0001883085-24-000022 | 20-F | XBRL Viewer

Print Document View Excel Document

INCOME TAXES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
United States
Income Tax Contingency [Line Items]
Accumulated tax loss carry forward	$ 27.6
Israel \| Foreign Tax Authority
Income Tax Contingency [Line Items]
Accumulated tax loss carry forward	$ 68.8

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	December 31, 2023

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	90,425	$	—	$	90,425
Investments in loans and securities (Certificates and Other loans and receivables)	—		—		626,368		626,368
Liabilities:
Warrant liability	$	2,106	$	1,136	$	—	$	3,242


	December 31, 2022

	Level 1		Level 2		Level 3		Total




Liabilities:
Warrant liability	$	909	$	490	$	—	$	1,400

Schedule Of Class Of Warrant Or Right Outstanding

The following tables summarize the Warrant liability activity for the year ended December 31, 2023, 2022 and 2021 (in thousands):



Balance as of December 31, 2020	$	2,471
Exercise of Series B warrants	(22,012)
Exercise of Series D warrants	(6,009)
Change in fair value	53,019
Balance as of December 31, 2021	$	27,469

Assumed warrants in connection with the Merger(1)	5,594
Change in fair value	(11,088)
Reclassification(2)	(20,575)
Balance as of December 31, 2022	$	1,400
Change in fair value	1,842
Balance as of December 31, 2023	$	3,242

(1) See Note 3 for additional information.

(2) In connection with the EJFA Merger, the liability-classified warrants were reclassified to equity-classified warrants.

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

The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the year ended December 31, 2023 (in thousands):


	Year Ended December 31, 2023
Balance as of December 31, 2022	$	—
Transfer from held-to-maturity to available for sale at fair value	480,437
Additions	566,173
Cash received	(172,061)
In-kind distributions	(14,785)
Change in fair value	(8,461)
Credit-related impairment loss	(134,510)
Balance as of December 31, 2023	$	716,793

Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of December 31, 2023:


	December 31, 2023
Unobservable Input	Minimum		Maximum	Weighted Average
Discount rate	8.0	%	15.0%	15.0%
Loss rate	4.9	%	31.0%	15.7%
Prepayment rate	4.0	%	40.0%	9.9%

Fair Value Measurements, Nonrecurring

The below tables contain information about assets that are not measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 (in thousands):


	December 31, 2023
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	222,541	$	222,541	$	—	$	—	$	222,541


Fees and other receivables	113,707		—		113,707		—		113,707
Total assets	$	336,248	$	222,541	$	113,707	$	—	$	336,248


	December 31, 2022
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	337,076	$	337,076	$	—	$	—	$	337,076

Investments in loans and securities, held-to-maturity	463,976		—		—		480,437		480,437
Fees and other receivables	97,993		—		97,993		—		97,993
Total assets	$	899,045	$	337,076	$	97,993	$	480,437	$	915,506

FAIR VALUE MEASUREMENT - Significant Unobservable Inputs (Details) - Level 3	Dec. 31, 2023
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.080
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.049
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.040
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.150
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.310
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.400
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.150
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.157
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.099

INVESTMENTS IN LOANS AND SECURITIES - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 26,383	$ 25,894
Investments in Pagaya SmartResi F1 Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 17,357	16,810
Equity method investment, ownership percentage	5.40%
Other
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 9,026	$ 9,084

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenue

Revenue from fees (including related party revenues of $622,260, $653,471 and $445,866 for the years ended December 31, 2023, 2022 and 2021, respectively)

$ 772,814

$ 685,414

$ 445,866

Other Income

Interest income

38,748

57,758

28,877

Investment income (loss)

^[1]

489

5,756

(155)

Total Revenue and Other Income

812,051

748,928

474,588

Production costs

508,944

451,084

232,324

Technology, data and product development

74,383

150,933

66,211

Sales and marketing

49,773

104,203

49,627

General and administrative

203,351

294,213

132,235

Total Costs and Operating Expenses

836,451

1,000,433

480,397

Operating Income (Loss)

(24,400)

(251,505)

(5,809)

Other income (expenses), net

(156,768)

(24,869)

(55,839)

Income (Loss) Before Income Taxes

(181,168)

(276,374)

(61,648)

Income tax expense (benefit)

15,571

16,400

7,875

Net Loss Including Noncontrolling Interests

(196,739)

(292,774)

(69,523)

Less: Net income (loss) attributable to noncontrolling interests

(68,301)

9,547

21,628

Net Income (Loss) Attributable to Pagaya Technologies Ltd.

(128,438)

(302,321)

(91,151)

Per share data:

Net income (loss) attributable to Pagaya Technologies Ltd.

(128,438)

(302,321)

(91,151)

Less: Undistributed earnings allocated to participating securities

(12,205)

(19,558)

Deemed dividend from secondary transactions

(23,612)

Net income (loss) attributed to Pagaya Technologies Ltd.

$ (128,438)

$ (314,526)

$ (134,321)

Net income (loss) per share attributable to Pagaya Technologies Ltd.:

Basic (in dollars per share)

^[2]

$ (2.14)

$ (8.22)

$ (8.25)

Diluted (in dollars per share)

^[2]

$ (2.14)

$ (8.22)

$ (8.25)

Weighted average shares outstanding:

Basic (in shares)

^[2]

60,038,893

38,253,737

16,276,048

Diluted (in shares)

^[2]

60,038,893

38,253,737

16,276,048

[1]	Includes income from proprietary investments.
[2]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue From Fees

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 that 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”). Capital markets execution fees are earned from the market pricing of ABS 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 generally recognized on a gross basis in accordance with ASC 606 related to reporting revenue on a gross basis as a principal versus on a net basis as an agent. This is 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, comprised of AI integration fees and capital markets execution fees, totaled $696.0 million, $599.0 million and $387.1 million for the year ended December 31, 2023, 2022 and 2021, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs.

Real estate fees, which are included in Network AI fees, are earned for the obligations to arrange for the purchase of real estate assets, provide administrative services, arrange for the eventual sale of the assets, and provide pre-and post-purchase services including the right to earn performance fees. All of these fees are recognized over time except for the purchase and sale obligations, which are satisfied at the point in time of the respective transactions. As the Company is a principal for these services, revenues are recorded on a gross basis.

Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $76.8 million, $86.4 million and $58.8 million for the year ended December 31, 2023, 2022 and 2021, respectively. The Company recognizes administration fees over the service period for the Financing Vehicles managed or administered by the Company.

Performance fees are earned when certain Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance. As such, there are revenues that result from performance obligations satisfied in the previous year. During the year ended December 31, 2023, $3.6 million worth of fees represent performance obligations satisfied in 2022 that were greater than the original estimate. During the year ended December 31, 2022 and 2021, $3.8 million and $1.2 million, respectively, worth of fees represent performance obligations satisfied in the previous year that were lesser than the original estimate.

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

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 balance sheet in fees and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.


	Year Ended December 31,
		2023		2022		2021
		(in thousands)
Services transferred at a point in time		$	734,924	$	661,646	$	420,460
Services transferred over time		37,890		23,768		25,406
Total revenue from fees, net		$	772,814	$	685,414	$	445,866

The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of December 31, 2023 or December 31, 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Transfer from held-to-maturity to available for sale at fair value	480,437
Additions	566,173
Cash received	(172,061)
In-kind distributions	(14,785)
Change in fair value	(8,461)
Credit-related impairment loss	(134,510)
Ending balance	$ 716,793
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive income (loss)

SHARE BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding at beginning of period (in shares)	6,379,785	7,271,905	3,827,222
Granted (in shares)	0	1,403,211	4,208,660
Exercised (in shares)	(914,908)	(1,393,798)	(329,054)
Forfeited (in shares)	(1,213,889)	(901,533)	(434,923)
Outstanding at end of period (in shares)	4,250,988	6,379,785	7,271,905	3,827,222
Options vested and exercisable (in shares)	2,984,461
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 11.6	$ 7.4	$ 0.8
Granted (in dollars per share)	0	27.2	13.1
Exercised (in dollars per share)	4.6	1.1	1.1
Forfeited (in dollars per share)	25.6	18.0	6.2
Outstanding, ending balance (in dollars per share)	7.2	$ 11.6	$ 7.4	$ 0.8
Options vested and exercisable (dollars per share)	$ 4.9
Weighted Average Remaining Contractual Term (Years)
Options outstanding	7 years 2 months 12 days	8 years 3 months 18 days	8 years 10 months 24 days	9 years 1 month 6 days
Options vested and exercisable	7 years 1 month 6 days
Aggregate Intrinsic Value (000’s)
Beginning balance	$ 19,895	$ 184,841	$ 2,905
Ending balance	43,940	$ 19,895	$ 184,841	$ 2,905
Options vested and exercisable	$ 37,770
Options to restricted shares
Number of Options
Outstanding at beginning of period (in shares)	20,217,940	20,430,614	0
Granted (in shares)	0	138,818	20,430,614
Exercised (in shares)	(10,332)	0	0
Forfeited (in shares)	(161,528)	(351,492)	0
Outstanding at end of period (in shares)	20,046,080	20,217,940	20,430,614	0
Options vested and exercisable (in shares)	16,484,445
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 19.68	$ 19.92	$ 0
Granted (in dollars per share)	0	25.80	19.92
Exercised (in dollars per share)	15.36	0	0
Forfeited (in dollars per share)	36.12	37.68	0
Outstanding, ending balance (in dollars per share)	19.44	$ 19.68	$ 19.92	$ 0
Options vested and exercisable (dollars per share)	$ 19.20
Weighted Average Remaining Contractual Term (Years)
Options outstanding	7 years 2 months 12 days	8 years 2 months 12 days	9 years 3 months 18 days	0 years
Options vested and exercisable	7 years 2 months 12 days
Aggregate Intrinsic Value (000’s)
Beginning balance	$ 0	$ 1,526	$ 0
Ending balance	0	$ 0	$ 1,526	$ 0
Options vested and exercisable	$ 0

SHARE BASED COMPENSATION - Options to Restricted Shares (Details) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021 vote $ / shares shares	Mar. 31, 2021 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares			0	1,403,211	4,208,660
Granted (in dollars per share) \| $ / shares			$ 0	$ 27.2	$ 13.1
Unrecognized compensation expense related to unvested share options \| $			$ 53.1
Options to restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares			0	138,818	20,430,614
Granted (in dollars per share) \| $ / shares			$ 0	$ 25.80	$ 19.92
Unrecognized compensation expense related to unvested share options \| $			$ 20.7
Unrecognized compensation expense, period of recognition			1 year 6 months 21 days
Options to restricted shares \| March 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares		18,700,000
Granted (in dollars per share) \| $ / shares		$ 18.95
Expiration period		10 years
Options to restricted shares \| December 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares	600,000
Granted (in dollars per share) \| $ / shares	$ 37.38
Expiration period	10 years
Number of trading days \| vote	60
Vesting period	4 years
Options to restricted shares \| December 2021 \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Options to restricted shares \| December 2021 \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares	400,000
Granted (in dollars per share) \| $ / shares	$ 40.59
Expiration period	10 years

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Investments in loans and securities	$ 716,793
Liabilities:
Warrant liability	3,242	$ 1,400	$ 27,469	$ 2,471
Notes
Assets:
Investments in loans and securities	90,425
Certificates and Other loans and receivables
Assets:
Investments in loans and securities	626,368
Level 1
Liabilities:
Warrant liability	2,106	909
Level 1 \| Notes
Assets:
Investments in loans and securities	0
Level 1 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	0
Level 2
Liabilities:
Warrant liability	1,136	490
Level 2 \| Notes
Assets:
Investments in loans and securities	90,425
Level 2 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	0
Level 3
Liabilities:
Warrant liability	0	$ 0
Level 3 \| Notes
Assets:
Investments in loans and securities	0
Level 3 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	$ 626,368

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flow (in thousands):


	December 31,
	2023		2022
	(in thousands)
Cash and cash equivalents	$	186,478	$	309,793
Restricted cash	16,874		22,539
Restricted cash, non-current	19,189		4,744
Cash, cash equivalents and restricted cash	$	222,541	$	337,076

Restrictions on Cash and Cash Equivalents


	December 31,
	2023		2022
	(in thousands)
Cash and cash equivalents	$	186,478	$	309,793
Restricted cash	16,874		22,539
Restricted cash, non-current	19,189		4,744
Cash, cash equivalents and restricted cash	$	222,541	$	337,076

Property and Equipment, Net

Useful lives by asset category are as follows:


Computer and software						3 to 7 years
Equipment						3 to 7 years
Internal-Use Software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Property and equipment, net, consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Computer and software	$	66,495	$	37,517
Equipment	843		765
Leasehold improvements	949		922
Property and equipment, gross	68,287		39,204
Less: accumulated depreciation and amortization	(26,730)		(7,541)
Property and equipment, net	$	41,557	$	31,663

SHARE BASED COMPENSATION - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	46.91%	41.12%
Expected volatility, maximum	529.23%	48.71%
Risk free interest, minimum	1.68%	0.60%
Risk free interest, maximum	3.65%	1.39%
Dividend yield		0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years	5 years
Dividend yield	0.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 2 months 8 days	6 years 3 months 7 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 772,814	$ 685,414	$ 445,866
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	734,924	661,646	420,460
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 37,890	$ 23,768	$ 25,406

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

BUSINESS DESCRIPTION (Details) $ in Millions			3 Months Ended	12 Months Ended
BUSINESS DESCRIPTION (Details) $ in Millions	Mar. 08, 2024	Jun. 22, 2022	Mar. 31, 2023	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Reverse share split		0.0054
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Reverse share split	0.0833
Workforce Reduction in Israel and United States
Restructuring Cost and Reserve [Line Items]
Number of positions expected to be eliminated (percentage)			20.00%
Restructuring charges				$ 3.8

- Definition

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

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Net (Details)	Dec. 31, 2023
Computer and software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Computer and software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Internal-Use Software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Schedule of Shares Reserved For Future Issuance (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total shares of ordinary share reserved	39,638,471	38,007,975
Redeemable convertible preferred shares
Class of Stock [Line Items]
Total shares of ordinary share reserved	5,000,000	0
Ordinary share warrants
Class of Stock [Line Items]
Total shares of ordinary share reserved	2,076,014	1,955,725
Share options
Class of Stock [Line Items]
Total shares of ordinary share reserved	4,250,988	6,379,785
Options to restricted shares
Class of Stock [Line Items]
Total shares of ordinary share reserved	20,046,080	20,217,940
RSUs
Class of Stock [Line Items]
Total shares of ordinary share reserved	3,034,203	479,497
Shares available for future grant of equity awards
Class of Stock [Line Items]
Total shares of ordinary share reserved	5,231,186	8,975,028

- 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/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	33,991,696	29,032,947	64,173,945
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	3,895,087	6,379,785	7,271,906
Options to restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	20,046,080	20,217,940	20,430,614
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	3,034,203	479,497	0
Warrants \| Preferred share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	0	0	359,714
Warrants \| Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	2,016,326	1,955,725	2,245,126
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	5,000,000	0	33,866,585

BUSINESS COMBINATIONS - Acquisition of Darwin Homes, Inc. - Narrative (Details) - USD ($) $ in Thousands	Jan. 05, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 10,945	$ 0
Darwin Homes, Inc.
Business Acquisition [Line Items]
Percentage of interests acquired	100.00%
Market value of business acquisition	$ 18,000
Cash and equity awards granted in acquisition	12,000
Acquisition related costs	100
Identified intangible assets acquired	5,100
Goodwill	$ 10,900

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

SHARE BASED COMPENSATION - Restricted Stock Units (RSUs) Narrative (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares delivered to satisfy minimum statutory tax withholding requirements (in shares)

60,415

Ordinary Shares (Class A and Class B)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares delivered (in shares)

^[1]

962,679

10,242

RSUs

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

2 years

Units vested (in shares)

1,189,136

10,867

Shares released, that were previously vested (in shares)

624

Unrecognized compensation expense

$ 38.7

Unrecognized compensation expense, period of recognition

1 year 5 months 23 days

RSUs | Darwin Homes, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Units vested (in shares)

166,666

RSUs | Tranche One

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

12 months

Vesting percentage

50.00%

RSUs | Tranche Two

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

12 months

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 1,208,376	$ 1,045,079
Liabilities	468,377	279,656
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	132,660	264,854
Liabilities	$ 0	$ 0

