 130% of the exchange price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the related Redemption Notice Date; and (2) the trading day immediately before the Redemption Notice Date. However, the Company may not redeem less than all of the outstanding 2029 Notes unless at least $50.0 million aggregate principal amount of 2029 Notes are outstanding and not called for redemption as of the related Redemption Notice Date. In addition, calling any 2029 Note for redemption will constitute a make-whole fundamental change with respect to such 2029 Note called for redemption, in which case the exchange rate applicable to the exchange of such 2029 Note called for redemption will be increased in certain circumstances if it is exchanged during the related “Redemption Exchange Period” (as defined in the 2029 Notes Indenture).

If the Company undergoes a “Fundamental Change” (as defined in the 2029 Notes Indenture), subject to certain conditions and except as set forth in the Indenture, holders may require the Company to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The Company accounted for the issuance of the 2029 Notes as a single liability at par as the conversion feature does not require bifurcation as a derivative under ASC 815 and the 2029 Notes were not issued at a substantial premium. Debt issuance costs, consisting of underwriting fees and third-party offering costs, totaled $6.2 million. Original Issue Discount (“OID”) totaled $8.0 million. Both issuance costs and OID are amortized to interest expense using the effective interest method over the contractual term of the 2029 Notes. For year ended December 31, 2025 and 2024, the Company recorded $12.4 million and $3.1 million of interest expense, respectively, which included $2.4 million and $0.6 million related to the amortization of debt issuance costs and OID. The effective interest rate of the 2029 Notes is 8.7%.

The estimated fair value of the 2029 Notes as of December 31, 2025 and December 31, 2024 was approximately $292.4 million and $163.4 million, respectively, which represent Level 2 valuations in the fair value hierarchy. The estimated fair value was determined based on the estimated or actual bids and offers of the 2029 Notes in an over-the-counter market.

Long-Term Debt

Senior Notes

On July 28, 2025, the Company, through Pagaya US Holding Company LLC (“Pagaya US”), issued $500 million aggregate principal amount of 8.875% Senior Unsecured Notes due 2030 (the “2030 Notes”). The 2030 Notes will accrue interest at a rate of per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026. The 2030 Notes will mature on August 1, 2030, unless earlier repurchased or redeemed.

The 2030 Notes will be redeemable at the option of the Company. At any time prior to August 1, 2027, the Company may redeem the 2030 Notes, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the 2030 Notes plus a make-whole premium described in the 2030 Notes Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date. On and after August 1, 2027, the Company may redeem the 2030 Notes, in whole or in part, at the redemption prices set forth in the 2030 Notes Indenture.

The following table details the Company’s 2030 Notes as of December 31, 2025 (in thousands):


	December 31, 2025
Principal amount	$	493,085
Less: Unamortized issuance costs	(11,487)
Carrying amount	$	481,598

The Company recorded $20.3 million of interest expense, including $1.1 million of amortization of debt issuance costs, for the three months ended December 31, 2025.

In December 2025, the Company repurchased $6.9 million aggregate principal amount of the outstanding 2030 Notes at a price equal to 87.4% of the principal amount. The Company paid total consideration of $6.0 million, excluding accrued interest, resulting in a $0.7 million net gain on extinguishment of debt. This gain is net of the written-off carrying value, which included associated pro rata unamortized debt issuance costs, is reported within “Gains and (losses) from extinguishment of debt” in the consolidated statements of operations. Following the repurchase, the remaining aggregate principal amount of the 2030 Notes outstanding was $493.1 million as of December 31, 2025.

Credit Agreement

On February 2, 2024, the Company entered into a certain Credit Agreement (the “Credit Agreement”) which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million. Borrowings under the Facilities bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%.

In November 2024, the Company entered into Amendment No. 2 (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, the Company incurred incremental term loans in an aggregate principal amount $100 million, bringing the total principal amount of the Term Loan Facility to $355 million. The Company also increased an aggregate principal amount of the Revolving Credit Facility of $15 million, bringing the total principal amount of the Revolving Credit Facility to $50 million. In February 2025, the Company further increased the aggregate principal amount of the Revolving Credit Facility by $8 million, resulting in a total principal amount of $58 million. As of December 31, 2024, the Company had letters of credit issued in the amount of $24.3 million and $25.7 million of remaining capacity available under the Revolving Credit Facility.

In July 2025, the Company fully paid off the outstanding principal balance under the Credit Agreement using the proceeds from the issuance of the 2030 Notes, as discussed above. As a result of this transaction and the repayment of outstanding balance under the Credit Agreement, the Company has incurred a loss of $23.9 million during the year ended December 31, 2025, related to the write-off of deferred issuance costs and an early payment penalty, reported within “Gains and (losses) from extinguishment of debt” in the consolidated statements of operations. As of December 31, 2025, there was no outstanding balance under the Credit Agreement, and the Credit Agreement was no longer in effect.

2025 Revolving Credit Facility

On October 1, 2025, the Company refinanced the Revolving Credit Facility by way of terminating Credit Agreement and entering into a new three-year revolving credit facility (the “2025 Revolving Credit Facility”) with a syndicate of financial institutions. The 2025 Revolving Credit Facility provides a committed borrowing capacity of $132 million. Borrowings under the 2025 Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to 1.00% floor) plus a margin of 2.50% and (ii) an adjusted term SOFR (subject to 1.00% floor) plus a margin of 3.50%, a reduction from the prior revolving credit facility’s rate of SOFR plus 7.50%. A commitment fee accrues on any unused portion of the commitments under the 2025 Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. The terms and conditions of the 2025 Revolving Credit Facility include customary covenants and restrictions.

As of December 31, 2025, the Company had letters of credit issued in the amount of $115.9 million and $16.1 million of remaining capacity available under the 2025 Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Expense

Operating lease expense was as follows (in thousands):


	Year Ended December 31,
		2025		2024		2023
Rent expense		$	11,191	$	11,993	$	13,016
Variable lease payments		$	448	$	365	$	280
Sublease income (1)		$	5,233	$	4,023	$	4,053

(1) The Company entered into sublease agreements for certain leased office space, and the amounts were included in other expenses, net in the consolidated statement of operations.

Supplemental information related to the Company’s operating leases was as follows ($ in thousands):


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term (in years)	5.1		5.8
Weighted-average discount rate	9.0	%	9.1	%


	Year Ended December 31,
		2025		2024		2023

Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)		$	(113)	$	(17,737)	$	(1,839)

(1) During the year ended December 31, 2025 and 2024, $0.1 million and $17.7 million of operating lease right-of-use assets and corresponding lease liability were derecognized as a result of early termination which was accounted for as a lease modification.

Schedule of Maturities of the Operating Lease Liabilities

Maturities of the Company’s operating lease liabilities as of December 31, 2025 were as follows (in thousands):


2026	$	10,085
2027	8,629
2028	5,924
2029	6,022
2030	6,022
Thereafter	5,521
Total	42,203
Less: imputed interest	(7,991)
Total operating lease liabilities	$	34,212

INVESTMENTS - Schedule of Investments in Loans and Securities under Fair Market Adjustments (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

^[1]

$ 945,269

$ 778,409

Total

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

867,378

773,516

Securitization notes

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

395,717

240,273

Securitization certificates

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

471,661

533,243

Investments in securities under the fair value option

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

77,891

Securitization notes

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

12,473

Securitization certificates

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

60,840

Investment in loans under the fair value option

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

4,578

Other Investments

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

4,893

Regulatory Risk Retention

Debt Securities, Available-for-Sale [Line Items]

Total investments in loans and securities

$ 504,300

$ 414,800

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Income (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Accrued interest receivable	$ 25.8	$ 14.3
Total
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Accrued interest receivable		$ 13.7

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		1 Months Ended
	Oct. 22, 2024	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Remaining contractual obligations			$ 10,700
Remaining contractual obligations remaining for the next 12 months			6,300
Contingent consideration from the Theorem acquisition			183	$ 6,090
Maximum potential amount of undiscounted future payments			120,200
Segregated restricted cash			46,000
Guarantor obligations, current carrying value			12,900
Theorem Technology, Inc.
Other Commitments [Line Items]
Percentage of interests acquired	100.00%	100.00%
Business combination, consideration transferred	$ 17,500	$ 17,500
Business acquired cash	$ 10,000	$ 10,000
Estimated equity interest (in shares)	504,440	504,440
Market value of business acquisition	$ 7,500	$ 7,500
Contingent consideration from the Theorem acquisition	$ 6,100		$ 200	$ 6,100

REVENUE - Narrative (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

revenueStream

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Disaggregation of Revenue [Line Items]

Number of fee streams | revenueStream

Total revenue from fees

^[1]

$ 1,261,341

$ 1,004,550

$ 772,814

Performance obligations satisfied in the previous year (reversals)

1,000

(2,500)

(3,600)

Contract assets

13,000

Contract liabilities

8,000

Network AI Fees

Disaggregation of Revenue [Line Items]

Total revenue from fees

1,131,300

916,100

696,000

Financial Service

Disaggregation of Revenue [Line Items]

Total revenue from fees

$ 130,000

$ 88,500

$ 76,800

[1]	Includes related party revenues of $652.7 million, $679.1 million and $622.2 million for years ended December 31, 2025, 2024 and 2023, respectively. See Note 17 for additional information regarding transactions with related parties.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Net (Details)	Dec. 31, 2025
Computer and software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Computer and software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years

BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

Property, equipment and software, net

Property, equipment and software, net, consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Internal-use software	$	101,945	$	85,808
Computer and software	6,860		5,406
Furniture and equipment	938		878
Leasehold improvements	1,112		1,080
Property, equipment and software, gross	110,855		93,172
Less: accumulated depreciation and amortization	(80,634)		(55,198)
Property, equipment and software, net	$	30,221	$	37,974

The Company capitalized $16.1 million, $24.3 million and $28.1 million, of internally developed costs during the year ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and December 31, 2024, internally developed software costs balances, included in property, equipment and software, net, are $27.8 million and $36.1 million, respectively.

Depreciation and amortization expense was $30.1 million, $28.8 million and $19.1 million for the year ended December 31, 2025, 2024 and 2023, respectively.

During each of the year ended December 31, 2025, 2024 and 2023, the Company wrote off certain internally developed software, and reported $0.5 million, $3.2 million, $2.5 million, respectively, of impairment loss in the consolidated statements of operations. No impairment losses related to property, equipment and software were recorded during the year ended December 31, 2025, 2024 and 2023.

Intangible Assets

Acquired intangible assets subject to amortization consist of investment management agreements, license, developed technology and trade name are recorded net of amortization and included within intangible assets on the consolidated balance sheets. The gross and net carrying values and accumulated amortization are as follows (in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Investment management agreements	$	6,200	$	(3,014)	$	3,186	$	6,200	$	(387)	$	5,813
License	5,500		(2,292)		3,208		5,500		(458)		5,042
Developed technology	5,500		(4,413)		1,087		5,500		(3,813)		1,687
Trade name	1,700		(1,520)		180		1,700		(1,421)		279
Total intangible assets	$	18,900	$	(11,239)	$	7,661	$	18,900	$	(6,079)	$	12,821

Amortization expense was and $5.2 million, $3.5 million and $2.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Expected future amortization expense for intangible assets is as follows (in thousands):


	December 31, 2025
2026	$	5,719
2027	1,942



Total	$	7,661

Other assets

Other assets, consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Prepaid expenses	$	6,930	$	7,557
Related party assets (1)	42,558		14,637
Other assets	4,677		4,171
Total other assets	$	54,165	$	26,365

(1) Related party assets include $13.0 million of contract assets as of December 31, 2025. No such contract assets existed as of December 31, 2024.

Accrued expenses and other liabilities

Accrued expenses and other liabilities consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Employee payables	$	17,381	$	16,327
Related party payables (1)	10,610		2,969
Interest payables	22,896		7,171
Contingent consideration from the Theorem acquisition	183		6,090
Other liabilities	23,565		12,805
Total accrued expenses and other liabilities	$	74,635	$	45,362

(1) Related party payables include $8.0 million of contract liabilities as of December 31, 2025. No such contract liabilities existed as of December 31, 2024.

SHARE BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Outstanding at beginning of period (in shares)	4,042,901
Granted (in shares)	2,500
Exercised (in shares)	(734,988)
Forfeited (in shares)	(112,700)
Outstanding at end of period (in shares)	3,197,713	4,042,901
Options vested and exercisable (in shares)	2,647,978
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.5
Granted (in dollars per share)	9.7
Exercised (in dollars per share)	7.2
Forfeited (in dollars per share)	32.2
Outstanding, ending balance (in dollars per share)	6.7	$ 7.5
Options vested and exercisable (dollars per share)	$ 5.0
Weighted Average Remaining Contractual Term (Years)
Options outstanding	5 years 8 months 12 days	6 years 8 months 12 days
Options vested and exercisable	5 years 1 month 6 days
Aggregate Intrinsic Value (000’s)
Options outstanding, aggregate intrinsic value	$ 45,031	$ 7,335
Options vested and exercisable	$ 41,795
Options to restricted shares
Number of Options
Outstanding at beginning of period (in shares)	19,948,408
Granted (in shares)	0
Exercised (in shares)	(34,179)
Forfeited (in shares)	(29,244)
Outstanding at end of period (in shares)	19,884,985	19,948,408
Options vested and exercisable (in shares)	16,539,026
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 19.4
Granted (in dollars per share)
Exercised (in dollars per share)	15.3
Forfeited (in dollars per share)	32.0
Outstanding, ending balance (in dollars per share)	19.3	$ 19.4
Options vested and exercisable (dollars per share)	$ 19.3
Weighted Average Remaining Contractual Term (Years)
Options outstanding	5 years 2 months 12 days	6 years 2 months 12 days
Options vested and exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value (000’s)
Options outstanding, aggregate intrinsic value	$ 30,967	$ 0
Options vested and exercisable	$ 26,643

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 28, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41430
Entity Registrant Name	Pagaya Technologies Ltd.
Entity Incorporation, State or Country Code	L3
Entity Tax Identification Number	98-1704718
Entity Address, Address Line One	335 Madison Ave
Entity Address, Address Line Two	16th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	646
Local Phone Number	710-7714
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,113,790,997
Documents Incorporated by Reference	Portions of the Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated by reference in Part III. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001883085
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Ordinary Shares, no par value
Document Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, no par value
Trading Symbol	PGY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		71,237,859
Warrants to purchase Class A Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Ordinary Shares
Trading Symbol	PGYWW
Security Exchange Name	NASDAQ
Class B Ordinary Shares, no par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,288,577
Preferred Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,027,147

LEASES - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Rent expense	$ 11,191	$ 11,993	$ 13,016
Variable lease payments	448	365	280
Sublease income	$ 5,233	$ 4,023	4,053
Weighted-average remaining lease term (in years)	5 years 1 month 6 days	5 years 9 months 18 days
Weighted-average discount rate	9.00%	9.10%
Operating lease right-of-use assets recognized in exchange for new operating lease obligations	$ (113)	$ (17,737)	$ (1,839)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Gain (loss) on foreign currency transactions	$ 1.1	$ 4.2	$ (1.3)

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such quoted market prices are not available, fair value is based upon a discounted cash flow model that uses, as inputs, observable market-based parameters to the greatest extent possible.

