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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss including noncontrolling interests	$ (114,341)	$ (130,762)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity method income (loss)	(86)	(721)
Depreciation and amortization	13,359	7,984
Share-based compensation	33,519	36,575
Fair value adjustment to warrant liability	(1,571)	2,435
Impairment loss on investments in loans and securities	79,911	78,327
Write-off of capitalized software	2,561	1,630
Other non-cash items	1,435	(94)
Change in operating assets and liabilities:
Fees and other receivables	(12,725)	(7,602)
Deferred tax liabilities, net	0	2
Prepaid expenses and other assets	998	4,587
Right-of-use assets	3,879	4,619
Accounts payable	6,071	2,083
Accrued expenses and other liabilities	7,793	(21,395)
Operating lease liability	(3,205)	(4,455)
Income tax receivable / payable	18,363	1,274
Net cash provided by (used in) operating activities	35,961	(25,513)
Proceeds from the sale/maturity/prepayment of:
Investments in loans and securities	66,822	91,360
Cash and restricted cash acquired from Darwin Homes, Inc.	0	1,608
Payments for the purchase of:
Investments in loans and securities	(408,459)	(273,339)
Property and equipment	(9,525)	(10,496)
Equity method and other investments	(125)	0
Net cash used in investing activities	(351,287)	(190,867)
Cash flows from financing activities
Proceeds from sale of ordinary shares, net of issuance costs	89,956	0
Proceeds from long-term debt	244,725	0
Proceeds from issuance of redeemable convertible preferred shares, net	0	74,250
Proceeds from secured borrowing	207,317	192,420
Proceeds received from noncontrolling interests	2,815	15,293
Proceeds from revolving credit facility	44,000	100,000
Proceeds from exercise of stock options	759	1,430
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	5,338	0
Distributions made to noncontrolling interests	(5,318)	(28,913)
Payments made to revolving credit facility	(134,000)	(25,000)
Payments made to secured borrowing	(78,809)	(115,471)
Payments made to long-term debt	(6,375)	0
Long-term debt issuance costs	(7,974)	0
Settlement of share-based compensation in satisfaction of tax withholding requirements	0	(650)
Net cash provided by financing activities	362,434	213,359
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,723)	(2,687)
Net increase (decrease) in cash, cash equivalents and restricted cash	45,385	(5,708)
Cash, cash equivalents and restricted cash, beginning of period	222,541	337,076
Cash, cash equivalents and restricted cash, end of period	267,926	331,368
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flow above:
Cash and cash equivalents	233,593	304,047
Restricted cash - current	17,469	22,540
Restricted cash - non-current	16,864	4,781
Total cash, cash equivalents, and restricted cash	$ 267,926	$ 331,368

TRANSACTIONS WITH RELATED PARTIES	6 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Jun. 30, 2024
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties. As of June 30, 2024, the total fee receivables from related parties are $88.5 million, which consist of $80.4 million from securitization vehicles and $8.1 million from other Financing Vehicles. As of December 31, 2023, the total fee receivables from related parties are $84.8 million, which consists of $78.4 million from securitization vehicles and $6.3 million from other Financing Vehicles. As of June 30, 2024 and December 31, 2023, prepaid expenses and other assets include amounts due from related parties of $6.4 million and $7.9 million, respectively, all of which were attributable to Financing Vehicles. For the three months ended June 30, 2024, the total revenue from related parties is $175.3 million, which consists of $157.2 million from securitization vehicles and $18.1 million from other Financing Vehicles. For the six months ended June 30, 2024, the total revenue from related parties is $353.8 million, which consists of $319.8 million from securitization vehicles and $34.0 million from other Financing Vehicles. For the three months ended June 30, 2023, the total revenue from related parties is $148.2 million, which consists of $137.8 million from securitization vehicles and $10.4 million from other Financing Vehicles. For the six months ended June 30, 2023, the total revenue from related parties is $302.0 million, which consists of $269.4 million from securitization vehicles and $32.5 million from other Financing Vehicles. From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion. During the three and six months ended June 30, 2024, the Company purchased approximately $14.5 million and $19.5 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $13.4 million and $18.4 million, respectively, in general and administrative expenses with respect to these loans. During the three and six months ended June 30, 2023, the Company did not purchase any loans from the Financing Vehicles.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
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-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
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-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

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Investments in loans and securities	$ 911,425		$ 716,793
Liabilities:
Warrant liability	1,671	$ 1,342	3,242	$ 3,835	$ 1,210	$ 1,400
Notes
Assets:
Investments in loans and securities	248,686		90,425
Certificates and Other loans and receivables
Assets:
Investments in loans and securities	662,739		626,368
Level 1
Liabilities:
Warrant liability	1,086		2,106
Level 1 \| Notes
Assets:
Investments in loans and securities	0		0
Level 1 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	0		0
Level 2
Liabilities:
Warrant liability	585		1,136
Level 2 \| Notes
Assets:
Investments in loans and securities	58,007		90,425
Level 2 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	0		0
Level 3
Liabilities:
Warrant liability	0		0
Level 3 \| Notes
Assets:
Investments in loans and securities	190,679		0
Level 3 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	$ 662,739		$ 626,368

REVENUE - Concentrations of Credit Risk and Significant Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Three Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage	55.00%
Two Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage			31.00%	33.00%
Four Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage		65.00%

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

Jun. 30, 2024

Dec. 31, 2023

Current assets:

Cash and cash equivalents

$ 233,593

$ 186,478

Restricted cash

17,469

16,874

Fees and other receivables (including related party receivables of $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively)

93,460

79,526

Investments in loans and securities

1,663

2,490

Prepaid expenses and other current assets (including related party assets of $6,406 and $7,896 as of June 30, 2024 and December 31, 2023, respectively)

15,012

18,034

Total current assets

361,197

303,402

Restricted cash

16,864

19,189

Fees and other receivables (including related party receivables of $32,987 and $33,739 as of June 30, 2024 and December 31, 2023, respectively)