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ 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 - Deferred Tax Asset (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Carry forward tax losses	$ 14,608	$ 11,080
Research and development cost	5,777	929
Compensations and benefits	27,507	24,032
Operating lease liability	7,111	7,705
Initial public offering costs	1,551	3,933
Provision of loans	13,425	2,276
Capital loss	948	0
Other	794	528
Deferred tax assets before valuation allowance	71,721	50,483
Valuation allowance	61,334	39,678
Deferred tax assets	10,387	10,805
Intangible assets	(687)	0
Right-of-use assets	(7,694)	(8,116)
Capitalized research and development costs	0	(1,537)
Equity method investments	(1,327)	(1,254)
Property and equipment	(666)	(466)
Other	(120)	0
Deferred tax liabilities	(10,494)	(11,373)
Deferred tax assets (liabilities), net	$ (107)	$ (568)

SHARE BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 71,055	$ 241,689	$ 67,785
Private Placement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense			56,800
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense		172,200
Technology, data and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	12,375	81,337	27,042
Selling and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	13,216	58,377	18,458
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 45,464	$ 101,975	$ 22,285

- 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

CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

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		Liabilities		Net Assets
As of December 31, 2023	$	132,660	$	—	$	132,660
As of December 31, 2022	$	264,854	$	—	$	264,854

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


	Carrying Amount		Maximum Exposure to Loss		VIE Assets
As of December 31, 2023	$	591,030	$	591,030	$	8,363,402
As of December 31, 2022	$	200,694	$	200,694	$	3,911,589

- 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

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized internally developed costs	$ 28,100,000	$ 29,400,000	$ 4,000,000
Internally developed software costs balances	38,900,000	28,200,000
Depreciation and amortization expense	19,100,000	6,300,000	800,000
Impairment of internally developed software	2,500,000	3,200,000	0
Impairment losses related to property and equipment	$ 0	$ 0	$ 0

REVENUE - Narrative (Details) $ in Thousands	12 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) revenueStream	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Revenue From Contracts With Customer, Number Of Revenue Streams \| revenueStream	2
Total revenue from fees, net	$ 772,814	$ 685,414	$ 445,866
Performance obligations satisfied in the previous year	3,600	3,800	1,200
Network AI Fees
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	696,000	599,000	387,100
Financial Service
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 76,800	$ 86,400	$ 58,800

- Definition

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

+ References + Details

- Definition

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2023
Share options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Share options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Share options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Options to restricted shares \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Options to restricted shares \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years

- Definition

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

+ References

+ Details

BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

Property and equipment, net

Property and equipment, net, consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Computer and software	$	66,495	$	37,517
Equipment	843		765
Leasehold improvements	949		922
Property and equipment, gross	68,287		39,204
Less: accumulated depreciation and amortization	(26,730)		(7,541)
Property and equipment, net	$	41,557	$	31,663

The Company capitalized $28.1 million, $29.4 million and $4.0 million, of internally developed costs during the year ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and December 31, 2022, internally developed software costs balances, included in property and equipment, net, are $38.9 million and $28.2 million, respectively.

Depreciation and amortization expense was $19.1 million, $6.3 million and $0.8 million for the year ended December 31, 2023, 2022 and 2021, respectively.

During each of the year ended December 31, 2023, 2022 and 2021, the Company wrote off certain internally developed software, and reported $2.5 million, $3.2 million, $0.0 million, respectively, of impairment loss in the statements of operations. No impairment losses related to property and equipment were recorded during the year ended December 31, 2023, 2022 and 2021.

Prepaid and other current assets

Prepaid and other current assets, consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Prepaid expenses	$	6,715	$	7,092
Related party receivables	7,896		18,783
Other current assets	3,423		1,383
Total Prepaid expenses and other current assets	$	18,034	$	27,258

Accrued expenses and other liabilities

Accrued expenses and other liabilities consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Employee payables	$	10,353	$	14,482
Other short-term liabilities	18,209		35,014
Total accrued expenses and other liabilities	$	28,562	$	49,496

SEGMENTS AND GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

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

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


	December 31,
	2023		2022		2021
United States	$	772,814	$	685,129	$	409,858
Israel	—		—		3,771
Cayman	—		285		32,237
Total revenue from fees	$	772,814	$	685,414	$	445,866

Long-Lived Assets

The following table sets forth long-lived assets (including property and equipment, net and right-of-use assets) by geographic area (in thousands):


	December 31,
	2023		2022
Israel	$	86,345	$	83,270
United States	10,941		9,470
Total long-lived assets, net	$	97,286	$	92,740

Total Assets

The following table sets forth total assets by geographic area (in thousands):


	December 31,
	2023		2022
United States	$	966,201	$	653,908
Israel	242,019		391,024
Rest of the world	156		147
Total assets	$	1,208,376	$	1,045,079

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal and regulatory matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the consolidated statements of financial position and these matters are immaterial. Contractual Obligations and Commitments — During the year ended December 31, 2023, the Company entered into a purchase commitment with our third-party cloud computing web services provider, which included an annual purchase commitment of $4.6 million for the period from October 2023 through September 2025. As of December 31, 2023, the total remaining contractual obligations are approximately $8.5 million, of which $4.9 million is for the next 12 months. We may pay more than the minimum purchase commitment based on usage. 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. As of December 31, 2023, 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. For certain contracts meeting the definition of a guarantee or a derivative, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As of December 31, 2023, the maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $26.0 million. In accordance with the guarantee contracts, the maximum potential payment amount has been segregated and recognized within restricted cash in the consolidated balance sheet.

CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Series D

Series E

Series B

Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)

Ordinary Shares (Class A and Class B)

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings (Accumulated Deficit)

Non-Controlling Interests

Beginning balance (in shares) at Dec. 31, 2020

^[1]

26,817,162

Beginning balance at Dec. 31, 2020

$ 105,981

Redeemable Convertible Preferred Shares

Issuance of preferred shares, net of issuance costs (in shares)

^[1]

3,821,088

2,917,248

Issuance of convertible preferred shares net of issuance costs

$ 36,639

$ 136,006

Issuance of preferred shares upon exercise of warrants (in shares)

^[1]

83,384

227,700

Issuance of preferred shares upon exercise of warrants

$ 6,009

$ 22,412

Ending balance (in shares) at Dec. 31, 2021

^[1]

33,866,582

Ending balance at Dec. 31, 2021

$ 307,047

Beginning balance (in shares) at Dec. 31, 2020

^[1]

15,866,428

Beginning balance at Dec. 31, 2020

$ 88,145

$ 3,200

$ 0

$ 315

$ 0

$ 2,885

$ 84,945

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of ordinary shares upon exercise of share options (in shares)

329,054

329,055

^[1]

Issuance of ordinary shares upon exercise of share options

$ 346

346

Share-based compensation

68,090

Deemed contribution

23,612

Deemed dividend distribution

(23,612)

Issuance and reclassification of warrants

20,807

Contributions of interests in consolidated VIEs

151,035

Return of capital to interests in consolidated VIEs

(81,548)

Other comprehensive income (loss)

Net income (loss)

(69,523)

(91,151)

21,628

Ending balance (in shares) at Dec. 31, 2021

^[1]

16,195,483

Ending balance at Dec. 31, 2021

$ 177,352

1,292

$ 0

113,170

(111,878)

176,060

Redeemable Convertible Preferred Shares

Issuance of ordinary shares in connection with the Merger and PIPE Investment, net of issuance costs (in shares)

^[1]

(33,866,582)

Issuance of ordinary shares in connection with the Merger and PIPE Investment, net of issuance costs

$ (307,047)

Ending balance (in shares) at Dec. 31, 2022

^[1]

Ending balance at Dec. 31, 2022

^[2]

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of ordinary shares upon exercise of share options (in shares)

1,393,798

^[1]

Issuance of ordinary shares upon exercise of share options

$ 1,617

1,617

Issuance of ordinary shares upon vesting of RSUs (in shares)

^[1]

10,242

Issuance of ordinary shares upon exercise of warrants (in shares)

^[1]

1,878,280

Issuance of ordinary shares related to commitment shares (in shares)

^[1]

3,878

Issuance of ordinary shares related to commitment shares

1,000

Issuance of ordinary shares in connection with the Merger and PIPE Investment, net of issuance costs (in shares)

^[1]

37,460,951

Issuance of ordinary shares in connection with the Merger and PIPE Investment, net of issuance costs

581,359

Share-based compensation

250,711

Issuance and reclassification of warrants

20,575

Contributions of interests in consolidated VIEs

105,469

Return of capital to interests in consolidated VIEs

(77,764)

Other comprehensive income (loss)

(2,122)

(713)

(1,409)

Net income (loss)

(292,774)

(302,321)

9,547

Ending balance (in shares) at Dec. 31, 2022

^[1]

56,942,632

Ending balance at Dec. 31, 2022

$ 765,423

553,520

$ 0

968,432

(713)

(414,199)

211,903

Redeemable Convertible Preferred Shares

Issuance of preferred shares, net of issuance costs (in shares)

^[1]

5,000,000

Issuance of convertible preferred shares net of issuance costs

$ 74,250

Ending balance (in shares) at Dec. 31, 2023

^[1]

5,000,000

Ending balance at Dec. 31, 2023

^[2]

$ 74,250

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of ordinary shares upon exercise of share options (in shares)

914,908

925,240

^[1]

Issuance of ordinary shares upon exercise of share options

$ 4,334

4,334

Issuance of ordinary shares upon vesting of RSUs (in shares)

^[1]

962,679

Issuance of ordinary shares upon exercise of warrants (in shares)

^[1]

99,711

Issuance of ordinary shares related to commitment shares (in shares)

^[1]

1,587,157

Issuance of ordinary shares related to commitment shares

27,892

Share-based compensation

78,721

Reversal of issuance costs associated with the Business Combination and PIPE Investment

4,401

Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares)

^[1]

1,525,827

Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc.

18,134

Reclassification of investments

16,460

(1,881)

18,341

Contributions of interests in consolidated VIEs

19,955

Return of capital to interests in consolidated VIEs

(64,371)

Other comprehensive income (loss)

7,999

Other comprehensive income (loss)

(8,461)

3,038

(11,499)

Net income (loss)

(196,739)

(128,438)

(68,301)

Ending balance (in shares) at Dec. 31, 2023

^[1]

62,043,246

Ending balance at Dec. 31, 2023

$ 665,749

$ 559,721

$ 0

$ 1,101,914

$ 444

$ (542,637)

$ 106,028

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
[2]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Internal-Use Software (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Capitalized computer software impairments	$ 2,500,000	$ 3,200,000	$ 0

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year Ended December 31,
		2023		2022		2021
		(in thousands)
Services transferred at a point in time		$	734,924	$	661,646	$	420,460
Services transferred over time		37,890		23,768		25,406
Total revenue from fees, net		$	772,814	$	685,414	$	445,866

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 591,030	$ 200,694
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	591,030	200,694
VIE Assets	$ 8,363,402	$ 3,911,589

- Definition

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

+ References + Details

CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Issuance costs	$ 750	$ 57,400
Series D
Temporary equity, issuance costs			$ 11
Series E
Temporary equity, issuance costs			$ 158

INCOME TAXES - Schedule of the Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Domestic	$ 593	$ (4,063)	$ 7,067
Foreign	16,601	14,233	4,162
Total current	17,194	10,170	11,229
Deferred:
Domestic	(461)	6,233	(3,359)
Foreign	(1,162)	(3)	5
Total deferred	(1,623)	6,230	(3,354)
Total income tax provision	$ 15,571	$ 16,400	$ 7,875

- Definition

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

+ References + Details

BUSINESS DESCRIPTION	12 Months Ended
BUSINESS DESCRIPTION	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS DESCRIPTION	BUSINESS DESCRIPTION Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (“Financing Vehicles”). Pagaya Technologies Ltd. was founded in 2016 and is organized under the laws of the State of Israel. Pagaya has its primary offices in Israel and the United States. Reduction in Workforce During the first quarter of 2023, the Company announced a reduction in workforce by approximately twenty percent of employees across our Israel and U.S. offices, as compared to its headcount as of December 31, 2022. As of December 31, 2023, all actions associated with the reduction in workforce were completed. Total severance and other associated costs totaled $3.8 million, included within operating expenses on the consolidated statements of operations, for the year ended December 31, 2023. Reverse Share Split Share amounts have been retrospectively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024. See Note 20 for additional information.

SUBSEQUENT EVENTS (Details)					1 Months Ended
SUBSEQUENT EVENTS (Details)	Mar. 08, 2024	Feb. 15, 2024	Feb. 02, 2024 USD ($)	Jun. 22, 2022	Sep. 30, 2022 USD ($)	Feb. 01, 2024 USD ($)
Subsequent Event [Line Items]
Reverse share split				0.0054
Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Debt instrument, term					3 years
Revolving Credit Facility \| Line of Credit \| The Credit Agreement
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity					$ 167,500,000
Subsequent Event
Subsequent Event [Line Items]
Reverse share split	0.0833
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Reverse share split		0.1
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Reverse share split		0.0666
Subsequent Event \| Revolving Credit Facility \| Line of Credit \| The Credit Agreement
Subsequent Event [Line Items]
Debt instrument, term			5 years
Line of credit facility, maximum borrowing capacity			$ 35,000,000			$ 25,000,000
Subsequent Event \| Secured Debt \| Line of Credit \| The Credit Agreement
Subsequent Event [Line Items]
Debt instrument, term			5 years
Line of credit facility, maximum borrowing capacity			$ 255,000,000

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Uncertain tax positions, beginning of the year	$ 7,770	$ 190
Increase in tax positions for prior years	865
Decrease in tax positions for prior years		0
Increases related to current year tax positions	13,082	7,593
Revaluation	418	(13)
Uncertain tax positions, end of year	$ 22,135	$ 7,770

SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

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

The following table summarized the Company’s share option activity during the year ended December 31, 2023, 2022, and 2021:


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




Balance, December 31, 2020	3,827,222	$	0.8	9.1	$	2,905
Granted	4,208,660	13.1
Exercised	(329,054)	1.1
Forfeited	(434,923)	6.2
Balance, December 31, 2021	7,271,905	$	7.4	8.9	$	184,841
Granted	1,403,211	27.2
Exercised	(1,393,798)	1.1
Forfeited	(901,533)	18.0
Balance, December 31, 2022	6,379,785	$	11.6	8.3	$	19,895
Granted	—	—
Exercised	(914,908)	4.6
Forfeited	(1,213,889)	25.6
Balance, December 31, 2023	4,250,988	$	7.2	7.2	$	43,940
Vested and exercisable, December 31, 2023	2,984,461	$	4.9	7.1	$	37,770

There was no grant of share options during the year ended December 31, 2023. The weighted-average grant date fair value of employee options granted for the year ended December 31, 2022 and 2021 was $6.75 and $1.09, respectively. The aggregate intrinsic value of options exercised was approximately $10.9 million, $19.2 million and $0.3 million for the year ended December 31, 2023, 2022 and 2021, respectively. The total fair value of share options vested for the year ended December 31, 2023, 2022 and 2021, was $62.4 million, $36.0 million and $0.6 million, respectively.

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

Fair Value of Ordinary Shares—Prior to the Company’s public listing, the absence of an active market for the Company’s ordinary shares required the Company’s board of directors to determine the fair value of its ordinary shares for purposes of granting share options. The Company obtained contemporaneous third-party valuations to assist the board of directors in determining the fair value of the Company’s ordinary share. After the IPO, the fair value of each ordinary share was based on the closing price of the Company’s publicly traded ordinary shares as reported on the date of the grant.

Expected Volatility—Prior to the Company’s public listing, volatility is based on historical volatility rates obtained from certain public companies that operate in the same or related business as the Company since there was no market or historical data for Company’s ordinary share. After the IPO, volatility is based on volatility of Company’s publicly traded ordinary shares.

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

Expected Term— The expected term of share options represents the weighted average period the share options are expected to be outstanding. For option grants that are considered to be “plain vanilla”, the Company has opted to use the simplified method

for estimating the expected term as provided by the Securities and Exchange Commission. The simplified method calculates the expected term as the average time-to-vesting and the contractual life of the options.

