0001883085-26-000031 | 10-Q | XBRL Viewer

[1]	Includes related party revenues of $158.9 million and $167.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 11 for additional information regarding transactions with related parties.

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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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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income Including Noncontrolling Interests	$ 24,161	$ 2,492
Other Comprehensive Income (Loss):
Unrealized non-credit related adjustments to investment securities	17,211	(15,784)
Comprehensive Income (Loss) Including Noncontrolling Interests	41,372	(13,292)
Less: Comprehensive income (loss) attributable to noncontrolling interests	635	(5,303)
Comprehensive Income (Loss) Attributable to Pagaya Technologies Ltd.	$ 40,737	$ (7,989)

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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.

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026	$	86,861	$	—	$	86,861
As of December 31, 2025	$	93,404	$	—	$	93,404

(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 March 31, 2026	$	839,826	$	839,826	$	12,987,515
As of December 31, 2025	$	847,290	$	847,290	$	13,070,284

- 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

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
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 matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the unaudited condensed consolidated balance sheets and these matters are immaterial. Contractual Obligations and Commitments — From time to time, the Company enters into a purchase commitment with our third-party cloud computing web services providers. As of March 31, 2026, the total remaining contractual obligations from this purchase commitment are approximately $9.2 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. 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, loans purchased have a contractual performance requirement which is measured periodically over the life of the underlying loans. If the loan’s 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 March 31, 2026, 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 March 31, 2026, the unfunded maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $135.4 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 March 31, 2026, $55.5 million has been segregated and recognized within restricted cash and cash equivalents, of which $17.5 million has been accrued within accrued expenses and other liabilities in the unaudited condensed consolidated balance sheets in accordance with these contractual requirements.

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash flows from operating activities

Net income including noncontrolling interests

$ 24,161

$ 2,492

Adjustments to reconcile net income to net cash used in operating activities:

Equity method and other investments (income) loss

(1,287)

391

Depreciation and amortization

3,862

7,722

Share-based compensation

7,196

13,172

Fair value adjustment to warrant liability

(4,162)

1,099

(Gains) and losses on investments in loans and securities

^[1]

37,995

31,186

Amortization of deferred costs

5,190

2,396

Gains from extinguishment of debt

(767)

Write-off of capitalized software and other assets

1,866

Losses on foreign exchange

176

Change in operating assets and liabilities:

Fee receivables

(17,448)

(8,844)

Accrued interest on investments

(9,263)

(6,088)

Right-of-use assets

1,613

1,505

Other assets

1,646

1,652

Accounts payable

598

3,016

Accrued expenses and other liabilities

(11,263)

(11,615)

Operating lease liability

(1,822)

(1,415)

Income taxes

4,893

(2,274)

Net cash provided by operating activities

43,184

34,427

Cash flows from investing activities

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

196,329

58,674

Cash and restricted cash acquired from Theorem Technology, Inc.

159

Purchases of investments in loans and securities

(209,069)

(81,943)

Purchases of property, equipment and software

(3,176)

(3,776)

Net cash used in investing activities

(15,916)

(26,886)

Cash flows from financing activities

Proceeds from secured borrowing

49,316

49,162

Proceeds from revolving credit facility

114,700

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

802

2,859

Distributions made to noncontrolling interests

(6,126)

(4,442)

Payments made to secured borrowing

(87,994)

(46,919)

Payments made to long-term debt

(6,463)

(4,439)

Net cash provided by (used in) financing activities

64,235

(3,779)

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

179

(646)

Net increase in cash and cash equivalents, and restricted cash and cash equivalents

91,682

3,116

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

288,349

226,518

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

380,031

229,634

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

Cash and cash equivalents

317,813

186,797

Restricted cash and cash equivalents

62,218

42,837

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

$ 380,031

$ 229,634

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

EARNINGS PER SHARE - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$ 24,694	$ 7,893
Less: Undistributed earnings allocated to preferred shares	591	489
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$ 24,103	$ 7,404
Denominator:
Weighted average shares used for earnings per ordinary share, basic (in shares)	82,717,374	75,765,080
Earnings per share attributable to ordinary shareholders, basic (in dollars per share)	$ 0.29	$ 0.10
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$ 24,103	$ 7,404
Interest expense (add back) from exchangeable notes	2,728	0
Net income for diluted EPS	$ 26,831	$ 7,404
Denominator:
Shares used in computation of basic earnings per share (in shares)	82,717,374	75,765,080
Assumed conversion of shares from exchangeable notes (in shares)	11,434,704	0
Ordinary share warrants (in shares)	785,476	784,762
Weighted average shares used for earnings per ordinary share, diluted (in shares)	96,745,000	77,043,464
Earnings per share attributable to ordinary shareholders, diluted (in dollars per share)	$ 0.28	$ 0.10
Share options
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	1,380,432	0
RSUs
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	427,014	473,300
Employee stock purchase plan
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	0	20,322

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed 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. The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but do not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K. All intercompany accounts and transactions have been eliminated. The Company’s functional and reporting currency is the U.S. Dollar. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements, except as noted below, and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2026 and the Company’s consolidated results of operations, shareholders’ equity and cash flows for the three months ended March 31, 2026 and 2025. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other future interim or annual period. Significant Accounting Estimates During the first quarter of 2026, the Company completed an assessment of the useful lives of its software capitalization and adjusted the estimated useful life, from an average of two years to an average of three years, effective on January 1, 2026. Refer to the Company’s accounting policies from those disclosed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 2, 2026. Recent 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 income 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 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 does not expect the adoption of these amendments to have a significant impact on its consolidated financial statements or related 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 does not expect the adoption of these amendments to have a significant impact on its consolidated financial statements or related disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduced two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The guidance is effective for the Company beginning December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact 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 does not expect the adoption of these amendments to have a significant impact on its consolidated financial statements or related disclosures.

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Disaggregation of Revenue [Line Items]

Total revenue from fees

^[1]

$ 298,991

$ 282,704

Services transferred at a point in time

Disaggregation of Revenue [Line Items]

Total revenue from fees

270,030

263,118

Services transferred over time

Disaggregation of Revenue [Line Items]

Total revenue from fees

$ 28,961

$ 19,586

[1]	Includes related party revenues of $158.9 million and $167.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 11 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.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total Pagaya Technologies Ltd. Shareholders’ Equity	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2024	5,000,000
Beginning balance at Dec. 31, 2024	$ 74,250
Ending balance (in shares) at Mar. 31, 2025	5,000,000
Ending balance at Mar. 31, 2025	$ 74,250
Beginning balance (in shares) at Dec. 31, 2024			73,879,982
Beginning balance at Dec. 31, 2024	441,546	$ 326,491		$ 1,282,022	$ (11,488)	$ (944,043)	$ 115,055
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)			381,271
Issuance of ordinary shares upon exercise of share options	2,267	2,267		2,267
Issuance of ordinary shares upon vesting of RSUs (in shares)			1,113,823
Issuance of ordinary shares upon purchase of shares under employee stock purchase plan (in shares)			55,876
Issuance of ordinary shares upon purchase of shares under employee stock purchase plan	592	592		592
Share-based compensation	14,129	14,129		14,129
Return of capital to interests in consolidated VIEs	(4,439)						(4,439)
Other comprehensive income (loss)	(15,784)	(15,882)			(15,882)		98
Net income (loss)	2,492	7,893				7,893	(5,401)
Ending balance (in shares) at Mar. 31, 2025			75,430,952
Ending balance at Mar. 31, 2025	$ 440,803	335,490		1,299,010	(27,370)	(936,150)	105,313
Beginning balance (in shares) at Dec. 31, 2025	2,027,147
Beginning balance at Dec. 31, 2025	$ 30,103
Ending balance (in shares) at Mar. 31, 2026	2,027,147
Ending balance at Mar. 31, 2026	$ 30,103
Beginning balance (in shares) at Dec. 31, 2025			82,035,934
Beginning balance at Dec. 31, 2025	$ 555,351	480,017		1,390,990	(48,319)	(862,654)	75,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)	17,546		17,546
Issuance of ordinary shares upon exercise of share options	$ 117	117		117
Issuance of ordinary shares upon vesting of RSUs (in shares)			655,150
Issuance of ordinary shares upon purchase of shares under employee stock purchase plan (in shares)			66,814
Issuance of ordinary shares upon purchase of shares under employee stock purchase plan	685	685		685
Share-based compensation	7,753	7,753		7,753
Return of capital to interests in consolidated VIEs	(6,126)						(6,126)
Other comprehensive income (loss)	17,211	16,043			16,043		1,168
Net income (loss)	24,161	24,694				24,694	(533)
Ending balance (in shares) at Mar. 31, 2026			82,775,444
Ending balance at Mar. 31, 2026	$ 599,152	$ 529,309		$ 1,399,545	$ (32,276)	$ (837,960)	$ 69,843

SHARE BASED COMPENSATION - Stock Option Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 0.2
Fair value of vested options	0.7
Unrecognized compensation expense related to unvested share options	$ 4.1
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

TRANSACTIONS WITH RELATED PARTIES	3 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Mar. 31, 2026
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). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties. As of March 31, 2026, the fee receivables from related parties are $108.9 million, which consist of $90.7 million from securitization vehicles and $18.2 million from other Financing Vehicles. As of December 31, 2025, the fee receivables from related parties are $106.9 million, which consists of $85.9 million from securitization vehicles and $21.0 million from other Financing Vehicles. As of March 31, 2026 and December 31, 2025, other assets include revolving facilities and other amounts due from related parties of $41.1 million and $42.6 million, respectively, all of which were attributable to Financing Vehicles. For the three months ended March 31, 2026, the total revenue from related parties is $158.9 million, which consists of $154.5 million from securitization vehicles and $4.3 million from other Financing Vehicles. For the three months ended March 31, 2025, the total revenue from related parties is $167.9 million, which consists of $159.1 million from securitization vehicles and $8.8 million from other Financing Vehicles. During the three months ended March 31, 2026, the Company purchased approximately $8.3 million of loan principal from the Financing Vehicles. During the three months ended March 31, 2025, the Company purchased approximately $3.8 million of loan principal from the Financing Vehicles and included a loss of approximately $3.5 million in general and administrative expenses with respect to these loans.