32,987

34,181

Investments in loans and securities

909,762

714,303

Equity method and other investments

26,593

26,383

Right-of-use assets

51,631

55,729

Property and equipment, net

40,628

41,557

Goodwill

10,945

Intangible assets

1,275

2,550

Prepaid expenses and other assets

1,095

137

Total non-current assets

1,091,780

904,974

Total Assets

1,452,977

1,208,376

Current liabilities:

Accounts payable

7,303

1,286

Accrued expenses and other liabilities

36,090

28,562

Current maturities of operating lease liabilities

6,427

6,931

Current portion of long-term debt

12,750

Secured borrowing

176,223

37,685

Income taxes payable

2,461

461

Total current liabilities

241,254

74,925

Non-current liabilities:

Warrant liability

1,671

3,242

Revolving credit facility

90,000

Long-term debt

219,842

Secured borrowing

223,998

234,028

Operating lease liabilities

39,529

43,940

Long-term tax liabilities

36,752

22,135

Deferred tax liabilities, net

107

Total non-current liabilities

521,899

393,452

Total Liabilities

763,153

468,377

Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of June 30, 2024; aggregate liquidation preference of $150,000 as of June 30, 2024.

^[1]

74,250

Shareholders’ equity:

Additional paid-in capital

1,235,677

1,101,914

Accumulated other comprehensive income (loss)

(71,050)

444

Accumulated deficit

(638,645)

(542,637)

Total Pagaya Technologies Ltd. shareholders’ equity

525,982

559,721

Noncontrolling interests

89,592

106,028

Total shareholders’ equity

615,574

665,749

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

1,452,977

1,208,376

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.

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Denominator:

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

^[1]

71,765,884

59,609,788

68,113,860

59,386,974

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

71,765,884

59,609,788

68,113,860

59,386,974

Net loss per share attributable to ordinary shareholders, basic (in dollars per share)

^[1]

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)

^[1]

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Common Class A

Numerator:

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

$ (61,600)

$ (23,643)

$ (78,174)

$ (69,619)

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

$ (61,600)

$ (23,643)

$ (78,174)

$ (69,619)

Denominator:

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

59,113,574

45,031,922

55,461,550

44,809,108

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

59,113,574

45,031,922

55,461,550

44,809,108

Net loss per share attributable to ordinary shareholders, basic (in dollars per share)

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Common Class B

Numerator:

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

$ (13,185)

$ (7,654)

$ (17,834)

$ (22,649)

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

$ (13,185)

$ (7,654)

$ (17,834)

$ (22,649)

Denominator:

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

12,652,310

14,577,866

12,652,310

14,577,866

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

12,652,310

14,577,866

12,652,310

14,577,866

Net loss per share attributable to ordinary shareholders, basic (in dollars per share)

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

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

FAIR VALUE MEASUREMENT - Significant Unobservable Inputs (Details) - Level 3	Jun. 30, 2024	Dec. 31, 2023
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.060	0.080
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.056	0.049
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.000	0.040
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.170	0.150
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.310	0.310
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.225	0.400
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.154	0.150
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.176	0.157
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.097	0.099

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

As of June 30, 2024, 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 June 30, 2024, the Company had 5,000,000 Preferred Shares outstanding, 58,943,381 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 Class A Ordinary Share is entitled to one vote per share. Each Class B Ordinary Share is entitled to 10 votes per share. Class B Ordinary Shares may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to a 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 June 30, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows:



	June 30, 2024	December 31, 2023

Share options	3,840,172	4,250,988
Options to restricted shares	20,025,410	20,046,080
RSUs	3,754,702	3,034,203
Ordinary share warrants	2,076,014	2,076,014

Redeemable convertible preferred shares	5,000,000	5,000,000
Shares available for future grant of equity awards(1)	8,978,511	5,231,186
Shares reserved for issuance under the ESPP	891,858	—
Total shares of ordinary share reserved	44,566,667	39,638,471

(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") on January 1 of 2023 and 2024 pursuant to the terms of the 2022 Plan. For more information on the automatic increases see our Form 10-K.

Ordinary Share Warrants

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

As of June 30, 2024, 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 to purchase one Class A Ordinary Share.

Ordinary Shares Purchase Agreement

During the three months ended June 30, 2024, the Company did not issue any shares under the Equity Financing Purchase Agreement. During the six months ended June 30, 2024, 298,057 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $5.2 million, and related fee of $0.2 million was expensed.

Ordinary Share Offering

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

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

- Definition

The entire disclosure for equity.

+ References

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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

SHARE BASED COMPENSATION - Restricted Stock Units (RSUs) Narrative (Details) - RSUs $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Unrecognized compensation expense	$ 41.7
Unrecognized compensation expense, period of recognition	1 year 2 months 12 days
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Vesting percentage	50.00%
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months

- Definition

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

+ References

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+ Details

BUSINESS DESCRIPTION	6 Months Ended
BUSINESS DESCRIPTION	Jun. 30, 2024
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 the United States and Israel. Reverse Share Split Share amounts have been retrospectively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

INCOME TAXES

6 Months Ended

Jun. 30, 2024

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 Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Loss before income taxes	$	(68,167)		$	(27,133)		$	(94,826)		$	(119,089)
Income tax expense	14,512			5,006			19,515			11,673
Effective tax rate	(21.3)		%	(18.4)		%	(20.6)		%	(9.8)		%

The Company’s tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions. The difference between the effective tax rate and the statuary tax rate in Israel mainly related to valuation allowance in Israel and tax expenses in the United States.