The Company determines the fair value of its financial instruments and conducts an ongoing assessment of the techniques used to ensure their appropriateness, consistent application and the reasonableness of the assumptions. In determining the fair value of each investment security and loan, the Company reviews performance characteristics of the underlying loan pool including origination vintage, borrower credit quality, macroeconomic environment, etc. The Company determines the fair value for each investment security and loan by then estimating significant assumptions including discount rate, cumulative net loss rate and prepayment rate which are reviewed and approved by management.

The Company also engages a third-party valuation service provider to estimate a range of fair values for all significant investments in loans and securities. The Company reviews and validates its significant assumptions with reference to historical performance and expectations of future performance including: discount rate, cumulative net loss rate and prepayment rate. Finally, the Company reviews and validates that the fair value used for financial reporting is within the range of fair value estimates by the third-party service provider for the same significant investment in loans and securities.

Financial instruments are categorized in the fair value hierarchy based on the significance of unobservable inputs and assumptions in the overall fair value measurement. Financial instruments classified as Level 3 within the fair value hierarchy do not trade in an active market with readily observable prices. Accordingly, the Company uses significant unobservable inputs to measure the fair value of these assets. The Company has determined that its certificates, loans and certain subordinated notes meet the definition of Level 3 assets, as their fair value measurements are characterized by a lack of observable market data and a reliance on management's assumptions.

Financial Assets and Liabilities Recorded at Fair Value


	December 31, 2025

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	67,715	$	340,475	$	408,190
Investments in loans and securities (Certificates)	—		—		532,501		532,501
Investments in loans and securities (Loans)	—		—		4,578		$	4,578
Liabilities:
Warrant liability	$	4,723	$	—	$	—	$	4,723
Other liabilities (1)	—		—		13,112		13,112


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes) (2)	$	—	$	115,220	$	125,053	$	240,273
Investments in loans and securities (Certificates) (2)	—		—		533,243		533,243
Liabilities:
Warrant liability	$	890	$	3	$	—	$	893
Other liabilities (1)	—		—		6,090		6,090

(1) Included in “Accrued expenses and other liabilities” in the consolidated balance sheets. See Note 15 for additional information.

(2) Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2)

Warrant liability (Level 1 and 2)

The Company used the value of the Public Warrants (Level 1) as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market.

The following tables summarize the Warrant liability activity for the year ended December 31, 2025, 2024 and 2023 (in thousands):



Balance as of December 31, 2023	$	3,242
Change in fair value	(2,349)
Balance as of December 31, 2024	$	893
Change in fair value	3,830
Balance as of December 31, 2025	$	4,723

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 3)

Investments in Loans and Securities (Level 3)

As of December 31, 2025, investments in loans and securities categorized as level 3 investments include loans and securities under the fair value option and securities classified as available for sale which are measured at fair value on a recurring basis. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the consolidated balance sheets. The estimate of fair value of these investments requires significant judgment. The Company uses a discounted cash flow model to estimate the fair value of these investments based on the present value of estimated future cash flows. The cash flow model uses unobservable inputs and reflects management's best estimates of the assumptions a market participant would use to calculate fair value of the particular investment. Primary inputs that require significant judgment include discount rates, net credit loss expectations, expected prepayment rates and consideration of any optional redemption features in the Company's investments.

For securities classified as available for sales, changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the consolidated statements of comprehensive loss. Declines in fair value due to credit are reflected in gains and (losses) on investments in loans and securities on the consolidated statements of operations.

For loans accounted for under the fair value options, all changes in fair value are recognized in the period in which they occur within the gains and (losses) on investments in loans and securities in the consolidated statements of operations.

The following tables summarize the activity related to the fair value of the investments in loans and securities for the year ended December 31, 2025 and 2024 (in thousands):


Balance as of December 31, 2023	$	624,073
Transfer from level 2	10,469
Additions	607,398
Cash received	(180,567)
Gain on sale of investments in loans and securities	7,920
Change in accrued interest on investments	12,921
Change in fair value	(13,858)
Credit-related impairment loss	(410,060)
Balance as of December 31, 2024	$	658,296
Transfer from level 2	42,577
Additions	550,154
Cash received	(294,467)
Gain on sale of investments in loans and securities	12,417
Loss on sale of investments in loans and securities	(26,836)
Change in accrued interest on investments	40,083
Change in fair value	(9,746)
Credit-related impairment loss	(94,924)
Balance as of December 31, 2025	$	877,554

Significant unobservable inputs used for our Level 3 fair value measurement of the securities are the discount rate, net credit loss rate, prepayment rate and consideration of any optional redemption features in our investment securities. The discount rate reflects management’s estimate of the market-required return for similar financial instruments, to convert estimated future cash flows to a present value. The net credit loss rate is management’s estimate of potential loans losses, net of recoveries, from borrower defaults. The prepayment rate estimate is the proportion of principal received in advance of the contractual terms of the loan, which can impact the future interest cash flows of the investments and the investments expected duration. Because these inputs represent increased risk or accelerated capital return, they maintain an inverse relationship with valuation; accordingly, an increase in the discount, credit risk, or prepayment rates, in isolation, would result in a lower fair value measurement.The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the securities as of December 31, 2025 and 2024:


	December 31, 2025						December 31, 2024
Unobservable Input	Minimum		Maximum		Weighted Average		Minimum		Maximum		Weighted Average
Discount rate	5.0	%	15.0	%	15.0	%	5.0	%	15.0	%	15.0	%
Loss rate	4.9	%	33.1	%	17.0	%	5.8	%	34.1	%	19.5	%
Prepayment rate	0.0	%	40.0	%	14.2	%	—	%	40.0	%	9.4	%

Financial Assets and Liabilities Not Recorded at Fair Value

The Company believes that the carrying amount of cash, cash equivalents and restricted cash, fees receivables, accounts payables and other current liabilities approximate their fair value due to the short-term maturities of these instruments.

The below tables contain information about assets that are not measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	288,349	$	288,349	$	—	$	—	$	288,349
Fees receivables	153,250		—		69,864		83,386		153,250
Liabilities:
Secured borrowings	$	193,892	$	—	$	—	$	191,983	$	191,983
Exchangeable notes	148,782		—		292,445		—		292,445
Long-term debt	481,598		—		430,616		—		430,616


	December 31, 2024
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	226,518	$	226,518	$	—	$	—	$	226,518
Fees receivables (1)	127,114		—		63,143		63,971		127,114
Investments in loans and securities (Loans)	4,893		—		—		4,893		4,893
Liabilities:
Secured borrowings	$	176,089	$	—	$	—	$	177,554	$	177,554
Exchangeable notes	146,342		—		163,360		—		163,360
Long-term debt	321,317		—		—		366,396		366,396

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

FAIR VALUE MEASUREMENT - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Assets:

Investments in loans and securities

^[1]

$ 945,269

$ 778,409

Liabilities:

Warrant liability

4,723

893

$ 3,242

Other liabilities

13,112

6,090

Accrued interest receivable

25,800

14,300

Level 1

Liabilities:

Warrant liability

4,723

890

Liabilities:

Liabilities:

13,112

6,090

Investments in loans and securities (Notes)

Assets:

Investments in loans and securities

408,190

240,273

Investments in loans and securities (Notes) | Level 1

Assets:

Investments in loans and securities

Investments in loans and securities (Notes) | Level 2

Assets:

Investments in loans and securities

67,715

115,220

Investments in loans and securities (Notes) | Level 3

Assets:

Investments in loans and securities

340,475

125,053

Investments in loans and securities (Certificates)

Assets:

Investments in loans and securities

532,501

533,243

Investments in loans and securities (Certificates) | Level 1

Assets:

Investments in loans and securities

Investments in loans and securities (Certificates) | Level 2

Assets:

Investments in loans and securities

Investments in loans and securities (Certificates) | Level 3

Assets:

Investments in loans and securities

532,501

$ 533,243

Investments in loans and securities (Loans)

Assets:

Investments in loans and securities

4,578

Investments in loans and securities (Loans) | Level 1

Assets:

Investments in loans and securities

Investments in loans and securities (Loans) | Level 2

Assets:

Investments in loans and securities

Investments in loans and securities (Loans) | Level 3

Assets:

Investments in loans and securities

$ 4,578

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Downward price adjustment related to revaluation of investments	$ (8.4)	$ (4.6)
Upward price adjustment related to revaluation of investments			$ 0.5

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York and Israel.

The security deposits for the leases are $1.9 million and $3.3 million as of December 31, 2025 and December 31, 2024, respectively, which have been recognized as restricted cash and cash equivalents in the consolidated balance sheets.

The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):


	Year Ended December 31,
		2025		2024		2023
Rent expense		$	11,191	$	11,993	$	13,016
Variable lease payments		$	448	$	365	$	280
Sublease income (1)		$	5,233	$	4,023	$	4,053

(1) The Company entered into sublease agreements for certain leased office space, and the amounts were included in other expenses, net in the consolidated statement of operations.

Supplemental information related to the Company’s operating leases was as follows ($ in thousands):


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term (in years)	5.1		5.8
Weighted-average discount rate	9.0	%	9.1	%


	Year Ended December 31,
		2025		2024		2023

Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)		$	(113)	$	(17,737)	$	(1,839)

Maturities of the Company’s operating lease liabilities as of December 31, 2025 were as follows (in thousands):


2026	$	10,085
2027	8,629
2028	5,924
2029	6,022
2030	6,022
Thereafter	5,521
Total	42,203
Less: imputed interest	(7,991)
Total operating lease liabilities	$	34,212

ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Reserved for Future Issuance

As of December 31, 2025 and 2024, the Company had reserved ordinary shares for future issuance as follows:



	December 31, 2025	December 31, 2024

Share options	3,197,713	4,042,901
Options to restricted shares	19,884,985	19,948,408
RSUs	2,150,173	3,009,918
Ordinary share warrants	2,076,008	2,372,858

Redeemable convertible preferred shares	2,027,147	5,000,000
Exchangeable notes	11,434,704	11,434,704
Shares available for future grant of equity awards(1)	9,836,203	8,121,438
Shares reserved for issuance under the ESPP	733,470	832,713
Total shares of ordinary share reserved	51,340,403	54,762,940

(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") pursuant to the terms of the 2022 Plan.

EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	13,089,121	45,150,140	33,991,696
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	0	3,740,789	3,895,087
Options to restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	0	19,948,408	20,046,080
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	425,251	3,009,918	3,034,203
Warrants \| Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	1,229,166	2,016,321	2,016,326
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	0	5,000,000	5,000,000
Exchangeable notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	11,434,704	11,434,704	0

TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Fees receivables

^[1],[2]

$ 153,250

$ 127,114

Other assets

^[2]

54,165

26,365

Accrued expenses and other liabilities

74,635

45,362

Total revenue from fees

^[3]

1,261,341

1,004,550

$ 772,814

Variable Interest Entity, Not Primary Beneficiary

Loan principal purchased

13,200

39,900

Financing receivable, credit loss, expense (reversal)

6,200

Loss on loans purchased

36,400

Fees receivables

106,900

99,400

Other assets

42,600

15,200

Accrued expenses and other liabilities

10,600

3,000

Total revenue from fees

652,700

679,100

622,200

Related Party | Securitization Vehicles

Fees receivables

85,900

79,000

Total revenue from fees

621,900

639,400

569,800

Fees receivables

21,000

20,400

Total revenue from fees

$ 30,900

$ 39,700

$ 52,400

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2]	Includes related party fee receivables of $106.9 million and $99.4 million, and related party other assets of $42.6 million and $15.2 million, as of December 31, 2025 and 2024, respectively. See Note 17 for additional information regarding transactions with related parties.
[3]	Includes related party revenues of $652.7 million, $679.1 million and $622.2 million for years ended December 31, 2025, 2024 and 2023, respectively. See Note 17 for additional information regarding transactions with related parties.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes are as follows (in thousands):


	December 31,
	2025		2024		2023
Domestic (Israel)	$	(74,582)	$	(8,480)	$	(53,292)
Foreign	126,207		(412,642)		(127,876)
Total income (loss) before income taxes	$	51,625	$	(421,122)	$	(181,168)

Schedule of Components of Income Tax Expense (Benefit)

The income tax (benefit) expense consists of (in thousands):


	December 31,
	2025		2024		2023
Current:
Domestic	$	(57)	$	(247)	$	593
Foreign	(19,499)		24,741		16,601
Total current	(19,556)		24,494		17,194
Deferred:
Domestic	(189)		82		(461)
Foreign	—		—		(1,162)
Total deferred	(189)		82		(1,623)
Total income tax provision	$	(19,745)	$	24,576	$	15,571

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the reconciliation between Company’s statutory tax and effective income taxes the for the year ended December 31, 2025 after the adoption of ASU 2023-09 (in thousands):


	December 31, 2025
	Amount		Percent

Theoretical income taxes at Israel statutory rate	$	11,874	23	%
Foreign tax effects:
United States:
State and local income taxes, net of federal income tax effect	(3,158)		(6)	%
Statutory tax rate difference	(3,081)		(6)	%
Interest expense adjustments	(7,183)		(14)	%
Base Erosion and Anti-Abuse Tax (BEAT)	6,255		12	%
Change in valuation allowances	(25,404)		(49)	%
Non-deductible compensations	3,294		6	%
Contingent consideration	(1,241)		(2)	%
Other	(247)		—	%
Cayman Islands	2,814		5	%
Other foreign jurisdictions	16		—	%
Change in valuation allowances	6,420		12	%
(Nontaxable) or nondeductible items:
Share-based payment awards	5,690		11	%
Statutory tax rate difference (Preferred technological enterprise)	4,874		9	%
Changes in unrecognized tax benefits	(20,592)		(40)	%
Other adjustments	(76)		—	%
Effective income tax benefit	$	(19,745)	NM*


	December 31,
	2024			2023
Loss before income taxes	$	(421,122)		$	(181,168)
Israel statutory income tax rate	23		%	23		%
Theoretical income taxes at statutory rate	(96,858)			(41,669)
Preferred technological enterprise benefit	949			5,891
Deferred tax assets for which valuation allowance was provided	82,602			16,067
Permanent differences	10,033			7,643
Uncertain tax positions	9,035			13,500
Prior year taxes	(1,416)			(2,312)
Subsidiaries taxed at a different tax rate	17,594			16,443
Changes in valuation allowance	—			(1,162)
Other adjustments	2,637			1,170
Effective income tax	$	24,576		$	15,571
Effective tax rate	NM*			NM*

*NM = Not meaningful.