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

The assumptions used to estimate the fair value of share options granted for the year ended December 31, 2023, 2022 and 2021 were as follows:


	2023	2022	2021
Expected volatility	—	46.91% - 529.23%	41.12% - 48.71%
Expected term (in years)	—	5.00 - 6.19	5.00 - 6.27
Risk free interest	—	1.68% - 3.65%	0.60% - 1.39%
Dividend yield	—	0.00	0.00

At December 31, 2023, unrecognized compensation expense related to unvested share options was approximately $53.1 million, which is expected to be recognized over a remaining weighted-average period of 1.38 years.

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

The following table summarized the Company’s RSU activity during the year ended December 31, 2023 and 2022:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	—	$	—
Granted	494,698	64.1
Vested	(10,867)	93.7
Forfeited	(4,333)	71.9
Unvested at December 31, 2022	479,498	$	63.3
Granted	4,497,281	13.0
Vested	(1,189,136)	18.8
Forfeited	(753,440)	25.7
Unvested at December 31, 2023	3,034,203	$	15.6

In connection with RSUs that vested during the year ended December 31, 2023, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 60,415 shares of common stock during the year. In addition, the Company deferred a settlement of 166,666 vested RSUs that were granted in connection with the Darwin acquisition. In addition, 624 of RSUs that were vested in 2022 were released during the year ended December 31, 2023. Accordingly, 962,679 shares were delivered during the year ended December 31, 2023.

At December 31, 2023, unrecognized compensation expense related to RSUs was approximately $38.7 million, which is expected to be recognized over a remaining weighted-average period of 1.48 years.

Options to Restricted Shares

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

such date (if such date is triggered by a Qualifying Event) will remain eligible for vesting following a Qualifying Event. However, any Awards that do not vest on or before the earlier to occur of a Transaction and the expiration date (10 years from the grant date) shall be forfeited.

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

In December 2021, the Company granted 0.6 million options to purchase restricted shares (the “Third Awards”) at an exercise price of approximately $37.38 per share to certain employees. These Third Awards will vest upon the following: (i) The Valuation-Based Vesting Condition may be satisfied at any date on or after March 31, 2022 based on the Total Value of the Company on such date (which shall be determined based on an independent third party valuation or, if the Company’s shares are publicly traded, based on the average trading price of a share of the Company over a period of sixty (60) days). Any options or shares received in connection with the exercise of an option that have not satisfied the Valuation-Based Vesting Condition on or prior to the tenth anniversary of the Grant Date (or such shorter period required by applicable law or for tax efficiency purposes) (the "Expiration Date") shall expire or be forfeited without consideration, as applicable, on the Expiration Date, and (ii) The Time-Based Vesting Condition shall be satisfied over a period of four (4) years commencing as of March 31, 2022, such that 25% of the options shall vest and become exercisable on March 31, 2023, 25% shall vest and become exercisable on March 31, 2024, 25% shall vest and become exercisable on March 31, 2025 and the remaining 25% shall vest and become exercisable on March 31, 2026 (rounded to the nearest number at each vesting date).

The following table summarized the Company’s options to restricted shares activity during the year ended December 31, 2023, 2022 and 2021:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Balance, December 31, 2020	—	—		—	$	—
Granted	20,430,614	19.92		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Balance, December 31, 2021	20,430,614	$	19.92	9.3	$	1,526
Granted	138,818	$	25.80
Exercised	—	—
Forfeited	(351,492)	37.68
Balance, December 31, 2022	20,217,940	$	19.68	8.2	$	—
Granted	—	—
Exercised	(10,332)	15.36
Forfeited	(161,528)	36.12
Balance, December 31, 2023	20,046,080	$	19.44	7.2	$	—
Vested and exercisable, December 31, 2023	16,484,445	$	19.20	7.2	$	—

At December 31, 2023, unrecognized compensation expense related to options to restricted shares was approximately $20.7 million, which is expected to be recognized over a remaining weighted-average period of 1.56 years.

Share-Based Compensation Expense

The following table presents the components and classification of share-based compensation for the year ended December 31, 2023, 2022 and 2021 (in thousands):


	2023		2022		2021
Technology, data and product development	$	12,375	$	81,337	$	27,042
Selling and marketing	13,216		58,377		18,458
General and administrative	45,464		101,975		22,285
Total	$	71,055	$	241,689	$	67,785

Share-based compensation for the year ended December 31, 2022 included compensation of $172.2 million related to the vesting of certain performance-based options, which was included in technology, data and product development, sales and marking, and general and administrative expenses. Share-based compensation for the year ended December 31, 2021 included compensation of $56.8 million related to a secondary sale by certain employees to certain investors, which was included in technology, data and product development, sales and marking, and general and administrative expenses.

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

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


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

NET LOSS PER SHARE (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Jun. 23, 2022

class

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Number of classes of ordinary shares | class

Allocation of undistributed earnings:

Net loss attributable to Pagaya Technologies Ltd. shareholders

$ (128,438)

$ (302,321)

$ (91,151)

Less: Undistributed earnings allocated to participating securities

(12,205)

(19,558)

Less: Deemed dividend distribution

(23,612)

Net income (loss) attributed to Pagaya Technologies Ltd.

$ (128,438)

$ (314,526)

(134,321)

Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted

$ (134,321)

Denominator:

Weighted average shares used for net loss per ordinary share, basic (in shares) | shares

^[1]

60,038,893

38,253,737

16,276,048

Weighted average shares used for net loss per ordinary share, diluted (in shares) | shares

^[1]

60,038,893

38,253,737

16,276,048

Net loss per share attributable to ordinary shareholders, basic (in dollars per share) | $ / shares

^[1]

$ (2.14)

$ (8.22)

$ (8.25)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) | $ / shares

^[1]

$ (2.14)

$ (8.22)

$ (8.25)

Common Class A

Allocation of undistributed earnings:

Net loss attributable to Pagaya Technologies Ltd. shareholders

$ (238,299)

Less: Undistributed earnings allocated to participating securities

(9,620)

Net income (loss) attributed to Pagaya Technologies Ltd.

$ (98,505)

(247,919)

Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted

$ (98,505)

$ (247,919)

Denominator:

Weighted average shares used for net loss per ordinary share, basic (in shares) | shares

46,046,607

30,152,746

Weighted average shares used for net loss per ordinary share, diluted (in shares) | shares

46,046,607

30,152,746

Net loss per share attributable to ordinary shareholders, basic (in dollars per share) | $ / shares

$ (2.14)

$ (8.22)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) | $ / shares

$ (2.14)

$ (8.22)

Common Class B

Allocation of undistributed earnings:

Net loss attributable to Pagaya Technologies Ltd. shareholders

$ (64,022)

Less: Undistributed earnings allocated to participating securities

(2,585)

Net income (loss) attributed to Pagaya Technologies Ltd.

$ (29,933)

(66,607)

Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted

$ (29,933)

$ (66,607)

Denominator:

Weighted average shares used for net loss per ordinary share, basic (in shares) | shares

13,992,286

8,100,990

Weighted average shares used for net loss per ordinary share, diluted (in shares) | shares

13,992,286

8,100,990

Net loss per share attributable to ordinary shareholders, basic (in dollars per share) | $ / shares

$ (2.14)

$ (8.22)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) | $ / shares

$ (2.14)

$ (8.22)

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

LEASES - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Rent expense	$ 13,016	$ 11,946
Variable lease payments	$ 280	$ 429
Weighted-average remaining lease term (in years)	7 years 4 months 24 days	8 years 2 months 12 days
Weighted-average discount rate	6.10%	5.70%
Initial recognition (derecognition) of right-of-use assets and operating lease liability	$ (1,839)	$ 68,819

SHARE BASED COMPENSATION - Restricted Stock Unit (RSUs) Activity (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of RSUs
Beginning balance (in shares)	479,498	0
Granted (in shares)	4,497,281	494,698
Vested (in shares)	(1,189,136)	(10,867)
Forfeited (in shares)	(753,440)	(4,333)
Ending balance (in shares)	3,034,203	479,498
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 63.3	$ 0
Granted (in dollars per share)	13.0	64.1
Vested (in dollars per share)	18.8	93.7
Forfeited (in dollars per share)	25.7	71.9
Ending balance (in dollars per share)	$ 15.6	$ 63.3

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the year ended December 31, 2023, 2022 and 2021 (in thousands, except share and per share data):


	Year Ended December 31, 2023
		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(98,505)	$	(29,933)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		46,046,607		13,992,286
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(2.14)	$	(2.14)


	Year Ended December 31, 2022
		Class A		Class B
Numerator:
Allocation of undistributed earnings:
Net loss attributable to Pagaya Technologies Ltd. shareholders		$	(238,299)	$	(64,022)
Less: Undistributed earnings allocated to participating securities		(9,620)		(2,585)
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(247,919)	$	(66,607)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		30,152,746		8,100,990
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(8.22)	$	(8.22)


	Year Ended December 31, 2021
Numerator:
Net loss attributable to Pagaya Technologies Ltd. shareholders		$	(91,151)
Less: Undistributed earnings allocated to participating securities		(19,558)
Less: Deemed dividend distribution		(23,612)
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(134,321)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		16,276,048
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(8.25)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive outstanding securities as of December 31, 2023, 2022 and 2021 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods:


	December 31,
	2023	2022	2021
Share options	3,895,087	6,379,785	7,271,906
Options to restricted shares	20,046,080	20,217,940	20,430,614
RSUs	3,034,203	479,497	—
Preferred share warrants	—	—	359,714
Ordinary share warrants	2,016,326	1,955,725	2,245,126
Redeemable convertible preferred shares	5,000,000	—	33,866,585
Net potential dilutive outstanding securities	33,991,696	29,032,947	64,173,945

INVESTMENTS IN LOANS AND SECURITIES

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN LOANS AND SECURITIES

The amortized cost, gross unrealized gains and losses and fair value of investments in loans and securities as of December 31, 2023 and 2022 were as follows (in thousands). As provided in Note 8, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.


	As of December 31, 2023
Investments in loans and securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	91,654	$	629	$	(1,858)	$	—	$	90,425
Securitization certificates	715,646		18,684		(11,578)		(98,679)		624,073
Other loans and receivables	4,574		—		—		(2,279)		2,295
Total	$	811,874	$	19,313	$	(13,436)	$	(100,958)	$	716,793

(1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables.


	As of December 31, 2022
Investments in loans and securities, held-to-maturity(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	147,574	$	132	$	(6,309)	$	—	$	141,397
Securitization certificates	302,636		23,592		(954)		—		325,274
Other loans and receivables	13,766		—		—		—		13,766
Total	$	463,976	$	23,724	$	(7,263)	$	—	$	480,437

(1) Excludes accrued interest receivable of $17.5 million included in Fees and other receivables.

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


	As of December 31, 2023
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in loans and securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	59,925	$	(1,858)	$	—	$	—	$	59,925	$	(1,858)
Securitization certificates	15,799		(1,988)		—		—		15,799		(1,988)
Other loans and receivables	—		—		—		—		—		—
Total	$	75,724	$	(3,846)	$	—	$	—	$	75,724	$	(3,846)


	As of December 31, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in loans and securities, held-to-maturity:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	111,552	$	(6,309)	$	—	$	—	$	111,552	$	(6,309)
Securitization certificates	8,406		(954)		—		—		8,406		(954)
Other loans and receivables	—		—		—		—		—		—
Total	$	119,958	$	(7,263)	$	—	$	—	$	119,958	$	(7,263)

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


	As of December 31, 2023
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, available for sale:	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	2,405	$	2,387	$	89,249	$	88,038	$	91,654	$	90,425
Securitization certificates	103		103		715,543		623,970		715,646		624,073
Other loans and receivables	—		—		4,574		2,295		4,574		2,295
Total (1)	$	2,508	$	2,490	$	809,366	$	714,303	$	811,874	$	716,793


	As of December 31, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, held-to-maturity:	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	1,007	$	1,007	$	146,567	$	140,390	$	147,574	$	141,397
Securitization certificates	—		—		302,636		325,274		302,636		325,274
Other loans and receivables	—		—		13,766		13,766		13,766		13,766
Total (1)	$	1,007	$	1,007	$	462,969	$	479,430	$	463,976	$	480,437

(1) Based on contractual maturities of corresponding repurchase agreements. See Note 6 for additional information.

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


	Year Ended December 31,
		2023		2022
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments		$	172,061	$	—


Write-offs charged against the allowance		33,552		—
Additions to allowance for credit losses not previously recorded		(134,510)		—
Investments in loans and securities, held-to-maturity:
Proceeds from sales/maturities/prepayments		—		112,897

The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):


	Year Ended December 31, 2023
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	—	$	—	$	—
Additions to allowance for credit losses not previously recorded	—		(131,110)		(3,400)		(134,510)



Write-offs charged against the allowance	—		32,431		1,121		33,552

Balance, end of period	$	—	$	(98,679)	$	(2,279)	$	(100,958)

During the year ended December 31, 2022, the Company recorded impairment loss of $33.7 million within other income (loss), net in the consolidated statements of operations. There was no activity of the allowance for credit losses during the year ended December 31, 2022.

Equity Method and Other Investments

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated statements of financial position as of December 31, 2023 and December 31, 2022 (in thousands):


	Carrying Value
	December 31, 2023		December 31, 2022
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	17,357	$	16,810
Other (2)	9,026		9,084
Total	$	26,383	$	25,894

(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 from these investments is included in Investment income in the consolidated statements of operations.

FAIR VALUE MEASUREMENT - Schedule of Assets Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash, cash equivalents and restricted cash	$ 222,541	$ 337,076
Investments in loans and securities, held-to-maturity		480,437
Fees and other receivables	113,707	97,993
Total assets	336,248	915,506
Carrying Value
Assets
Cash, cash equivalents and restricted cash	222,541	337,076
Investments in loans and securities, held-to-maturity		463,976
Fees and other receivables	113,707	97,993
Total assets	336,248	899,045
Fair Value \| Level 1
Assets
Cash, cash equivalents and restricted cash	222,541	337,076
Investments in loans and securities, held-to-maturity		0
Fees and other receivables	0	0
Total assets	222,541	337,076
Fair Value \| Level 2
Assets
Cash, cash equivalents and restricted cash	0	0
Investments in loans and securities, held-to-maturity		0
Fees and other receivables	113,707	97,993
Total assets	113,707	97,993
Fair Value \| Level 3
Assets
Cash, cash equivalents and restricted cash	0	0
Investments in loans and securities, held-to-maturity		480,437
Fees and other receivables	0	0
Total assets	$ 0	$ 480,437

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

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


	December 31,
	2023		2022		2021
Domestic (Israel)	$	(53,292)	$	(225,429)	$	(87,045)
Foreign	(127,876)		(50,945)		25,397
Total income (loss) before income taxes	$	(181,168)	$	(276,374)	$	(61,648)

Schedule of Components of Income Tax Expense (Benefit)

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


	December 31,
	2023		2022		2021
Current:
Domestic	$	593	$	(4,063)	$	7,067
Foreign	16,601		14,233		4,162
Total current	17,194		10,170		11,229
Deferred:
Domestic	(461)		6,233		(3,359)
Foreign	(1,162)		(3)		5
Total deferred	(1,623)		6,230		(3,354)
Total income tax provision	$	15,571	$	16,400	$	7,875

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective tax rate to the statutory tax rate of the Company is as follows (in thousands):


	December 31,
	2023			2022			2021
Income (loss) before income taxes	$	(181,168)		$	(276,374)		$	(61,648)
Israel statutory income tax rate	23		%	23		%	23		%
Theoretical income taxes at statutory rate	(41,669)			(63,566)			(14,179)
Preferred technological enterprise benefit	5,891			24,859			9,378
Deferred tax assets for which valuation allowance was provided	16,067			36,851			1,194
Permanent differences	7,643			17,792			16,037
Uncertain tax positions	13,500			7,580			26
Prior year taxes	(2,312)			(4,506)			(135)
Subsidiaries taxed at a different tax rate	16,443			(2,524)			(4,559)
Utilization of carry forward losses for which valuation allowance was provided	—			—			(126)
Reduction in valuation allowance	(1,162)			—			—
Other	1,170			(86)			239
Income tax	$	15,571		$	16,400		$	7,875
Effective tax rate	NM*			NM*			NM*

*NM = Not meaningful.