- 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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

BORROWINGS - Narrative (Details) - USD ($)					1 Months Ended					3 Months Ended		12 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Oct. 01, 2025	Sep. 30, 2025	Jul. 28, 2025	Oct. 01, 2024	May 07, 2026	Apr. 30, 2026	Feb. 28, 2026	Jun. 30, 2025	Apr. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Average remaining contractual maturities of the repurchase agreements										90 days		90 days
Gains from extinguishment of debt										$ 767,000	$ 0
Master Agreements
Debt Instrument [Line Items]
Outstanding principal balance										$ 76,200,000		$ 107,300,000
Weighted average interest rate on long-term debt outstanding										6.00%		10.00%
Loan and Security Agreement
Debt Instrument [Line Items]
Outstanding principal balance										$ 80,100,000		$ 86,600,000
Senior Notes Due 2030
Debt Instrument [Line Items]
Outstanding principal balance										474,988,000		481,598,000
Exchangeable notes
Debt Instrument [Line Items]
Outstanding principal balance										149,416,000		148,782,000
Exchangeable notes \| Exchangeable Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount				$ 160,000,000
Stated interest rate				6.125%
Debt instrument, convertible, threshold (as a percent)				130.00%
Debt issuance costs				$ 6,200,000
Original issue discount										8,000,000.0
Interest expense, debt										3,100,000	3,000,000.0
Debt issuance costs										$ 600,000	600,000
Debt instrument, interest rate, effective percentage										8.70%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000,000
Stated interest rate			8.875%
Redemption price, percentage (as a percent)			100.00%
Senior Notes \| Senior Notes Due 2030
Debt Instrument [Line Items]
Outstanding principal balance							$ 485,700,000
Interest expense, debt										$ 11,200,000
Debt issuance costs										600,000
Redemption price, percentage (as a percent)							87.30%
Repurchased amount							$ 7,400,000
Repaid of secured borrowings							6,500,000
Gains from extinguishment of debt							$ 800,000
Senior Notes \| Subsequent Event \| Senior Notes Due 2030
Debt Instrument [Line Items]
Outstanding principal balance						$ 481,900,000
Redemption price, percentage (as a percent)						78.50%
Repurchased amount					$ 3,800,000
Repaid of secured borrowings						$ 3,000,000.0
Gains from extinguishment of debt						$ 700,000
Secured borrowing \| Long-term debt
Debt Instrument [Line Items]
Interest expense related to borrowings										3,400,000	$ 5,900,000
Secured borrowing \| Long-term debt \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured borrowings					65,000,000.0
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 \| Revolving Credit Facility 2025
Debt Instrument [Line Items]
Outstanding principal balance										114,700,000		0
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%
Line of credit facility, remaining borrowing capacity										0		115,900,000
Letters of credit issued										$ 17,300,000		$ 16,100,000
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%
Revolving credit facility \| Long-term debt \| Subsequent Event \| Revolving Credit Facility 2025
Debt Instrument [Line Items]
Repaid of secured borrowings					$ 114,700,000

BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

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


	March 31, 2026		December 31, 2025
Revolving credit facility	$	114,700	$	—
Secured borrowing	$	156,275	$	193,892
Exchangeable notes	$	149,416	$	148,782
Long-term debt	$	474,988	$	481,598

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


	March 31, 2026			December 31, 2025
	Outstanding Balance		Interest Rate (1)	Outstanding Balance		Interest Rate (1)
Risk Retention Master Repurchase - Recourse	$	13,865		$	53,722
Risk Retention Master Repurchase - Non-Recourse	62,296			53,584
Receivables Facility - Recourse	15,488			22,427
Receivables Facility - Non-Recourse	64,626			64,159
Total principal balance under secured borrowings	$	156,275	6%	$	193,892	8%

(1) The interest rate is weighted based on the outstanding principal balance and interest rates in effect as of March 31, 2026 and December 31, 2025.

The following table details the Company’s 2030 Notes as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Principal amount	$	485,685	$	493,085
Less: Unamortized issuance costs	(10,697)		(11,487)
Carrying amount	$	474,988	$	481,598

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Revolving Credit Facility Repayment During the second quarter of 2026, the Company repaid in full the $114.7 million outstanding balance under its revolving credit facility. There were no penalties associated with the extinguishment of the revolving credit facility balance. Proceeds from Secured Borrowings During the second quarter of 2026, the Company received $65.0 million in proceeds from secured borrowings under its existing repurchase agreements. 2030 Notes Repurchase During the second quarter of 2026, the Company repurchased $3.8 million of the outstanding 2030 Notes at a price equal to 78.5% of the principal amount. The Company paid total consideration of $3.0 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 cost. Following the repurchase, the remaining aggregate principal amount of the 2030 Notes outstanding was $481.9 million.

INCOME TAXES

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

Corporate Income Tax

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

Income from a PTE is generally subject to 12% tax rate, unless a tax payer is subject to Pillar Two taxation as noted below. Following Israel’s adoption of the OECD Pillar Two framework and the introduction of a Qualified Domestic Minimum Top-Up Tax (QDMTT) in late 2025, the Company became subject to a minimum corporate tax rate of 15%, partially offset by a refundable R&D tax credit beginning in the first quarter of 2026.

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.

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.

Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence.

The Company’s income tax expense (benefit) (in thousands) and effective tax rates for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026			2025
Income (loss) before income taxes	$	27,310		$	(48)
Income tax expense (benefit)	3,149			(2,540)
Effective tax rate	12		%	NM

NM: Not Meaningful

The Company’s tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions. The difference between the effective tax rate and statutory tax rate in Israel mainly related to a change in valuation allowances, tax expenses in the United States, and a change in uncertain tax positions. The change in the effective tax rate from the first quarter of 2025 to the first quarter of 2026 was primarily attributable to changes in uncertain tax positions, including a decrease during the three months ended March 31, 2025, compared to an increase during the three months ended March 31, 2026.

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.

The Company provides a full valuation allowance to offset certain deferred tax assets due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets.

Tax Assessments

The Company files income tax returns in various jurisdictions with varying statutes of limitation. As of March 31, 2026, the Company has received final tax assessments in Israel through 2020. As of March 31, 2026, 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.

Legislative Updates

On March 31, 2026, the Law for the Encouragement and Incentivization of Research and Development (the “R&D Law”) was enacted. The R&D Law introduces a refundable tax credit regime for qualifying research and development expenditures incurred in Israel beginning in the 2026 tax year. Eligible companies may apply the credits against Israeli income taxes or Israeli qualified domestic minimum top‑up tax (QDMTT), or alternatively receive a government grant. Refundable tax credits under the R&D Law are not within the scope of ASC 740 and are accounted for using a government‑grant accounting model. The impact of the R&D Law was immaterial to the Company’s interim consolidated financial statements for the three months ended March 31, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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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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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

INVESTMENTS - Schedule of Investments in Loans and Securities under Fair Market Adjustments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	$ 941,367	$ 945,269
Investments in securities, available for sale
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	861,262	867,378
Securitization notes
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	445,554	395,717
Securitization certificates, available for sale
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	415,708	471,661
Investments in loans and securities, under the fair value option
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	80,105	77,891
Securitization notes
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	12,392	12,473
Securitization certificates
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	53,032	60,840
Loans
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	14,681	4,578
Regulatory Risk Retention
Debt Securities, Available-for-Sale [Line Items]
Total investments in loans and securities	$ 489,200	$ 504,300