The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SHARE BASED COMPENSATION - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	4,250,988
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(269,644)
Forfeited (in shares) \| shares	(141,172)
Outstanding at end of period (in shares) \| shares	3,840,172	4,250,988
Options vested and exercisable (in shares) \| shares	3,224,405
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 7.2
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	2.7
Forfeited (in dollars per share) \| $ / shares	14.2
Outstanding, ending balance (in dollars per share) \| $ / shares	7.1	$ 7.2
Options vested and exercisable (dollars per share) \| $ / shares	$ 5.3
Weighted Average Remaining Contractual Term (Years)
Options outstanding	6 years 8 months 12 days	7 years 2 months 12 days
Options vested and exercisable	6 years 6 months
Aggregate Intrinsic Value (000’s)
Beginning balance \| $	$ 43,940
Ending balance \| $	20,515	$ 43,940
Options vested and exercisable \| $	$ 22,835
Options to restricted shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	20,046,080
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(3,274)
Forfeited (in shares) \| shares	(17,396)
Outstanding at end of period (in shares) \| shares	20,025,410	20,046,080
Options vested and exercisable (in shares) \| shares	16,552,883
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 19.4
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	12.2
Forfeited (in dollars per share) \| $ / shares	32.8
Outstanding, ending balance (in dollars per share) \| $ / shares	19.4	$ 19.4
Options vested and exercisable (dollars per share) \| $ / shares	$ 19.2
Weighted Average Remaining Contractual Term (Years)
Options outstanding	6 years 8 months 12 days	7 years 2 months 12 days
Options vested and exercisable	6 years 8 months 12 days
Aggregate Intrinsic Value (000’s)
Beginning balance \| $	$ 0
Ending balance \| $	0	$ 0
Options vested and exercisable \| $	$ 0

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

Total

Private Placement, Ordinary Share Offering

Private Placement, Equity Financing Purchase Agreement

Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)

Private Placement, Ordinary Share Offering

Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)

Private Placement, Equity Financing Purchase Agreement

Ordinary Shares (Class A and Class B)

Private Placement, Ordinary Share Offering

Ordinary Shares (Class A and Class B)

Private Placement, Equity Financing Purchase Agreement

Additional Paid-In Capital

Private Placement, Ordinary Share Offering

Additional Paid-In Capital

Private Placement, Equity Financing Purchase Agreement

Accumulated Other Comprehensive Income (Loss)

Retained Earnings (Accumulated Deficit)

Non-Controlling Interests

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

^[1]

Beginning balance at Dec. 31, 2022

$ 0

Redeemable Convertible Preferred Shares

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

^[1]

5,000,000

Issuance of preferred shares, net of issuance costs

$ 74,250

Ending balance (in shares) at Jun. 30, 2023

^[1]

5,000,000

Ending balance at Jun. 30, 2023

$ 74,250

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

^[1]

56,942,632

Beginning balance at Dec. 31, 2022

765,423

$ 553,520

$ 968,432

$ (713)

$ (414,199)

$ 211,903

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

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

^[1]

365,763

Issuance of ordinary shares upon exercise of share options

1,430

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

^[1]

235,908

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

^[1]

16,304

Share-based compensation

39,691

Contributions of interests in consolidated VIEs

15,293

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

^[1]

1,515,145

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

18,134

Reclassification of investments

16,460

(1,881)

18,341

Return of capital to interests in consolidated VIEs

(28,913)

Other comprehensive income (loss)

6,367

4,557

1,810

Net income (loss)

(130,762)

(92,268)

(38,494)

Ending balance (in shares) at Jun. 30, 2023

^[1]

59,075,752

Ending balance at Jun. 30, 2023

$ 703,123

523,183

1,027,687

1,963

(506,467)

179,940

Beginning balance (in shares) at Mar. 31, 2023

^[1]

Beginning balance at Mar. 31, 2023

$ 0

Redeemable Convertible Preferred Shares

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

^[1]

5,000,000

Issuance of preferred shares, net of issuance costs

$ 74,250

Ending balance (in shares) at Jun. 30, 2023

^[1]

5,000,000

Ending balance at Jun. 30, 2023

$ 74,250

Beginning balance (in shares) at Mar. 31, 2023

^[1]

58,672,769

Beginning balance at Mar. 31, 2023

716,440

527,917

1,004,346

(1,259)

(475,170)

188,523

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

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

^[1]

194,154

Issuance of ordinary shares upon exercise of share options

946

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

^[1]

208,829

Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement

$ 0

Share-based compensation

22,395

Contributions of interests in consolidated VIEs

5,165

Return of capital to interests in consolidated VIEs

(16,719)

Other comprehensive income (loss)

7,035

3,222

3,813

Net income (loss)

(32,139)

(31,297)

(842)

Ending balance (in shares) at Jun. 30, 2023

^[1]

59,075,752

Ending balance at Jun. 30, 2023

$ 703,123

523,183

1,027,687

1,963

(506,467)

179,940

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

^[1]

5,000,000

Beginning balance at Dec. 31, 2023

^[2]

$ 74,250

Ending balance (in shares) at Jun. 30, 2024

^[1]

5,000,000

Ending balance at Jun. 30, 2024

^[2]

$ 74,250

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

^[1]

62,043,246

Beginning balance at Dec. 31, 2023

$ 665,749

559,721

1,101,914

444

(542,637)

106,028

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

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

269,644

272,918

^[1]

Issuance of ordinary shares upon exercise of share options

$ 759

759

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

^[1]

1,481,470

Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares)

^[1]

7,500,000

298,057

Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement

89,956

$ 5,338

$ 89,956

$ 5,338

$ 89,956

$ 5,338

Share-based compensation

37,710

Contributions of interests in consolidated VIEs

2,815

Return of capital to interests in consolidated VIEs

(5,318)

Other comprehensive income (loss)

(67,094)

(71,494)

4,400

Net income (loss)

(114,341)

(96,008)

(18,333)

Ending balance (in shares) at Jun. 30, 2024

^[1]

71,595,691

Ending balance at Jun. 30, 2024

$ 615,574

525,982

1,235,677

(71,050)

(638,645)

89,592

Beginning balance (in shares) at Mar. 31, 2024

^[1]