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, deferred tax assets presented in the balance sheet are comprised as follows (in thousands):


	December 31,
	2023		2022
Carry forward tax losses	$	14,608	$	11,080
Research and development cost	5,777		929
Compensations and benefits	27,507		24,032
Operating lease liability	7,111		7,705
Initial public offering costs	1,551		3,933
Provision of loans	13,425		2,276
Capital loss	948		—
Other	794		528
Deferred tax assets before valuation allowance	71,721		50,483
Valuation allowance	61,334		39,678
Deferred tax assets	10,387		10,805

Intangible assets	(687)		—
Right-of-use assets	(7,694)		(8,116)
Capitalized research and development costs	—		(1,537)
Equity method investments	(1,327)		(1,254)
Property and equipment	(666)		(466)
Other	(120)		—
Deferred tax liabilities	(10,494)		(11,373)
Deferred tax assets (liabilities), net	$	(107)	$	(568)

Schedule of Unrecognized Tax Benefits Roll Forward

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


	December 31,
	2023		2022
Uncertain tax positions, beginning of the year	$	7,770	$	190
Increase (decrease) in tax positions for prior years	865		—
Increases related to current year tax positions	13,082		7,593
Revaluation	418		(13)
Uncertain tax positions, end of year	$	22,135	$	7,770

BALANCE SHEET COMPONENTS - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 68,287	$ 39,204
Less: accumulated depreciation and amortization	(26,730)	(7,541)
Property and equipment, net	41,557	31,663
Computer and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	66,495	37,517
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	843	765
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 949	$ 922

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Loan principal purchased	$ 0	$ 29,600,000	$ 24,000,000
Loss on loans purchased		$ 22,900,000	$ 8,500,000

- 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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	1281
Auditor Name	KOST FORER GABBAY & KASIERER
Auditor Location	Tel-Aviv, Israel

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

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

Consolidated VIEs

As of December 31, 2023 and December 31, 2022, 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”). As sponsor of securitization transactions, the Company is subject to risk retention requirements and established the Risk Retention Entities to meet these requirements.

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


	Assets		Liabilities		Net Assets
As of December 31, 2023	$	132,660	$	—	$	132,660
As of December 31, 2022	$	264,854	$	—	$	264,854

Unconsolidated VIEs

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

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

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


	Carrying Amount		Maximum Exposure to Loss		VIE Assets
As of December 31, 2023	$	591,030	$	591,030	$	8,363,402
As of December 31, 2022	$	200,694	$	200,694	$	3,911,589

From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases can occur at the Company’s discretion. For the year ended December 31, 2023, the Company did not purchase assets loans from the Financing Vehicles. For the year ended December 31, 2022 and 2021, the Company purchased approximately $29.6 million and $24.0 million of loan principal from the Financing Vehicles, respectively, and included a loss of approximately $22.9 million and $8.5 million, respectively, in general and administrative expenses with respect to these loans.

WARRANT LIABILITY (Details)	Jun. 22, 2022 vote trading_day $ / shares shares
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	798,611
Public Warrants \| Triggering Event, One
Class of Warrant or Right [Line Items]
Number of trading days \| trading_day	20
Number of consecutive trading days \| vote	30
Period prior to notice of redemption	3 days
Redemption price of warrants (in dollars per share)	$ 0.12
Number of days of prior written notice of redemption	30 days
Public Warrants \| Triggering event, Two
Class of Warrant or Right [Line Items]
Number of trading days \| trading_day	20
Number of consecutive trading days \| vote	30
Number of days of prior written notice of redemption	30 days
Public Warrants \| Minimum \| Triggering Event, One
Class of Warrant or Right [Line Items]
Closing price (in dollars per share)	$ 216.00
Public Warrants \| Minimum \| Triggering event, Two
Class of Warrant or Right [Line Items]
Closing price (in dollars per share)	$ 120.00
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	430,555

INVESTMENTS IN LOANS AND SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Less than or equal to 1 year	$ 75,724
Greater than 1 year	0
Total	75,724
Unrealized Losses
Less than or equal to 1 year	(3,846)
Greater than 1 year	0
Total	(3,846)
Fair Value
Less than or equal to 1 year		$ 119,958
Greater than 1 year		0
Total		119,958
Unrealized Losses
Less than or equal to 1 year		(7,263)
Greater than 1 year		0
Total		(7,263)
Securitization notes
Fair Value
Less than or equal to 1 year	59,925
Greater than 1 year	0
Total	59,925
Unrealized Losses
Less than or equal to 1 year	(1,858)
Greater than 1 year	0
Total	(1,858)
Fair Value
Less than or equal to 1 year		111,552
Greater than 1 year		0
Total		111,552
Unrealized Losses
Less than or equal to 1 year		(6,309)
Greater than 1 year		0
Total		(6,309)
Securitization certificates
Fair Value
Less than or equal to 1 year	15,799
Greater than 1 year	0
Total	15,799
Unrealized Losses
Less than or equal to 1 year	(1,988)
Greater than 1 year	0
Total	(1,988)
Fair Value
Less than or equal to 1 year		8,406
Greater than 1 year		0
Total		8,406
Unrealized Losses
Less than or equal to 1 year		(954)
Greater than 1 year		0
Total		(954)
Other loans and receivables
Fair Value
Less than or equal to 1 year	0
Greater than 1 year	0
Total	0
Unrealized Losses
Less than or equal to 1 year	0
Greater than 1 year	0
Total	$ 0
Fair Value
Less than or equal to 1 year		0
Greater than 1 year		0
Total		0
Unrealized Losses
Less than or equal to 1 year		0
Greater than 1 year		0
Total		$ 0

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (181,168)	$ (276,374)	$ (61,648)
Israel statutory income tax rate	23.00%	23.00%	23.00%
Theoretical income taxes at statutory rate	$ (41,669)	$ (63,566)	$ (14,179)
Preferred technological enterprise benefit	5,891	24,859	9,378
Deferred tax assets for which valuation allowance was provided	16,067	36,851	1,194
Permanent differences	7,643	17,792	16,037
Uncertain tax positions	13,500	7,580	26
Prior year taxes	(2,312)	(4,506)	(135)
Subsidiaries taxed at a different tax rate	16,443	(2,524)	(4,559)
Utilization of carry forward losses for which valuation allowance was provided	0	0	(126)
Reduction in valuation allowance	(1,162)	0	0
Other	1,170	(86)	239
Total income tax provision	$ 15,571	$ 16,400	$ 7,875

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Narrative (Details)

1 Months Ended

12 Months Ended

Mar. 08, 2024

Feb. 15, 2024

May 25, 2023

USD ($)

Mar. 19, 2023

Aug. 17, 2022

USD ($)

Jun. 22, 2022

May 31, 2023

USD ($)

vote

day

$ / shares

Dec. 31, 2023

USD ($)

vote

$ / shares

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Aug. 16, 2022

Dec. 31, 2020

USD ($)

Class of Stock [Line Items]

Ordinary shares, authorized (in shares)

839,999,998

Shares authorized (in shares)

6,666,666

Shares outstanding (in shares)

^[1]

5,000,000

33,866,582

26,817,162

Reverse share split

0.0054

Number of shares of common stock issued (in shares)

2,916,666

Other income (expenses), net | $

$ (156,768,000)

$ (24,869,000)

$ (55,839,000)

Net proceeds, related fee expenses | $

$ 0

11,966,000

Warrant extension term

3 years

Temporary equity, new issues (in shares)

5,000,000

^[1]

Consideration received on sale | $

$ 75,000,000

Issuance of preferred share | $

$ 74,250,000

^[2]

$ 0

^[2]

$ 307,047,000

$ 105,981,000

Temporary equity, issuance costs | $

$ 750,000

Number of shares of class A ordinary shares issued upon conversion of preferred share (in shares)

Preferred shares, mandatory conversion term

6 years

Preferred shares, number of trading days immediately preceding date of written notice | day

Preferred shares, conversion, notification period

5 years

Preferred shares conversion upon milestone achievement

10 days

Preferred shares, liquidation, percentage of issue price

3.00%

Preferred shares, liquidation, multiple of issue price

200.00%

Triggering Event, One

Class of Stock [Line Items]

Original issue price, multiple

200.00%

Multiple of Original Issue Price

3.5

VWAP Average term

2 years

Triggering event, Two

Class of Stock [Line Items]

Original issue price, multiple

200.00%

Multiple of Original Issue Price

2.5

VWAP Average term

5 years

Triggering event, Two | Maximum

Class of Stock [Line Items]

Original issue price, multiple

200.00%

Triggering event, Two | Minimum

Class of Stock [Line Items]

Original issue price, multiple

25.00%

Ordinary share warrants | Warrants Expiring March 2031

Class of Stock [Line Items]

Warrants outstanding (in shares)

433,946

Warrant purchase price (in dollars per share) | $ / shares

$ 0.00006

Ordinary share warrants | Warrants Expiring June 2030

Class of Stock [Line Items]

Warrants outstanding (in shares)

192,901

Warrant purchase price (in dollars per share) | $ / shares

$ 0.0006

Ordinary share warrants | Warrants Expiring March 2032

Class of Stock [Line Items]

Warrants outstanding (in shares)

220,000

Warrant purchase price (in dollars per share) | $ / shares

$ 0.12

Ordinary share warrants | Warrants Expiring June 2027

Class of Stock [Line Items]

Warrants outstanding (in shares)

1,229,166

Warrant purchase price (in dollars per share) | $ / shares

$ 138

Subsequent Event

Class of Stock [Line Items]

Reverse share split

0.0833

Subsequent Event | Maximum

Class of Stock [Line Items]

Reverse share split

0.1

Subsequent Event | Minimum

Class of Stock [Line Items]

Reverse share split

0.0666

Common Class A

Class of Stock [Line Items]

Ordinary shares, authorized (in shares)

666,666,666

Ordinary shares, outstanding (in shares)

49,390,936

42,364,766

Ordinary shares, voting rights, votes per share | vote

Common Class A | B. Riley Principal Capital II, LLC

Class of Stock [Line Items]

Other income (expenses), net | $

$ 1,000,000

Common Class A | B. Riley Principal Capital II, LLC | Private Placement

Class of Stock [Line Items]

Stock purchase agreement, authorized amount | $

$ 300,000,000

Stock purchase agreement, term

24 months

Stock purchase agreement, minimum price threshold, discount rate

3.00%

Stock purchase agreement, authorized amount (in shares)

3,344,967

Stock purchase agreement, percentage of outstanding stock maximum

9.00%

Number of shares of common stock issued (in shares)

3,878

Number of shares issued in transaction (in shares)

1,587,157

Net proceeds | $

$ 27,200,000

Net proceeds, related fee expenses | $

$ 700,000

Common Class B

Class of Stock [Line Items]

Ordinary shares, authorized (in shares)

166,666,666

Ordinary shares, outstanding (in shares)

12,652,310

14,577,866

Ordinary shares, voting rights, votes per share | vote

Redeemable convertible preferred shares

Class of Stock [Line Items]

Sale of stock, price per share (in dollars per share) | $ / shares

$ 15.00

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
[2]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

As of December 31, 2023, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B Ordinary Shares. As of December 31, 2023, the Company had 5,000,000 Preferred Shares outstanding, 49,390,936 Class A Ordinary Shares outstanding and 12,652,310 Class B Ordinary Shares outstanding.

The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each share of Class A Ordinary Share is entitled to one vote per share. Each share of Class B Ordinary Share is entitled to 10 votes per share. Shares of Class B Ordinary Share may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to Class A Ordinary Share.

Reverse Share Split

Upon the approvals granted at the special general meeting of shareholders held on February 15, 2024, the Board has determined to implement a reverse share split of all of the Company’s ordinary and preferred shares, without par value, at a ratio of 1-for-12 with effective date of March 8, 2024. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the reverse share split.

As of December 31, 2023 and 2022, the Company had reserved ordinary shares for future issuance as follows:



	December 31, 2023	December 31, 2022

Share options	4,250,988	6,379,785
Options to restricted shares	20,046,080	20,217,940
RSUs	3,034,203	479,497
Ordinary share warrants	2,076,014	1,955,725

Redeemable convertible preferred shares	5,000,000	—
Shares available for future grant of equity awards	5,231,186	8,975,028
Total shares of ordinary share reserved	39,638,471	38,007,975

Ordinary Share Warrants

The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares.

As of December 31, 2023, there were 433,946 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,901 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, and 1,229,166 warrants expiring in June 2027 (consisting of the Public Warrants and Private Placement Warrants) with an exercise price of $138 per share.

Ordinary Shares Purchase Agreement

On August 17, 2022, the Company entered into an ordinary shares purchase agreement (the “Equity Financing Purchase Agreement”) and a registration rights agreement (the “Equity Financing Registration Rights Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley Principal Capital II”). Pursuant to the Equity Financing Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to $300,000,000 of newly issued shares of the Company’s Class A Ordinary Shares from time to time during the 24-month term of the Equity Financing Purchase Agreement, subject to certain limitations and conditions set forth in the Equity Financing Purchase Agreement. Sales of Class A Ordinary Shares pursuant to the Equity Financing Purchase Agreement, and the timing of any sales, are solely at the option of the Company, and the Company is under no obligation to sell any securities to B. Riley Principal Capital II under the Equity Financing Purchase Agreement.

The per share purchase price for the shares of Class A Ordinary Shares that the Company elects to sell to B. Riley Principal Capital II in a Purchase pursuant to the Equity Financing Purchase Agreement, if any, will be determined by reference to the volume weighted average price of the Company’s Class A Ordinary Shares as defined within the Equity Financing Purchase Agreement, less a fixed 3% discount. The Company cannot issue to B. Riley Principal Capital II more than 3,344,967 shares of Class A Ordinary Shares, which number of shares is approximately 9% of outstanding Class A Ordinary Shares immediately prior to the execution of the Equity Financing Purchase Agreement.

The net proceeds under the Equity Financing Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells shares of its stock to B. Riley Principal Capital II.

As consideration for B. Riley Principal Capital II’s commitment to purchase shares of Class A Ordinary Shares at the Company’s direction upon the terms and subject to the conditions set forth in the Equity Financing Purchase Agreement, upon execution of the Equity Financing Purchase Agreement, the Company issued 3,878 shares of Class A Ordinary Shares to B. Riley Principal Capital II. Expense of $1 million related to these shares was recognized within other income (loss), net in the Company’s consolidated statements of operations. During the year ended December 31, 2023, 1,587,157 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $27.2 million, and related fee of $0.7 million was expensed.

Amended Letter Agreement

Pursuant to the Letter Agreement, dated June 1, 2020, the Company agreed to provide Radiance Star Pte. Ltd. (“Radiance”), an affiliate of GIC Private Limited, the right to purchase up to a certain amount of qualified securities in certain offerings by the Company and to provide Radiance with notice of any fund offerings or securitization offerings. On March 19, 2023, the Company and Radiance agreed to extend the term of the Letter Agreement by three years (the “Amended Letter Agreement”) to June 1, 2028 on the same terms and amount, including the issuance of 220,000 warrants to purchase Class A Ordinary shares at an exercise price of $0.12 that vest annually beginning from June 1, 2025 if certain investment thresholds by Radiance are met. There were no other material changes to the existing terms of the Letter Agreement.

Redeemable Convertible Preferred Shares

In May 2023, the Company issued 5,000,000 Preferred Shares at $15.00 per share (the “Original Issue Price”) to Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P for gross total proceeds of $75 million. For accounting purposes, upon issuance of the Preferred Share, the Company recorded $74.25 million ($75 million net of direct offering costs of $0.75 million) as mezzanine equity (temporary equity) on the consolidated balance sheets because it is contingently redeemable outside of the control of the Company.

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

Conversion Features

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

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

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

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

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

Liquidation

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

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

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

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

•(iii) two times the Original Issue Price.

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

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

Dividends

Preferred Shares, Class A Ordinary Shares and Class B Ordinary Shares shall be treated equally and ratably, on a per share basis with respect to any dividend or distribution paid or distributed by the Company. As of December 31, 2023, the Company has not paid cash dividends and has no foreseeable plans to pay cash dividends in the future.