BUSINESS DESCRIPTION	3 Months Ended
BUSINESS DESCRIPTION	Mar. 31, 2026
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. Service 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 and auto finance 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 the United States and Israel.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gal Krubiner [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended March 31, 2026, one officer or director entered into a 10b5-1 trading arrangement. Gal Krubiner, a director and the Company’s Chief Executive Officer, entered into a new 10b5-1 Plan on March 25, 2026, with an end date of July 25, 2026, to sell a maximum aggregate of 350,000 shares. Mr. Krubiner’s prior 10b5-1 Plan, adopted on December 19, 2025, was terminated on February 23, 2026 without any sales occurring.
Gal Krubiner March 2026 Plan [Member] \| Gal Krubiner [Member]
Trading Arrangements, by Individual
Name	Gal Krubiner
Title	director and the Company’s Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 25, 2026
Expiration Date	July 25, 2026
Arrangement Duration	122 days
Aggregate Available	350,000
Gal Krubiner December 2025 Plan [Member] \| Gal Krubiner [Member]
Trading Arrangements, by Individual
Name	Mr. Krubiner
Title	director and the Company’s Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	February 23, 2026

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Fees receivables

^[1]

$ 170,688

$ 153,250

Other assets

^[1]

52,240

54,165

Revenue from fees

^[2]

298,991

$ 282,704

Variable Interest Entity, Not Primary Beneficiary

Loan principal purchased

8,300

3,800

Financing receivable, credit loss, expense

3,500

Fees receivables

108,900

106,900

Other assets

41,100

42,600

Revenue from fees

158,900

167,900

Related Party | Securitization Vehicles

Fees receivables

90,700

85,900

Revenue from fees

154,500

159,100

Fees receivables

18,200

$ 21,000

Revenue from fees

$ 4,300

$ 8,800

[1]	Includes related party fee receivables of $108.9 million and $106.9 million and related party other assets of $41.1 million and $42.6 million, as of March 31, 2026 and December 31, 2025, respectively. See Note 11 for additional information regarding transactions with related parties.
[2]	Includes related party revenues of $158.9 million and $167.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 11 for additional information regarding transactions with related parties.

INVESTMENTS - Schedule of Continuous Unrealized Loss Position (Details) - Securitization notes - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value
Less than or equal to 1 year	$ 3,075	$ 36,797
Greater than 1 year	5,857	5,504
Total	8,932	42,301
Unrealized Losses
Less than or equal to 1 year	(20)	(442)
Greater than 1 year	(23)	(27)
Total	$ (43)	$ (469)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue

Revenue from fees

^[1]

$ 298,991

$ 282,704

Other Income

Interest income

17,666

7,676

Investment income (loss), net

1,287

(391)

Total Revenue and Other Income

317,944

289,989

Production costs

177,561

167,083

Technology, data and product development

15,940

19,444

Sales and marketing

11,132

9,594

General and administrative

33,306

46,183

Total Costs and Operating Expenses

237,939

242,304

Operating Income

80,005

47,685

Gains and (losses) on investments in loans and securities

^[2]

(37,996)

(29,024)

Other expenses, net

^[2]

(15,466)

(18,709)

Gains from extinguishment of debt

767

Income (Loss) Before Income Taxes

27,310

(48)

Income tax expense (benefit)

3,149

(2,540)

Net Income Including Noncontrolling Interests

24,161

2,492

Less: Net loss attributable to noncontrolling interests

(533)

(5,401)

Net Income Attributable to Pagaya Technologies Ltd.

$ 24,694

$ 7,893

Earnings per share attributable to Pagaya Technologies Ltd.’s ordinary shareholders (Note 12):

Basic (in dollars per share)

$ 0.29

$ 0.10

Diluted (in dollars per share)

$ 0.28

$ 0.10

Weighted average shares outstanding:

Basic (in shares)

82,717,374

75,765,080

Diluted (in shares)

96,745,000

77,043,464

[1]	Includes related party revenues of $158.9 million and $167.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 11 for additional information regarding transactions with related parties.
[2]	Prior period amounts have been reclassified to conform to the current period’s presentation.

SHARE BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Options
Outstanding at beginning of period (in shares)	3,197,713
Granted (in shares)	0
Exercised (in shares)	(17,546)
Forfeited (in shares)	(10,540)
Outstanding at ending of period (in shares)	3,169,627	3,197,713
Options vested and exercisable (in shares)	2,639,260
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 6.7
Granted (in dollars per share)	0
Exercised (in dollars per share)
Forfeited (in dollars per share)
Outstanding, ending balance (in dollars per share)	6.7	$ 6.7
Options vested and exercisable (dollars per share)	$ 5.0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding	5 years 6 months	5 years 8 months 12 days
Aggregate Intrinsic Value Balance	$ 15,602	$ 45,031
Weighted Average Remaining Contractual Term, Options vested and exercisable	4 years 9 months 18 days
Aggregate Intrinsic Value, Options vested and exercisable	$ 17,316
Options to Restricted Shares
Number of Options
Outstanding at beginning of period (in shares)	19,884,985
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(586)
Outstanding at ending of period (in shares)	19,884,399	19,884,985
Options vested and exercisable (in shares)	16,579,082
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 19.3
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	18.9
Outstanding, ending balance (in dollars per share)	19.3	$ 19.3
Options vested and exercisable (dollars per share)	$ 19.3
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding	5 years	5 years 2 months 12 days
Aggregate Intrinsic Value Balance	$ 0	$ 30,967
Weighted Average Remaining Contractual Term, Options vested and exercisable	5 years
Aggregate Intrinsic Value, Options vested and exercisable	$ 0

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	March 31, 2026

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	79,514	$	378,432	$	457,946
Investments in loans and securities (Certificates)	—		—		468,740		468,740
Investments in loans and securities (Loans)	—		—		14,681		14,681
Liabilities:
Warrant liability	$	561	$	—	$	—	$	561
Other liabilities (1)	—		—		17,647		17,647


	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

(1) Included in “Accrued expenses and other liabilities” in the unaudited condensed consolidated balance sheets. See Note 9 for additional information.

Schedule of Warrant Liability Activity

The following tables summarize the Warrant liability activity for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026
Balance as of December 31, 2025	$	4,723
Change in fair value	(4,162)
Balance as of March 31, 2026	$	561


	Three Months Ended March 31, 2025
Balance as of December 31, 2024	$	893
Change in fair value	1,099
Balance as of March 31, 2025	$	1,992

Schedule of Level 3 Roll Forward

The following table presents activities of investments in loans and securities for which we elected the fair value option (in thousands):


	Three Months Ended March 31,
Investments in loans and securities under the fair value option	2026		2025
Balance, beginning of period	$	77,891	$	—
Purchases	8,281		—
Principal and interest payments	(22,170)		—
Gain on sale of investments in loans and securities	10,369		—
Accrued interest	2,598		—
Non-cash transactions	(1,649)		—
Change in fair value	4,785		—
Balance, end of period	$	80,105	$	—

The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale (Level 3 only) for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance, beginning of period	$	877,554	$	663,189

Additions	158,123		66,719
Cash received	(151,985)		(47,310)
Gain on sale of Investments in loans and securities	65,913		5,894
Loss on sale of Investments in loans and securities	(85,703)		—
Change in accrued interest on investments	17,647		3,278
Non-cash transactions	(1,649)		—
Change in fair value and other adjustments (OCI)	23,044		(15,946)
Credit-related impairment loss, net of recoveries	(41,091)		(34,207)
Balance, end of period	$	861,853	$	641,617

Schedule of Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the securities as of March 31, 2026 and December 31, 2025:


	March 31, 2026						December 31, 2025
Unobservable Input	Minimum		Maximum		Weighted Average		Minimum		Maximum		Weighted Average
Discount rate	5.0	%	15.6	%	15.1	%	5.0	%	15.0	%	15.0	%
Loss rate	5.5	%	35.2	%	16.3	%	4.9	%	33.1	%	17.0	%
Prepayment rate	0.0	%	46.0	%	13.4	%	0.0	%	40.0	%	14.2	%

Schedule of Financial Assets and Liabilities Not Recorded at Fair Value

The below tables contain information about assets that are not measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	380,031	$	380,031	$	—	$	—	$	380,031
Fee receivables	170,688		—		82,053		88,635		170,688
Liabilities:
Revolving credit facility	$	114,700	$	—	$	—	$	114,700	$	114,700
Secured borrowing	156,275		—		—		154,620		154,620
Exchangeable notes	149,416		—		181,554		—		181,554
Long-term debt	474,988		—		349,382		—		349,382


	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
Fee receivables	153,250		—		69,864		83,386		153,250
Liabilities:
Secured borrowing	$	193,892	$	—	$	—	$	191,983	$	191,983
Exchangeable notes	148,782		—		292,445		—		292,445
Long-term debt	481,598		—		430,616		—		430,616

- 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

INVESTMENTS - Schedule of Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments in securities, available for sale:
Proceeds from sales/maturities/prepayments	$ 183,765	$ 57,879
Gross investment gains from sales/maturities/prepayments	(77,936)	(5,894)
Gross investment losses from sales/maturities/prepayments	85,703	0
Write-offs charged against the allowance	0	436
Reductions to allowance for credit losses	$ 49,737	$ 43,432

SHARE BASED COMPENSATION - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 7,196	$ 13,172
Technology, data and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,194	1,097
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,531	4,780
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 4,471	$ 7,295

- 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 718
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+ Details

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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
	March 31, 2026		December 31, 2025
Investments in securities, available for sale
Securitization notes, available for sale	$	445,554	$	395,717
Securitization certificates, available for sale	415,708		471,661
Total	861,262		867,378
Investments in loans and securities, under the fair value option
Securitization notes	12,392		12,473
Securitization certificates	53,032		60,840
Loans	14,681		4,578
Total	80,105		77,891


Total investments in loans and securities (1)	$	941,367	$	945,269

(1) $489.2 million and $504.3 million were held by the Company for regulatory risk retention purposes as of March 31, 2026 and December 31, 2025, respectively.