5,000,000

Beginning balance at Mar. 31, 2024

$ 74,250

Ending balance (in shares) at Jun. 30, 2024

^[1]

5,000,000

Ending balance at Jun. 30, 2024

^[2]

$ 74,250

Beginning balance (in shares) at Mar. 31, 2024

^[1]

70,602,363

Beginning balance at Mar. 31, 2024

725,911

626,830

1,214,969

(24,279)

(563,860)

99,081

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

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

^[1]

172,305

Issuance of ordinary shares upon exercise of share options

598

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

^[1]

821,023

Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement

$ 17

Share-based compensation

20,093

Return of capital to interests in consolidated VIEs

(2,803)

Other comprehensive income (loss)

(45,563)

(46,771)

1,208

Net income (loss)

(82,679)

(74,785)

(7,894)

Ending balance (in shares) at Jun. 30, 2024

^[1]

71,595,691

Ending balance at Jun. 30, 2024

$ 615,574

$ 525,982

$ 1,235,677

$ (71,050)

$ (638,645)

$ 89,592

[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.

LEASES - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Rent expense	$ 2,938	$ 3,345	$ 5,849	$ 6,786
Variable lease payments	80	(12)	174	131
Sublease income	$ 1,003	$ 1,066	$ 2,008	$ 2,120

REVENUE

6 Months Ended

Jun. 30, 2024

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 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 $221.8 million and $167.5 million for the three months ended June 30, 2024 and 2023, respectively, and $437.1 million and $321.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs.

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 $20.8 million and $18.2 million for the three months ended June 30, 2024 and 2023, respectively, and $42.5 million and $39.4 million for the six months ended June 30, 2024 and 2023, 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 three months ended June 30, 2024, $0.1 million worth of fees represent performance obligations satisfied in 2023 that were less than the original estimate. During the six months ended June 30, 2024, $3.2 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three and six months ended June 30, 2023, $0.0 million and $1.7 million, respectively, worth of fees represent performance obligations satisfied in 2022 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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Services transferred at a point in time	$	228,317	$	178,070	$	455,891	$	344,305
Services transferred over time	14,277		7,615		23,707		16,634
Total revenue from fees, net	$	242,594	$	185,685	$	479,598	$	360,939

The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of June 30, 2024 or December 31, 2023.

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. Three customers, including two related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 55% for three months ended June 30, 2024. Two customers, including one related party, individually represented greater than 10% of total revenue and collectively totaled approximately 31% for six months ended June 30, 2024. Four customers, including three related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 65% for the three months ended June 30, 2023. Two related party customers individually represented greater than 10% of total revenue and collectively totaled approximately 33% for the six months ended June 30, 2023.

- 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 894,151	$ 507,166	$ 716,793	$ 0
Transfer from held-to-maturity to available for sale at fair value	0	0	0	480,437
Additions	146,821	151,607	408,459	273,339
Cash received	(30,925)	(65,375)	(66,822)	(91,360)
Change in fair value	$ (45,562)	$ 7,037	$ (67,094)	$ 6,366
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Credit-related impairment loss	$ (53,060)	$ (9,980)	$ (79,911)	$ (78,327)
Balance, end of period	911,425	590,455	911,425	590,455
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	825,121	380,266	626,368	0
Transfer from held-to-maturity to available for sale at fair value	0	0	10,469	339,041
Additions	146,821	151,607	406,696	273,339
Cash received	(19,559)	(47,261)	(42,572)	(56,381)
Change in fair value	(45,905)	7,186	(67,632)	4,146
Credit-related impairment loss	(53,060)	(9,980)	(79,911)	(78,327)
Balance, end of period	$ 853,418	$ 481,818	$ 853,418	$ 481,818

INVESTMENTS IN LOANS AND SECURITIES - Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 26,593	$ 26,383
Investments in Pagaya SmartResi F1 Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 17,488	$ 17,357
Equity method investment, ownership percentage	5.40%	5.40%
Other
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 9,105	$ 9,026

- Definition

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

+ References + Details

FAIR VALUE MEASUREMENT - Schedule of Assets Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash, cash equivalents and restricted cash	$ 267,926	$ 222,541
Fees and other receivables	126,447	113,707
Total assets	394,373	336,248
Carrying Value
Assets
Cash, cash equivalents and restricted cash	267,926	222,541
Fees and other receivables	126,447	113,707
Total assets	394,373	336,248
Fair Value \| Level 1
Assets
Cash, cash equivalents and restricted cash	267,926	222,541
Fees and other receivables	0	0
Total assets	267,926	222,541
Fair Value \| Level 2
Assets
Cash, cash equivalents and restricted cash	0	0
Fees and other receivables	126,447	113,707
Total assets	126,447	113,707
Fair Value \| Level 3
Assets
Cash, cash equivalents and restricted cash	0	0
Fees and other receivables	0	0
Total assets	$ 0	$ 0

INVESTMENTS IN LOANS AND SECURITIES

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN LOANS AND SECURITIES

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in loans and securities as of June 30, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, 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 June 30, 2024
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	$	249,373	$	469	$	(1,156)	$	—	$	248,686
Securitization certificates	893,351		13,314		(73,839)		(174,077)		658,749
Other loans and receivables	8,043		—		—		(4,053)		3,990
Total	$	1,150,767	$	13,783	$	(74,995)	$	(178,130)	$	911,425

(1) Excludes accrued interest receivable of $13.6 million included in Fees and other receivables.


	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 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 June 30, 2024
	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	$	68	$	—	$	41,272	$	(1,156)	$	41,340	$	(1,156)
Securitization certificates	13,632		(11,452)		—		—		13,632		(11,452)
Other loans and receivables	—		—		—		—		—		—
Total	$	13,700	$	(11,452)	$	41,272	$	(1,156)	$	54,972	$	(12,608)


	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)

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 June 30, 2024
	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	$	650	$	1,009	$	248,723	$	247,677	$	249,373	$	248,686
Securitization certificates	733		654		892,618		658,095		893,351		658,749
Other loans and receivables	—		—		8,043		3,990		8,043		3,990
Total (1)	$	1,383	$	1,663	$	1,149,384	$	909,762	$	1,150,767	$	911,425


	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

(1) Based on weighted average life of expected cash flows.