Voting

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

Redemption

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

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

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Thousands			12 Months Ended
	Mar. 08, 2024	Jun. 22, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Total revenue from fees, net			$ 772,814	$ 685,414	$ 445,866
Reverse share split		0.0054
Subsequent Event
Reverse share split	0.0833
Related Party
Total revenue from fees, net			$ 622,260	$ 653,471	$ 445,866

- Definition

+ References

+ Details

INVESTMENTS IN LOANS AND SECURITIES - Investments by Maturity (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Within 1 year	$ 2,508,000
Greater than 1 year, less than or equal to 5 years	809,366,000
Total	811,874,000
Fair Value
Within 1 year	2,490,000
Greater than 1 year, less than or equal to 5 years	714,303,000
Total	716,793,000
Amortized Cost
Within 1 year		$ 1,007,000
Greater than 1 year, less than or equal to 5 years		462,969,000
Total		463,976,000
Fair Value
Within 1 year		1,007,000
Greater than 1 year, less than or equal to 5 years		479,430,000
Total		480,437,000
Securitization notes
Amortized Cost
Within 1 year	2,405,000
Greater than 1 year, less than or equal to 5 years	89,249,000
Total	91,654,000
Fair Value
Within 1 year	2,387,000
Greater than 1 year, less than or equal to 5 years	88,038,000
Total	90,425,000
Amortized Cost
Within 1 year		1,007,000
Greater than 1 year, less than or equal to 5 years		146,567,000
Total		147,574,000
Fair Value
Within 1 year		1,007,000
Greater than 1 year, less than or equal to 5 years		140,390,000
Total		141,397,000
Securitization certificates
Amortized Cost
Within 1 year	103,000
Greater than 1 year, less than or equal to 5 years	715,543,000
Total	715,646,000
Fair Value
Within 1 year	103,000
Greater than 1 year, less than or equal to 5 years	623,970,000
Total	624,073,000
Amortized Cost
Within 1 year		0
Greater than 1 year, less than or equal to 5 years		302,636,000
Total		302,636,000
Fair Value
Within 1 year		0
Greater than 1 year, less than or equal to 5 years		325,274,000
Total		325,274,000
Other loans and receivables
Amortized Cost
Within 1 year	0
Greater than 1 year, less than or equal to 5 years	4,574,000
Total	4,574,000
Fair Value
Within 1 year	0
Greater than 1 year, less than or equal to 5 years	2,295,000
Total	2,295,000
Amortized Cost
Within 1 year		0
Greater than 1 year, less than or equal to 5 years		13,766,000
Total	$ 0	13,766,000
Fair Value
Within 1 year		0
Greater than 1 year, less than or equal to 5 years		13,766,000
Total		$ 13,766,000

CONSOLIDATED BALANCE SHEETS (Parenthetical)
$ in Thousands

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Current assets:

Related party receivables | $

$ 79,526

$ 59,219

Related party assets | $

18,034

27,258

Related party receivables | $

$ 34,181

$ 38,774

Liabilities and Shareholders’ Equity

Shares authorized (in shares)

6,666,666

Shares issued (in shares)

5,000,000

Shares outstanding (in shares)

^[1]

5,000,000

Aggregate liquidation preference | $

$ 150,000

Shareholders’ equity:

Ordinary shares, authorized (in shares)

839,999,998

Common Class A

Shareholders’ equity:

Ordinary shares, authorized (in shares)

666,666,666

Ordinary shares, issued (in shares)

49,390,936

42,364,766

Ordinary shares, outstanding (in shares)

49,390,936

42,364,766

Common Class B

Shareholders’ equity:

Ordinary shares, authorized (in shares)

166,666,666

Ordinary shares, issued (in shares)

12,652,310

14,577,866

Ordinary shares, outstanding (in shares)

12,652,310

14,577,866

Related Party

Current assets:

Related party receivables | $

$ 51,036

$ 49,427

Related party assets | $

7,896

18,783

Related party receivables | $

$ 33,739

$ 38,332

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment, Net

Useful lives by asset category are as follows:


Computer and software						3 to 7 years
Equipment						3 to 7 years
Internal-Use Software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Property and equipment, net, consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Computer and software	$	66,495	$	37,517
Equipment	843		765
Leasehold improvements	949		922
Property and equipment, gross	68,287		39,204
Less: accumulated depreciation and amortization	(26,730)		(7,541)
Property and equipment, net	$	41,557	$	31,663

Prepaid and Other Current Assets

Prepaid and other current assets, consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Prepaid expenses	$	6,715	$	7,092
Related party receivables	7,896		18,783
Other current assets	3,423		1,383
Total Prepaid expenses and other current assets	$	18,034	$	27,258

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Employee payables	$	10,353	$	14,482
Other short-term liabilities	18,209		35,014
Total accrued expenses and other liabilities	$	28,562	$	49,496

WARRANT LIABILITY	12 Months Ended
WARRANT LIABILITY	Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
WARRANT LIABILITY	WARRANT LIABILITY On June 22, 2022, in connection with the Merger, the Company assumed 798,611 Public Warrants and 430,555 Private Placement Warrants, all of which were outstanding as of both December 31, 2023 and December 31, 2022. Public Warrants — Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on July 22, 2022. The Public Warrants will expire on June 22, 2027 or upon liquidation. The Company will not be obligated to deliver any Class A ordinary shares, no par value (“Class A Ordinary Shares”), of the Company pursuant to the exercise of a public warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A Ordinary Shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No public warrant will be exercisable, and the Company will not be obligated to issue a Class A Ordinary Share upon exercise of a public warrant unless the Class A Ordinary Share, issuable upon such warrant exercise, has been registered, qualified, or deemed to be exempt under the securities laws of the state of residence of the registered holder of the public warrants. Redemption of Public Warrants for Cash The Company may redeem the outstanding warrants: •if, and only if, the closing price of the Class A Ordinary Shares equals or exceeds $216.00 per share for any 20 trading days within a 30 trading day period ending three business days before the Company sends the notice of redemption to the warrant holders; •in whole and not in part; •at a price of $0.12 per warrant; and •upon not less than 30 days’ prior written notice of redemption to each warrant holder. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Public Warrants when the per share price of Class A Ordinary Shares equals or exceeds $120.00 The Company may redeem the outstanding warrants: •if, and only if, the last reported sale price of the Class A Ordinary Shares equals or exceeds $120.00 per share (subject to adjustment in compliance with the terms of the warrant agreement governing the warrants (“Warrant Agreement”)) for any 20 trading days within a 30 trading-day period ending on, and including, the third trading day prior to the date on which we send the notice of redemption to the warrant holders; •in whole and not in part; and •for cash at a price of at $0.12 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their public warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table included in the Warrant Agreement, based on the redemption date and the “fair market value” of the Class A Ordinary Shares as described in the Warrant Agreement. If the Company calls the Public Warrants for redemption as described above under “—Redemption of Public Warrants for Cash,” management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the Warrant Agreement. The exercise price and number of Class A Ordinary Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger, or consolidation. However, except as described below, the warrants will not be adjusted for issuance of Class A Ordinary Shares at a price below its exercise price. Additionally, in no event will the Company be required to net-cash settle the warrants. Private Placement Warrants — Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants are exercisable for cash or cashless, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. These warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability on the consolidated statements of financial position. The warrant liability is measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the consolidated statements of operations. The Company used the value of the Public Warrants as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market.

INVESTMENTS IN LOANS AND SECURITIES - Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments	$ 172,061	$ 0
Write-offs charged against the allowance	33,552	0
Additions to allowance for credit losses not previously recorded	(134,510)	0
Investments in loans and securities, held-to-maturity:
Proceeds from sales/maturities/prepayments	$ 0	$ 112,897

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss including noncontrolling interests	$ (196,739)	$ (292,774)	$ (69,523)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity method income (loss)	(488)	(5,756)	155
Loss on sale of equity method investments	0	0	421
Depreciation and amortization	19,127	6,294	815
Share-based compensation	71,055	241,689	67,785
Fair value adjustment to warrant liability	1,842	(11,088)	53,019
Issuance of ordinary shares related to commitment shares	0	1,000	0
Other than temporary impairment of investments in loans and securities	0	33,704	0
Write-off of capitalized software	2,475	3,209	0
Gain on foreign exchange	(1,320)	0	0
Change in operating assets and liabilities:
Fees and other receivables	(20,740)	(46,453)	(27,555)
Deferred tax assets, net	(1,162)	5,681	(3,378)
Deferred tax liabilities, net	(461)	568	0
Prepaid expenses and other assets	12,912	(23,227)	(4,738)
Right-of-use assets	3,854	7,742
Accounts payable	(448)	(9,841)	10,999
Accrued expenses and other liabilities	(17,770)	32,403	13,407
Operating lease liability	(3,712)	(11,192)	0
Income tax receivable / payable	6,642	2,383	8,404
Net cash provided by (used in) operating activities	9,577	(40,000)	49,811
Proceeds from the sale/maturity/prepayment of:
Investments in loans and securities	172,061	112,897	28,904
Short-term deposits	0	5,020	53,412
Equity method and other investments	0	453	8,925
Cash and restricted cash acquired from Darwin Homes, Inc.	1,608	0	0
Payments for the purchase of:
Investments in loans and securities	(566,173)	(355,633)	(202,366)
Property and equipment	(20,189)	(22,406)	(6,624)
Equity method and other investments	0	(5,750)	(22,991)
Net cash used in investing activities	(412,693)	(265,419)	(140,740)
Cash flows from financing activities
Proceeds from sale of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs	0	291,872	0
Proceeds from issuance of redeemable convertible preferred shares, net	74,250	0	172,645
Proceeds from issuance of ordinary share warrants, net	0	0	20,807
Proceeds from secured borrowing	338,472	139,413	37,905
Proceeds received from noncontrolling interests	19,955	105,469	151,035
Proceeds from revolving credit facility	130,000	42,100	0
Proceeds from exercise of stock options	4,334	1,617	346
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	27,892	0	0
Proceeds from exercise of redeemable convertible preferred shares warrants	0	0	400
Distributions made to noncontrolling interests	(43,767)	(77,764)	(81,548)
Payments made to revolving credit facility	(55,000)	(27,100)	0
Payments made to secured borrowing	(206,390)	(37,687)	0
Settlement of share-based compensation in satisfaction of tax withholding requirements	(650)	0	0
Payments for deferred offering costs	0	0	(11,966)
Net cash provided by financing activities	289,096	437,920	289,624
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(515)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	(114,535)	132,501	198,695
Cash, cash equivalents and restricted cash, beginning of period	337,076	204,575	5,880
Cash, cash equivalents and restricted cash, end of period	222,541	337,076	204,575
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated statements of financial position to the amounts shown in the statements of cash flow above:
Cash and cash equivalents	186,478	309,793	190,778
Restricted cash - current	16,874	22,539	7,000
Restricted cash - non-current	19,189	4,744	6,797
Total cash, cash equivalents, and restricted cash	222,541	337,076	204,575
Supplemental disclosures of cash flow information
Cash paid for income taxes	9,174	6,941	2,609
Cash paid for interest expense	17,779	4,341	0
Cash paid for operating leases	14,103	11,192
Supplemental disclosure of non-cash activities
Initial recognition (derecognition) of right-of-use assets and operating lease liability	(1,839)	68,819
In-kind distributions	20,603	0	0
Issuance of ordinary shares in connection with acquisition	18,134	0	0
Deemed dividend from secondary transactions	0	0	23,612
Issuance of redeemable convertible preferred shares upon exercise of warrants	0	0	28,421
Asset-Backed Securities
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Impairment loss on investments in loans and securities/loss on loans held-for-investment	134,510	15,007	0
Other loans and receivables
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Impairment loss on investments in loans and securities/loss on loans held-for-investment	$ 0	$ 10,651	$ 0

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Annual purchase commitment	$ 4.6
Remaining contractual obligations	8.5
Remaining contractual obligations remaining for the next 12 months	4.9
Maximum potential amount of undiscounted future payments	$ 26.0

BORROWINGS - Narrative (Details) - USD ($)	1 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Oct. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Master Agreements
Debt Instrument [Line Items]
Long-term debt, outstanding balance			$ 251,400,000		$ 124,600,000
Weighted average interest rate on long-term debt outstanding			13.00%		5.00%
Loan and Security Agreement
Debt Instrument [Line Items]
Long-term debt, outstanding balance			$ 20,300,000		$ 15,000,000
Debt instrument, term	3 years
Line of credit facility, maximum borrowing capacity	$ 22,000,000			$ 32,000,000
Increase in maximum principal amount				$ 10,000,000
Debt instrument, Secured Overnight Financing Rate floor	0.00%
Loan and Security Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.20%
Secured Debt
Debt Instrument [Line Items]
Long-term debt, outstanding balance			271,700,000		139,600,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, outstanding balance			90,000,000		$ 15,000,000
Debt instrument, term		3 years
Line of credit facility, remaining borrowing capacity			67,450,000
Line of Credit \| Revolving Credit Facility \| The Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 167,500,000
Debt instrument, Secured Overnight Financing Rate floor		0.00%
Debt instrument, base rate floor		1.00%
Line of Credit \| Revolving Credit Facility \| The Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.75%
Line of credit facility, commitment fee percentage		0.25%
Line of Credit \| Revolving Credit Facility \| The Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Long-term debt, outstanding balance			$ 10,050,000.00
Line of Credit \| Letter of Credit \| The Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Line of Credit \| Letter of Credit \| The Credit Agreement \| Israel, New Shekels
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 20,000,000

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS Severance pay — Under Israeli employment laws, Israeli employees of the Company are included under Section 14 of the Severance Pay Law, 5723-1963 (“Section 14”). According to Section 14, these employees are entitled to monthly payments made by the Company on their behalf with insurance companies. For the year ended December 31, 2023 and 2022, the Company incurred severance related expenses of $3.1 million and $1.0 million, respectively. The amount of severance related expenses was immaterial for the year ended December 31, 2021. Payments in accordance with Section 14 release the Company from any future severance payments with respect to those employees. The obligation to make the monthly deposits at a rate of 8.33% of their monthly salary is expensed as incurred. In addition, the aforementioned deposits are not recorded as an asset in the consolidated balance sheet, and there is no liability recorded as the Company does not have a future obligation to make any additional payments.

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2023

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 models that use, as inputs, observable market-based parameters to the greatest extent possible.

Financial Assets and Liabilities Recorded at Fair Value


	December 31, 2023

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	90,425	$	—	$	90,425
Investments in loans and securities (Certificates and Other loans and receivables)	—		—		626,368		626,368
Liabilities:
Warrant liability	$	2,106	$	1,136	$	—	$	3,242


	December 31, 2022

	Level 1		Level 2		Level 3		Total




Liabilities:
Warrant liability	$	909	$	490	$	—	$	1,400

There were no transfers between levels during the periods ended December 31, 2023 and December 31, 2022.

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

Warrant liability (Level 1 and 2)

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

The following tables summarize the Warrant liability activity for the year ended December 31, 2023, 2022 and 2021 (in thousands):



Balance as of December 31, 2020	$	2,471
Exercise of Series B warrants	(22,012)
Exercise of Series D warrants	(6,009)
Change in fair value	53,019
Balance as of December 31, 2021	$	27,469

Assumed warrants in connection with the Merger(1)	5,594
Change in fair value	(11,088)
Reclassification(2)	(20,575)
Balance as of December 31, 2022	$	1,400
Change in fair value	1,842
Balance as of December 31, 2023	$	3,242

(1) See Note 3 for additional information.

(2) In connection with the EJFA Merger, the liability-classified warrants were reclassified to equity-classified warrants.

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

Investments in Loans and Securities Available for Sale (Level 3)

As of December 31, 2023, the Company held investments in loans and securities classified as available for sale. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Declines in fair value due to credit are reflected in other income (expenses), net on the consolidated statements of operations.