The amortized cost, gross unrealized gains and losses, and fair value of AFS securities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	As of March 31, 2026
Investments in securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)		Allowance for Credit Losses		Fair Value

Securitization notes	$	443,646	$	1,952	$	(44)	$	—	$	445,554
Securitization certificates	747,624		14,371		(10,146)		(336,141)		415,708
Total	$	1,191,270	$	16,323	$	(10,190)	$	(336,141)	$	861,262


	As of December 31, 2025
Investments in securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)		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) The difference between accumulated other comprehensive income (AOCI) and gross unrealized losses represents capitalized transaction costs which have been reclassified to AOCI and are amortized to interest income over the average life of the investments.

(2) Includes accrued interest receivable of $32.0 million and $25.8 million as of March 31, 2026 and December 31, 2025, respectively.

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


	As of March 31, 2026
	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	$	17,789	$	18,084	$	425,857	$	427,470	$	443,646	$	445,554
Securitization certificates	42,960		2,075		704,664		413,633		747,624		415,708
Total	$	60,749	$	20,159	$	1,130,521	$	841,103	$	1,191,270	$	861,262


	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

(1) Based on expected maturity date cash flows.

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

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 March 31, 2026
	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	$	3,075	$	(20)	$	5,857	$	(23)	$	8,932	$	(43)


	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)

Schedule of Realized Gain (Loss)

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):


	Three Months Ended March 31,
	2026		2025
Investments in securities, available for sale:
Proceeds from sales/maturities/prepayments	$	183,765	$	57,879
Gross investment gains from sales/maturities/prepayments	$	(77,936)	$	(5,894)
Gross investment losses from sales/maturities/prepayments	$	85,703	$	—
Write-offs charged against the allowance	$	—	$	436
Reductions to allowance for credit losses	$	49,737	$	43,432

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

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


	Three Months Ended March 31,
Investments in securitization certificates, available for sale:	2026		2025
Balance, beginning of period	$	(385,878)	$	(508,741)
Additions to allowance for credit losses not previously recorded	(702)		(23,558)

Reductions from sales/maturities/prepayments	94,118		78,355

Additions on securities with previous allowance, net of reductions	(43,679)		(8,492)


Balance, end of period	$	(336,141)	$	(462,436)

Schedule of Investments in Loans and Securities

The following table presents activities of investments in loans and securities for which we elected the fair value option (in thousands):


	Three Months Ended March 31,
Investments in loans and securities under the fair value option	2026		2025
Balance, beginning of period	$	77,891	$	—
Purchases	8,281		—
Principal and interest payments	(22,170)		—
Gain on sale of investments in loans and securities	10,369		—
Accrued interest	2,598		—
Non-cash transactions	(1,649)		—
Change in fair value	4,785		—
Balance, end of period	$	80,105	$	—


	Three Months Ended March 31,
	2026		2025
Balance, beginning of period	$	877,554	$	663,189

Additions	158,123		66,719
Cash received	(151,985)		(47,310)
Gain on sale of Investments in loans and securities	65,913		5,894
Loss on sale of Investments in loans and securities	(85,703)		—
Change in accrued interest on investments	17,647		3,278
Non-cash transactions	(1,649)		—
Change in fair value and other adjustments (OCI)	23,044		(15,946)
Credit-related impairment loss, net of recoveries	(41,091)		(34,207)
Balance, end of period	$	861,853	$	641,617

Schedule of Equity Method Investments

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):


	Carrying Value
	March 31, 2026		December 31, 2025
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	8,107	$	8,324
Other (2)	6,698		5,194
Total	$	14,805	$	13,518

(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 income (loss), net in the unaudited condensed consolidated statements of income.

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

- Definition

+ References + Details

SUBSEQUENT EVENTS (Details) - USD ($)		1 Months Ended			3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 28, 2025	May 07, 2026	Apr. 30, 2026	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Subsequent Event [Line Items]
Gains from extinguishment of debt					$ 767,000	$ 0
Senior Notes Due 2030
Subsequent Event [Line Items]
Outstanding Balance					474,988,000		$ 481,598,000
Long-term debt \| Revolving credit facility \| Revolving Credit Facility 2025
Subsequent Event [Line Items]
Outstanding Balance					$ 114,700,000		$ 0
Senior Notes
Subsequent Event [Line Items]
Redemption price, percentage (as a percent)	100.00%
Senior Notes \| Senior Notes Due 2030
Subsequent Event [Line Items]
Repaid of secured borrowings				$ 6,500,000
Repurchased amount				$ 7,400,000
Redemption price, percentage (as a percent)				87.30%
Gains from extinguishment of debt				$ 800,000
Outstanding Balance				$ 485,700,000
Subsequent Event \| Long-term debt \| Secured borrowing
Subsequent Event [Line Items]
Proceeds from secured borrowings		$ 65,000,000.0
Subsequent Event \| Long-term debt \| Revolving credit facility \| Revolving Credit Facility 2025
Subsequent Event [Line Items]
Repaid of secured borrowings		114,700,000
Subsequent Event \| Senior Notes \| Senior Notes Due 2030
Subsequent Event [Line Items]
Repaid of secured borrowings			$ 3,000,000.0
Repurchased amount		$ 3,800,000
Redemption price, percentage (as a percent)			78.50%
Gains from extinguishment of debt			$ 700,000
Outstanding Balance			$ 481,900,000

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following tables set forth the calculation of basic and diluted earnings per share attributable to ordinary shareholders for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	24,694	$	7,893
Less: Undistributed earnings allocated to preferred shares	591		489
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	24,103	$	7,404
Denominator:
Weighted average shares used for earnings per ordinary share, basic	82,717,374		75,765,080
Earnings per share attributable to ordinary shareholders, basic	$	0.29	$	0.10

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	24,103	$	7,404
Interest expense (add back) from exchangeable notes (1)	2,728		—
Net income for diluted EPS	$	26,831	$	7,404
Denominator:
Shares used in computation of basic earnings per share	82,717,374		75,765,080
Assumed conversion of shares from exchangeable notes (1)	11,434,704		—
Ordinary share warrants	785,476		784,762
Share options	1,380,432		—
RSUs	427,014		473,300
Employee stock purchase plan	—		20,322
Weighted average shares used for earnings per ordinary share, diluted	96,745,000		77,043,464
Earnings per share attributable to ordinary shareholders, diluted	$	0.28	$	0.10

(1) The effect of interest expense and assumed conversion from exchangeable notes on the Company diluted EPS calculation for three months ended March 31, 2025 would have been anti-dilutive and has been removed from the calculation.

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.

The following potentially dilutive outstanding securities as of March 31, 2026 and 2025 were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive for the periods:


	March 31,
	2026	2025
Share options	—	3,427,161
Options to restricted shares	19,884,777	19,923,756
RSUs	373,605	271,876
Ordinary share warrants	1,229,166	1,229,166

Exchangeable notes	—	11,434,704
Total	21,487,548	36,286,663

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed 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. The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but do not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated.
Recent 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 income 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 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 does not expect the adoption of these amendments to have a significant impact on its consolidated financial statements or related 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 does not expect the adoption of these amendments to have a significant impact on its consolidated financial statements or related disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduced two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The guidance is effective for the Company beginning December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact 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 does not expect the adoption of these amendments to have a significant impact on its consolidated financial statements or related disclosures.
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 $266.9 million and $251.5 million for the three months ended March 31, 2026 and 2025, 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 unaudited condensed consolidated statements of income as Production Costs. Contract Fees Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $32.1 million and $31.2 million for the three months ended March 31, 2026 and 2025, 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. The Company recognizes these fees only to the extent that it is probable that a significant reversal of cumulative revenue will not occur. The Company initially estimates these fees based on a variety of factors including market conditions and expected loan performance. In the subsequent periods, the Company measures actual performance and adjusts our recognized revenue accordingly. Because of these adjustments, the Company may recognize additional revenue or reverse previously recognized revenue related to performance obligations satisfied in prior years. During the three months ended March 31, 2026 and 2025, the Company recognized $0.1 million and $0.6 million, respectively, in performance fee revenue related to performance obligations satisfied in prior years. 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 payment is received monthly from the Financing Vehicles. These duties have been considered to be agent responsibilities and do 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 to 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 unaudited condensed consolidated balance sheets in fee receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

REVENUE - Concentrations of Credit Risk and Significant Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
One Largest Customers, Including One Related Party
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%
Two Largest Customers, Including Two Related Parties
Concentration Risk [Line Items]
Concentration risk, percentage		35.00%

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

- 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

FAIR VALUE MEASUREMENT - Schedule of Significant Unobservable Inputs (Details) - Level 3 - Valuation Technique, Discounted Cash Flow	Mar. 31, 2026	Dec. 31, 2025
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	0.055	0.049
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.000	0.000
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.156	0.150
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.352	0.331
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.460	0.400
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.151	0.150
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.163	0.170
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.134	0.142

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining contractual obligations	$ 9.2
Remaining contractual obligations remaining for the next 12 months	6.3
Maximum potential amount of undiscounted future payments	135.4
Segregated restricted cash	55.5
Guarantor obligations, current carrying value	$ 17.5

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	21,487,548	36,286,663
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	0	3,427,161
Options to restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	19,884,777	19,923,756
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	373,605	271,876
Ordinary share warrants \| Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	1,229,166	1,229,166
Exchangeable notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	0	11,434,704

BORROWINGS

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

BORROWINGS

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


	March 31, 2026		December 31, 2025
Revolving credit facility	$	114,700	$	—
Secured borrowing	$	156,275	$	193,892
Exchangeable notes	$	149,416	$	148,782
Long-term debt	$	474,988	$	481,598

The Company was in compliance with all covenants as of March 31, 2026 and December 31, 2025.