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2025 and 2024, deferred tax assets and deferred tax liabilities presented in the consolidated balance sheets are comprised as follows (in thousands):


	December 31,
	2025		2024
Carry forward tax losses	$	19,854	$	13,912
Research and development cost	5,657		8,930
Compensations and benefits	7,218		9,748
Operating lease liability	4,847		5,525
Investments credit loss	64,327		96,324
Interest expense (Section 163j)	—		8,082
Other comprehensive income	10,911		2,715
Capital loss	1,262		948
Equity method and other investments	3,228		1,062
Other	3,837		983
Deferred tax assets before valuation allowance	121,141		148,229
Valuation allowance	111,648		140,020
Deferred tax assets	9,493		8,209

Intangible assets	(1,066)		(1,838)
Right-of-use assets	(4,305)		(5,401)
Capitalized research and development costs	(3,759)		—
Equity method and other investments	—		(904)
Property, equipment and software	(335)		(246)
Other	(28)		(9)
Deferred tax liabilities	(9,493)		(8,398)
Deferred tax liabilities, net	$	—	$	(189)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows (in thousands):


	December 31,
	2025		2024
Uncertain tax positions, beginning of the year	$	31,170	$	22,135
(Decrease) increase in tax positions for prior years	(25,724)		(13,001)
Increases related to current year tax positions	5,543		21,622
Revaluation	(411)		414
Uncertain tax positions, end of year	$	10,578	$	31,170

Schedule of Cash Income Taxes Paid (Net of Refunds)

The components of income taxes paid (net of refunds) for the year ended December 31, 2025 are as follows (in thousands):


	December 31, 2025
Domestic (Israel)	$	114
Foreign (U.S.)	2,381
Total	$	2,495

SHARE BASED COMPENSATION - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Expected volatility	105.40%
Expected term (in years)	5 years 7 months 6 days
Risk free interest	4.10%
Dividend yield	0.00%

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

As of December 31, 2025, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B Ordinary Shares. As of December 31, 2025, the Company had 2,027,147 Preferred Shares outstanding, 70,747,357 Class A Ordinary Shares outstanding and 11,288,577 Class B Ordinary Shares outstanding.

The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each share of Class A Ordinary Share is entitled to one vote per share. Each share of Class B Ordinary Share is entitled to 10 votes per share. Shares of

Class B Ordinary Share may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to Class A Ordinary Share.

As of December 31, 2025 and 2024, the Company had reserved ordinary shares for future issuance as follows:



	December 31, 2025	December 31, 2024

Share options	3,197,713	4,042,901
Options to restricted shares	19,884,985	19,948,408
RSUs	2,150,173	3,009,918
Ordinary share warrants	2,076,008	2,372,858

Redeemable convertible preferred shares	2,027,147	5,000,000
Exchangeable notes	11,434,704	11,434,704
Shares available for future grant of equity awards(1)	9,836,203	8,121,438
Shares reserved for issuance under the ESPP	733,470	832,713
Total shares of ordinary share reserved	51,340,403	54,762,940

(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") pursuant to the terms of the 2022 Plan.

Ordinary Share Warrants

The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares. For warrants that do not meet all the criteria for equity classification, the warrants are recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. Changes in the estimated fair value of the liability-classified warrants are recognized as a non-cash other income or expense in the accompanying consolidated statements of operations.

As of December 31, 2025, there were 433,942 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,900 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, and 1,229,166 warrants expiring in June 2027 with an exercise price of $138 per share.

Redeemable Convertible Preferred Shares

In May 2023, the Company issued 5,000,000 Preferred Shares at $15.00 per share (the “Original Issue Price”) to Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P for gross total proceeds of $75 million. For accounting purposes, upon issuance of the Preferred Share, the Company recorded $74.25 million ($75 million net of direct offering costs of $0.75 million) as mezzanine equity (temporary equity) on the consolidated balance sheets because it is contingently redeemable outside of the control of the Company. In September 2025, a total of 2,972,853 Preferred Shares were converted into 2,972,853 Class A Ordinary Shares at the option of the holders. This conversion resulted in a reduction of the Preferred Shares outstanding and a corresponding increase in the Company's Class A Ordinary Shares. The conversion was accounted for by reclassifying the carrying value of the converted Preferred Shares from mezzanine equity to permanent equity. Following this conversion, 2,027,147 Preferred Shares remain outstanding as of December 31, 2025.

The terms and preferences of the preferred shares are summarized as follows:

Conversion Features

Each one Preferred Share shall be convertible into one Class A Ordinary Share at the option of the holder thereof, at any time.

At any time on or after the sixth anniversary of the issuance of the Preferred Shares, if the Preferred Shares have not already been converted, if and only if so elected by the Company, all Preferred Shares that remain outstanding shall automatically convert, with each Preferred Share then outstanding converting into the following number of Class A Ordinary Shares, based on the volume weighted average trading price of the Class A Ordinary Shares for 30 trading days immediately preceding the date of a written notice to the holders of the Preferred Shares of the Company’s election to automatically convert all then outstanding Preferred Shares (“30-Day VWAP Average”):

•if the 30-Day VWAP Average is equal to or greater than two times the Original Issue Price, one Class A Ordinary Share; or

•if the 30-Day VWAP Average is less than two times the Original Issue Price but greater than 25% of the Original Issue Price, a number of Class A Ordinary Shares equal to (a) two times the Original Issue Price divided by (b) the 30-Day VWAP Average.

If, based on the 30-Day VWAP Average, the value of a Preferred Share, on an as-converted basis, represents a return of the Original Issue Price ranging from a multiple of 3.5 to 2.5 of the Original Issue Price (“MOIP”) from the 2nd anniversary of the closing date to the 5th anniversary of the closing date, respectively, the Company shall have the right, but not the obligation, within five trading days thereafter, to notify the holders of the then outstanding Preferred Shares of the Company’s election to automatically convert without any further action by the holder thereof on the tenth trading day following the achievement of the MOIP, each Preferred Share then outstanding into one Class A Ordinary Share.

Liquidation

In the event of a Liquidation Event, the assets or proceeds available for distribution to the shareholders (the “Distributable Assets”) shall be distributed in the following order and preference:

First, the holders of Preferred Shares then outstanding shall be entitled to receive, from the Distributable Assets, prior and in preference to any distribution in respect of the Ordinary Shares, an amount for each Preferred Share held by them (the “Preference Amount”) equal to the greatest of

•(i) the sum of the Original Issue Price of such share plus an amount equal to 3.0% of the Original Issue Price for each full semi-annual period for which such Preferred Share has been outstanding (without compounding);

•(ii) the amount such holder would actually receive for each Preferred Share if such Preferred Share had been converted into Ordinary Shares immediately prior to such Liquidation Event; or

•(iii) two times the Original Issue Price.

Second, after payment in full of the Preference Amount in respect of all Preferred Shares then outstanding, the remaining Distributable Assets, if any, shall be distributed on a pro-rata basis among the holders of Pagaya Ordinary Shares.

In the event that the Distributable Assets are insufficient to pay in full the Preference Amount in respect of each Preferred Share then outstanding, then all of such Distributable Assets shall be distributed on a pari passu basis among the holders of the Preferred Shares in proportion to the respective full Preference Amount otherwise payable to such holders.

Dividends

Preferred Shares, Class A Ordinary Shares and Class B Ordinary Shares shall be treated equally and ratably, on a per share basis with respect to any dividend or distribution paid or distributed by the Company. As of December 31, 2025, the Company has not paid cash dividends and has no foreseeable plans to pay cash dividends in the future.

Voting

Each holder of Preferred Shares shall have one vote for each Ordinary Share into which the Preferred Shares held by such holder could be converted, as of the applicable record date set for the vote on any matter, whether the vote thereon is conducted by a show of hands, by written ballot or by any other means.

Redemption

Preferred Shares are not redeemable at the election of the holder, except that in the event of a change in control resulting from the sale or transfer of the Company’s securities, which qualifies as a Liquidation Event.

The Company classifies its Preferred Shares as temporary equity because they may become redeemable due to certain change in control events that are outside the Company’s control, including a merger, acquisition, or sale of assets of the Company. The Company has not adjusted the carrying values of the Preferred Shares to its redemption value because redemption was not probable as of the balance sheet dates presented. The Company will adjust the carrying value of the Preferred Shares to its redemption value if redemption becomes probable in the future.

Ordinary Share Offering

On March 13, 2024, the Company priced an offering of 7,500,000 of its Class A Ordinary Shares, no par value, pursuant to an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Jefferies LLC as

representatives of the several underwriters. The proceeds from the offer and sale of the securities are approximately $90.0 million, after deducting the underwriting discount and fees and offering expenses payable by the Company.

- Definition

The entire disclosure for equity.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SHARE BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of ordinary share reserved (in shares)	51,340,403	54,762,940
Share-based compensation expense	$ 54,118	$ 61,497	$ 71,055
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued in period of ESPP (in shares)	99,243
Shares of ordinary share reserved (in shares)	733,470	832,713
Share-based compensation expense	$ 600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

Acquisition of Darwin Homes, Inc.

On January 5, 2023 (“Darwin acquisition date”), the Company completed the acquisition of Darwin Homes, Inc. (“Darwin”), a leading real estate investment management platform based in Austin, Texas that offers a comprehensive, tech-enabled solution for acquiring, renovating, and managing single-family rental properties. Darwin is a wholly-owned subsidiary of the Company and the results of Darwin for the period from January 5, 2023 to December 31, 2023 are included in the Company’s results of operations for the year ended December 31, 2023. Pro forma results of operations have not been presented because the effects of the acquisition was not material to the Company's consolidated statements of operations.

The Company acquired 100% of Darwin’s equity through an all-stock transaction with a market value of approximately $18 million as of the Darwin acquisition date. In addition to the purchase consideration, the Company also granted approximately $12 million of cash and equity awards to Darwin employees which are recognized as compensation expense over their requisite

service periods. Acquisition related costs of $0.1 million were expensed as incurred and are included in general and administrative expenses in the consolidated statement of operations.

Darwin Net Assets Acquired

The assets acquired and liabilities assumed have been included in the consolidated financial statements as of the Darwin acquisition date. Total assets acquired included identified intangible assets of $5.1 million. The Company recognized an asset for goodwill, determined as the excess of the purchase price over the net fair value of the assets acquired and liabilities assumed, that amounted to $10.9 million. Goodwill generated from this business combination is attributed to synergies between the Company's and Darwin's respective products and services.

An assessment of the fair value of identified intangible assets and their respective lives as of the acquisition date are as follows:


	Estimated Useful Life	Fair Value
Trade name	2	$	1,400
Developed technology	2	3,700
Total		$	5,100

Identified intangible assets in the table above are amortized on a straight-line basis over the estimated useful lives. The Company believes that the straight-line method of amortization is the most appropriate methodology as it is supported by the pattern in which the economic benefits of the intangible assets are consumed.

Acquisition of Theorem Technology, Inc.

On October 22, 2024 (“Theorem acquisition date”), the Company completed the acquisition of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. Theorem is a wholly-owned subsidiary of the Company and the results of Theorem for the period from October 22, 2024 to December 31, 2024 are included in the Company’s results of operations for the year ended December 31, 2024. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the Company's consolidated statements of operations.

The Company acquired 100% of Theorem’s equity for approximately $17.5 million, consisting of $10.0 million cash and 504,440 of the Company’s Class A Ordinary Shares (valued at $7.5 million as of the closing date), with an additional estimated contingent consideration at fair value of $6.1 million to be paid in cash and/or the Company’s Class A Ordinary Shares based on achievement of certain performance objectives defined in the purchase agreement. Contingent consideration is remeasured at fair value through the consolidated statement of operations over the one-year performance period. As of December 31, 2025 and December 31, 2024, the fair value of the contingent consideration liability was $0.2 million and $6.1 million, respectively. Acquisition related costs of $0.1 million were expensed as incurred and are included in general and administrative expenses in the consolidated statement of operations.

Theorem Net Assets Acquired

The assets acquired and liabilities assumed have been included in the consolidated financial statements as of the Theorem acquisition date. Total assets acquired included identified intangible assets of $8.3 million. The Company recognized an asset for goodwill of $12.1 million, determined as the excess of the purchase price over the net fair value of the assets acquired and liabilities assumed. Goodwill generated from this business combination is attributed to synergies between the Company's and Theorem's respective products and services. The goodwill is not expected to be deductible for income tax purposes.

An assessment of the fair value of identified intangible assets and their respective lives as of the acquisition date are as follows:


	Estimated Useful Life	Fair Value
Investment management agreements	2	$	6,200
Developed technology	3	1,800
Trade name	3	300
Total		$	8,300

- Definition

The entire disclosure for business combination.

+ References

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+ Details

INVESTMENTS - Schedule of Assumptions Used in Fair Value Model for Investments in Loans and Securities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair Value

^[1]

$ 945,269

$ 778,409

Investments in securities under the fair value option

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance, beginning of period

Purchases

78,358

Principal payments

(27,313)

Change in fair value

22,268

Balance, end of period

73,313

Fair Value

77,891

Investment in loans under the fair value option

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair Value

$ 4,578

$ 0

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

FAIR VALUE MEASUREMENT - Schedule of Warrant Liability Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Warrants And Rights Outstanding [Roll Forward]
Beginning balance	$ 893	$ 3,242
Change in fair value	3,830	(2,349)	$ 1,842
Ending balance	$ 4,723	$ 893	$ 3,242

FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$ 288,349	$ 226,518
Fees receivables	153,250	127,114
Investments in loans and securities (Loans)		4,893
Liabilities:
Accrued interest receivable	25,800	14,300
Secured borrowing
Liabilities:
Long-term debt	191,983	177,554
Exchangeable notes
Liabilities:
Long-term debt	292,445	163,360
Long-term debt
Liabilities:
Long-term debt	430,616	366,396
Carrying Value
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	288,349	226,518
Fees receivables	153,250	127,114
Investments in loans and securities (Loans)		4,893
Carrying Value \| Secured borrowing
Liabilities:
Long-term debt	193,892	176,089
Carrying Value \| Exchangeable notes
Liabilities:
Long-term debt	148,782	146,342
Carrying Value \| Long-term debt
Liabilities:
Long-term debt	481,598	321,317
Fair Value \| Level 1
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	288,349	226,518
Fees receivables	0	0
Investments in loans and securities (Loans)		0
Fair Value \| Level 1 \| Secured borrowing
Liabilities:
Long-term debt	0	0
Fair Value \| Level 1 \| Exchangeable notes
Liabilities:
Long-term debt	0	0
Fair Value \| Level 1 \| Long-term debt
Liabilities:
Long-term debt	0	0
Fair Value \| Level 2
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	0	0
Fees receivables	69,864	63,143
Investments in loans and securities (Loans)		0
Fair Value \| Level 2 \| Secured borrowing
Liabilities:
Long-term debt	0	0
Fair Value \| Level 2 \| Exchangeable notes
Liabilities:
Long-term debt	292,445	163,360
Fair Value \| Level 2 \| Long-term debt
Liabilities:
Long-term debt	430,616	0
Fair Value \| Level 3
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	0	0
Fees receivables	83,386	63,971
Investments in loans and securities (Loans)		4,893
Fair Value \| Level 3 \| Secured borrowing
Liabilities:
Long-term debt	191,983	177,554
Fair Value \| Level 3 \| Exchangeable notes
Liabilities:
Long-term debt	0	0
Fair Value \| Level 3 \| Long-term debt
Liabilities:
Long-term debt	$ 0	$ 366,396

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2025 component
Accounting Policies [Abstract]
Number of revenue components	2

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Primary Beneficiary	12 Months Ended
	Dec. 31, 2025
Variable Interest Entity [Line Items]
Ownership (in percent)	20.00%
Percentage of assets and liabilities presented on consolidated balance sheet	100.00%
Percentage of variable interest entity that is presented as noncontrolling interest	80.00%
Affiliate Entities
Variable Interest Entity [Line Items]
Ownership (in percent)	80.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Share options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Share options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Share options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Options to restricted shares \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Options to restricted shares \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SEGMENTS AND GEOGRAPHICAL INFORMATION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenue from fees

^[1]

$ 1,261,341

$ 1,004,550

$ 772,814

United States

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenue from fees

1,261,341

1,004,550

772,814

Israel

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenue from fees

Cayman

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenue from fees

$ 0

[1]	Includes related party revenues of $652.7 million, $679.1 million and $622.2 million for years ended December 31, 2025, 2024 and 2023, respectively. See Note 17 for additional information regarding transactions with related parties.