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023			2024		2023
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments	$	30,925	$	65,375		$	66,822	$	91,360


Write-offs charged against the allowance	$	850	$	2,663		$	2,299	$	7,286
Additions to allowance for credit losses	$	(53,062)	$	(12,643)		$	(79,913)	$	(85,613)

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):


	Three Months Ended June 30, 2024
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(121,349)	$	(5,011)	$	(126,360)
Additions to allowance for credit losses not previously recorded	—		(23,628)		—		(23,628)
Additions to allowance for credit losses arising from purchases	—		—		—		—


Additions (reductions) on securities with previous allowance	—		(29,100)		(334)		(29,434)
Write-offs charged against the allowance	—		—		850		850

Balance, end of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)


	Six Months Ended June 30, 2024
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(98,679)	$	(2,279)	$	(100,958)
Additions to allowance for credit losses not previously recorded	—		(26,593)		—		(26,593)
Additions to allowance for credit losses arising from purchases	—		—		(3,246)		(3,246)


Additions (reductions) on securities with previous allowance	—		(48,805)		(1,269)		(50,074)
Write-offs charged against the allowance	—		—		2,299		2,299
Recoveries of amounts previously written off	—		—		442		442
Balance, end of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)


	Three Months Ended June 30, 2023
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(65,572)	$	(2,775)	$	(68,347)
Additions to allowance for credit losses not previously recorded	—		(8,715)		(3,928)		(12,643)



Write-offs charged against the allowance	—		—		2,663		2,663

Balance, end of period	$	—	$	(74,287)	$	(4,040)	$	(78,327)


	Six Months Ended June 30, 2023
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	—	$	—	$	—
Additions to allowance for credit losses not previously recorded	—		(74,287)		(11,326)		(85,613)



Write-offs charged against the allowance	—		—		7,286		7,286

Balance, end of period	$	—	$	(74,287)	$	(4,040)	$	(78,327)

Equity Method and Other Investments

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands):


	Carrying Value
	June 30, 2024		December 31, 2023
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	17,488	$	17,357
Other (2)	9,105		9,026
Total	$	26,593	$	26,383

(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.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41430
Entity Registrant Name	Pagaya Technologies Ltd.
Entity Incorporation, State or Country Code	L3
Entity Tax Identification Number	87-3083236
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001883085
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Class A
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		59,162,971
Ordinary share warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Ordinary Shares
Trading Symbol	PGYWW
Security Exchange Name	NASDAQ
Common Class B
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

INVESTMENTS IN LOANS AND SECURITIES - Investments by Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Within 1 year	$ 1,383	$ 2,508
Greater than 1 year, less than or equal to 5 years	1,149,384	809,366
Total	1,150,767	811,874
Fair Value
Within 1 year	1,663	2,490
Greater than 1 year, less than or equal to 5 years	909,762	714,303
Total	911,425	716,793
Securitization notes
Amortized Cost
Within 1 year	650	2,405
Greater than 1 year, less than or equal to 5 years	248,723	89,249
Total	249,373	91,654
Fair Value
Within 1 year	1,009	2,387
Greater than 1 year, less than or equal to 5 years	247,677	88,038
Total	248,686	90,425
Securitization certificates
Amortized Cost
Within 1 year	733	103
Greater than 1 year, less than or equal to 5 years	892,618	715,543
Total	893,351	715,646
Fair Value
Within 1 year	654	103
Greater than 1 year, less than or equal to 5 years	658,095	623,970
Total	658,749	624,073
Other loans and receivables
Amortized Cost
Within 1 year	0	0
Greater than 1 year, less than or equal to 5 years	8,043	4,574
Total	8,043	4,574
Fair Value
Within 1 year	0	0
Greater than 1 year, less than or equal to 5 years	3,990	2,295
Total	$ 3,990	$ 2,295

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Variable Interest Entity [Line Items]
Loan principal purchased	$ 14,500,000	$ 0	$ 19,500,000	$ 0
Loss on loans purchased	$ 13,400,000		$ 18,400,000

- 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

SHARE BASED COMPENSATION - Options to Restricted Shares Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 31.7
Options to restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 15.8
Unrecognized compensation expense, period of recognition	1 year 3 months 18 days

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 08, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Total revenue from fees, net		$ 242,594	$ 185,685	$ 479,598	$ 360,939
Reverse share split	0.0833
Related Party
Total revenue from fees, net		$ 175,333	$ 148,198	$ 353,844	$ 301,991

- 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
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+ Details

SHARE BASED COMPENSATION - Stock Option Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	0
Aggregate intrinsic value of options exercised	$ 2.6	$ 4.7
Fair value of vested options	62.6	$ 58.9
Unrecognized compensation expense related to unvested share options	$ 31.7
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	10 months 24 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