Secured Borrowing

Secured borrowings are comprised of risk retention master repurchase agreements and receivable facilities. Interest expenses related to secured borrowings was $3.4 million and $5.9 million for the three months ended March 31, 2026 and 2025, respectively.

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


	March 31, 2026			December 31, 2025
	Outstanding Balance		Interest Rate (1)	Outstanding Balance		Interest Rate (1)
Risk Retention Master Repurchase - Recourse	$	13,865		$	53,722
Risk Retention Master Repurchase - Non-Recourse	62,296			53,584
Receivables Facility - Recourse	15,488			22,427
Receivables Facility - Non-Recourse	64,626			64,159
Total principal balance under secured borrowings	$	156,275	6%	$	193,892	8%

(1) The interest rate is weighted based on the outstanding principal balance and interest rates in effect as of March 31, 2026 and December 31, 2025.

During the second quarter of 2026, the Company received $65.0 million in proceeds from secured borrowings under its existing repurchase agreements. See Note 13.

Risk Retention Master Repurchase

In the 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 repledged by the counterparty are included in Investments in loans and securities in the Company’s unaudited condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the outstanding principal balance under the repurchase agreements was $76.2 million and $107.3 million, respectively, which is recorded within secured borrowing on the unaudited condensed consolidated balance sheets, with a weighted average interest rate of approximately 6% percent and 10% percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both March 31, 2026 and December 31, 2025.

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 March 31, 2026 and December 31, 2025, the combined outstanding principal balance under the CIA Facility and ALPF Facility was $80.1 million and $86.6 million, respectively, which is recorded within secured borrowing on the unaudited condensed consolidated balance sheets.

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.

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 March 31, 2026, no holders have elected to exchange their 2029 Notes.

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 the three months ended March 31, 2026 and 2025, the Company recorded $3.1 million and $3.0 million of interest expense, respectively, which included $0.6 million and $0.6 million, respectively, related to the amortization of debt issuance costs and OID. The effective interest rate of the 2029 Notes is 8.7%.

Long-Term Debt

Senior Notes

On July 28, 2025, the Company, through Pagaya US Holding Company LLC (“Pagaya US”), a wholly-owned subsidiary of the Company, completed the issuance of $500 million aggregate principal amount of Senior Unsecured Notes due 2030 (the “2030 Notes”). The 2030 Notes will accrue interest at a rate of 8.875% 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 Pagaya US. At any time prior to August 1, 2027, Pagaya US 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 Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date. On and after August 1, 2027, Pagaya US may redeem the 2030 Notes, in whole or in part, at the redemption prices set forth in the Indenture.

The following table details the Company’s 2030 Notes as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Principal amount	$	485,685	$	493,085
Less: Unamortized issuance costs	(10,697)		(11,487)
Carrying amount	$	474,988	$	481,598

The Company recorded $11.2 million of interest expense, including $0.6 million of amortization of debt issuance costs, for the three months ended March 31, 2026.

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 unamortized issuance costs and is recognized within Gains from extinguishment of debt in the unaudited condensed consolidated statements of income. Following the repurchase, the remaining aggregate principal amount of the 2030 Notes outstanding was $485.7 million.

During the second quarter of 2026, the Company repurchased $3.8 million of the outstanding 2030 Notes at a price equal to 78.5% of the principal amount. The Company paid total consideration of $3.0 million, excluding accrued interest, resulting in a $0.7 million gain on extinguishment of debt. This gain is net of the written-off carrying value, which included associated pro rata unamortized debt issuance cost. See Note 13.

2025 Revolving Credit Facility

On October 1, 2025, the Company refinanced its revolving credit facility by way of terminating its prior 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 March 31, 2026, the Company had $114.7 million in borrowings outstanding and $17.3 million in letters of credit issued, resulting in zero remaining borrowing capacity. As of December 31, 2025, the Company had no borrowing outstanding, with $16.1 million in letters of credit issued. This provided for $115.9 million of remaining borrowing capacity available.

During the second quarter of 2026, the Company repaid in full the $114.7 million outstanding balance under the 2025 Revolving Credit Facility. See Note 13.

- 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Liabilities and Shareholders’ Equity

Shares authorized (in shares)

6,666,666

Shares issued (in shares)

2,027,147

Shares outstanding (in shares)

2,027,147

Aggregate liquidation preference

$ 60,814

Shareholders’ equity:

Other assets

^[1]

52,240

54,165

Related Party

Shareholders’ equity:

Other assets

41,100

42,600

Shareholders’ equity:

Other assets

$ 108,900

$ 106,900

Common Class A

Shareholders’ equity:

Ordinary shares, authorized (in shares)

666,666,666

Ordinary shares, issued (in shares)

71,486,867

70,747,357

Ordinary shares, outstanding (in shares)

71,486,867

70,747,357

Common Class B

Shareholders’ equity:

Ordinary shares, authorized (in shares)

166,666,666

Ordinary shares, issued (in shares)

11,288,577

Ordinary shares, outstanding (in shares)

11,288,577

[1]	Includes related party fee receivables of $108.9 million and $106.9 million and related party other assets of $41.1 million and $42.6 million, as of March 31, 2026 and December 31, 2025, respectively. See Note 11 for additional information regarding transactions with related parties.

BORROWINGS - Schedule of Outstanding Secured Borrowings (Details) - Secured borrowing - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Outstanding Balance	$ 156,275	$ 193,892
Interest Rate	6.00%	8.00%
Recourse \| Risk Retention Master Repurchase
Debt Instrument [Line Items]
Outstanding Balance	$ 13,865	$ 53,722
Recourse \| Receivables Facility
Debt Instrument [Line Items]
Outstanding Balance	15,488	22,427
Nonrecourse \| Risk Retention Master Repurchase
Debt Instrument [Line Items]
Outstanding Balance	62,296	53,584
Nonrecourse \| Receivables Facility
Debt Instrument [Line Items]
Outstanding Balance	$ 64,626	$ 64,159

- 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
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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

SHARE BASED COMPENSATION - Schedule of Restricted Stock Unit (RSUs) Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	2,150,173
Granted (in shares) \| shares	104,804
Vested (in shares) \| shares	(655,150)
Forfeited (in shares) \| shares	(125,501)
Ending balance (in shares) \| shares	1,474,326
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 14.5
Granted (in dollars per share) \| $ / shares	15.5
Vested (in dollars per share) \| $ / shares	12.3
Forfeited (in dollars per share) \| $ / shares	15.6
Ending balance (in dollars per share) \| $ / shares	$ 15.5

INVESTMENTS - Schedule of Allowance for Credit Losses (Details) - Securitization certificates - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ (385,878)	$ (508,741)
Additions to allowance for credit losses not previously recorded	(702)	(23,558)
Reductions from sales/maturities/prepayments	94,118	78,355
Additions on securities with previous allowance, net of reductions	(43,679)	(8,492)
Balance, end of period	$ (336,141)	$ (462,436)

INVESTMENTS - Schedule of Investments by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value
Total	$ 941,367	$ 945,269
Securitization notes
Amortized Cost
Within 1 year	17,789	15,279
Greater than 1 year, less than or equal to 5 years	425,857	379,938
Total	443,646	395,217
Fair Value
Within 1 year	18,084	15,602
Greater than 1 year, less than or equal to 5 years	427,470	380,115
Total	445,554	395,717
Securitization certificates
Amortized Cost
Within 1 year	42,960	42,698
Greater than 1 year, less than or equal to 5 years	704,664	831,471
Total	747,624	874,169
Fair Value
Within 1 year	2,075	13,495
Greater than 1 year, less than or equal to 5 years	413,633	458,166
Total	415,708	471,661
Investments in securities, available for sale
Amortized Cost
Within 1 year	60,749	57,977
Greater than 1 year, less than or equal to 5 years	1,130,521	1,211,409
Total	1,191,270	1,269,386
Fair Value
Within 1 year	20,159	29,097
Greater than 1 year, less than or equal to 5 years	841,103	838,281
Total	$ 861,262	$ 867,378