The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the year ended December 31, 2023 (in thousands):


	Year Ended December 31, 2023
Balance as of December 31, 2022	$	—
Transfer from held-to-maturity to available for sale at fair value	480,437
Additions	566,173
Cash received	(172,061)
In-kind distributions	(14,785)
Change in fair value	(8,461)
Credit-related impairment loss	(134,510)
Balance as of December 31, 2023	$	716,793

Significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of December 31, 2023:


	December 31, 2023
Unobservable Input	Minimum		Maximum	Weighted Average
Discount rate	8.0	%	15.0%	15.0%
Loss rate	4.9	%	31.0%	15.7%
Prepayment rate	4.0	%	40.0%	9.9%

Financial Assets and Liabilities Not Recorded at Fair Value

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

The below tables contain information about assets that are not measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 (in thousands):


	December 31, 2023
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	222,541	$	222,541	$	—	$	—	$	222,541


Fees and other receivables	113,707		—		113,707		—		113,707
Total assets	$	336,248	$	222,541	$	113,707	$	—	$	336,248


	December 31, 2022
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	337,076	$	337,076	$	—	$	—	$	337,076

Investments in loans and securities, held-to-maturity	463,976		—		—		480,437		480,437
Fees and other receivables	97,993		—		97,993		—		97,993
Total assets	$	899,045	$	337,076	$	97,993	$	480,437	$	915,506

- 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 + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segment	1

BALANCE SHEET COMPONENTS - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 6,715	$ 7,092
Related party receivables	7,896	18,783
Other current assets	3,423	1,383
Total Prepaid expenses and other current assets	$ 18,034	$ 27,258

BORROWINGS	12 Months Ended
BORROWINGS	Dec. 31, 2023
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS As of December 31, 2023 and December 31, 2022, the Company had secured borrowings with an outstanding balance of $271.7 million and $139.6 million, respectively, as well as a revolving credit facility with an outstanding balance of $90.0 million and $15.0 million, respectively. The Company was in compliance with all covenants as of December 31, 2023. Risk Retention Master Repurchase In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in our balance sheet. As of December 31, 2023 and December 31, 2022, the outstanding principal balance under the repurchase agreements was $251.4 million and $124.6 million, respectively, with a weighted average interest rate of approximately thirteen percent and five percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both December 31, 2023 and December 31, 2022. Receivables Facility In October 2022, Pagaya Receivables LLC, a wholly-owned subsidiary, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders, which provides for a 3-year loan facility (the “Receivables Facility”) in a maximum principal amount of $22 million to finance certain eligible receivables purchased from sponsored securitization transactions. In June 2023, the Company amended the agreement and increased the maximum principal amount by $10 million to $32 million. Borrowings under the Receivables Facility bear interest at a rate per annum equal to the adjusted term Secured Overnight Financing Rate (subject to a 0.00% floor) plus a margin of 2.20%, and the balance is repaid using cash proceeds received from the receivables. As of December 31, 2023 and December 31, 2022, the outstanding principal balance under the Receivables Facility was $20.3 million and $15.0 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet. Revolving Credit Facility In September 2022, the Company entered into a Senior Secured Revolving Credit Agreement (the “SVB Credit Agreement”) with certain lenders. The SVB Credit Agreement provided for a 3-year senior secured revolving credit facility (the “SVB Revolving Credit Facility”) in an initial principal amount of $167.5 million, which included a sub-limit for letters of credit in an initial aggregate principal amount of $50.0 million, of which up to the U.S. dollar equivalent of $20.0 million could be issued in new Israeli shekels. Proceeds of borrowings under the SVB Revolving Credit Facility were meant to be used to finance the Company’s ongoing working capital needs, permitted acquisitions or for general corporate purposes of the Company and its subsidiaries. Borrowings under the SVB Revolving Credit Facility bore interest at a rate per annum equal to either (i) a base rate (determined based on the prime rate and subject to a 1.00% floor) plus a margin of 1.75% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 0.00% floor) plus a margin of 2.75%. A commitment fee accrues on any unused portion of the commitments under the SVB Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. The Company could voluntarily prepay borrowings under the SVB Revolving Credit Facility at any time and from time to time without premium or penalty, subject only to the payment of customary breakage costs. No amortization payments were required to be made in respect of borrowings under the SVB Revolving Credit Facility. As of December 31, 2023, the Company had $90.0 million drawn, letters of credit issued in the amount of $10.05 million, and $67.45 million of remaining borrowing capacity available under the Revolving Credit Facility. As of December 31, 2022, the outstanding principal balance under the Revolving Credit Facility was $15.0 million. The borrowing under the Revolving Credit Facility was fully repaid upon the closing of new credit agreement that the Company entered into in February 2024. See Note 20 for additional information.

- 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 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Sublease Income	$ 4.1	$ 2.0	$ 0.0
Security deposit	$ 4.8	$ 4.2

BUSINESS COMBINATIONS - Schedule of Intangible Assets Acquired (Details) - Darwin Homes, Inc. $ in Thousands	Jan. 05, 2023 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 5,100
Trade name
Business Acquisition [Line Items]
Estimated Useful Life	2 years
Fair Value	$ 1,400
Developed technology
Business Acquisition [Line Items]
Estimated Useful Life	2 years
Fair Value	$ 3,700

INVESTMENTS IN LOANS AND SECURITIES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0
Additions to allowance for credit losses not previously recorded	(134,510)	$ 0
Write-offs charged against the allowance	33,552	0
Balance at end of period	(100,958)	0
Securitization notes
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Additions to allowance for credit losses not previously recorded	0
Write-offs charged against the allowance	0
Balance at end of period	0	0
Securitization certificates
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Additions to allowance for credit losses not previously recorded	(131,110)
Write-offs charged against the allowance	32,431
Balance at end of period	(98,679)	0
Other loans and receivables
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Additions to allowance for credit losses not previously recorded	(3,400)
Write-offs charged against the allowance	1,121
Balance at end of period	$ (2,279)	$ 0

LEASES - Operating Lease Liability To Be Paid (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Lease, After Adoption of 842
2024	$ 9,767
2025	8,735
2026	8,735
2027	7,571
2028	6,688
Thereafter	21,482
Total	62,978
Less: imputed interest	(12,107)
Total operating lease liabilities	$ 50,871

INVESTMENTS IN LOANS AND SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale


	As of December 31, 2023
Investments in loans and securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	91,654	$	629	$	(1,858)	$	—	$	90,425
Securitization certificates	715,646		18,684		(11,578)		(98,679)		624,073
Other loans and receivables	4,574		—		—		(2,279)		2,295
Total	$	811,874	$	19,313	$	(13,436)	$	(100,958)	$	716,793

(1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables.

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


	As of December 31, 2023
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, available for sale:	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	2,405	$	2,387	$	89,249	$	88,038	$	91,654	$	90,425
Securitization certificates	103		103		715,543		623,970		715,646		624,073
Other loans and receivables	—		—		4,574		2,295		4,574		2,295
Total (1)	$	2,508	$	2,490	$	809,366	$	714,303	$	811,874	$	716,793

Debt Securities, Held-to-Maturity


	As of December 31, 2022
Investments in loans and securities, held-to-maturity(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	147,574	$	132	$	(6,309)	$	—	$	141,397
Securitization certificates	302,636		23,592		(954)		—		325,274
Other loans and receivables	13,766		—		—		—		13,766
Total	$	463,976	$	23,724	$	(7,263)	$	—	$	480,437

(1) Excludes accrued interest receivable of $17.5 million included in Fees and other receivables.


	As of December 31, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in loans and securities, held-to-maturity:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	111,552	$	(6,309)	$	—	$	—	$	111,552	$	(6,309)
Securitization certificates	8,406		(954)		—		—		8,406		(954)
Other loans and receivables	—		—		—		—		—		—
Total	$	119,958	$	(7,263)	$	—	$	—	$	119,958	$	(7,263)


	As of December 31, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, held-to-maturity:	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	1,007	$	1,007	$	146,567	$	140,390	$	147,574	$	141,397
Securitization certificates	—		—		302,636		325,274		302,636		325,274
Other loans and receivables	—		—		13,766		13,766		13,766		13,766
Total (1)	$	1,007	$	1,007	$	462,969	$	479,430	$	463,976	$	480,437

(1) Based on contractual maturities of corresponding repurchase agreements. See Note 6 for additional information.

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


	As of December 31, 2023
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in loans and securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	59,925	$	(1,858)	$	—	$	—	$	59,925	$	(1,858)
Securitization certificates	15,799		(1,988)		—		—		15,799		(1,988)
Other loans and receivables	—		—		—		—		—		—
Total	$	75,724	$	(3,846)	$	—	$	—	$	75,724	$	(3,846)

Schedule of Realized Gain (Loss)


	Year Ended December 31,
		2023		2022
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments		$	172,061	$	—


Write-offs charged against the allowance		33,552		—
Additions to allowance for credit losses not previously recorded		(134,510)		—
Investments in loans and securities, held-to-maturity:
Proceeds from sales/maturities/prepayments		—		112,897

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

The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):


	Year Ended December 31, 2023
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	—	$	—	$	—
Additions to allowance for credit losses not previously recorded	—		(131,110)		(3,400)		(134,510)



Write-offs charged against the allowance	—		32,431		1,121		33,552

Balance, end of period	$	—	$	(98,679)	$	(2,279)	$	(100,958)

Equity Method Investments


	Carrying Value
	December 31, 2023		December 31, 2022
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	17,357	$	16,810
Other (2)	9,026		9,084
Total	$	26,383	$	25,894

(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 from these investments is included in Investment income in the consolidated statements of operations.

- Definition

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

+ References

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-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

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

+ Details

BUSINESS COMBINATIONS - Merger with EJF Acquisition Corp - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 22, 2022 USD ($) founder vote $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 21, 2022 ₪ / shares
Business Acquisition [Line Items]
Preferred share, par or stated value per share (in New Israeli Shekel per share) \| ₪ / shares					₪ 0.01
Common share, par value (in dollars per share) \| $ / shares	$ 120.00
Number of founders \| founder	3
PIPE financing, gross proceeds received \| $	$ 350,000	$ 27,892	$ 0	$ 0
Number of shares of common stock issued (in shares) \| shares	2,916,666
Gross proceeds resulting from the transaction \| $	$ 350,000
Payments of reverse recapitalization transaction costs \| $	57,300
Reverse recapitalization, warrant transaction costs \| $	$ 1,200
Reverse share split	0.0054
Warrant liability - Public Warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares) \| shares	798,611
Warrant purchase price (in dollars per share) \| $ / shares	$ 138
Warrant liability - Private Placement Warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares) \| shares	430,555
Warrant purchase price (in dollars per share) \| $ / shares	$ 138
Common Class A
Business Acquisition [Line Items]
Number of votes per share \| vote	10
Number of shares converted per common share (in shares) \| shares	1
Common Class A \| EJF Acquisition Corp. (EJFA)
Business Acquisition [Line Items]
Common share, par value (in dollars per share) \| $ / shares	$ 0.0001
Number of shares converted per common share (in shares) \| shares	1
Common Class B
Business Acquisition [Line Items]
Number of votes per share \| vote	1
Common Class B \| EJF Acquisition Corp. (EJFA)
Business Acquisition [Line Items]
Common share, par value (in dollars per share) \| $ / shares	$ 0.0001

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Dec. 31, 2023
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). The Company has transactions with the securitization vehicles and other Financing Vehicles which are also related parties. As of December 31, 2023, the total fee receivables from related parties are $84.8 million, which consist of $78.4 million from securitization vehicles and $6.3 million from other Financing Vehicles. As of December 31, 2022, the total fee receivables from related parties are $87.8 million, which consists of $83.1 million from securitization vehicles and $4.7 million from other Financing Vehicles. As of December 31, 2023 and 2022, prepaid expenses and other assets include amounts due from related parties of $7.9 million and $18.8 million, respectively, all of which were attributable to Financing Vehicles. For the year ended December 31, 2023, the Company did not purchase assets loans from the Financing Vehicles. During the year ended December 31, 2022 and 2021, the Company purchased approximately $29.6 million and $24.0 million of loan principal from Financing Vehicles, respectively. For the year ended December 31, 2023, the total revenue from related parties is $622.3 million, which consists of $569.8 million from securitization vehicles and $52.4 million from other Financing Vehicles. For the year ended December 31, 2022, the total revenue from related parties is $653.5 million, which consists of $492.1 million from securitization vehicles and $161.4 million from other Financing Vehicles. For the year ended December 31, 2021, the total revenue from related parties is $445.9 million, which consists of $362.7 million from securitization vehicles and $83.2 million from other Financing Vehicles. Series A Preferred Shares Purchase Agreement On April 14, 2023, the Company entered into a Preferred Shares Purchase Agreement (the “Purchase Agreement”) with Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P (together, the “Investor”) to purchase 5,000,000 shares of Series A Convertible Preferred Shares of the Company, no par value (the “Preferred Shares”), for an aggregate purchase price of $75 million. On May 25, 2023, the Company closed the transaction. The Investor is affiliated with Oak HC/FT Partners II, L.P. (“Oak”), an entity that held approximately 12% of the Class A Ordinary Shares, and approximately 3% of the voting power of the Company as of the date of the Purchase Agreement. Mr. Dan Petrozzo, a member of the Pagaya Board and the Audit Committee of the Pagaya Board, is a partner at Oak.

- 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 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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SHARE BASED COMPENSATION - Stock Option Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in dollars per share)		$ 6.75	$ 1.09
Aggregate intrinsic value of options exercised	$ 10.9	$ 19.2	$ 0.3
Fair value of vested options	62.4	$ 36.0	$ 0.6
Unrecognized compensation expense related to unvested share options	$ 53.1
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 4 months 17 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

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 186,478

$ 309,793

Restricted cash

16,874

22,539

Fees and other receivables (including related party receivables of $51,036 and $49,427 as of December 31, 2023 and December 31, 2022, respectively)

79,526

59,219

Investments in loans and securities

2,490

1,007

Prepaid expenses and other current assets (including related party assets of $7,896 and $18,783 as of December 31, 2023 and December 31, 2022, respectively)

18,034

27,258

Total current assets

303,402

419,816

Restricted cash

19,189

4,744

Fees and other receivables (including related party receivables of $33,739 and $38,332 as of December 31, 2023 and December 31, 2022, respectively)

34,181

38,774

Investments in loans and securities

714,303

462,969

Equity method and other investments

26,383

25,894

Right-of-use assets

55,729

61,077

Property and equipment, net

41,557

31,663

Goodwill

10,945

Intangible assets

2,550

Prepaid expenses and other assets

137

142

Total non-current assets

904,974

625,263

Total Assets

1,208,376

1,045,079

Current liabilities:

Accounts payable

1,286

1,739

Accrued expenses and other liabilities

28,562

49,496

Current maturities of operating lease liabilities

6,931

8,530

Secured borrowing

37,685

61,829

Income taxes payable

461

6,424

Total current liabilities

74,925

128,018

Non-current liabilities:

Warrant liability

3,242

1,400

Revolving credit facility

90,000

15,000

Secured borrowing

234,028

77,802

Operating lease liabilities

43,940

49,097

Long-term tax liabilities

22,135

7,771

Deferred tax liabilities, net

107

568

Total non-current liabilities

393,452

151,638

Total Liabilities

468,377

279,656

Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of December 31, 2023; aggregate liquidation preference of $150,000 as of December 31, 2023. (1)

^[1]

74,250

Shareholders’ equity:

Additional paid-in capital

1,101,914

968,432

Accumulated other comprehensive income (loss)

444

(713)

Accumulated deficit

(542,637)

(414,199)

Total Pagaya Technologies Ltd. shareholders’ equity

559,721

553,520

Noncontrolling interests

106,028

211,903

Total shareholders’ equity

665,749

765,423

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

1,208,376

1,045,079

Common Class A

Shareholders’ equity:

Common stock

^[1]

Common Class B

Shareholders’ equity:

Common stock

^[1]

$ 0

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

Cover - shares	12 Months Ended
Cover - shares	Dec. 31, 2023	Feb. 29, 2024
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41430
Entity Registrant Name	Pagaya Technologies Ltd.
Entity Incorporation, State or Country Code	L3
Entity Address, Address Line One	90 Park Ave
Entity Address, Address Line Two	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001883085
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Ordinary Shares, no par value
Document Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, no par value
Trading Symbol	PGY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		50,327,721
Warrants to purchase Class A Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Ordinary Shares
Trading Symbol	PGYWW
Security Exchange Name	NASDAQ
Class B Ordinary Shares, no par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,652,310
Preferred Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,000,000
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	90 Park Ave
Entity Address, Address Line Two	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	646
Local Phone Number	710-7714
Contact Personnel Name	Gal Krubiner
Contact Personnel Email Address	IR@pagaya.com

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

Operating lease expense was as follows (in thousands):


	Year Ended December 31,
		2023		2022
Rent expense		$	13,016	$	11,946
Variable lease payments		$	280	$	429

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term (in years)	7.4		8.2
Weighted-average discount rate	6.1	%	5.7	%


	Year Ended December 31,
		2023		2022

Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)		$	(1,839)	$	68,819

(1) During the year ended December 31, 2023, $1.8 million of operating lease right-of-use assets and corresponding lease liability were derecognized as a result of early termination.