- Definition

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+ Details

BUSINESS COMBINATIONS - Acquisition of Darwin Homes, Inc. & Theorem Technology, Inc. - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended
	Oct. 22, 2024	Jan. 05, 2023	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill				$ 22,903	$ 23,062
Contingent consideration from the Theorem acquisition				183	6,090
Darwin Homes, Inc.
Business Combination [Line Items]
Percentage of interests acquired		100.00%
Market value of business acquisition		$ 18,000
Cash and equity awards granted in acquisition		12,000
Acquisition related costs		100
Identified intangible assets acquired		5,100
Goodwill		$ 10,900
Theorem Technology, Inc.
Business Combination [Line Items]
Percentage of interests acquired	100.00%		100.00%
Market value of business acquisition	$ 7,500		$ 7,500
Acquisition related costs	100
Identified intangible assets acquired	8,300
Goodwill	12,100
Business combination, consideration transferred	17,500		17,500
Business acquired cash	$ 10,000		$ 10,000
Estimated equity interest (in shares)	504,440		504,440
Contingent consideration from the Theorem acquisition	$ 6,100			$ 200	$ 6,100

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	1281
Auditor Name	KOST FORER GABBAY & KASIERER
Auditor Location	Tel-Aviv, Israel

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Total revenue from fees

^[1]

$ 1,261,341

$ 1,004,550

$ 772,814

Services transferred at a point in time

Disaggregation of Revenue [Line Items]

Total revenue from fees

1,120,513

949,025

734,924

Services transferred over time

Disaggregation of Revenue [Line Items]

Total revenue from fees

$ 140,828

$ 55,525

$ 37,890

[1]	Includes related party revenues of $652.7 million, $679.1 million and $622.2 million for years ended December 31, 2025, 2024 and 2023, respectively. See Note 17 for additional information regarding transactions with related parties.

- Definition

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 847,290	$ 628,038
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	847,290	628,038
VIE Assets	$ 13,070,284	$ 10,708,146

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Liabilities and Shareholders’ Equity
Shares authorized (in shares)	6,666,666	6,666,666
Shares issued (in shares)	2,027,147	5,000,000
Shares outstanding (in shares)	2,027,147	5,000,000
Aggregate liquidation preference	$ 60,814	$ 150,000
Shareholders’ equity:
Ordinary shares, authorized (in shares)	839,999,998
Accrued interest receivable	$ 25,800	14,300
Related Party
Shareholders’ equity:
Other assets	42,558	14,637
Related Party \| Related Party Fee Receivables
Shareholders’ equity:
Other assets	106,900	99,400
Related Party \| Other Related Party Assets
Shareholders’ equity:
Other assets	$ 42,600	$ 15,200
Common Class A
Shareholders’ equity:
Ordinary shares, authorized (in shares)	666,666,666	666,666,666
Ordinary shares, issued (in shares)	70,747,357	61,227,672
Ordinary shares, outstanding (in shares)	70,747,357	61,227,672
Common Class B
Shareholders’ equity:
Ordinary shares, authorized (in shares)	166,666,666	166,666,666
Ordinary shares, issued (in shares)	11,288,577	12,652,310
Ordinary shares, outstanding (in shares)	11,288,577	12,652,310

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

The Company has variable interests in securitization vehicles that it sponsors. The Company consolidates VIEs when it is deemed to be the primary beneficiary. In order to be primary beneficiary, the Company must have a controlling financial interest in the VIE. This is determined by evaluating if the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant.

Consolidated VIEs

As of December 31, 2025 and December 31, 2024, the Company determined that it is the primary beneficiary of Pagaya Structured Holdings LLC, Pagaya Structured Holdings II LLC, and Pagaya Structured Holding III LLC (“Risk Retention Entities”). These entities were established by Pagaya to purchase investments in ABS notes and certificates issued by Pagaya-sponsored ABS entities. Pagaya owns a 20% interest in these entities, and the remaining 80% ownership shares are held by affiliate entities. As these entities are consolidated, we present 100% of the assets and liabilities on our consolidated balance sheets. The 80% ownership interest not owned by the Company in each of these consolidated VIEs is accounted for as a noncontrolling interest in the consolidated balance sheets. Any income or loss associated with the consolidated VIEs’ activities is reported within the corresponding line items of the consolidated statements of operations, with the results of the 80% ownership interest not owned by the Company presented as net income (loss) attributable to noncontrolling interests.

As sponsor of securitization transactions, the Company is subject to risk retention requirements and established the Risk Retention Entities to meet these requirements. Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands):


	Assets(1)		Liabilities		Net Assets
As of December 31, 2025	$	93,404	$	—	$	93,404
As of December 31, 2024	$	142,584	$	—	$	142,584

(1) Assets comprised of the note and certificates to comply with risk retention requirements.

Unconsolidated VIEs

The Company determined that it is not the primary beneficiary of the trusts which hold the loans and issue securities associated with the securitization transactions the Company sponsors. The Company does not have the power to direct or control the activities which most significantly affect the performance of the trusts, which was determined to be servicing loans.

The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote, such as where the value of securitization notes and senior and residual certificates the Company holds as part of the risk retention requirement declines to zero.

Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands):


	Carrying Amount		Maximum Exposure to Loss		VIE Assets
As of December 31, 2025	$	847,290	$	847,290	$	13,070,284
As of December 31, 2024	$	628,038	$	628,038	$	10,708,146

From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases can occur at the Company’s discretion, subject to contractual requirements and limitations. See Note 17 for additional information.

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Loss before income taxes	$ 51,625	$ (421,122)	$ (181,168)
Theoretical income taxes at Israel statutory rate	11,874	(96,858)	(41,669)
State and local income taxes, net of federal income tax effect	(3,158)
Statutory tax rate difference		17,594	16,443
Interest expense adjustments	(7,183)
Base Erosion and Anti-Abuse Tax (BEAT)	6,255
Change in valuation allowances		0	(1,162)
Contingent consideration	(1,241)
Other adjustments	(76)	2,637	1,170
Statutory tax rate difference (Preferred technological enterprise)	4,874
Changes in unrecognized tax benefits	(20,592)	9,035	13,500
Preferred technological enterprise benefit		949	5,891
Deferred tax assets for which valuation allowance was provided		82,602	16,067
Permanent differences		10,033	7,643
Prior year taxes		(1,416)	(2,312)
Total income tax provision	$ (19,745)	$ 24,576	$ 15,571
Percent
Theoretical income taxes at Israel statutory rate	23.00%	23.00%	23.00%
State and local income taxes, net of federal income tax effect	(6.00%)
Interest expense adjustments	(14.00%)
Base Erosion and Anti-Abuse Tax (BEAT)	12.00%
Contingent consideration	(2.00%)
Other adjustments	0.00%
Statutory tax rate difference (Preferred technological enterprise)	9.00%
Changes in unrecognized tax benefits	(40.00%)
Israel
Amount
Change in valuation allowances	$ 6,420
Share-based payment awards	$ 5,690
Percent
Change in valuation allowances	12.00%
Share-based payment awards	11.00%
United States
Amount
Statutory tax rate difference	$ (3,081)
Change in valuation allowances	(25,404)
Other adjustments	(247)
Share-based payment awards	$ 3,294
Percent
Statutory tax rate difference	(6.00%)
Change in valuation allowances	(49.00%)
Other adjustments	0.00%
Share-based payment awards	6.00%
Cayman
Amount
Statutory tax rate difference	$ 2,814
Percent
Statutory tax rate difference	5.00%
Other foreign jurisdictions
Amount
Statutory tax rate difference	$ 16
Percent
Statutory tax rate difference	0.00%

BALANCE SHEET COMPONENTS - Schedule of Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Prepaid expenses

$ 6,930

$ 7,557

Total other assets

^[1]

54,165

26,365

Contract assets

13,000

Other assets

42,558

14,637

Total other assets

42,600

15,200

Nonrelated Party

Defined Benefit Plan Disclosure [Line Items]

Other assets

$ 4,677

$ 4,171

[1]	Includes related party fee receivables of $106.9 million and $99.4 million, and related party other assets of $42.6 million and $15.2 million, as of December 31, 2025 and 2024, respectively. See Note 17 for additional information regarding transactions with related parties.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

BORROWINGS - Schedule of Senior Notes (Details) - Senior Notes Due 2030 $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 493,085
Less: Unamortized issuance costs	(11,487)
Carrying amount	$ 481,598

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

REVENUE

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”), and forward flow arrangements. Capital markets execution fees are earned from the market pricing of ABS transactions, as well as upon the execution of forward flow transactions, while contract fees are management, performance and similar fees. These fees are the result of agreements with customers and are recognized in accordance with FASB Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”).

Revenue is recognized in accordance with ASC 606 with revenue recorded on a gross basis when the Company is a principal in the transaction with customers, and recorded on a net basis when the Company is acting as an agent on behalf of another. The Company generally recognizes revenue on a gross basis because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis.

Network AI Fees

Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $1,131.3 million, $916.1 million and $696.0 million for the year ended December 31, 2025, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied and the payment term is generally 30 days. From time to time the Company may provide certain incentives to a customer. When the Company determines that an incentive is consideration payable, which is not in exchange for distinct goods or services, to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs.

Contract Fees

Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $130.0 million, $88.5 million and $76.8 million for the year ended December 31, 2025, 2024 and 2023, respectively. All of these fees are recognized over the service period for the Financing Vehicles managed or administered by the Company and the payment term is monthly as a fixed percentage of the entity’s assets, except for the portion of management fees that are recognized at the point in time based on contract terms. The Company includes variable consideration in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur; to date, adjustments to these estimates have not resulted in a significant reversal of previously recognized revenue.

Performance fees are earned when certain Fund Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance of Financing Vehicles. As such, there are revenues that result from performance obligations satisfied in the previous year. During the year ended December 31, 2025, $1.0 million worth of fees were recognized, which represent performance obligations satisfied in the previous year that were greater than the original estimate. During the year ended December 31, 2024 and 2023, $2.5 million and $3.6 million respectively, worth of fees were reversed, which represent performance obligations satisfied in the previous year that were less than the original estimate.

Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period and the payment is received monthly from the Financing Vehicles. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis.

Total Revenue From Fees

The Company determines its contracts generally do not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less.

Once revenue is recognized, it is recorded on the consolidated balance sheets in fees receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.


	Year Ended December 31,
		2025		2024		2023
		(in thousands)
Services transferred at a point in time		$	1,120,513	$	949,025	$	734,924
Services transferred over time		140,828		55,525		37,890
Total revenue from fees, net		$	1,261,341	$	1,004,550	$	772,814

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs. As of December 31, 2025, contract assets and contract liabilities from contracts with customers amounted to $13.0 million and $8.0 million, respectively, included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets. The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of December 31, 2024. See Note 7 for additional information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SHARE BASED COMPENSATION - Options to Restricted Shares Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021 day $ / shares shares	Mar. 31, 2021 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares			2,500
Granted (in dollars per share) \| $ / shares			$ 9.7
Unrecognized compensation expense related to unvested share options \| $			$ 5.6
Options to restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares			0
Granted (in dollars per share) \| $ / shares
Unrecognized compensation expense related to unvested share options \| $			$ 5.8
Unrecognized compensation expense, period of recognition			1 year
Options to restricted shares \| March 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares		18,700,000
Granted (in dollars per share) \| $ / shares		$ 18.95
Expiration period		10 years
Options to restricted shares \| December 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares	600,000
Granted (in dollars per share) \| $ / shares	$ 37.38
Expiration period	10 years
Number of trading days \| day	60
Vesting period	4 years
Options to restricted shares \| December 2021 \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares	400,000
Granted (in dollars per share) \| $ / shares	$ 40.59
Expiration period	10 years

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2025
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS Severance pay — Under Israeli employment laws, Israeli employees of the Company are included under Section 14 of the Severance Pay Law, 5723-1963 (“Section 14”). According to Section 14, these employees are entitled to monthly payments made by the Company on their behalf with insurance companies. For the year ended December 31, 2025, 2024 and 2023, the Company incurred severance related expenses of $3.0 million, $3.1 million and $3.1 million, respectively. Payments in accordance with Section 14 release the Company from any future severance payments with respect to those employees. The obligation to make the monthly deposits at a rate of 8.3% of their monthly salary is expensed as incurred. In addition, the aforementioned deposits are not recorded as an asset in the consolidated balance sheets, and there is no liability recorded as the Company does not have a future obligation to make any additional payments.

INVESTMENTS - Continuous Unrealized Loss Position (Details) - Securitization notes - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value
Less than or equal to 1 year	$ 36,797	$ 66
Greater than 1 year	5,504	27,295
Total	42,301	27,361
Unrealized Losses
Less than or equal to 1 year	(442)	(1)
Greater than 1 year	(27)	(508)
Total	$ (469)	$ (509)

SEGMENTS AND GEOGRAPHICAL INFORMATION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, equipment and software, net and right-of-use assets	$ 10,100	$ 13,300
United States \| Long-Lived Assets, Excluding Intangible Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	88.00%	81.00%
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, equipment and software, net and right-of-use assets	$ 50,700	$ 61,500
Israel \| Long-Lived Assets, Excluding Intangible Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	83.00%	82.00%

- Definition

+ References + Details

CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands):


	Assets(1)		Liabilities		Net Assets
As of December 31, 2025	$	93,404	$	—	$	93,404
As of December 31, 2024	$	142,584	$	—	$	142,584

(1) Assets comprised of the note and certificates to comply with risk retention requirements.

Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands):


	Carrying Amount		Maximum Exposure to Loss		VIE Assets
As of December 31, 2025	$	847,290	$	847,290	$	13,070,284
As of December 31, 2024	$	628,038	$	628,038	$	10,708,146

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net

Useful lives by asset category are as follows:


Computer and software						3 to 7 years
Furniture and equipment						3 to 7 years
Internal-use software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Property, equipment and software, net, consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Internal-use software	$	101,945	$	85,808
Computer and software	6,860		5,406
Furniture and equipment	938		878
Leasehold improvements	1,112		1,080
Property, equipment and software, gross	110,855		93,172
Less: accumulated depreciation and amortization	(80,634)		(55,198)
Property, equipment and software, net	$	30,221	$	37,974

BALANCE SHEET COMPONENTS - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Employee payables	$ 17,381	$ 16,327
Interest payables	22,896	7,171
Contingent consideration from the Theorem acquisition	183	6,090
Total accrued expenses and other liabilities	74,635	45,362
Contract liabilities	8,000
Related Party
Defined Benefit Plan Disclosure [Line Items]
Other liabilities	10,610	2,969
Total accrued expenses and other liabilities	10,600	3,000
Nonrelated Party
Defined Benefit Plan Disclosure [Line Items]
Other liabilities	$ 23,565	$ 12,805

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVESTMENTS - Schedule of Investments in Loans and Securities (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Debt Securities, Available-for-Sale [Line Items]

Fair Value

^[1]

$ 945,269

$ 778,409

Accrued interest receivable

$ 25,800

$ 14,300

Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]

Fair Value

Total

Debt Securities, Available-for-Sale [Line Items]

Amortized Cost

$ 1,269,386

$ 1,289,130

Gross Unrealized Gains

7,459

8,312

Gross Unrealized Non-Credit Related Adjustments

(23,589)

(15,185)

Allowance for Credit Losses

(385,878)

(508,741)

Fair Value

867,378

773,516

Accrued interest receivable

13,700

Securitization notes

Debt Securities, Available-for-Sale [Line Items]

Amortized Cost

395,216

240,396

Gross Unrealized Gains

970

386

Gross Unrealized Non-Credit Related Adjustments

(469)

(509)

Allowance for Credit Losses

Fair Value

395,717

240,273

Securitization certificates

Debt Securities, Available-for-Sale [Line Items]

Amortized Cost

874,170

1,048,734

Gross Unrealized Gains

6,489

7,926

Gross Unrealized Non-Credit Related Adjustments

(23,120)

(14,676)

Allowance for Credit Losses

(385,878)

(508,741)

$ (98,679)

Fair Value

$ 471,661

$ 533,243

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

WARRANT LIABILITY (Details)		1 Months Ended
WARRANT LIABILITY (Details)	Jun. 22, 2022 trading_day vote $ / shares	Mar. 31, 2024
Class of Warrant or Right [Line Items]
Reverse share split		0.0833
Public Warrants \| Triggering Event, One
Class of Warrant or Right [Line Items]
Number of trading days \| trading_day	20
Number of consecutive trading days \| vote	30
Period prior to notice of redemption	3 days
Redemption price of warrants (in dollars per share)	$ 0.01
Number of days of prior written notice of redemption	30 days
Public Warrants \| Triggering event, Two
Class of Warrant or Right [Line Items]
Number of trading days \| trading_day	20
Number of consecutive trading days \| vote	30
Redemption price of warrants (in dollars per share)	$ 0.10
Number of days of prior written notice of redemption	30 days
Public Warrants \| Minimum \| Triggering Event, One
Class of Warrant or Right [Line Items]
Closing price (in dollars per share)	$ 216.00
Public Warrants \| Minimum \| Triggering event, Two
Class of Warrant or Right [Line Items]
Closing price (in dollars per share)	$ 120.00

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any.

All intercompany accounts and transactions have been eliminated.

Variable Interest Entities

A VIE is a legal entity that has a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. The Company’s variable interest arises from contractual ownership or other monetary interests in the entity, which may change with fluctuations in the fair value of the VIE’s net assets. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and an obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company assesses whether or not it is the primary beneficiary of a VIE at initial involvement and on an ongoing basis. Refer to Note 6 for additional information.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.

Significant estimates and assumptions made in the accompanying consolidated financial statements, which Management believes are critical in understanding and evaluating the Company’s reported financial results include, but are not limited to the valuation of certain financial instruments and allowance for credit losses. The Company bases its estimates or assumptions on various factors it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods.

Segment Reporting

The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors and reports its financials as a single reporting segment. The Company’s chief operating decision-maker is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it operates one reportable segment.

Foreign Currency

The functional and reporting currency of the Company is the U.S. Dollar as it is the currency of the primary economic environment in which Pagaya’s operations are conducted. The monetary assets and liabilities denominated in currencies other than the U.S. Dollar are accordingly remeasured into U.S. Dollars at exchange rates in effect at the end of each period in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the consolidated statements of operations within other expenses, net, as appropriate. During the year ended December 31, 2025, 2024, and 2023 the Company has recorded $1.1 million losses, $4.2 million losses and $1.3 million gains, respectively, on the consolidated statements of operations.

Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents

Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions or highly liquid investments purchased with an original maturity of three months or less. Cash equivalents are stated at carrying value, which approximates fair value.

Restricted cash and cash equivalents consist primarily of: (i) deposits restricted by standby letters of credit for lease facilities; and (ii) funds held in accounts as collateral for certain guarantees that the Company provide within the ordinary course of business, including certain securitization transactions. The Company has no ability to draw on such funds as long as the funds remain restricted under the applicable agreements. See Note 15 for additional information.

Concentrations of Credit Risk and Significant Customers

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and cash equivalents and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.

The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant.

Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. For the year ended December 31, 2025, no single customer accounted for 10% or more of the Company’s total revenue. During the year ended December 31, 2024 and December 31, 2023, one customer individually represented greater than 10% of total revenue and collectively totaled approximately 13% and 11%, respectively.

Fair Value Measurement

ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such quoted market prices are not available, fair value is based upon models that use, as inputs, observable market-based parameters to the greatest extent possible.

Additionally, ASC 820 established a fair value hierarchy to categorize the use of inputs into the following three levels:

Level 1—Quoted prices, unadjusted, for identical assets or liabilities in active markets.

Level 2—Pricing inputs are other than quoted prices in active markets and include 1) quoted prices for similar assets or liabilities in active markets, 2) quoted prices for identical or similar assets or liabilities in markets that are not active, and 3) or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means.

Level 3—Pricing inputs are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability.

Management believes that the carrying amount of cash and cash equivalents, and restricted cash and cash equivalents, fees receivable, accounts payables, and accrued expenses and other liabilities approximate their fair value due to the short-term maturities of these instruments.

Investments in Loans and Securities

A wholly-owned subsidiary (“Sponsor”) previously sponsors securitization transactions (the “Securitizations”), each through a separate trust structure with an asset portfolio consisting of unsecured consumer loans, auto loans, point-of-sale loans or real estate assets. Each Securitization’s asset portfolio was structured by the Sponsor, which is also the administrator of each Securitization. The Sponsor, directly and indirectly through affiliates, retained at least 5% of the economic risk in the Securitizations to comply with risk retention required by Title 17 U.S. Code of Federal Regulations Part 246, Credit Risk Retention, promulgated by Securities and Exchange Commission.

Investments in Loans and Securities Available for Sale

Investments in loans and securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity, and changes in the availability and the yield of alternative investments will be classified as available for sale (“AFS”). These investments are carried at fair value estimated using the following when available: public market prices, dealer quotes, and prices obtained from independent pricing services that may be derivable from observable and unobservable market inputs. The Company incorporates these market-based inputs into an internal discounted cash flow model to determine the fair value estimate for these investments.

Generally these investments are held at fair value with changes in fair value recorded in unrealized non-credit related adjustments to investment securities within other comprehensive income (loss), excluding the portion relating to any credit loss. As of the end of each reporting period, management reviews each security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not management intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline in fair value which management identifies as a credit loss will be recognized as an allowance for credit losses through gains and (losses) on investments in loans and securities. To the extent management intends to sell or may be required to sell a security in an unrealized loss position, the Company (1) reverses any previously recorded allowance for credit losses with an offsetting entry to reduce the amortized cost basis of the security and (2) writes-off any remaining portion of the amortized cost basis to equal its fair value, with this change recorded through gains and (losses) on investments in loans and securities. See Note 5 for additional information.

Impaired loans and investments are classified as non-accrual status. Non-accrual loans and investments are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan or investment has sufficient collateral value and is in the process of collection.

Investments in securities, under the fair value option

The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument are reported in earnings at each subsequent reporting date. We elect the fair value option to measure certain securities, as we believe that fair value best reflects the economic transaction of investing in these instruments. The Company’s fair value estimate for these securities is based on a discounted cash flow methodology, while also considering market data as it becomes available. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within gains and (losses) on investments in loans and securities in the consolidated statements of operations.

Equity Method and Other Investments

The Company uses the equity method of accounting for investments in entities that the Company does not control but has the ability to exercise significant influence over the financial and operating policies of the investee. Under the equity method of accounting, the Company’s share of the investee’s underlying net income or loss is recorded as investment income or loss on the consolidated statements of operations. Distributions received from the investment reduce the Company’s carrying value of the investee.

The Company elected to account for its equity investments over which it does not exercise control or significant influence using the measurement alternative, which is cost, less any impairment, adjusted for changes in fair value resulting from observable transactions for identical or similar investments of the same issuer. The investments are reviewed periodically to determine if their respective values have appreciated or have been impaired, and adjustments are recorded as necessary. During the year ended December 31, 2025, 2024 and 2023, the Company recorded a loss of $8.4 million and $4.6 million and income of $0.5 million, respectively, related to revaluation of its investments in privately held companies. See Note 5 for additional information.

Property, Equipment and Software, Net

Property, equipment and software are stated at historical cost, less accumulated depreciation and amortization. Depreciation of property, equipment and software is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives by asset category are as follows:


Computer and software						3 to 7 years
Furniture and equipment						3 to 7 years
Internal-use software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Maintenance and repairs that do not enhance or extend the asset’s useful life are expensed as incurred. Major replacements, improvements and additions are capitalized. Upon the sale or retirement of property, equipment and software, the cost and the related accumulated depreciation or amortization are removed from the consolidated financial statements, with any resulting gain or loss included in the consolidated statements of operations.

Property, equipment and software is tested for impairment when there is an indication that the carrying value of an asset group may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined not to be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value and recorded in the period the determination is made.

Internal-Use Software

Internally developed software is capitalized upon completion of the preliminary project stage, when it becomes probable that the project will be completed, and the software will be used as intended. Capitalized costs primarily consist of salaries and payroll related costs for employees directly involved in development efforts. Costs related to the preliminary project stage and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. Capitalized internal-use software is included in property, equipment and software, net, in the consolidated balance sheets, and amortization expense is included in technology, data and product development expenses in the consolidated statements of operations. The Company reviews on a regular basis list of projects that are in process and if the project is to be abandoned or discontinued the capitalized costs associated with that project are expensed immediately.

Goodwill and Intangible Assets

Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. Goodwill is tested for impairment at the reporting unit level annually or whenever indicators of impairment exist. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. The Company may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. The Company may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. The Company’s annual impairment testing date is October 1.

Definite-lived intangible assets are amortized on a straight-line basis over their useful lives. The Company's long-lived assets and identifiable intangibles that are subject to amortization are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment,” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment indicators include any significant changes in the manner of the Company's use of the assets and significant negative industry or economic trends. Upon determination that the carrying value of a long-lived asset may not be recoverable based upon a comparison of aggregate undiscounted projected future cash flows to the carrying amount of the asset, an impairment charge is recorded for the excess of the carrying amount over fair value.

See Note 3 for further discussion of goodwill and intangible assets, including those recognized in connection with recent business combinations.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For warrants that meet all of the criteria for equity classification, the warrants are recorded as a component of additional paid-in capital at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. Changes in the estimated fair value of the liability-classified warrants are recognized as a non-cash other income or expense, included in other expenses, net in the consolidated statements of operations.

Revenue Recognition

The Company’s revenue consists of two components: revenue from fees and revenue from other income, which is comprised of interest income and investment income.

The amount of revenue from fees recognized reflects the consideration that the Company expects to receive in exchange for services provided. The Company applied the following five steps:

1. Identification of the contract with the customer:

The Company determines a contract with a customer exists when each party’s rights regarding the services to be transferred can be identified, the payment terms for the services can be identified, a conclusion has been reached that the customer has the ability and intent to pay, and the contract has commercial substance.

2. Identification of the performance obligations in the contract:

Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct and separately identifiable, whereby the customer can benefit from the services.

3. Determination of the transaction price:

The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services to the customer. Payment terms and conditions vary by contract.

4. Allocation of the transaction price to the performance obligations in the contract:

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation.

5. Recognition of revenue when, or as, a performance obligation is satisfied:

Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised delivery of service to the customer.

See Note 4 for additional information.

Interest Income

Interest income is recognized based on projected cash flows according to ASC 325-40, Beneficial Interests in Securitized Financial Assets. The Company accrues interest income on investments based on the effective interest rate of the investments and records it as interest income as earned. Loans and securities that have reached a delinquency of 90 days or more, or where management has doubts about collectability, are classified as non-accrual status. Investments are returned to accrual status when sufficient cash payments have been received in management’s judgment supports estimated future collections. As of December 31, 2025 and 2024, the Company has recorded $25.8 million and $13.7 million of accrued interest receivable in fees receivables on the consolidated balance sheets, respectively. Interest income earned from cash and cash equivalents is recorded on an accrual basis to the extent such interest is earned and expected to be collected.

Production Costs

Production costs are primarily comprised of fees the Company incurs to Partners when network volume is acquired by Financing Vehicles as the Partners are responsible for marketing and customer interaction, and facilitating the flow of additional application flow.

Technology, Data and Product Development Costs

Technology, data and product development costs are primarily engineering and product development expenses which primarily consists of payroll and other employee-related expenses, including share-based compensation expenses, for the engineering and product development teams as well the costs of systems and tools used by these teams. These costs, net of amounts capitalized, are recognized in the period incurred. The capitalized internal-use software is amortized on a straight-line method over the estimated useful life in technology, data and product development costs and included in technology, data and production development in the consolidated statements of operations.

Gains and (losses) on investments in loans and securities

Gains and (losses) on investments in loans and securities primarily reflects changes in fair value that management identifies as credit losses or reversals of previously recognized credit losses on available for sale investment securities, including remeasurements of any loans or investments accounted for under the fair value option and any gain or loss realized upon sale or termination of such investments. As of the end of each reporting period, management reviews each available for sale security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not management intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline (or recovery) in fair value which management identifies as a credit loss (or a reversal of previously recognized credit loss) is recognized as loss (or gain) on investments in loans and securities.

Leases

The Company accounts for its leases under ASC 842, Leases. Under this guidance, lessees classify arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the consolidated balance sheets as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease expenses, including insurance and property tax, are recorded when incurred. The Company accounts for any subleases on a gross basis with sublease income presented in Other expenses, net on the consolidated statement of operations.

In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets. The Company excludes short-term leases having initial terms of 12 months or less as an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term.

Share-Based Compensation

The Company grants options and restricted stock units to employees and nonemployees. The Company measures options based on the estimated grant date fair values, which the Company determines using the Black-Scholes option-pricing model. The Company measures the fair value of restricted stock units based on the market value of the underlying shares at the date of grant. The Company records the resulting expense in the consolidated statements of operations using the straight-line method over the period of service required to vest in the award, which is generally two to four years. The Company accounts for forfeitures as they occur.

The Company also grants options to restricted shares to certain employees and directors. The Company measures options to restricted shares based on the estimated grant date fair values, which the Company determines using the Monte Carlo simulation model implemented in a risk-neutral valuation framework. The Company records the resulting expense in the consolidated statements of operations using the straight-line method over the period of service required to vest in the award, which is generally two to four years. The Company accounts for forfeitures as they occur.

Income Taxes

The Company uses the liability method of accounting for income taxes, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the deferred tax assets and liabilities are determined based on the differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws expected to apply to taxable income when the differences are expected to reverse.

The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets and deferred tax liabilities are presented under other assets and income tax payable and other tax liabilities, respectively.