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Net Assets	$ 1,648,643	$ 1,545,914
Liabilities	1,019,388	960,460
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net Assets	86,861	93,404
Liabilities	$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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Reference 26: 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

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
	2026		2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	24,694	$	7,893
Less: Undistributed earnings allocated to preferred shares	591		489
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	24,103	$	7,404
Denominator:
Weighted average shares used for earnings per ordinary share, basic	82,717,374		75,765,080
Earnings per share attributable to ordinary shareholders, basic	$	0.29	$	0.10

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	24,103	$	7,404
Interest expense (add back) from exchangeable notes (1)	2,728		—
Net income for diluted EPS	$	26,831	$	7,404
Denominator:
Shares used in computation of basic earnings per share	82,717,374		75,765,080
Assumed conversion of shares from exchangeable notes (1)	11,434,704		—
Ordinary share warrants	785,476		784,762
Share options	1,380,432		—
RSUs	427,014		473,300
Employee stock purchase plan	—		20,322
Weighted average shares used for earnings per ordinary share, diluted	96,745,000		77,043,464
Earnings per share attributable to ordinary shareholders, diluted	$	0.28	$	0.10

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	March 31,
	2026	2025
Share options	—	3,427,161
Options to restricted shares	19,884,777	19,923,756
RSUs	373,605	271,876
Ordinary share warrants	1,229,166	1,229,166

Exchangeable notes	—	11,434,704
Total	21,487,548	36,286,663

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Total revenue from fees

^[1]

$ 298,991

$ 282,704

Related Party

Total revenue from fees

$ 158,900

$ 167,900

[1]	Includes related party revenues of $158.9 million and $167.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 11 for additional information regarding transactions with related parties.

- Definition

+ References

+ Details

SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

Share Options—Granted share options generally 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 three months ended March 31, 2026:


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




















Balance, December 31, 2025	3,197,713	$	6.7	5.7	$	45,031
Granted	—	—
Exercised	(17,546)
Forfeited	(10,540)
Balance, March 31, 2026	3,169,627	$	6.7	5.5	$	15,602
Vested and exercisable, March 31, 2026	2,639,260	$	5.0	4.8	$	17,316

The aggregate intrinsic value of options exercised, and fair value of share options vested for the three months ended March 31, 2026 was $0.2 million and $0.7 million, respectively.

As of March 31, 2026, unrecognized compensation expense related to unvested share options was approximately $4.1 million, which is expected to be recognized over a remaining weighted-average vesting period of 1.3 years.

Restricted Stock Units (RSUs)—RSUs for new employees 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 for existing employees are granted periodically and generally vest quarterly over 2 years. Unvested RSUs are forfeited at termination of employment. Any RSUs that are forfeited become available for future grants.

The following table summarizes the Company’s RSU activity during the three months ended March 31, 2026:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share












Unvested at December 31, 2025	2,150,173	$	14.5
Granted	104,804	15.5
Vested	(655,150)	12.3
Forfeited	(125,501)	15.6
Unvested at March 31, 2026	1,474,326	$	15.5

As of March 31, 2026, unrecognized compensation expense related to RSUs was approximately $19.3 million, which is expected to be recognized over a remaining weighted-average period of 1.0 years. The RSU activity table above does not include annual equity grants for approximately 2.1 million RSUs approved by the Board of Directors on April 1, 2026, as these grants occurred subsequent to the three months ended March 31, 2026.

Options to Restricted Shares—Options to restricted shares were granted to certain employees and directors during 2021.

The following table summarizes the Company’s options to restricted shares activity during the three months ended March 31, 2026:


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
















Balance, December 31, 2025	19,884,985	$	19.3	5.2	$	30,967
Granted	—	—
Exercised	—	—
Forfeited	(586)	18.9
Balance, March 31, 2026	19,884,399	$	19.3	5.0	$	—
Vested and exercisable, March 31, 2026	16,579,082	$	19.3	5.0	$	—

At March 31, 2026, unrecognized compensation expense related to options to restricted shares was approximately $4.9 million, which is expected to be recognized over a remaining weighted-average period of 0.9 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 three months ended March 31, 2026, 66,814 shares were issued under the ESPP. As of March 31, 2026, 1,487,015 shares of Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.2 million for the three months ended March 31, 2026.

Share-Based Compensation Expense

The following table presents the components and classification of share-based compensation for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Technology, data and product development	$	1,194	$	1,097
Sales and marketing	1,531		4,780
General and administrative	4,471		7,295
Total	$	7,196	$	13,172

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Schedule of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 839,826	$ 847,290
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	839,826	847,290
VIE Assets	$ 12,987,515	$ 13,070,284

- 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

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

As of March 31, 2026 and December 31, 2025, our investments in loans and securities portfolio consisted of (i) Investments in Securities Available for Sale (“AFS securities”) under ASC 325-40 held at fair value with credit related changes recorded in earnings and non-credit related changes recorded in other comprehensive income; and (ii) investments in loans and securities held at fair value under the fair value option, with changes in fair value recorded in earnings. 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
	March 31, 2026		December 31, 2025
Investments in securities, available for sale
Securitization notes, available for sale	$	445,554	$	395,717
Securitization certificates, available for sale	415,708		471,661
Total	861,262		867,378
Investments in loans and securities, under the fair value option
Securitization notes	12,392		12,473
Securitization certificates	53,032		60,840
Loans	14,681		4,578
Total	80,105		77,891


Total investments in loans and securities (1)	$	941,367	$	945,269

(1) $489.2 million and $504.3 million were held by the Company for regulatory risk retention purposes as of March 31, 2026 and December 31, 2025, respectively.

Investments in Securities, Available for Sale

The Company has determined that it is the primary beneficiary of certain VIEs that were established to purchase its 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 5 for additional information.

The amortized cost, gross unrealized gains and losses, and fair value of AFS securities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	As of March 31, 2026
Investments in securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)		Allowance for Credit Losses		Fair Value

Securitization notes	$	443,646	$	1,952	$	(44)	$	—	$	445,554
Securitization certificates	747,624		14,371		(10,146)		(336,141)		415,708
Total	$	1,191,270	$	16,323	$	(10,190)	$	(336,141)	$	861,262


	As of December 31, 2025
Investments in securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)		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

(2) Includes accrued interest receivable of $32.0 million and $25.8 million as of March 31, 2026 and December 31, 2025, respectively.


	As of March 31, 2026
	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	$	3,075	$	(20)	$	5,857	$	(23)	$	8,932	$	(43)


	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)

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


	As of March 31, 2026
	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	$	17,789	$	18,084	$	425,857	$	427,470	$	443,646	$	445,554
Securitization certificates	42,960		2,075		704,664		413,633		747,624		415,708
Total	$	60,749	$	20,159	$	1,130,521	$	841,103	$	1,191,270	$	861,262


	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

(1) Based on expected maturity date cash flows.


	Three Months Ended March 31,
	2026		2025
Investments in securities, available for sale:
Proceeds from sales/maturities/prepayments	$	183,765	$	57,879
Gross investment gains from sales/maturities/prepayments	$	(77,936)	$	(5,894)
Gross investment losses from sales/maturities/prepayments	$	85,703	$	—
Write-offs charged against the allowance	$	—	$	436
Reductions to allowance for credit losses	$	49,737	$	43,432

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


	Three Months Ended March 31,
Investments in securitization certificates, available for sale:	2026		2025
Balance, beginning of period	$	(385,878)	$	(508,741)
Additions to allowance for credit losses not previously recorded	(702)		(23,558)

Reductions from sales/maturities/prepayments	94,118		78,355

Additions on securities with previous allowance, net of reductions	(43,679)		(8,492)


Balance, end of period	$	(336,141)	$	(462,436)

Refer to Note 7 for additional information regarding the allowance for credit losses for investments.

Investments in loans and 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 should be reported in earnings at each subsequent reporting date. We elected the fair value option to measure certain securities and all loans held by the company, as we believe that fair value best reflects the economic transaction of investing in certain securities and all loans. We determined the fair value of these securities and loans 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 unaudited condensed consolidated statements of income. We report the changes in fair value within (gains) and losses on investments in loans and securities in the unaudited condensed consolidated statements of cash flow.

The following table presents activities of investments in loans and securities for which we elected the fair value option (in thousands):


	Three Months Ended March 31,
Investments in loans and securities under the fair value option	2026		2025
Balance, beginning of period	$	77,891	$	—
Purchases	8,281		—
Principal and interest payments	(22,170)		—
Gain on sale of investments in loans and securities	10,369		—
Accrued interest	2,598		—
Non-cash transactions	(1,649)		—
Change in fair value	4,785		—
Balance, end of period	$	80,105	$	—

Refer to Note 7 for additional information regarding the discounted cash methodology and the assumptions used for investments in loans and securities for which we elected the fair value option.

Equity Method and Other Investments


	Carrying Value
	March 31, 2026		December 31, 2025
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	8,107	$	8,324
Other (2)	6,698		5,194
Total	$	14,805	$	13,518

(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 income (loss), net in the unaudited condensed consolidated statements of income.