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Tami Rosen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		First, on July 2, 2024, after terminating a legacy 10b5-1 plan on May 10, 2024, Tami Rosen, a director and the Company’s Chief Development Officer, entered into a new 10b5-1 Plan, with an end date of April 7, 2025, to sell a maximum aggregate of 62,465 shares.
Name	Tami Rosen
Title	director and the Company’s Chief Development Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 2, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 10, 2024
Expiration Date	April 7, 2025
Arrangement Duration	279 days
Aggregate Available	62,465	62,465
Avital Pardo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Second, on July 2, 2024, Avital Pardo, a director and Chief Technology Officer of the Company, entered into a 10b5-1 Plan, with an end date of October 1, 2025, to sell a maximum aggregate of 300,000 shares.
Name	Avital Pardo
Title	director and Chief Technology Officer of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 2, 2024
Expiration Date	October 1, 2025
Arrangement Duration	456 days
Aggregate Available	300,000	300,000
Yahay Yulzari [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Third, on July 2, 2024, Yahav Yulzari, a director and Chief Revenue Officer of the Company, entered into a 10b5-1 Plan, with an end date of October 1, 2025, to sell a maximum aggregate of 300,000 shares.
Name	Yahav Yulzari
Title	director and Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 2, 2024
Expiration Date	October 1, 2025
Arrangement Duration	456 days
Aggregate Available	300,000	300,000
Evangelos Perros [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Fourth, on June 24, 2024, Evangelos Perros, the Company’s Chief Financial Officer, entered into a 10b5-1 Plan, with an end date of December 31, 2024, to sell a maximum aggregate of 23,7912 shares.
Name	Evangelos Perros
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 24, 2024
Expiration Date	December 31, 2024
Arrangement Duration	109 days
Aggregate Available	23,791	23,791

FAIR VALUE MEASUREMENT

6 Months Ended

Jun. 30, 2024

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

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	June 30, 2024

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	58,007	$	190,679	$	248,686
Investments in loans and securities (Certificates and Other loans and receivables)	—		—		662,739		662,739
Liabilities:
Warrant liability	$	1,086	$	585	$	—	$	1,671


	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

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 three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30, 2024
Balance as of March 31, 2024	$	1,342

Change in fair value	329

Balance as of June 30, 2024	$	1,671


	Six Months Ended June 30, 2024
Balance as of December 31, 2023	$	3,242

Change in fair value	(1,571)

Balance as of June 30, 2024	$	1,671


	Three Months Ended June 30, 2023
Balance as of March 31, 2023	$	1,210

Change in fair value	2,625

Balance as of June 30, 2023	$	3,835


	Six Months Ended June 30, 2023
Balance as of December 31, 2022	$	1,400

Change in fair value	2,435

Balance as of June 30, 2023	$	3,835

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 June 30, 2024, 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 unaudited condensed 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 unaudited condensed consolidated statements of comprehensive income (loss). Declines in fair value due to credit are reflected in other income (expenses), net on the unaudited condensed 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 (Level 3 only) for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance, beginning of period	$	825,121	$	380,266	$	626,368	$	—
Transfer to Level 3	—		—		10,469		339,041
Additions	146,821		151,607		406,696		273,339
Cash received	(19,559)		(47,261)		(42,572)		(56,381)

Change in fair value	(45,905)		7,186		(67,632)		4,146
Credit-related impairment loss	(53,060)		(9,980)		(79,911)		(78,327)
Balance, end of period	$	853,418	$	481,818	$	853,418	$	481,818

The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance, beginning of period	$	894,151	$	507,166	$	716,793	$	—
Transfer from held-to-maturity to available for sale at fair value	—		—		—		480,437
Additions	146,821		151,607		408,459		273,339
Cash received	(30,925)		(65,375)		(66,822)		(91,360)

Change in fair value	(45,562)		7,037		(67,094)		6,366
Credit-related impairment loss	(53,060)		(9,980)		(79,911)		(78,327)
Balance, end of period	$	911,425	$	590,455	$	911,425	$	590,455

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 June 30, 2024 and December 31, 2023:


	June 30, 2024
Unobservable Input	Minimum		Maximum	Weighted Average
Discount rate	6.0	%	17.0%	15.4%
Loss rate	5.6	%	31.0%	17.6%
Prepayment rate	0.0	%	22.5%	9.7%


	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 June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	267,926	$	267,926	$	—	$	—	$	267,926


Fees and other receivables	126,447		—		126,447		—		126,447
Total assets	$	394,373	$	267,926	$	126,447	$	—	$	394,373


	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

- Definition

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

+ References

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+ Details

INVESTMENTS IN LOANS AND SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale


	As of June 30, 2024
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	$	249,373	$	469	$	(1,156)	$	—	$	248,686
Securitization certificates	893,351		13,314		(73,839)		(174,077)		658,749
Other loans and receivables	8,043		—		—		(4,053)		3,990
Total	$	1,150,767	$	13,783	$	(74,995)	$	(178,130)	$	911,425

(1) Excludes accrued interest receivable of $13.6 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 June 30, 2024
	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	$	650	$	1,009	$	248,723	$	247,677	$	249,373	$	248,686
Securitization certificates	733		654		892,618		658,095		893,351		658,749
Other loans and receivables	—		—		8,043		3,990		8,043		3,990
Total (1)	$	1,383	$	1,663	$	1,149,384	$	909,762	$	1,150,767	$	911,425

Schedule of Debt Securities, Held-to-Maturity


	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, 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, 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

(1) Based on weighted average life of expected cash flows.

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


	As of June 30, 2024
	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	$	68	$	—	$	41,272	$	(1,156)	$	41,340	$	(1,156)
Securitization certificates	13,632		(11,452)		—		—		13,632		(11,452)
Other loans and receivables	—		—		—		—		—		—
Total	$	13,700	$	(11,452)	$	41,272	$	(1,156)	$	54,972	$	(12,608)

Schedule of Realized Gain (Loss)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023			2024		2023
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments	$	30,925	$	65,375		$	66,822	$	91,360


Write-offs charged against the allowance	$	850	$	2,663		$	2,299	$	7,286
Additions to allowance for credit losses	$	(53,062)	$	(12,643)		$	(79,913)	$	(85,613)

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

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


	Three Months Ended June 30, 2024
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(121,349)	$	(5,011)	$	(126,360)
Additions to allowance for credit losses not previously recorded	—		(23,628)		—		(23,628)
Additions to allowance for credit losses arising from purchases	—		—		—		—


Additions (reductions) on securities with previous allowance	—		(29,100)		(334)		(29,434)
Write-offs charged against the allowance	—		—		850		850

Balance, end of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)