ASC 740, “Income Taxes” (“ASC 740”) states that a tax benefit from an uncertain tax position may be recognized (1) when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent (on a cumulative basis) likely to be realized upon ultimate settlement with the related tax authority.

The Company records unrecognized tax benefits as liabilities in accordance with ASC 740 and adjusts these liabilities when management’s judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from management’s current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.

Basic and Diluted Net Income (Loss) per Ordinary Share

The Company calculates net income (loss) per share using the two-class method required for participating securities. The two-class method requires income (loss) available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

The Company’s redeemable convertible preferred shares contractually entitle the holders of such shares to participate in distribution but does not contractually require the holders of such shares to participate in the Company’s losses. Accordingly, for the periods where the Company is in a net loss position, the Company does not allocate any net loss attributable to ordinary shareholders to the redeemable convertible preferred shares.

The Company calculates basic net income (loss) per share attributable to ordinary shareholders by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding for the period.

The Company calculates diluted net income (loss) per share attributable to ordinary shareholders by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding after giving consideration to

the dilutive effect of the redeemable convertible preferred shares, share options, and preferred shares warrants that are outstanding during the period.

Noncontrolling Interests

Noncontrolling interests represent the portion of equity in consolidated entities not attributable, directly or indirectly, to the Company. These interests are reported as a separate component of equity in the consolidated balance sheets. Net income or loss is attributed to both the Company and the noncontrolling interests in the Consolidated Statements of Operations.

Comprehensive Income

The Company accounts for comprehensive income in accordance with ASC 220, "Comprehensive Income". Comprehensive income generally represents all changes in shareholders' equity during the period except those resulting from investments by, or distributions to, shareholders. The Company determined that its items of other comprehensive income relate to unrealized gains and losses on available for sale investments.

Unclassified Balance Sheet

Effective for the quarterly period ended September 30, 2025, the Company has voluntarily changed its balance sheet presentation to an unclassified format. Management believes this change in accounting principle is preferable because it conforms the Company's financial reporting with the predominant practice of its peers within the financial technology industry and provides a presentation consistent with the financial metrics used to evaluate the business, thereby enhancing comparability and relevance for investors. In accordance with applicable accounting guidance, this change has been applied retrospectively to all prior periods presented. The change had no impact on previously reported total assets, total liabilities, stockholders' equity or results of operations.

Emerging Growth Company Status

The Company is considered a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act for filings beginning with this Annual Report, because on the last business day of the second quarter in 2025, the aggregate market value of the Company’s ordinary Class A shares held by non-affiliate shareholders exceeded $700 million. As a result, we ceased to be an emerging growth company as of December 31, 2025. Due to the loss of emerging growth company status, the Company is no longer be exempt from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, and our independent registered public accounting firm evaluated and reported on the effectiveness of our internal controls over financial reporting in its report included in this Annual Report. The transition to large accelerated filer status subjected the Company to accelerated filing deadlines and additional disclosure requirements, which further aligned our reporting with other large US companies for even greater transparency.

Reclassification

Certain prior year amounts have been reclassified to conform to the current period presentation. The reclassification adjustments primarily relate to changes to the presentation of certain expenses in the consolidated statements of operations. Specifically, the Company has added new financial statement line items labeled “Gains and (losses) on investments in loans and securities” and “Gains and (losses) from extinguishment of debt” and reclassified the corresponding amounts from “General and administrative expenses” and “Other expenses, net” in the prior period financial statements to conform to the current period presentation.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. The adoption of the guidance did not have a material impact on the Company’s financial statements but resulted in expanded disclosures in the

Notes to the consolidated financial statements. The Company prospectively adopted the provisions of this ASU. See Note 16 for additional information.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40), Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about certain expense captions presented in the consolidated statements of operations as well as disclosure about selling expense. The effective date for this update was amended by ASU 2025-01 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, and is now effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. It could be applied either prospectively or retrospectively. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326). The amendments in this update expand the use of the gross-up approach to certain acquired loans beyond purchased financial assets with credit deterioration. The new guidance is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The amendments in this update must be adopted prospectively to loans that are acquired on or after the initial application date. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The new standard also supersedes the guidance related to costs incurred to develop a website. ASU 2025-06 guidance is effective for annual periods beginning after December 15, 2027. The guidance can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures.

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Private Placement, Ordinary Share Offering	Private Placement, Equity Financing Purchase Agreement	Total Pagaya Technologies Ltd. Shareholders’ Equity	Total Pagaya Technologies Ltd. Shareholders’ Equity Private Placement, Ordinary Share Offering	Total Pagaya Technologies Ltd. Shareholders’ Equity Private Placement, Equity Financing Purchase Agreement	Ordinary Shares (Class A and Class B)	Ordinary Shares (Class A and Class B) Ordinary share warrants	Ordinary Shares (Class A and Class B) Private Placement, Ordinary Share Offering	Ordinary Shares (Class A and Class B) Private Placement, Equity Financing Purchase Agreement	Additional Paid-In Capital	Additional Paid-In Capital Private Placement, Ordinary Share Offering	Additional Paid-In Capital Private Placement, Equity Financing Purchase Agreement	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022	0
Beginning balance at Dec. 31, 2022	$ 0
Redeemable Convertible Preferred Shares
Issuance of preferred shares, net of issuance costs (in shares)	5,000,000
Issuance of preferred shares, net of issuance costs	$ 74,250
Ending balance (in shares) at Dec. 31, 2023	5,000,000
Ending balance at Dec. 31, 2023	$ 74,250
Beginning balance (in shares) at Dec. 31, 2022							56,942,632
Beginning balance at Dec. 31, 2022	765,423			$ 553,520							$ 968,432			$ (713)	$ (414,199)	$ 211,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of warrants (in shares)							99,711
Issuance of ordinary shares upon exercise of share options (in shares)							925,240
Issuance of ordinary shares upon exercise of share options	4,334			4,334							4,334
Issuance of ordinary shares upon vesting of RSUs (in shares)							962,679
Share-based compensation	78,721			78,721							78,721
Reversal of issuance costs associated with the Business Combination and PIPE Investment	4,401			4,401							4,401
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares)							1,525,827
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc.	18,134			18,134							18,134
Issuance of ordinary shares from the Equity Financing Purchase Agreement (in shares)							1,587,157
Issuance of ordinary shares from the Equity Financing Purchase Agreement	27,892			27,892							27,892
Reclassification of investments	16,460			(1,881)										(1,881)		18,341
Contributions of interests in consolidated VIEs	19,955															19,955
Return of capital to interests in consolidated VIEs	(64,371)															(64,371)
Other comprehensive income (loss)	(8,461)			3,038										3,038		(11,499)
Net (loss) income	(196,739)			(128,438)											(128,438)	(68,301)
Ending balance (in shares) at Dec. 31, 2023							62,043,246
Ending balance at Dec. 31, 2023	$ 665,749			559,721							1,101,914			444	(542,637)	106,028
Ending balance (in shares) at Dec. 31, 2024	5,000,000
Ending balance at Dec. 31, 2024	$ 74,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)							586,847
Issuance of ordinary shares upon exercise of share options	2,640			2,640							2,640
Issuance of ordinary shares upon vesting of RSUs (in shares)							2,371,735
Issuance of ordinary shares upon employee stock purchase plan (in shares)							59,145
Issuance of ordinary shares upon employee stock purchase plan	665			665							665
Share-based compensation	68,646			68,646							68,646
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares)							504,440
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc.	5,969			5,969							5,969
Issuance of ordinary shares from the Equity Financing Purchase Agreement (in shares)									7,500,000	814,569
Issuance of ordinary shares from the Equity Financing Purchase Agreement		$ 89,956	$ 12,232		$ 89,956	$ 12,232						$ 89,956	$ 12,232
Contributions of interests in consolidated VIEs	63,960															63,960
Return of capital to interests in consolidated VIEs	(9,820)															(9,820)
Other comprehensive income (loss)	(12,753)			(11,932)										(11,932)		(821)
Net (loss) income	(445,698)			(401,406)											(401,406)	(44,292)
Ending balance (in shares) at Dec. 31, 2024							73,879,982
Ending balance at Dec. 31, 2024	$ 441,546			326,491							1,282,022			(11,488)	(944,043)	115,055
Redeemable Convertible Preferred Shares
Issuance of ordinary shares upon conversion of preferred shares (in shares)	(2,972,853)
Issuance of ordinary shares upon conversion of preferred shares	$ (44,147)
Ending balance (in shares) at Dec. 31, 2025	2,027,147
Ending balance at Dec. 31, 2025	$ 30,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of warrants (in shares)							2,972,853	1,309,157
Issuance of ordinary shares upon exercise of share options (in shares)	734,988						769,167
Issuance of ordinary shares upon exercise of share options	$ 5,759			5,759							5,759
Issuance of ordinary shares upon vesting of RSUs (in shares)							3,005,532
Issuance of ordinary shares upon employee stock purchase plan (in shares)							99,243
Issuance of ordinary shares upon employee stock purchase plan	1,164			1,164							1,164
Issuance of ordinary shares upon conversion of preferred shares	44,147			44,147							44,147
Share-based compensation	57,898			57,898							57,898
Return of capital to interests in consolidated VIEs	(25,762)															(25,762)
Other comprehensive income (loss)	(40,771)			(36,831)										(36,831)		(3,940)
Net (loss) income	71,370			81,389											81,389	(10,019)
Ending balance (in shares) at Dec. 31, 2025							82,035,934
Ending balance at Dec. 31, 2025	$ 555,351			$ 480,017							$ 1,390,990			$ (48,319)	$ (862,654)	$ 75,334

SHARE BASED COMPENSATION - Restricted Stock Units (RSUs) Narrative (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Unrecognized compensation expense	$ 24.9
Unrecognized compensation expense, period of recognition	9 months 18 days
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Vesting percentage	50.00%
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Including Noncontrolling Interests	$ 71,370	$ (445,698)	$ (196,739)
Other Comprehensive Income (Loss):
Unrealized non-credit related adjustments to investment securities	(40,771)	(12,753)	7,999
Comprehensive Income (Loss) Including Noncontrolling Interests	30,599	(458,451)	(188,740)
Less: Comprehensive loss attributable to noncontrolling interests	(13,959)	(45,113)	(61,459)
Comprehensive Income (Loss) Attributable to Pagaya Technologies Ltd.	$ 44,558	$ (413,338)	$ (127,281)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

BALANCE SHEET COMPONENTS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 18,900	$ 18,900
Accumulated Amortization	(11,239)	(6,079)
Total	7,661	12,821
Investment management agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	6,200	6,200
Accumulated Amortization	(3,014)	(387)
Total	3,186	5,813
License
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	5,500	5,500
Accumulated Amortization	(2,292)	(458)
Total	3,208	5,042
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	5,500	5,500
Accumulated Amortization	(4,413)	(3,813)
Total	1,087	1,687
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,700	1,700
Accumulated Amortization	(1,520)	(1,421)
Total	$ 180	$ 279

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Assets

Cash and cash equivalents

$ 235,329

$ 187,921

Restricted cash and cash equivalents

53,020

38,597

Fees receivables

^[1],[2]

153,250

127,114

Fair Value

^[1]

945,269

778,409

Equity method and other investments

13,518

21,933

Right-of-use assets

30,578

36,876

Property, equipment and software, net

30,221

37,974

Goodwill

22,903

23,062

Intangible assets, net

7,661

12,821

Other assets

^[2]

54,165

26,365

Total Assets

1,545,914

1,291,072

Liabilities:

Accounts payable

3,931

6,992

Accrued expenses and other liabilities

74,635

45,362

Operating lease liabilities

34,212

37,064

Income taxes payable and other tax liabilities

18,687

41,217

Warrant liability

4,723

893

Secured borrowing

193,892

176,089

Exchangeable notes

148,782

146,342

Long-term debt

481,598

321,317

Total Liabilities

960,460

775,276

Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 and 5,000,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation preference of $60,814 and $150,000 as of December 31, 2025 and 2024, respectively.

30,103

74,250

Shareholders’ equity:

Additional paid-in capital

1,390,990

1,282,022

Accumulated other comprehensive loss

(48,319)

(11,488)

Accumulated deficit

(862,654)

(944,043)

Total Pagaya Technologies Ltd. shareholders’ equity

480,017

326,491

Noncontrolling interests

75,334

115,055

Total shareholders’ equity

555,351

441,546

Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity

1,545,914

1,291,072

Common Class A

Shareholders’ equity:

Common stock

Common Class B

Shareholders’ equity:

Common stock

$ 0

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2]	Includes related party fee receivables of $106.9 million and $99.4 million, and related party other assets of $42.6 million and $15.2 million, as of December 31, 2025 and 2024, respectively. See Note 17 for additional information regarding transactions with related parties.

SEGMENTS AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENTS AND GEOGRAPHICAL INFORMATION

Segment Information

The Company manages, monitors, and reports its financial performance as a single operating segment. The Company's chief operating decision-maker (CODM), who is the Chief Executive Officer, assesses performance, makes operating decisions, and allocates resources based on consolidated financial information. In accordance with Accounting Standards Update 2023-09, which requires public entities to disclose significant segment expense categories and amounts for each reportable segment, the following disclosures are provided for the Company's single reportable segment:


	Year Ended December 31,
		2025		2024		2023
		(in thousands)
Personnel related costs		$	150,319	$	175,631	$	189,965
Non-personnel related costs		138,045		192,125		137,542
Total (1)		$	288,364	$	367,756	$	327,507

Personnel related costs include salaries, wages, bonuses, employee benefits, payroll taxes, and other related expenses associated with our workforce. Non-personnel related costs encompass expenses such as rent, utilities, depreciation and amortization, marketing and advertising, professional services, and other operational costs not directly linked to personnel.

The Company does not have additional reportable segments, and therefore, all financial information is presented on a consolidated basis. The Company's assets are not allocated to segments for internal reporting purposes but are managed on a consolidated basis. However, for the purposes of geographical disclosure, long-lived assets are allocated based on where they are located.