INVESTMENTS - Schedule of Assumptions Used in Fair Value Model for Investments in Loans and Securities (Details) - Investments in loans and securities, under the fair value option - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments in loans and securities under the fair value option
Balance, beginning of period	$ 77,891	$ 0
Purchases	8,281	0
Principal and interest payments	(22,170)	0
Gain on sale of investments in loans and securities	10,369	0
Accrued interest	2,598	0
Non-cash transactions	(1,649)	0
Change in fair value	4,785	0
Balance, end of period	$ 80,105	$ 0

FAIR VALUE MEASUREMENT - Schedule of Warrant Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Warrants And Rights Outstanding [Roll Forward]
Beginning balance	$ 4,723	$ 893
Fair Value Adjustment of Warrants	(4,162)	1,099
Ending balance	$ 561	$ 1,992

BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revolving credit facility
Debt Instrument [Line Items]
Outstanding principal balance	$ 114,700	$ 0
Secured borrowing
Debt Instrument [Line Items]
Outstanding principal balance	156,275	193,892
Exchangeable notes
Debt Instrument [Line Items]
Outstanding principal balance	149,416	148,782
Long-term debt
Debt Instrument [Line Items]
Outstanding principal balance	$ 474,988	$ 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

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
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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

SHARE BASED COMPENSATION - Options to Restricted Shares Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 4.1
Options to Restricted Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 4.9
Unrecognized compensation expense, period of recognition	10 months 24 days

- 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

REVENUE

3 Months Ended

Mar. 31, 2026

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 $266.9 million and $251.5 million for the three months ended March 31, 2026 and 2025, 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 unaudited condensed consolidated statements of income as Production Costs.

Contract Fees

Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $32.1 million and $31.2 million for the three months ended March 31, 2026 and 2025, 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. The Company recognizes these fees only to the extent that it is probable that a significant reversal of cumulative revenue will not occur. The Company initially estimates these fees based on a variety of factors including market conditions and expected loan performance. In the subsequent periods, the Company measures actual performance and adjusts our recognized revenue accordingly. Because of these adjustments, the Company may recognize additional revenue or reverse previously recognized revenue related to performance obligations satisfied in prior years. During the three months ended March 31, 2026 and 2025, the Company recognized $0.1 million and $0.6 million, respectively, in performance fee revenue related to performance obligations satisfied in prior years.

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 payment is received monthly from the Financing Vehicles. These duties have been considered to be agent responsibilities and do 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 to 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 unaudited condensed consolidated balance sheets in fee receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Services transferred at a point in time	$	270,030	$	263,118
Services transferred over time	28,961		19,586
Total revenue from fees	$	298,991	$	282,704

The timing of the revenue recognition may differ from the timing of payment from customers. A contract asset is the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditioned on something other than the passage of time. A right that is unconditional (only the passage of time until payment remains) is presented as a receivable, not a contract asset. A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. As of March 31, 2026 and December 31, 2025, contract assets and contract liabilities from contracts with customers were $9.4 million and $13.0 million,

and $8.5 million and $8.0 million, respectively, which are included in other assets and accrued expenses and other liabilities, respectively, on the unaudited condensed consolidated balance sheets.

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 fee revenue for each respective period presented. One related party customer represented greater than 10% of total fee revenue and totaled approximately 20% for three months ended March 31, 2026. Two related party customers individually represented greater than 10% of total fee revenue and collectively totaled approximately 35% for the three months ended March 31, 2025.

- 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
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 01, 2026	Dec. 31, 2025
Software capitalization
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years	2 years

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025, the Company has 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 income, with the results of the 80% ownership interest not owned by the Company presented as net income (loss) attributable to noncontrolling interests.

As the 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 March 31, 2026	$	86,861	$	—	$	86,861
As of December 31, 2025	$	93,404	$	—	$	93,404

(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 in the securitization trusts. Once the loans are purchased by the securitization trust, only the loan servicers have direct engagement with the underlying borrowers and are responsible for loan collections, prepayments, disputes, settlements, and collections which are the activities which most significantly impact the VIEs’ economic performance.

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 March 31, 2026	$	839,826	$	839,826	$	12,987,515
As of December 31, 2025	$	847,290	$	847,290	$	13,070,284

From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion, subject to contractual requirements and limitations. See Note 11 for additional information.

BORROWINGS - Schedule of Senior Notes (Details) - Senior Notes Due 2030 - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Principal amount	$ 485,685	$ 493,085
Less: Unamortized issuance costs	(10,697)	(11,487)
Carrying amount	$ 474,988	$ 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

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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

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

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 three months ended March 31, 2026:


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




















Balance, December 31, 2025	3,197,713	$	6.7	5.7	$	45,031
Granted	—	—
Exercised	(17,546)
Forfeited	(10,540)
Balance, March 31, 2026	3,169,627	$	6.7	5.5	$	15,602
Vested and exercisable, March 31, 2026	2,639,260	$	5.0	4.8	$	17,316

The following table summarizes the Company’s options to restricted shares activity during the three months ended March 31, 2026:


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
















Balance, December 31, 2025	19,884,985	$	19.3	5.2	$	30,967
Granted	—	—
Exercised	—	—
Forfeited	(586)	18.9
Balance, March 31, 2026	19,884,399	$	19.3	5.0	$	—
Vested and exercisable, March 31, 2026	16,579,082	$	19.3	5.0	$	—

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the Company’s RSU activity during the three months ended March 31, 2026:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share












Unvested at December 31, 2025	2,150,173	$	14.5
Granted	104,804	15.5
Vested	(655,150)	12.3
Forfeited	(125,501)	15.6
Unvested at March 31, 2026	1,474,326	$	15.5

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

The following table presents the components and classification of share-based compensation for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Technology, data and product development	$	1,194	$	1,097
Sales and marketing	1,531		4,780
General and administrative	4,471		7,295
Total	$	7,196	$	13,172

FAIR VALUE MEASUREMENT - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Assets:
Investments in loans and securities at fair value	$ 941,367	$ 945,269
Liabilities:
Warrant liability	561	4,723	$ 1,992	$ 893
Other liabilities	17,647	13,112
Level 1
Liabilities:
Warrant liability	561	4,723
Other liabilities	0	0
Level 2
Liabilities:
Warrant liability	0	0
Other liabilities	0	0
Level 3
Liabilities:
Warrant liability	0	0
Other liabilities	17,647	13,112
Investments in loans and securities (Notes)
Assets:
Investments in loans and securities at fair value	457,946	408,190
Investments in loans and securities (Notes) \| Level 1
Assets:
Investments in loans and securities at fair value	0	0
Investments in loans and securities (Notes) \| Level 2
Assets:
Investments in loans and securities at fair value	79,514	67,715
Investments in loans and securities (Notes) \| Level 3
Assets:
Investments in loans and securities at fair value	378,432	340,475
Investments in loans and securities (Certificates)
Assets:
Investments in loans and securities at fair value	468,740	532,501
Investments in loans and securities (Certificates) \| Level 1
Assets:
Investments in loans and securities at fair value	0	0
Investments in loans and securities (Certificates) \| Level 2
Assets:
Investments in loans and securities at fair value	0	0
Investments in loans and securities (Certificates) \| Level 3
Assets:
Investments in loans and securities at fair value	468,740	532,501
Investments in loans and securities (Loans)
Assets:
Investments in loans and securities at fair value	14,681	4,578
Investments in loans and securities (Loans) \| Level 1
Assets:
Investments in loans and securities at fair value	0	0
Investments in loans and securities (Loans) \| Level 2
Assets:
Investments in loans and securities at fair value	0	0
Investments in loans and securities (Loans) \| Level 3
Assets:
Investments in loans and securities at fair value	$ 14,681	$ 4,578

FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$ 380,031	$ 288,349
Fee receivables	170,688	153,250
Revolving credit facility
Liabilities:
Long-term debt	114,700
Secured borrowing
Liabilities:
Long-term debt	154,620	191,983
Exchangeable notes
Liabilities:
Long-term debt	181,554	292,445
Long-term debt
Liabilities:
Long-term debt	349,382	430,616
Carrying Value
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	380,031	288,349
Fee receivables	170,688	153,250
Carrying Value \| Revolving credit facility
Liabilities:
Long-term debt	114,700
Carrying Value \| Secured borrowing
Liabilities:
Long-term debt	156,275	193,892
Carrying Value \| Exchangeable notes
Liabilities:
Long-term debt	149,416	148,782
Carrying Value \| Long-term debt
Liabilities:
Long-term debt	474,988	481,598
Fair Value \| Level 1
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	380,031	288,349
Fee receivables	0	0
Fair Value \| Level 1 \| Revolving credit facility
Liabilities:
Long-term debt	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
Fee receivables	82,053	69,864
Fair Value \| Level 2 \| Revolving credit facility
Liabilities:
Long-term debt	0
Fair Value \| Level 2 \| Secured borrowing
Liabilities:
Long-term debt	0	0
Fair Value \| Level 2 \| Exchangeable notes
Liabilities:
Long-term debt	181,554	292,445
Fair Value \| Level 2 \| Long-term debt
Liabilities:
Long-term debt	349,382	430,616
Fair Value \| Level 3
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	0	0
Fee receivables	88,635	83,386
Fair Value \| Level 3 \| Revolving credit facility
Liabilities:
Long-term debt	114,700
Fair Value \| Level 3 \| Secured borrowing
Liabilities:
Long-term debt	154,620	191,983
Fair Value \| Level 3 \| Exchangeable notes
Liabilities:
Long-term debt	0	0
Fair Value \| Level 3 \| Long-term debt
Liabilities:
Long-term debt	$ 0	$ 0