	Six Months Ended June 30, 2024
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(98,679)	$	(2,279)	$	(100,958)
Additions to allowance for credit losses not previously recorded	—		(26,593)		—		(26,593)
Additions to allowance for credit losses arising from purchases	—		—		(3,246)		(3,246)


Additions (reductions) on securities with previous allowance	—		(48,805)		(1,269)		(50,074)
Write-offs charged against the allowance	—		—		2,299		2,299
Recoveries of amounts previously written off	—		—		442		442
Balance, end of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)


	Three Months Ended June 30, 2023
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(65,572)	$	(2,775)	$	(68,347)
Additions to allowance for credit losses not previously recorded	—		(8,715)		(3,928)		(12,643)



Write-offs charged against the allowance	—		—		2,663		2,663

Balance, end of period	$	—	$	(74,287)	$	(4,040)	$	(78,327)


	Six Months Ended June 30, 2023
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	—	$	—	$	—
Additions to allowance for credit losses not previously recorded	—		(74,287)		(11,326)		(85,613)



Write-offs charged against the allowance	—		—		7,286		7,286

Balance, end of period	$	—	$	(74,287)	$	(4,040)	$	(78,327)

Schedule of Equity Method Investments


	Carrying Value
	June 30, 2024		December 31, 2023
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	17,488	$	17,357
Other (2)	9,105		9,026
Total	$	26,593	$	26,383

(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

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+ 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
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+ Details

SHARE BASED COMPENSATION - Restricted Stock Unit (RSUs) Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	3,034,203
Granted (in shares) \| shares	2,570,103
Vested (in shares) \| shares	(1,481,470)
Forfeited (in shares) \| shares	(368,134)
Ending balance (in shares) \| shares	3,754,702
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 15.6
Granted (in dollars per share) \| $ / shares	10.7
Vested (in dollars per share) \| $ / shares	13.5
Forfeited (in dollars per share) \| $ / shares	17.9
Ending balance (in dollars per share) \| $ / shares	$ 12.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any. The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated.
Recent Accounting Pronouncements Not Yet Adopted and Recent Accounting Pronouncements Adopted	Recent 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 the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, 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 the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures. Recent Accounting Pronouncements Adopted 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 became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.
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 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 $221.8 million and $167.5 million for the three months ended June 30, 2024 and 2023, respectively, and $437.1 million and $321.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs. 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 $20.8 million and $18.2 million for the three months ended June 30, 2024 and 2023, respectively, and $42.5 million and $39.4 million for the six months ended June 30, 2024 and 2023, 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 three months ended June 30, 2024, $0.1 million worth of fees represent performance obligations satisfied in 2023 that were less than the original estimate. During the six months ended June 30, 2024, $3.2 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three and six months ended June 30, 2023, $0.0 million and $1.7 million, respectively, worth of fees represent performance obligations satisfied in 2022 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted

The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(61,600)	$	(13,185)	$	(78,174)	$	(17,834)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	59,113,574		12,652,310		55,461,550		12,652,310
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(1.04)	$	(1.04)	$	(1.41)	$	(1.41)


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(23,643)	$	(7,654)	$	(69,619)	$	(22,649)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	45,031,922		14,577,866		44,809,108		14,577,866
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.53)	$	(0.53)	$	(1.55)	$	(1.55)

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share

The following potentially dilutive outstanding securities as of June 30, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods:


	June 30,
	2024	2023
Share options	3,539,256	4,760,490
Options to restricted shares	20,025,410	20,113,280
RSUs	3,754,702	3,507,033

Ordinary share warrants	2,016,321	2,016,330
Redeemable convertible preferred shares	5,000,000	5,000,000
Net potential dilutive outstanding securities	34,335,689	35,397,133

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) revenueStream	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue streams \| revenueStream			2
Total revenue from fees, net	$ 242,594	$ 185,685	$ 479,598	$ 360,939
Performance obligations satisfied in the previous year	100	0	3,200	1,700
Network AI Fees
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	221,800	167,500	437,100	321,500
Financial Service
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 20,800	$ 18,200	$ 42,500	$ 39,400

- 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

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease, Cost

Operating lease expense was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Rent expense	$	2,938	$	3,345	$	5,849	$	6,786
Variable lease payments	$	80	$	(12)	$	174	$	131
Sublease income	$	1,003	$	1,066	$	2,008	$	2,120

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of the Company’s operating lease liabilities as of June 30, 2024 were as follows (in thousands):


2024	$	4,735
2025	8,495
2026	8,495
2027	7,333
2028	6,453
Thereafter	20,728
Total	56,239
Less: imputed interest	(10,283)
Total operating lease liabilities	$	45,956

SHARE BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for issuance (in shares)	44,566,667		44,566,667		39,638,471
Share-based compensation expense	$ 18,044	$ 20,208	$ 33,519	$ 36,575
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for issuance (in shares)	891,858		891,858		0
Share-based compensation expense			$ 300

- Definition

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

+ References

+ Details

LEASES

6 Months Ended

Jun. 30, 2024

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 security deposits for the leases are $4.0 million and $4.8 million as of June 30, 2024 and December 31, 2023, respectively, which have been recognized as restricted cash, non-current in the unaudited condensed 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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Rent expense	$	2,938	$	3,345	$	5,849	$	6,786
Variable lease payments	$	80	$	(12)	$	174	$	131
Sublease income	$	1,003	$	1,066	$	2,008	$	2,120

Maturities of the Company’s operating lease liabilities as of June 30, 2024 were as follows (in thousands):


2024	$	4,735
2025	8,495
2026	8,495
2027	7,333
2028	6,453
Thereafter	20,728
Total	56,239
Less: imputed interest	(10,283)
Total operating lease liabilities	$	45,956

LEASES - Operating Lease Liability To Be Paid (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 4,735
2025	8,495
2026	8,495
2027	7,333
2028	6,453
Thereafter	20,728
Total	56,239
Less: imputed interest	(10,283)
Total operating lease liabilities	$ 45,956

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

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.