Geographical Information

A. Revenue from Fees

The following table sets forth revenue from fees generated by geographic area (in thousands):


	December 31,
	2025		2024		2023
United States	$	1,261,341	$	1,004,550	$	772,814
Israel	—		—		—
Cayman	—		—		—
Total revenue from fees	$	1,261,341	$	1,004,550	$	772,814

B. Assets

The total assets are primarily based in the United States with 88% and 81% of total as of December 31, 2025 and 2024, respectively. The following tables provide total assets by geographic area (in thousands):


	December 31,
	2025			2024
United States	$	1,361,016		$	1,049,534
Israel	184,898			241,538
Total assets	$	1,545,914		$	1,291,072
% of assets based in U.S. of total assets	88		%	81		%

As of December 31, 2025 and 2024, long-lived assets, consist of property, equipment and software, net, and right-of-use assets, located in Israel were $50.7 million (83%) and $61.5 million (82%), respectively. The remaining long-lived assets of $10.1 million and $13.3 million were located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Dec. 31, 2025
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). The Company has transactions with the securitization vehicles and other Financing Vehicles which are also related parties. As of December 31, 2025, the total fee receivables from related parties are $106.9 million, which consist of $85.9 million from securitization vehicles and $21.0 million from other Financing Vehicles. As of December 31, 2024, the total fee receivables from related parties are $99.4 million, which consists of $79.0 million from securitization vehicles and $20.4 million from other Financing Vehicles. As of December 31, 2025 and 2024, the Company had amounts due from related parties $42.6 million and $15.2 million, respectively, which are included within other assets on the consolidated balance sheets. These amounts are entirely attributable to transactions with Financing Vehicles. Additionally, as of December 31, 2025 and 2024, the Company had amounts due to related parties of $10.6 million and $3.0 million, respectively, which are included within accrued expenses and other liabilities on the consolidated balance sheets. For the year ended December 31, 2025, the total revenue from related parties is $652.7 million, which consists of $621.9 million from securitization vehicles and $30.9 million from other Financing Vehicles. For the year ended December 31, 2024, the total revenue from related parties is $679.1 million, which consists of $639.4 million from securitization vehicles and $39.7 million from other Financing Vehicles. For the year ended December 31, 2023, the total revenue from related parties is $622.2 million, which consists of $569.8 million from securitization vehicles and $52.4 million from other Financing Vehicles. For the year ended December 31, 2025 and 2024, the Company purchased approximately $13.2 million and $39.9 million of loan principal from the Financing Vehicles, and recognized a loss of approximately $6.2 million and $36.4 million with respect to these loans, respectively. For the year ended December 31, 2023, the Company did not purchase any loans from the Financing Vehicles.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

WARRANT LIABILITY	12 Months Ended
WARRANT LIABILITY	Dec. 31, 2025
Warrants and Rights Note Disclosure [Abstract]
WARRANT LIABILITY	WARRANT LIABILITY Following the 1-for-12 reverse share split effective March 2024, each warrant entitles the holder to purchase 1/12 of a Class A Ordinary Share (or equivalently, 12 warrants are required to obtain 1 Class A Ordinary Share), and the redemption trigger prices described below have been adjusted accordingly. Public Warrants — Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on July 22, 2022. The Public Warrants will expire on June 22, 2027 or upon liquidation. The Company will not be obligated to deliver any Class A ordinary shares, no par value (“Class A Ordinary Shares”), of the Company pursuant to the exercise of a public warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A Ordinary Shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No public warrant will be exercisable, and the Company will not be obligated to issue a Class A Ordinary Share upon exercise of a public warrant unless the Class A Ordinary Share, issuable upon such warrant exercise, has been registered, qualified, or deemed to be exempt under the securities laws of the state of residence of the registered holder of the public warrants. Redemption of Public Warrants for Cash The Company may redeem the outstanding warrants: •if, and only if, the closing price of the Class A Ordinary Shares equals or exceeds $216.00 per share (as adjusted for the reverse share split) for any 20 trading days within a 30 trading day period ending three business days before the Company sends the notice of redemption to the warrant holders; •in whole and not in part; •at a price of $0.01 per warrant; and •upon not less than 30 days’ prior written notice of redemption to each warrant holder. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Public Warrants when the per share price of Class A Ordinary Shares equals or exceeds $120.00 The Company may redeem the outstanding warrants: •if, and only if, the last reported sale price of the Class A Ordinary Shares equals or exceeds $120.00 per share (as adjusted for the reverse share split) for any 20 trading days within a 30 trading-day period ending on, and including, the third trading day prior to the date on which we send the notice of redemption to the warrant holders; •in whole and not in part; and •for cash at a price of at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their public warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table included in the Warrant Agreement, based on the redemption date and the “fair market value” of the Class A Ordinary Shares as described in the Warrant Agreement. If the Company calls the Public Warrants for redemption as described above under “—Redemption of Public Warrants for Cash,” management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the Warrant Agreement. The exercise price and number of Class A Ordinary Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger, or consolidation. However, except as described below, the warrants will not be adjusted for issuance of Class A Ordinary Shares at a price below its exercise price. Additionally, in no event will the Company be required to net-cash settle the warrants. These warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability on the consolidated balance sheets. The warrant liability is measured at fair value at inception and on a recurring basis, with changes in fair value presented within other expenses, net in the consolidated statements of operations.

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

Earnings (loss) per share is presented in conformity with the two-class method required for multiple classes of ordinary share and participating securities.

Basic earnings per share is computed using the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of share options, restricted stock units and other contingently issuable shares. The dilutive effect of outstanding share options, restricted stock units and other contingently issuable shares is reflected in diluted earnings per share by application of the treasury stock method.

The Company has two classes of ordinary share: Class A and Class B. The computation of the diluted earnings per share of Class A Ordinary Shares assumes the conversion of Class B Ordinary Shares, while the diluted earnings per share of Class B Ordinary Shares does not assume the conversion of those shares. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and result in an identical earnings (loss) per share for each class under the two-class method.

The Preferred Shares are a participating security, whereby if a dividend is declared to the holders of ordinary shares, the holders of Preferred Shares would participate to the same extent as if they had converted the Preferred Shares to ordinary shares. Net loss is attributed to ordinary shareholders and participating securities based on their participation rights. Net loss attributable to ordinary shareholders is not allocated to the Preferred Shares as the holders of the Preferred Shares do not have a contractual obligation to share in any losses.


	Year Ended December 31, 2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	81,389
Less: Undistributed earnings allocated to preferred shares	4,105
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	77,284
Denominator:
Weighted average shares used for earnings per ordinary share, basic	78,336,095
Earnings per share attributable to ordinary shareholders, basic	$	0.99

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	77,284
Denominator:
Shares used in computation of basic earnings per share	78,336,095
Ordinary share warrants	785,890
Share options	3,031,605
Unvested RSUs	943,637

Weighted average shares used for earnings per ordinary share, diluted	83,097,227
Earnings per share attributable to ordinary shareholders, diluted	$	0.93


	Year Ended December 31, 2024	Year Ended December 31, 2023
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(401,406)	$	(128,438)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		70,879,807		60,038,893
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(5.66)	$	(2.14)

EPS for Class B ordinary shares and EPS for preferred shares are not presented separately, as under the two-class method, the EPS for Class A, Class B and preferred shares are the same.


	December 31,
	2025	2024	2023
Share options	—	3,740,789	3,895,087
Options to restricted shares	—	19,948,408	20,046,080
RSUs	425,251	3,009,918	3,034,203

Ordinary share warrants	1,229,166	2,016,321	2,016,326
Redeemable convertible preferred shares	—	5,000,000	5,000,000
Exchangeable notes	11,434,704	11,434,704	—
Net potential dilutive outstanding securities	13,089,121	45,150,140	33,991,696

SHARE BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 54,118	$ 61,497	$ 71,055
Technology, data and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	4,965	8,695	12,375
Selling and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	21,142	14,666	13,216
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 28,011	$ 38,136	$ 45,464

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

Revenue from fees

^[1]

$ 1,261,341

$ 1,004,550

$ 772,814

Other Income

Interest income

48,434

32,291

38,748

Investment (loss) income

(8,415)

(4,593)

489

Total Revenue and Other Income

1,301,360

1,032,248

812,051

Production costs

749,169

597,652

508,944

Technology, data and product development

75,213

76,571

74,383

Sales and marketing

53,591

50,404

49,773

General and administrative

159,560

240,781

203,351

Total Costs and Operating Expenses

1,037,533

965,408

836,451

Operating Income (Loss)

263,827

66,840

(24,400)

Gains and (losses) on investments in loans and securities

^[2]

(107,030)

(404,150)

(131,315)

Other expenses, net

^[2]

(80,417)

(83,612)

(25,453)

Gains and (losses) from extinguishment of debt

^[2]

(24,755)

(200)

Income (Loss) Before Income Taxes

51,625

(421,122)

(181,168)

Income tax (benefit) expense

(19,745)

24,576

15,571

Net Income (Loss) Including Noncontrolling Interests

71,370

(445,698)

(196,739)

Less: Net income (loss) attributable to noncontrolling interests

(10,019)

(44,292)

(68,301)

Net Income (Loss) Attributable to Pagaya Technologies Ltd.

$ 81,389

$ (401,406)

$ (128,438)

Earnings (loss) per share attributable to Pagaya Technologies Ltd. ordinary shareholders:

Basic (in dollars per share)

$ 0.99

$ (5.66)

$ (2.14)

Diluted (in dollars per share)

$ 0.93

$ (5.66)

$ (2.14)

Weighted average shares outstanding:

Basic (in shares)

78,336,095

70,879,807

60,038,893

Diluted (in shares)

83,097,227

70,879,807

60,038,893

Related Party

Revenue

Revenue from fees

$ 652,700

$ 679,100

$ 622,200

[1]	Includes related party revenues of $652.7 million, $679.1 million and $622.2 million for years ended December 31, 2025, 2024 and 2023, respectively. See Note 17 for additional information regarding transactions with related parties.
[2]	Prior period amounts have been reclassified to conform to the current period’s presentation.

BORROWINGS - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Oct. 01, 2025

USD ($)

Sep. 30, 2025

Jul. 28, 2025

USD ($)

Oct. 01, 2024

USD ($)

day

$ / shares

Feb. 02, 2024

USD ($)

Dec. 31, 2025

USD ($)

Jun. 30, 2025

USD ($)

Apr. 30, 2025

USD ($)

Oct. 31, 2022

Dec. 31, 2025

USD ($)

Sep. 30, 2025

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Feb. 28, 2025

USD ($)

Nov. 30, 2024

USD ($)

Feb. 01, 2024

USD ($)

Debt Instrument [Line Items]

Gains and (losses) from extinguishment of debt

^[1]

$ (24,755,000)

$ (200,000)

$ 0

Average remaining contractual maturities of the repurchase agreements

90 days

Master Agreements

Debt Instrument [Line Items]

Outstanding principal balance

$ 107,300,000

$ 144,300,000

Weighted average interest rate on long-term debt outstanding

10.00%

15.00%

Long-term debt

Debt Instrument [Line Items]

Outstanding principal balance

$ 481,598,000

$ 321,317,000

Long-term debt | Loan and Security Agreement

Debt Instrument [Line Items]

Outstanding principal balance

86,600,000

Long-term debt | SVB Receivables Facility

Debt Instrument [Line Items]

Outstanding principal balance

31,800,000

Debt instrument, term

3 years

Floor rate

0.00%

Debt instrument, basis spread on variable rate

3.50%

Exchangeable notes

Debt Instrument [Line Items]

Outstanding principal balance

148,782,000

146,342,000

Exchangeable notes | Exchangeable Senior Notes Due 2029

Debt Instrument [Line Items]

Outstanding principal balance

163,400,000

Debt instrument, face amount

$ 160,000,000

Stated interest rate

6.125%

Ordinary share exchange rate

0.0714669

Debt instrument, exchange price (in dollars per share) | $ / shares

$ 13.99

Debt instrument, convertible, threshold (as a percent)

130.00%

Debt instrument, convertible, threshold trading days | day

Debt instrument, convertible, threshold consecutive trading days | day

Debt instrument, convertible, threshold outstanding principal amount

$ 50,000,000.0

Redemption price, percentage (as a percent)

100.00%

Debt issuance costs

$ 6,200,000

Original issue discount

$ 8,000,000.0

8,000,000.0

Interest expense, debt

12,400,000

3,100,000

Amortization of deferred costs

$ 2,400,000

600,000

Debt instrument, interest rate, effective percentage

8.70%

Debt, fair value

$ 292,400,000

Senior Notes Due 2030

Debt Instrument [Line Items]

Repayments of long-term debt

6,000,000.0

Gains and (losses) from extinguishment of debt

700,000

Debt instrument, face amount

$ 500,000,000

Stated interest rate

8.875%

Repurchase of debt

$ 6,900,000

6,900,000

Redemption price, percentage (as a percent)

100.00%

87.40%

Interest expense, debt

20,300,000

Amortization of deferred costs

1,100,000

Secured borrowing | Long-term debt

Debt Instrument [Line Items]

Interest expense related to borrowings

22,200,000

47,100,000

Repayments of long-term debt

$ 153,900,000

Gains and (losses) from extinguishment of debt

(1,400,000)

Secured borrowing | Long-term debt | The Credit Agreement

Debt Instrument [Line Items]

Debt instrument, term

5 years

Line of credit facility, maximum borrowing capacity

$ 255,000,000

$ 355,000,000

Increase in maximum principal amount

100,000,000

Capitalized Interest Amounts Facility | Long-term debt | Loan and Security Agreement

Debt Instrument [Line Items]

Debt instrument, term

24 months

Line of credit facility, maximum borrowing capacity

$ 24,000,000

Floor rate

1.00%

Capitalized Interest Amounts Facility | Long-term debt | Loan and Security Agreement | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

4.00%

Accrued Loan Purchasing Fee Receivables Facility | Long-term debt | Loan and Security Agreement

Debt Instrument [Line Items]

Debt instrument, term

30 months

Line of credit facility, maximum borrowing capacity

$ 65,000,000

Floor rate

1.00%

Accrued Loan Purchasing Fee Receivables Facility | Long-term debt | Loan and Security Agreement | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.90%

Revolving Credit Facility | Long-term debt

Debt Instrument [Line Items]

Gains and (losses) from extinguishment of debt

(23,900,000)

Outstanding principal balance

$ 0

Line of credit facility, maximum borrowing capacity

$ 58,000,000

50,000,000

Increase in maximum principal amount

$ 8,000,000

$ 15,000,000

Line of credit facility, remaining borrowing capacity

25,700,000

Revolving Credit Facility | Long-term debt | The Credit Agreement

Debt Instrument [Line Items]

Debt instrument, term

5 years

Line of credit facility, maximum borrowing capacity

$ 35,000,000

$ 25,000,000

Floor rate

1.00%

Debt instrument, base rate floor

2.00%

Revolving Credit Facility | Long-term debt | The Credit Agreement | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

7.50%

Revolving Credit Facility | Long-term debt | The Credit Agreement | Base Rate

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

6.50%

Revolving Credit Facility | Long-term debt | Revolving Credit Facility 2025

Debt Instrument [Line Items]

Debt instrument, term

3 years

Line of credit facility, maximum borrowing capacity

$ 132,000,000

Debt instrument, base rate floor

1.00%

Adjusted rate of SOFR

0.0100

Line of credit facility, commitment fee percentage

0.25%

Revolving Credit Facility | Long-term debt | Revolving Credit Facility 2025 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.50%

7.50%

Revolving Credit Facility | Long-term debt | Revolving Credit Facility 2025 | Base Rate

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.50%

Letter of Credit | Long-term debt

Debt Instrument [Line Items]

Outstanding principal balance

$ 24,300,000

Letter Of Credit, One | Long-term debt | Revolving Credit Facility 2025

Debt Instrument [Line Items]

Outstanding principal balance

115,900,000

Letter Of Credit, Two | Long-term debt | Revolving Credit Facility 2025

Debt Instrument [Line Items]

Outstanding principal balance

$ 16,100,000

[1]	Prior period amounts have been reclassified to conform to the current period’s presentation.

FAIR VALUE MEASUREMENT - Schedule of Significant Unobservable Inputs (Details) - Level 3	Dec. 31, 2025	Dec. 31, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.050	0.050
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.049	0.058
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.000	0
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.150	0.150
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.331	0.341
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.400	0.400
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.150	0.150
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.170	0.195
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.142	0.094

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

All intercompany accounts and transactions have been eliminated.