SHARE BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 7,196	$ 13,172
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock under employee benefit plans (in shares)	66,814
Reserved for issuance (in shares)	1,487,015
Share-based compensation expense	$ 200

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 317,813

$ 235,329

Restricted cash and cash equivalents

62,218

53,020

Fees receivables

^[1]

170,688

153,250

Investments in loans and securities at fair value

941,367

945,269

Equity method and other investments

14,805

13,518

Right-of-use assets

28,965

30,578

Property, equipment and software, net

31,413

30,221

Goodwill

22,903

Intangible assets, net

6,231

7,661

Other assets

^[1]

52,240

54,165

Total Assets

1,648,643

1,545,914

Liabilities:

Accounts payable

3,796

3,931

Accrued expenses and other liabilities

63,472

74,635

Operating lease liabilities

32,619

34,212

Income taxes payable and other tax liabilities

23,561

18,687

Warrant liability

561

4,723

Revolving credit facility

114,700

Secured borrowing

156,275

193,892

Exchangeable notes

149,416

148,782

Long-term debt

474,988

481,598

Total Liabilities

1,019,388

960,460

Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 shares issued and outstanding as of both March 31, 2026 and December 31, 2025; aggregate liquidation preference of $60,814 as of both March 31, 2026 and December 31, 2025.

30,103

Shareholders’ equity:

Additional paid-in capital

1,399,545

1,390,990

Accumulated other comprehensive loss

(32,276)

(48,319)

Accumulated deficit

(837,960)

(862,654)

Total Pagaya Technologies Ltd. shareholders’ equity

529,309

480,017

Noncontrolling interests

69,843

75,334

Total shareholders’ equity

599,152

555,351

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

1,648,643

1,545,914

Common Class A

Shareholders’ equity:

Common stock

Common Class B

Shareholders’ equity:

Common stock

$ 0

[1]	Includes related party fee receivables of $108.9 million and $106.9 million and related party other assets of $41.1 million and $42.6 million, as of March 31, 2026 and December 31, 2025, respectively. See Note 11 for additional information regarding transactions with related parties.

SHARE BASED COMPENSATION - Restricted Stock Units (RSUs) Narrative (Details) - RSUs - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2026	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 19.3
Unrecognized compensation expense, period of recognition		1 year
Granted (in shares)		104,804
Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	2,100,000
Share Based Payment Arrangement, New Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		2 years
Share Based Payment Arrangement, New Employees \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		12 months
Vesting percentage		50.00%
Share Based Payment Arrangement, New Employees \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		12 months
Share Based Payment Arrangement, Existing Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		2 years

INVESTMENTS - Schedule of Investments in Loans and Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 941,367	$ 945,269
Accrued interest receivable	32,000	25,800
Investments in securities, available for sale
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,191,270	1,269,386
Gross Unrealized Gains	16,323	7,459
Gross Unrealized Losses	(10,190)	(23,589)
Allowance for Credit Losses	(336,141)	(385,878)
Fair Value	861,262	867,378
Securitization notes
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	443,646	395,216
Gross Unrealized Gains	1,952	970
Gross Unrealized Losses	(44)	(469)
Allowance for Credit Losses	0	0
Fair Value	445,554	395,717
Securitization certificates
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	747,624	874,170
Gross Unrealized Gains	14,371	6,489
Gross Unrealized Losses	(10,146)	(23,120)
Allowance for Credit Losses	(336,141)	(385,878)	$ (462,436)	$ (508,741)
Fair Value	$ 415,708	$ 471,661

INVESTMENTS - Schedule of Equity Method and Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 14,805	$ 13,518
Investments in Pagaya SmartResi F1 Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 8,107	$ 8,324
Equity method investment, ownership percentage	5.40%	5.40%
Other
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 6,698	$ 5,194

- 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

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 27,310	$ (48)
Income tax expense (benefit)	$ 3,149	$ (2,540)
Effective tax rate	12.00%

- 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.

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+ Details

FAIR VALUE MEASUREMENT - Schedule of Level 3 Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments in loans and securities under the fair value option
Non-cash transactions	$ (1,649)	$ 0
Level 3
Investments in loans and securities under the fair value option
Balance, beginning of period	877,554	663,189
Additions	158,123	66,719
Cash received	(151,985)	(47,310)
Gain on sale of Investments in loans and securities	65,913	5,894
Loss on sale of Investments in loans and securities	(85,703)	0
Change in accrued interest on investments	17,647	3,278
Change in fair value and other adjustments (OCI)	23,044	(15,946)
Credit-related impairment loss, net of recoveries	(41,091)	(34,207)
Balance, end of period	$ 861,853	$ 641,617

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Primary Beneficiary	3 Months Ended
	Mar. 31, 2026
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

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001883085
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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		71,582,265
Ordinary share warrants
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
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,288,577
Series A Preferred Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,027,147

FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2026

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 rates, cumulative net loss rates, expected prepayment rate and consideration of any optional redemption features 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 its 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


	March 31, 2026

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	79,514	$	378,432	$	457,946
Investments in loans and securities (Certificates)	—		—		468,740		468,740
Investments in loans and securities (Loans)	—		—		14,681		14,681
Liabilities:
Warrant liability	$	561	$	—	$	—	$	561
Other liabilities (1)	—		—		17,647		17,647


	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

(1) Included in “Accrued expenses and other liabilities” in the unaudited condensed consolidated balance sheets. See Note 9 for additional information.

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

Warrant liability (Level 1)

The following tables summarize the Warrant liability activity for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026
Balance as of December 31, 2025	$	4,723
Change in fair value	(4,162)
Balance as of March 31, 2026	$	561


	Three Months Ended March 31, 2025
Balance as of December 31, 2024	$	893
Change in fair value	1,099
Balance as of March 31, 2025	$	1,992

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

Investments in Loans and Securities (Level 3)

As of March 31, 2026, 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 unaudited condensed consolidated balance sheets.

AFS securities under ASC 325-40 held at fair value with credit related changes recorded in earnings and non-credit related changes recorded in other comprehensive income and investments in loans and securities held at fair value under the fair value option, with changes in fair value recorded in earning


	Three Months Ended March 31,
	2026		2025
Balance, beginning of period	$	877,554	$	663,189

Additions	158,123		66,719
Cash received	(151,985)		(47,310)
Gain on sale of Investments in loans and securities	65,913		5,894
Loss on sale of Investments in loans and securities	(85,703)		—
Change in accrued interest on investments	17,647		3,278
Non-cash transactions	(1,649)		—
Change in fair value and other adjustments (OCI)	23,044		(15,946)
Credit-related impairment loss, net of recoveries	(41,091)		(34,207)
Balance, end of period	$	861,853	$	641,617

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 March 31, 2026 and December 31, 2025:


	March 31, 2026						December 31, 2025
Unobservable Input	Minimum		Maximum		Weighted Average		Minimum		Maximum		Weighted Average
Discount rate	5.0	%	15.6	%	15.1	%	5.0	%	15.0	%	15.0	%
Loss rate	5.5	%	35.2	%	16.3	%	4.9	%	33.1	%	17.0	%
Prepayment rate	0.0	%	46.0	%	13.4	%	0.0	%	40.0	%	14.2	%

Financial Assets and Liabilities Not Recorded at Fair Value

The Company believes that the carrying amount of cash, cash equivalents and restricted cash, fee receivables, accounts payable 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 March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	380,031	$	380,031	$	—	$	—	$	380,031
Fee receivables	170,688		—		82,053		88,635		170,688
Liabilities:
Revolving credit facility	$	114,700	$	—	$	—	$	114,700	$	114,700
Secured borrowing	156,275		—		—		154,620		154,620
Exchangeable notes	149,416		—		181,554		—		181,554
Long-term debt	474,988		—		349,382		—		349,382


	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
Fee receivables	153,250		—		69,864		83,386		153,250
Liabilities:
Secured borrowing	$	193,892	$	—	$	—	$	191,983	$	191,983
Exchangeable notes	148,782		—		292,445		—		292,445
Long-term debt	481,598		—		430,616		—		430,616

- 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

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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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

REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Services transferred at a point in time	$	270,030	$	263,118
Services transferred over time	28,961		19,586
Total revenue from fees	$	298,991	$	282,704

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax expense (benefit) (in thousands) and effective tax rates for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026			2025
Income (loss) before income taxes	$	27,310		$	(48)
Income tax expense (benefit)	3,149			(2,540)
Effective tax rate	12		%	NM

NM: Not Meaningful