Lessee, Operating Lease, Liability, Maturity

Maturities of the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands):


2024	$	9,767
2025	8,735
2026	8,735
2027	7,571
2028	6,688
Thereafter	21,482
Total	62,978
Less: imputed interest	(12,107)
Total operating lease liabilities	$	50,871

FAIR VALUE MEASUREMENT - Warrant Liability Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Warrants And Rights Outstanding [Roll Forward]
Beginning balance	$ 1,400	$ 27,469	$ 2,471
Assumed warrants in connection with the Merger		5,594
Change in fair value	1,842	(11,088)	53,019
Reclassification		(20,575)
Ending balance	$ 3,242	$ 1,400	27,469
Series B Warrant
Warrants And Rights Outstanding [Roll Forward]
Exercise of warrants			(22,012)
Series D Warrant
Warrants And Rights Outstanding [Roll Forward]
Exercise of warrants			$ (6,009)

SEGMENTS AND GEOGRAPHICAL INFORMATION - Schedules of Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue from fees	$ 772,814	$ 685,414	$ 445,866
Total long-lived assets, net	97,286	92,740
Total assets	1,208,376	1,045,079
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue from fees	772,814	685,129	409,858
Total long-lived assets, net	10,941	9,470
Total assets	966,201	653,908
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue from fees	0	0	3,771
Total long-lived assets, net	86,345	83,270
Total assets	242,019	391,024
Cayman
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue from fees	0	285	$ 32,237
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 156	$ 147

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS

Merger with EJF Acquisition Corp

On June 22, 2022 (the “EJFA Closing Date”), the Company consummated the previously announced business combination pursuant to the Agreement and Plan of Merger, dated September 15, 2021 (the “EJFA Merger Agreement”), by and among the Company, EJF Acquisition Corp., a Cayman Islands exempted company (“EJFA”), and Rigel Merger Sub Inc., a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“EJFA Merger Sub”).

On the EJFA Closing Date, the following transactions occurred pursuant to the terms of the EJFA Merger Agreement:

•(i) immediately prior to the effective time (the “Effective Time”) of the EJFA Merger (as defined below), each preferred share, with nominal value New Israeli Shekel 0.01, of Pagaya (each, a “Pagaya Preferred Share”) was converted into ordinary shares, with no par value, of Pagaya (each, a “Pagaya Ordinary Share”) in accordance with Pagaya’s organizational documents (the “Conversion”), (ii) immediately following the Conversion but prior to the Effective Time, Pagaya adopted amended and restated articles of association of Pagaya, (iii) immediately following such adoption but prior to the Effective Time, Pagaya effected a stock split of each Pagaya Ordinary Share and each Pagaya Ordinary Share underlying any outstanding options to acquire Pagaya Ordinary Shares, whether vested or unvested, into such number of Pagaya Ordinary Shares calculated in accordance with the terms of the EJFA Merger Agreement such that each Pagaya Ordinary Share has a value of $120.00 per share after giving effect to such stock split (the “Stock Split”), with the three founders of Pagaya (including any trusts the beneficiary of which is a founder of Pagaya and to the extent that a founder of Pagaya has the right to vote the shares held by such trust) (in their capacity as shareholders of Pagaya, the “Founders”) each receiving Class B ordinary shares of Pagaya, without par value (the “Pagaya Class B Ordinary Shares”), which carry voting rights in the form of ten (10) votes per share of Pagaya, and the other shareholders of Pagaya receiving Class A ordinary shares of Pagaya, without par value (the “Pagaya Class A Ordinary Shares”), which are economically equivalent to the Pagaya Class B Ordinary Shares and carry voting rights in the form of one (1) vote per share of Pagaya, in accordance with Pagaya’s organizational documents (the “Reclassification” and, together with the Conversion and the Stock Split, the “Capital Restructuring”);

•at the Effective Time, EJFA Merger Sub merged with and into EJFA (the “EJFA Merger”), with EJFA continuing as the surviving company after the EJFA Merger (the “Surviving Company”), and, as a result of the EJFA Merger, the Surviving Company became a direct, wholly-owned subsidiary of Pagaya; and

•at the Effective Time, (i) each Class B ordinary share, par value $0.0001 per share, of EJFA (the “EJFA Class B Ordinary Shares”) issued and outstanding immediately prior to the Effective Time other than all shares of EJFA held by EJFA, EJFA Merger Sub or Pagaya or any of its subsidiaries at that time (such shares, the “Excluded Shares”), was no longer outstanding and was converted into the right of the holder thereof to receive one Pagaya Class A Ordinary Share after giving effect to the Capital Restructuring, (ii) each Class A ordinary share, par value $0.0001 per share, of EJFA

(the “EJFA Class A Ordinary Shares”) issued and outstanding immediately prior to the Effective Time other than the Excluded Shares was no longer outstanding and was converted into the right of the holder thereof to receive one Pagaya Class A Ordinary Share after giving effect to the Capital Restructuring, (iii) each issued and outstanding warrant of EJFA sold to the public and to Wilson Boulevard LLC, a Delaware limited liability company, in a private placement in connection with EJFA’s initial public offering (the “EJFA Warrants”) was automatically and irrevocably assumed by Pagaya and converted into a corresponding warrant exercisable for Pagaya Class A Ordinary Shares (“Pagaya Warrants”).

The warrants acquired in the EJFA Merger include (a) redeemable warrants issued by EJFA and sold as part of the units in the EJFA IPO (whether they were purchased in the EJFA IPO or thereafter in the open market), which are exercisable for an aggregate of 798,611 shares of common stock at a purchase price of $138 per share (the “EJFA Public Warrants”) and (b) warrants issued by EJFA to Wilson Boulevard LLC in a private placement simultaneously with the closing of the EJFA IPO, which are exercisable for an aggregate of 430,555 shares of common stock at a purchase price of $138 per share (the “EJFA Private Placement Warrants”). See Note 11 for additional information.

The EJFA Merger was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with U.S. GAAP. Under this method of accounting, Pagaya has been determined to be the accounting acquirer, primarily due to the fact that Pagaya Shareholders will continue to control the post-Closing combined company.

On the EJFA Closing Date, simultaneous with the closing of the EJFA Merger, the Company completed a PIPE financing whereby the Company received $350 million gross proceeds in exchange for 2,916,666 shares of common stock.

Total gross proceeds resulting from the transactions were $350 million, out of which total transaction costs amounted to approximately $57.3 million. The transaction costs allocated to the warrants liabilities in the amount of $1.2 million were recognized as expenses in the Company’s consolidated statement of operations.

In connection with the EJFA Merger, the Company’s board of directors approved a 1:186.9 stock split and a change in par value from NIS 0.01 to no par value. As a result, all shares, options, warrants, exercise price and net loss per share amounts were adjusted retroactively for all periods presented in these consolidated financial statements as if the stock split and change in par value had been in effect as of the date of these consolidated financial statements.

Acquisition of Darwin Homes, Inc.

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

The Company acquired 100% of Darwin’s equity through an all-stock transaction with a market value of approximately $18 million as of the acquisition date. In addition to the purchase consideration, the Company also granted approximately $12 million of cash and equity awards to Darwin employees which are recognized as compensation expense over their requisite service periods. Acquisition related costs of $0.1 million were expensed as incurred and are included in general and administrative expenses in the consolidated statement of operations.

Darwin Net Assets Acquired

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

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


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

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2023 component
Accounting Policies [Abstract]
Number of revenue components	2

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

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

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

The Company has two classes of ordinary share subsequent to the EJFA Merger on June 22, 2022: Class A and Class B. See Note 3 for additional information. The computation of the diluted net income per share of Class A Ordinary Shares assumes the conversion of Class B Ordinary Shares, while the diluted net income per share of Class B Ordinary Shares does not assume the conversion of those shares. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and result in an identical net loss per share for each class under the two-class method.

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


	Year Ended December 31, 2023
		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(98,505)	$	(29,933)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		46,046,607		13,992,286
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(2.14)	$	(2.14)


	Year Ended December 31, 2022
		Class A		Class B
Numerator:
Allocation of undistributed earnings:
Net loss attributable to Pagaya Technologies Ltd. shareholders		$	(238,299)	$	(64,022)
Less: Undistributed earnings allocated to participating securities		(9,620)		(2,585)
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(247,919)	$	(66,607)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		30,152,746		8,100,990
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(8.22)	$	(8.22)


	Year Ended December 31, 2021
Numerator:
Net loss attributable to Pagaya Technologies Ltd. shareholders		$	(91,151)
Less: Undistributed earnings allocated to participating securities		(19,558)
Less: Deemed dividend distribution		(23,612)
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted		$	(134,321)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted		16,276,048
Net loss per share attributable to ordinary shareholders, basic and diluted		$	(8.25)


	December 31,
	2023	2022	2021
Share options	3,895,087	6,379,785	7,271,906
Options to restricted shares	20,046,080	20,217,940	20,430,614
RSUs	3,034,203	479,497	—
Preferred share warrants	—	—	359,714
Ordinary share warrants	2,016,326	1,955,725	2,245,126
Redeemable convertible preferred shares	5,000,000	—	33,866,585
Net potential dilutive outstanding securities	33,991,696	29,032,947	64,173,945

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

1 Months Ended

12 Months Ended

May 25, 2023

Apr. 14, 2023

May 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Related party receivables

$ 34,181

$ 38,774

Total revenue from fees, net

$ 772,814

685,414

$ 445,866

Temporary equity, new issues (in shares)

5,000,000

^[1]

Consideration received on sale

$ 75,000

Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. And Oak HC/FT Partners V-B, L.P

Temporary equity, new issues (in shares)

5,000,000

Consideration received on sale

$ 75,000

Related party receivables

$ 33,739

38,332

Total revenue from fees, net

622,260

653,471

445,866

Related Party | Securitization Vehicles

Related party receivables

78,400

83,100

Total revenue from fees, net

569,800

492,100

362,700

Related party receivables

6,300

4,700

Total revenue from fees, net

52,400

161,400

83,200

Related Party | Assets

Related party receivables

84,800

87,800

Related party receivables

7,900

18,800

Affiliated Entity | Oak HC/FT Partners II, L.P.

Noncontrolling owners, percentage of voting interest

3.00%

Affiliated Entity | Oak HC/FT Partners II, L.P. | Pagaya Technologies Ltd.

Noncontrolling ownership percentage

12.00%

Affiliated Entity | Other Financing Vehicles

Purchases from related party

$ 0

$ 29,600

$ 24,000

[1]	Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Loss Including Noncontrolling Interests	$ (196,739)	$ (292,774)	$ (69,523)
Other Comprehensive Income:
Unrealized gain (loss) on securities available for sale, net	7,999	(2,122)	0
Comprehensive Loss Including Noncontrolling Interests	(188,740)	(294,896)	(69,523)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(61,459)	8,138	21,628
Comprehensive Loss Attributable to Pagaya Technologies Ltd.	$ (127,281)	$ (303,034)	$ (91,151)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

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

All intercompany accounts and transactions have been eliminated.

Variable Interest Entities

A VIE is a legal entity that has a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. The Company’s variable interest arises from contractual ownership or other monetary interests in the entity, which may change with fluctuations in the fair value of the VIE’s net assets. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and an obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company assesses whether or not it is the primary beneficiary of a VIE at initial involvement and on an ongoing basis. Refer to Note 8 for additional information.

Use of Estimates

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

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

Segment Reporting

Excluding Darwin Homes, Inc. (“Darwin”) (see Note 3) which was determined to be an immaterial reportable segment, the Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors and reports its financials as a single reporting segment. The Company’s chief operating decision-maker is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it operates in one reportable segment.

Foreign Currency

The functional and reporting currency of the Company is the U.S. Dollar as it is the currency of the primary economic environment in which Pagaya’s operations are conducted. The monetary assets and liabilities denominated in currencies other than the U.S. Dollar are accordingly remeasured into U.S. Dollars at exchange rates in effect at the end of each period in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the Statements of Operations within Other income (expenses), net, as appropriate.

Cash, Cash Equivalents and Restricted Cash

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

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


	December 31,
	2023		2022
	(in thousands)
Cash and cash equivalents	$	186,478	$	309,793
Restricted cash	16,874		22,539
Restricted cash, non-current	19,189		4,744
Cash, cash equivalents and restricted cash	$	222,541	$	337,076

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 fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.

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

Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. One related parties individually represented greater than 10% of total revenue and collectively totaled approximately

11% for year ended December 31, 2023. Three related parties individually represented greater than 10% of total revenue and collectively totaled approximately 42% for the year ended December 31, 2022. During the year ended December 31, 2021, two related parties individually represented greater than 10% of total revenue and collectively totaled approximately 42%.

Fair Value Measurement

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

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

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

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

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

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

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

Investments in Loans and Securities

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

Investments in Loans and Securities Available for Sale

Investments in loans and securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity, and changes in the availability and the yield of alternative investments will be classified as available for sale (“AFS”). These investments are carried at fair value determined using public market prices, dealer quotes, and prices obtained from independent pricing services that may be derivable from observable and unobservable market inputs. On January 1, 2023, the Company transferred all of its investment securities classified as held-to-maturity to available for sale.

These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss), excluding the portion relating to any credit loss. As of the end of each reporting period, management reviews each security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not we intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline in fair value which management identifies as a credit loss will be recognized as an allowance for credit losses through other income (expenses), net. To the extent management intends to sell or may be required to sell a security in an unrealized loss position, the Company (1) reverses any previously recorded allowance for credit losses with an offsetting entry to reduce the amortized cost basis of the security and (2) writes-off any remaining portion of the amortized cost basis to equal its fair value, with this change recorded through other income (expenses), net. See Note 7 for additional information.

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

Loans Held for Investment

Certain loans are classified as held for investment. Loans held for investment are recorded at amortized cost, less an allowance for potential uncollectible amounts. Amortized cost basis represents principal amounts outstanding, net of unearned income, premiums or discounts on purchased loans and charge-offs. The Company’s intent and ability to designate loans as held for investment in the future may change based on changes in business strategies, the economic environment, and market conditions. As of December 31, 2022, the Company held $13.8 million of loans held for investment, all of which were transferred to available for sale on January 1, 2023. As of December 31, 2023, the Company did not have any loans classified as held for investment.

Equity Method and Other Investments

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

The Company elected to account for its equity investments using the measurement alternative, which is cost, less any impairment, adjusted for changes in fair value resulting from observable transactions for identical or similar investments of the same issuer. The investments are reviewed periodically to determine if their respective values have appreciated or have been impaired, and adjustments are recorded as necessary. During the year ended December 31, 2023, 2022 and 2021, the Company recorded an income in amount of $0.5 million, $5.8 million and a loss of $0.2 million, respectively, related to revaluation of its investments in privately held companies. See Note 7 for additional information.

Property and Equipment, Net

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


Computer and software						3 to 7 years
Equipment						3 to 7 years
Internal-Use Software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

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

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

Internal-Use Software

Internally developed software is capitalized upon completion of the preliminary project stage, when it becomes probable that the project will be completed, and the software will be used as intended. Capitalized costs primarily consist of salaries and payroll

related costs for employees directly involved in development efforts. Costs related to the preliminary project stage and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. Capitalized internal-use software is included in property and equipment, net, in the consolidated balance sheets, and amortization expense is included in technology, data and product development expenses in the consolidated statements of operations. The Company reviews on a regular basis list of projects that are in process and if the project is to be abandoned or discontinued the capitalized costs associated with that project are expensed immediately. In 2023 and 2022, the Company recorded impairment of capitalized software in the amount of $2.5 million and $3.2 million, respectively. In 2021, no impairment charge was recognized.

Goodwill and Intangible Assets

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

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

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

Warrants

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

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

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

Revenue Recognition

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

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

1. Identification of the contract with the customer:

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

2. Identification of the performance obligations in the contract:

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

3. Determination of the transaction price:

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

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

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

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

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

See Note 4 for additional information.