Variable Interest Entities

Use of Estimates

Segment Reporting

Foreign Currency

Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents

Concentrations of Credit Risk and Significant Customers

The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant.

Fair Value Measurement

Additionally, ASC 820 established a fair value hierarchy to categorize the use of inputs into the following three levels:

Level 1—Quoted prices, unadjusted, for identical assets or liabilities in active markets.

Investments in Loans and Securities & Investments in Loans and Securities Available for Sale and Loans Held for Investment & Gains and (losses on investments in loans and securities

Investments in securities, under the fair value option

Equity Method and Other Investments

Property, Equipment and Software, Net


Computer and software						3 to 7 years
Furniture and equipment						3 to 7 years
Internal-use software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Internal-Use Software

Goodwill and Intangible Assets

Warrants

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

Revenue Recognition and Production Costs

The Company’s revenue consists of two components: revenue from fees and revenue from other income, which is comprised of interest income and investment income.

The amount of revenue from fees recognized reflects the consideration that the Company expects to receive in exchange for services provided. The Company applied the following five steps:

1. Identification of the contract with the customer:

2. Identification of the performance obligations in the contract:

3. Determination of the transaction price:

4. Allocation of the transaction price to the performance obligations in the contract:

5. Recognition of revenue when, or as, a performance obligation is satisfied:

Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised delivery of service to the customer.

Network AI Fees

Contract Fees

Total Revenue From Fees

Interest Income

Technology, Data and Product Development Costs

Leases

Share-Based Compensation

Income Taxes

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.

Basic and Diluted Net Income (Loss) per Ordinary Share

the dilutive effect of the redeemable convertible preferred shares, share options, and preferred shares warrants that are outstanding during the period.

Noncontrolling Interests

Comprehensive Income

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Notes to the consolidated financial statements. The Company prospectively adopted the provisions of this ASU. See Note 16 for additional information.

Recently Issued Accounting Pronouncements Not Yet Adopted

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized internally developed costs	$ 16,100,000	$ 24,300,000	$ 28,100,000
Internally developed software costs balances	27,800,000	36,100,000
Depreciation and amortization expense	30,100,000	28,800,000	19,100,000
Impairment of internally developed software	$ 500,000	$ 3,200,000	$ 2,500,000
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Technology, data and product development	Technology, data and product development	Technology, data and product development
Impairment losses related to property and equipment	$ 0	$ 0	$ 0
Amortization	$ 5,200,000	$ 3,500,000	$ 2,600,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

BUSINESS COMBINATIONS - Schedule of Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 22, 2024	Jan. 05, 2023
Darwin Homes, Inc.
Business Combination [Line Items]
Fair Value		$ 5,100
Darwin Homes, Inc. \| Developed technology
Business Combination [Line Items]
Estimated Useful Life		2 years
Fair Value		$ 3,700
Darwin Homes, Inc. \| Trade name
Business Combination [Line Items]
Estimated Useful Life		2 years
Fair Value		$ 1,400
Theorem Technology, Inc.
Business Combination [Line Items]
Fair Value	$ 8,300
Theorem Technology, Inc. \| Investment management agreements
Business Combination [Line Items]
Estimated Useful Life	2 years
Fair Value	$ 6,200
Theorem Technology, Inc. \| Developed technology
Business Combination [Line Items]
Estimated Useful Life	3 years
Fair Value	$ 1,800
Theorem Technology, Inc. \| Trade name
Business Combination [Line Items]
Estimated Useful Life	3 years
Fair Value	$ 300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Uncertain tax positions, beginning of the year	$ 31,170	$ 22,135
(Decrease) increase in tax positions for prior years	(25,724)	(13,001)
Increases related to current year tax positions	5,543	21,622
Revaluation	(411)	414
Uncertain tax positions, end of year	$ 10,578	$ 31,170

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Assets	$ 1,545,914	$ 1,291,072
Liabilities	960,460	775,276
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	93,404	142,584
Liabilities	$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SEGMENTS AND GEOGRAPHICAL INFORMATION - Schedule of Restructuring and Related Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segment \| segment	1
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Costs and Operating Expenses	$ 1,037,533	$ 965,408	$ 836,451
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Personnel related costs	150,319	175,631	189,965
Non-personnel related costs	138,045	192,125	137,542
Total Costs and Operating Expenses	$ 288,364	$ 367,756	$ 327,507

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Mar. 13, 2024 USD ($) shares	Sep. 30, 2025 shares	May 31, 2023 USD ($) day vote $ / shares shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)				839,999,998
Shares authorized (in shares)				6,666,666	6,666,666
Shares outstanding (in shares)				2,027,147	5,000,000	5,000,000	0
Shares of ordinary share reserved (in shares)				51,340,403	54,762,940
Proceeds from issuance of redeemable convertible preferred shares, net \| $			$ 75,000	$ 0	$ 0	$ 74,250
Issuance value of preferred shares \| $			74,250	$ 30,103	$ 74,250	$ 74,250	$ 0
Temporary equity, gross \| $			75,000
Temporary equity, issuance costs \| $			$ 750
Issuance of ordinary shares upon conversion of preferred shares (in shares)		2,972,853		(2,972,853)
Number of shares of class A ordinary shares issued upon conversion of preferred share (in shares)			1
Preferred shares, mandatory conversion term			6 years
Preferred shares, number of trading days immediately preceding date of written notice \| day			30
Preferred shares, conversion, notification period			5 years
Preferred shares conversion upon milestone achievement			10 days
Preferred shares, liquidation, percentage of issue price				3.00%
Preferred shares, liquidation, multiple of issue price				200.00%
Private Placement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	7,500,000
Consideration received on sale \| $	$ 90,000
Triggering Event, One
Class of Stock [Line Items]
Original issue price, multiple			200.00%
Multiple of Original Issue Price			3.5
VWAP Average term			2 years
Triggering event, Two
Class of Stock [Line Items]
Original issue price, multiple			200.00%
Multiple of Original Issue Price			2.5
VWAP Average term			5 years
Triggering event, Two \| Maximum
Class of Stock [Line Items]
Original issue price, multiple			200.00%
Triggering event, Two \| Minimum
Class of Stock [Line Items]
Original issue price, multiple			25.00%
Ordinary Shares (Class A and Class B)
Class of Stock [Line Items]
Ordinary shares, outstanding (in shares)				82,035,934	73,879,982	62,043,246	56,942,632
Issuance of ordinary shares upon exercise of warrants (in shares)		2,972,853		2,972,853		99,711
Ordinary share warrants
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)				2,076,008	2,372,858
Ordinary share warrants \| Ordinary Shares (Class A and Class B)
Class of Stock [Line Items]
Issuance of ordinary shares upon exercise of warrants (in shares)				1,309,157
Warrants Expiring March 2031 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)				433,942
Warrant purchase price (in dollars per share) \| $ / shares				$ 0.00006
Warrants Expiring June 2030 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)				192,900
Warrant purchase price (in dollars per share) \| $ / shares				$ 0.0006
Warrants Expiring March 2032 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)				220,000
Warrant purchase price (in dollars per share) \| $ / shares				$ 0.12
Warrants Expiring June 2027 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)				1,229,166
Warrant purchase price (in dollars per share) \| $ / shares				$ 138
Common Class A
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)				666,666,666	666,666,666
Ordinary shares, outstanding (in shares)				70,747,357	61,227,672
Ordinary shares, voting rights, votes per share \| vote			1	1
Common Class B
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)				166,666,666	166,666,666
Ordinary shares, outstanding (in shares)				11,288,577	12,652,310
Ordinary shares, voting rights, votes per share \| vote				10
Redeemable convertible preferred shares
Class of Stock [Line Items]
Shares of ordinary share reserved (in shares)			5,000,000	2,027,147	5,000,000
Sale of stock, price per share (in dollars per share) \| $ / shares			$ 15.00

LEASES - Schedule of Operating Lease Liability To Be Paid (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 10,085
2027	8,629
2028	5,924
2029	6,022
2030	6,022
Thereafter	5,521
Total	42,203
Less: imputed interest	(7,991)
Operating lease liabilities	$ 34,212	$ 37,064

LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Security deposit	$ 1.9	$ 3.3

INCOME TAXES - Schedule of Cash Income Taxes Paid (Net of Refunds) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Domestic (Israel)	$ 114
Foreign (U.S.)	2,381
Total	$ 2,495

SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

Share Options—Granted share options expire at the earlier of termination of employment or ten years from the date of grant. Share options generally vest over four years of the employment commencement date or with 25% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the next three years. Any options, which are forfeited or not exercised before expiration, become available for future grants.

The following table summarizes the Company’s share option activity during the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)




















Balance, December 31, 2024	4,042,901	$	7.5	6.7	$	7,335
Granted	2,500	9.7
Exercised	(734,988)	7.2
Forfeited	(112,700)	32.2
Balance, December 31, 2025	3,197,713	$	6.7	5.7	$	45,031
Vested and exercisable, December 31, 2025	2,647,978	$	5.0	5.1	$	41,795

The weighted-average grant date fair value of employee options granted, aggregate intrinsic value of options exercised, and fair value of share options vested for the year ended December 31, 2025 was $9.67, $9.6 million and $7.9 million, respectively.

Share-based compensation expense is based on the grant-date fair value on a straight-line basis for graded awards with only service conditions, which is generally the option vesting term of four years. The fair value of each option on the date of grant is determined using the Black Scholes-Merton (BSM) option pricing model using the single-option award approach with the assumptions set forth in the table below.

At December 31, 2025, unrecognized compensation expense related to unvested share options was approximately $5.6 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years.

Fair Value of Ordinary Shares—The fair value of each ordinary share was based on the closing price of the Company’s publicly traded ordinary shares as reported on the date of the grant.

Expected Volatility—Expected volatility of share options was calculated based on the Company’s volatility as well as the implied volatilities from market comparisons of certain publicly traded companies and other factors.

Risk-Free Interest Rate—The risk-free interest rate is determined using a U.S. Treasury zero-coupon bonds for the period that coincides with the expected term set forth.

Expected Term— The expected term of share options represents the weighted average period the share options are expected to be outstanding. For option grants that are considered to be “plain vanilla”, the Company has opted to use the simplified method for estimating the expected term as provided by the Securities and Exchange Commission. The simplified method calculates the expected term as the average time-to-vesting and the contractual life of the options.

Expected Dividend Yield—The dividend yield is based on the Company’s historical and future expectation of dividends payouts. Historically, the Company has not paid cash dividends and has no foreseeable plans to pay cash dividends in the future.

The assumptions used to estimate the fair value of share options granted for the year ended December 31, 2025 were as follows:


	2025
Expected volatility	105.4	%
Expected term (in years)	5.6
Risk free interest	4.1%
Dividend yield	0.00

Restricted Stock Units (RSUs)—RSUs generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the remaining twelve months. RSUs granted are forfeited at termination of employment. Any RSUs, which are forfeited or not exercised before expiration, become available for future grants.

The following table summarizes the Company’s RSU activity during the year ended December 31, 2025:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share












Unvested at December 31, 2024	3,009,918	$	12.0
Granted	2,662,406	13.6
Vested	(2,838,979)	11.6
Forfeited	(683,172)	11.9
Unvested at December 31, 2025	2,150,173	$	14.5

At December 31, 2025, unrecognized compensation expense related to RSUs was approximately $24.9 million, which is expected to be recognized over a remaining weighted-average period of 0.8 years.

Options to Restricted Shares

In March 2021, the Company granted 18.7 million options to purchase restricted shares (the “First Awards”) at an exercise price of approximately $18.95 per share to certain directors and employees. These First Awards will vest upon the earlier of the following vesting conditions to occur of (i) a Transaction (defined as (a) a sale of all or substantially all assets or shares of the Company; or (b) a merger, consolidation, amalgamation or like transaction; or (c) a scheme of arrangement for the purpose of effecting such sale, merger, consolidation, amalgamation or other transaction) and (ii) Public Event (defined as an IPO or a SPAC) (each, a “Qualifying Event”). The Qualifying Event, further, contains additional market-based vesting conditions driven by the total value of the Company. The First Awards do not get accelerated upon any events. Any Awards that do not vest on such date (if such date is triggered by a Qualifying Event) will remain eligible for vesting following a Qualifying Event. However, any Awards that do not vest on or before the earlier to occur of a Transaction and the expiration date (10 years from the grant date) shall be forfeited.

In December 2021, the Company granted 0.4 million options to purchase restricted shares (the “Second Awards”) at an exercise price of approximately $40.59 per share to certain directors. These Second Awards will vest upon the earlier of the following vesting conditions to occur of a Qualifying Event. The Second Awards do not get accelerated upon any events. Any Awards that do not vest on such date (if such date is triggered by a Qualifying Event) will remain eligible for vesting following a Qualifying Event. However, any Awards that do not vest on or before the earlier to occur of a Transaction and the expiration date (10 years from the grant date) shall be forfeited.

In December 2021, the Company granted 0.6 million options to purchase restricted shares (the “Third Awards”) at an exercise price of approximately $37.38 per share to certain employees. These Third Awards will vest upon the following: (i) The Valuation-Based Vesting Condition may be satisfied at any date on or after March 31, 2022 based on the Total Value of the Company on such date (which shall be determined based on an independent third party valuation or, if the Company’s shares are publicly traded, based on the average trading price of a share of the Company over a period of sixty (60) days). Any options or shares received in connection with the exercise of an option that have not satisfied the Valuation-Based Vesting Condition on or prior to the tenth anniversary of the Grant Date (or such shorter period required by applicable law or for tax efficiency purposes) (the "Expiration Date") shall expire or be forfeited without consideration, as applicable, on the Expiration Date, and (ii) The Time-Based Vesting Condition shall be satisfied over a period of four (4) years commencing as of March 31, 2022, such that

25% of the options shall vest and become exercisable on March 31, 2023, 25% shall vest and become exercisable on March 31, 2024, 25% shall vest and become exercisable on March 31, 2025 and the remaining 25% shall vest and become exercisable on March 31, 2026 (rounded to the nearest number at each vesting date).

The following table summarized the Company’s options to restricted shares activity during the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
















Balance, December 31, 2024	19,948,408	$	19.4	6.2	$	—
Granted	—
Exercised	(34,179)	15.3
Forfeited	(29,244)	32.0
Balance, December 31, 2025	19,884,985	$	19.3	5.2	$	30,967
Vested and exercisable, December 31, 2025	16,539,026	$	19.3	5.2	$	26,643

At December 31, 2025, unrecognized compensation expense related to options to restricted shares was approximately $5.8 million, which is expected to be recognized over a remaining weighted-average period of 1.0 years.

Employee Stock Purchase Plan—The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. During the year ended December 31, 2025, 99,243 shares were issued under the ESPP. As of December 31, 2025, 733,470 shares of Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.6 million for the year ended December 31, 2025.

Share-Based Compensation Expense

The following table presents the components and classification of share-based compensation for the year ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Technology, data and product development	$	4,965	$	8,695	$	12,375
Selling and marketing	21,142		14,666		13,216
General and administrative	28,011		38,136		45,464
Total	$	54,118	$	61,497	$	71,055