Interest Income

Interest income is recognized based on projected cashflow according to the ASC 325-40, Beneficial Interests in Securitized Financial Assets. The Company accrues interest income on investments based on the effective interest rate of the investments and recorded as interest income as earned. Interest income also includes accrued interest earned on outstanding investments in loans and securities. Loans and securities with an allowance for credit losses that have reached a delinquency of over 90 days are classified as non-accrual status. The Company records an allowance for credit losses on accrued interest receivable. Non-accrual loans and investments are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. As of December 31, 2023 and 2022, the Company has recorded $12.5 million and $17.5 million of accrued interest income in fees and other receivables on the consolidated balance sheets, respectively. Interest income earned from cash and cash equivalents is recorded on an accrual basis to the extent such interest is earned and expected to be collected.

Production Costs

Production costs are primarily comprised of (i) fees the Company incurs to Partners when network volume is acquired by Financing Vehicles as the Partners are responsible for marketing and customer interaction, facilitating the flow of additional application flow, and (ii) expenses the Company incurs to renovate single-family rental properties.

Technology, Data and Product Development Costs

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

Leases

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

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

Share-Based Compensation

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

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

Income Taxes

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

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

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

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

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

Basic and Diluted Net Income (Loss) per Ordinary Share

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

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

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

The Company calculates diluted net income (loss) per share attributable to ordinary shareholders by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding after giving consideration to the dilutive effect of the redeemable convertible preferred shares, share options, and preferred shares warrants that are outstanding during the period.

Noncontrolling Interests

The consolidated financial statements included the Company's accounts and the accounts of the Company's consolidated entities. Non-controlling interest positions of our consolidated entities are reported as a separate component of consolidated equity from the equity attributable to the Company’s shareholders.

Comprehensive Income

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

Reclassification

Certain prior year amounts have been reclassified to conform to the current period presentation.

Recently Adopted Accounting Pronouncements

Financial Instruments—Credit Losses

In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires an asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance became effective for the Company beginning January 1, 2023. The adoption of the guidance did not have a material impact on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for fiscal years

beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the amendments to its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. The guidance will be effective for the Company for the fiscal year beginning January 1, 2024 and interim periods within those fiscal years. Early adoption is permitted, but no earlier than the fiscal year beginning after December 15, 2020. The Company is currently assessing the impact of the guidance on its consolidated financial statements and disclosures.

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

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

Pagaya has received an approval from the Israeli Tax authorities for Preferred Technological Enterprise (“PTE”) status and received approval on November 18, 2021. The approval is effective for the tax years 2020 through 2024. Income from a PTE is subject to 12% tax rate.

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


	December 31,
	2023		2022		2021
Domestic (Israel)	$	(53,292)	$	(225,429)	$	(87,045)
Foreign	(127,876)		(50,945)		25,397
Total income (loss) before income taxes	$	(181,168)	$	(276,374)	$	(61,648)

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


	December 31,
	2023		2022		2021
Current:
Domestic	$	593	$	(4,063)	$	7,067
Foreign	16,601		14,233		4,162
Total current	17,194		10,170		11,229
Deferred:
Domestic	(461)		6,233		(3,359)
Foreign	(1,162)		(3)		5
Total deferred	(1,623)		6,230		(3,354)
Total income tax provision	$	15,571	$	16,400	$	7,875

Effective Tax Rate

A reconciliation of the Company’s effective tax rate to the statutory tax rate of the Company is as follows (in thousands):


	December 31,
	2023			2022			2021
Income (loss) before income taxes	$	(181,168)		$	(276,374)		$	(61,648)
Israel statutory income tax rate	23		%	23		%	23		%
Theoretical income taxes at statutory rate	(41,669)			(63,566)			(14,179)
Preferred technological enterprise benefit	5,891			24,859			9,378
Deferred tax assets for which valuation allowance was provided	16,067			36,851			1,194
Permanent differences	7,643			17,792			16,037
Uncertain tax positions	13,500			7,580			26
Prior year taxes	(2,312)			(4,506)			(135)
Subsidiaries taxed at a different tax rate	16,443			(2,524)			(4,559)
Utilization of carry forward losses for which valuation allowance was provided	—			—			(126)
Reduction in valuation allowance	(1,162)			—			—
Other	1,170			(86)			239
Income tax	$	15,571		$	16,400		$	7,875
Effective tax rate	NM*			NM*			NM*

*NM = Not meaningful.

Deferred Tax Assets and Liabilities

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2023 and 2022, a valuation allowance was provided reducing the deferred tax assets due to uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets.

As of December 31, 2023 and 2022, deferred tax assets presented in the balance sheet are comprised as follows (in thousands):


	December 31,
	2023		2022
Carry forward tax losses	$	14,608	$	11,080
Research and development cost	5,777		929
Compensations and benefits	27,507		24,032
Operating lease liability	7,111		7,705
Initial public offering costs	1,551		3,933
Provision of loans	13,425		2,276
Capital loss	948		—
Other	794		528
Deferred tax assets before valuation allowance	71,721		50,483
Valuation allowance	61,334		39,678
Deferred tax assets	10,387		10,805

Intangible assets	(687)		—
Right-of-use assets	(7,694)		(8,116)
Capitalized research and development costs	—		(1,537)
Equity method investments	(1,327)		(1,254)
Property and equipment	(666)		(466)
Other	(120)		—
Deferred tax liabilities	(10,494)		(11,373)
Deferred tax assets (liabilities), net	$	(107)	$	(568)

As of December 31, 2023 the Company has an accumulated tax loss carry forward of approximately $68.8 million in Israel and $27.6 million federal losses in the U.S which can be offset with the limitation as described in Section 382 of the IRS Code due to U.S subsidiary prior change in ownership. These losses do not have an expiration date.

Uncertain Tax Positions

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


	December 31,
	2023		2022
Uncertain tax positions, beginning of the year	$	7,770	$	190
Increase (decrease) in tax positions for prior years	865		—
Increases related to current year tax positions	13,082		7,593
Revaluation	418		(13)
Uncertain tax positions, end of year	$	22,135	$	7,770

Tax Assessments

As of December 31, 2023, the Company has final tax assessments in Israel through 2018 and in the U.S. through 2019.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

INVESTMENTS IN LOANS AND SECURITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Impairment loss	$ 0	$ 33,704	$ 0

BALANCE SHEET COMPONENTS - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee payables	$ 10,353	$ 14,482
Other short-term liabilities	18,209	35,014
Total accrued expenses and other liabilities	$ 28,562	$ 49,496

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 186,478	$ 309,793	$ 190,778
Restricted cash	16,874	22,539	7,000
Restricted cash, non-current	19,189	4,744	6,797
Total cash, cash equivalents, and restricted cash	$ 222,541	$ 337,076	$ 204,575	$ 5,880

SEGMENTS AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENTS AND GEOGRAPHICAL INFORMATION

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


	December 31,
	2023		2022		2021
United States	$	772,814	$	685,129	$	409,858
Israel	—		—		3,771
Cayman	—		285		32,237
Total revenue from fees	$	772,814	$	685,414	$	445,866

Long-Lived Assets

The following table sets forth long-lived assets (including property and equipment, net and right-of-use assets) by geographic area (in thousands):


	December 31,
	2023		2022
Israel	$	86,345	$	83,270
United States	10,941		9,470
Total long-lived assets, net	$	97,286	$	92,740

Total Assets

The following table sets forth total assets by geographic area (in thousands):


	December 31,
	2023		2022
United States	$	966,201	$	653,908
Israel	242,019		391,024
Rest of the world	156		147
Total assets	$	1,208,376	$	1,045,079

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York, Israel and several other locations. The Company entered into sublease agreements for certain leased office space, and the amount of sublease income for the year ended December 31, 2023, 2022 and 2021 was $4.1 million, $2.0 million, $0.0 million, respectively.

The security deposits for the leases are $4.8 million and $4.2 million as of December 31, 2023 and December 31, 2022, respectively, which have been recognized as restricted cash, non-current in the consolidated balance sheets.

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


	Year Ended December 31,
		2023		2022
Rent expense		$	13,016	$	11,946
Variable lease payments		$	280	$	429

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term (in years)	7.4		8.2
Weighted-average discount rate	6.1	%	5.7	%


	Year Ended December 31,
		2023		2022

Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)		$	(1,839)	$	68,819

(1) During the year ended December 31, 2023, $1.8 million of operating lease right-of-use assets and corresponding lease liability were derecognized as a result of early termination.

Maturities of the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands):


2024	$	9,767
2025	8,735
2026	8,735
2027	7,571
2028	6,688
Thereafter	21,482
Total	62,978
Less: imputed interest	(12,107)
Total operating lease liabilities	$	50,871

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
One Largest Customer \| Related Party
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Three Largest Customers \| Related Party
Concentration Risk [Line Items]
Concentration risk, percentage		42.00%
Two Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage			42.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investment income (loss)	$ 0.5	$ 5.8	$ 0.2

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Credit Agreement On February 2, 2024, the Company entered into certain credit agreement which provides for a 5-year senior secured revolving credit facility in an initial principal amount of $25.0 million, which subsequently increased to $35.0 million, and a 5 year senior secured term loan facility (the “Facilities”) in an initial principal amount of $255.0 million. The Facilities replace the existing Revolving Credit Facility (see Note 6). In addition to replacing the existing Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries. Reverse Share Split On February 15, 2024, the Company held a special meeting of shareholders in which the Company’s shareholders approved a reverse share split of the Company’s authorized, issued and outstanding Class A Ordinary Shares, without par value, authorized, issued and outstanding Class B Ordinary Shares, without par value, and authorized, issued and outstanding Series A Preferred Shares, without par value, at a ratio between a range of 1-for-10 to 1-for-15, as determined by the Board of Directors of the Company (the “Board”), to be effective at the discretion of the Board, on a date to be determined by the Board, within 12 months of the special meeting. Upon the approvals granted at the special general meeting of shareholders, the Board has determined to implement a reverse share split at a ratio of 1-for-12 with effective date of March 8, 2024.

SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following table summarized the Company’s share option activity during the year ended December 31, 2023, 2022, and 2021:


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




Balance, December 31, 2020	3,827,222	$	0.8	9.1	$	2,905
Granted	4,208,660	13.1
Exercised	(329,054)	1.1
Forfeited	(434,923)	6.2
Balance, December 31, 2021	7,271,905	$	7.4	8.9	$	184,841
Granted	1,403,211	27.2
Exercised	(1,393,798)	1.1
Forfeited	(901,533)	18.0
Balance, December 31, 2022	6,379,785	$	11.6	8.3	$	19,895
Granted	—	—
Exercised	(914,908)	4.6
Forfeited	(1,213,889)	25.6
Balance, December 31, 2023	4,250,988	$	7.2	7.2	$	43,940
Vested and exercisable, December 31, 2023	2,984,461	$	4.9	7.1	$	37,770

The following table summarized the Company’s options to restricted shares activity during the year ended December 31, 2023, 2022 and 2021:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Balance, December 31, 2020	—	—		—	$	—
Granted	20,430,614	19.92		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Balance, December 31, 2021	20,430,614	$	19.92	9.3	$	1,526
Granted	138,818	$	25.80
Exercised	—	—
Forfeited	(351,492)	37.68
Balance, December 31, 2022	20,217,940	$	19.68	8.2	$	—
Granted	—	—
Exercised	(10,332)	15.36
Forfeited	(161,528)	36.12
Balance, December 31, 2023	20,046,080	$	19.44	7.2	$	—
Vested and exercisable, December 31, 2023	16,484,445	$	19.20	7.2	$	—

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

The assumptions used to estimate the fair value of share options granted for the year ended December 31, 2023, 2022 and 2021 were as follows:


	2023	2022	2021
Expected volatility	—	46.91% - 529.23%	41.12% - 48.71%
Expected term (in years)	—	5.00 - 6.19	5.00 - 6.27
Risk free interest	—	1.68% - 3.65%	0.60% - 1.39%
Dividend yield	—	0.00	0.00

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarized the Company’s RSU activity during the year ended December 31, 2023 and 2022:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	—	$	—
Granted	494,698	64.1
Vested	(10,867)	93.7
Forfeited	(4,333)	71.9
Unvested at December 31, 2022	479,498	$	63.3
Granted	4,497,281	13.0
Vested	(1,189,136)	18.8
Forfeited	(753,440)	25.7
Unvested at December 31, 2023	3,034,203	$	15.6

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The following table presents the components and classification of share-based compensation for the year ended December 31, 2023, 2022 and 2021 (in thousands):


	2023		2022		2021
Technology, data and product development	$	12,375	$	81,337	$	27,042
Selling and marketing	13,216		58,377		18,458
General and administrative	45,464		101,975		22,285
Total	$	71,055	$	241,689	$	67,785

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

All intercompany accounts and transactions have been eliminated.

Variable Interest Entities

Use of Estimates

Segment Reporting

Foreign Currency

Cash, Cash Equivalents and Restricted Cash

Concentrations of Credit Risk and Significant Customers

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

Fair Value Measurement

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

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

Investments in Loans and Securities and Investments in Loans and Securities Available for Sale and Loans Held for Investment

Equity Method and Other Investments

Property and Equipment, Net


Computer and software						3 to 7 years
Equipment						3 to 7 years
Internal-Use Software						2 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Internal-Use Software

Goodwill and Intangible Assets

Warrants

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

Revenue Recognition and Production Costs

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

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

1. Identification of the contract with the customer:

2. Identification of the performance obligations in the contract:

3. Determination of the transaction price:

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

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

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

financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less.

Interest Income

Technology, Data and Product Development Costs

Leases

Share-Based Compensation

Income Taxes

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

Basic and Diluted Net Income (Loss) per Ordinary Share

Noncontrolling Interests

Comprehensive Income

Reclassification

Certain prior year amounts have been reclassified to conform to the current period presentation.

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

Financial Instruments—Credit Losses

Recently Issued Accounting Pronouncements Not Yet Adopted

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Loans and Securities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Loans held for investment		$ 463,976,000
Other loans and receivables
Schedule of Held-to-Maturity Securities [Line Items]
Loans held for investment	$ 0	$ 13,766,000

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

+ Details

ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule Of Stock Reserved For Future Issuance

As of December 31, 2023 and 2022, the Company had reserved ordinary shares for future issuance as follows:



	December 31, 2023	December 31, 2022

Share options	4,250,988	6,379,785
Options to restricted shares	20,046,080	20,217,940
RSUs	3,034,203	479,497
Ordinary share warrants	2,076,014	1,955,725

Redeemable convertible preferred shares	5,000,000	—
Shares available for future grant of equity awards	5,231,186	8,975,028
Total shares of ordinary share reserved	39,638,471	38,007,975

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic (Israel)	$ (53,292)	$ (225,429)	$ (87,045)
Foreign	(127,876)	(50,945)	25,397
Income (Loss) Before Income Taxes	$ (181,168)	$ (276,374)	$ (61,648)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

INVESTMENTS IN LOANS AND SECURITIES - Schedule of Investments in Loans and Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 811,874
Gross Unrealized Gains	19,313
Gross Unrealized Losses	(13,436)
Allowance for Credit Losses	(100,958)	$ 0
Fair Value	716,793
Accrued interest receivable	$ 12,500
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost		463,976
Gross Unrealized Gains		23,724
Gross Unrealized Losses		(7,263)
Allowance for Credit Losses		0
Fair Value		480,437
Accrued interest receivable		$ 17,500
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Fees and other receivables (including related party receivables of $51,036 and $49,427 as of December 31, 2023 and December 31, 2022, respectively)
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Fees and other receivables (including related party receivables of $51,036 and $49,427 as of December 31, 2023 and December 31, 2022, respectively)
Securitization notes
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 91,654
Gross Unrealized Gains	629
Gross Unrealized Losses	(1,858)
Allowance for Credit Losses	0	$ 0
Fair Value	90,425
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost		147,574
Gross Unrealized Gains		132
Gross Unrealized Losses		(6,309)
Allowance for Credit Losses		0
Fair Value		141,397
Securitization certificates
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	715,646
Gross Unrealized Gains	18,684
Gross Unrealized Losses	(11,578)
Allowance for Credit Losses	(98,679)	0
Fair Value	624,073
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost		302,636
Gross Unrealized Gains		23,592
Gross Unrealized Losses		(954)
Allowance for Credit Losses		0
Fair Value		325,274
Other loans and receivables
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	4,574
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Allowance for Credit Losses	(2,279)	0
Fair Value	$ 2,295
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost		13,766
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Allowance for Credit Losses		0
Fair Value		$ 13,766

EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Severance expenses	$ 3.1	$ 1.0	$ 0.0