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(61,600)	$	(13,185)	$	(78,174)	$	(17,834)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	59,113,574		12,652,310		55,461,550		12,652,310
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(1.04)	$	(1.04)	$	(1.41)	$	(1.41)


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(23,643)	$	(7,654)	$	(69,619)	$	(22,649)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	45,031,922		14,577,866		44,809,108		14,577,866
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.53)	$	(0.53)	$	(1.55)	$	(1.55)


	June 30,
	2024	2023
Share options	3,539,256	4,760,490
Options to restricted shares	20,025,410	20,113,280
RSUs	3,754,702	3,507,033

Ordinary share warrants	2,016,321	2,016,330
Redeemable convertible preferred shares	5,000,000	5,000,000
Net potential dilutive outstanding securities	34,335,689	35,397,133

INVESTMENTS IN LOANS AND SECURITIES - Schedule of Investments in Loans and Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 1,150,767		$ 811,874
Gross Unrealized Gains	13,783		19,313
Gross Unrealized Losses	(74,995)		(13,436)
Allowance for Credit Losses	(178,130)	$ (126,360)	(100,958)	$ (78,327)	$ (68,347)	$ 0
Fair Value	911,425		716,793
Accrued interest receivable	$ 13,600		$ 12,500
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 $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively)		Fees and other receivables (including related party receivables of $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively)
Securitization notes
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 249,373		$ 91,654
Gross Unrealized Gains	469		629
Gross Unrealized Losses	(1,156)		(1,858)
Allowance for Credit Losses	0	0	0	0	0	0
Fair Value	248,686		90,425
Securitization certificates
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	893,351		715,646
Gross Unrealized Gains	13,314		18,684
Gross Unrealized Losses	(73,839)		(11,578)
Allowance for Credit Losses	(174,077)	(121,349)	(98,679)	(74,287)	(65,572)	0
Fair Value	658,749		624,073
Other loans and receivables
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	8,043		4,574
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Allowance for Credit Losses	(4,053)	$ (5,011)	(2,279)	$ (4,040)	$ (2,775)	$ 0
Fair Value	$ 3,990		$ 2,295

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (68,167)	$ (27,133)	$ (94,826)	$ (119,089)
Income tax expense	$ 14,512	$ 5,006	$ 19,515	$ 11,673
Effective tax rate	(21.30%)	(18.40%)	(20.60%)	(9.80%)

- Definition

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

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- Definition

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

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+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 30, 2024, the Company announced that it entered into a definitive agreement to acquire 100% of the equity of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. The transaction is expected to close in the fourth quarter of 2024.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Annual purchase commitment		$ 4.6
Remaining contractual obligations	$ 6.1
Remaining contractual obligations remaining for the next 12 months	4.9
Maximum potential amount of undiscounted future payments	$ 29.2

BUSINESS DESCRIPTION (Details)	Mar. 08, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse share split	0.0833

BORROWINGS

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

BORROWINGS

As of June 30, 2024 and December 31, 2023, the Company had secured borrowings, inclusive of current and non-current portions, with an outstanding balance of $400.2 million and $271.7 million, respectively, long-term debt, inclusive of current and non-current portions, with an outstanding balance of $232.6 million and $0.0 million, respectively, and a revolving credit facility with an outstanding balance of $0.0 million and $90.0 million, respectively. The Company was in compliance with all covenants as of June 30, 2024.

Risk Retention Master Repurchase

In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. 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 June 30, 2024 and December 31, 2023, the outstanding principal balance under the repurchase agreements was $367.7 million and $251.4 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet, with a weighted average interest rate of approximately sixteen percent and thirteen percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both June 30, 2024 and December 31, 2023.

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. In June 2024, the Company amended the agreement pursuant to which the maximum principal amount was increased from $32 million to $45 million and the term was extended until June 2026. 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 3.50%, and the balance is repaid using cash proceeds received from the receivables. As of June 30, 2024 and December 31, 2023, the outstanding principal balance under the Receivables Facility was $32.5 million and $20.3 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet.

Credit Agreement

On February 2, 2024, the Company entered into a certain Credit Agreement (the “Credit Agreement”) which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million, which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million.

The Facilities replace the SVB Revolving Credit Facility. In addition to replacing the SVB Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries. As of the date of this filing, no borrowings have been made under the Revolving Credit Facility.

No amortization payments are required to be made in respect of borrowings under the Revolving Credit Facility. Amortization payments are required to be made in respect of the term loans under the Term Loan Facility in amount of 1.25% per quarter of the original principal amount of the term loans under the Term Loan Facility.

Borrowings under the Facilities bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. Accrued interest of $7.6 million was recorded within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheet as of June 30, 2024.

As of June 30, 2024, the Company had an outstanding balance of $232.6 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands):


	June 30, 2024
2024	$	6,375
2025	12,750
2026	12,750
2027	12,750
2028	12,750
Thereafter	191,250
Total	248,625
Debt issuance costs	(16,033)
Total long-term debt, net of debt issuance costs	$	232,592

As of June 30, 2024, the Company had letters of credit issued in the amount of $19.8 million, and $15.2 million of remaining capacity available under the Revolving Credit Facility.

As of December 31, 2023, the Company had an outstanding balance of $90.0 million under the SVB Revolving Credit Facility.

- Definition

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

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+ Details

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Loss before income taxes	$	(68,167)		$	(27,133)		$	(94,826)		$	(119,089)
Income tax expense	14,512			5,006			19,515			11,673
Effective tax rate	(21.3)		%	(18.4)		%	(20.6)		%	(9.8)		%

SHARE BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 18,044	$ 20,208	$ 33,519	$ 36,575
Technology, data and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	3,069	2,990	5,974	5,448
Selling and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	3,867	4,756	6,719	7,510
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 11,108	$ 12,462	$ 20,826	$ 23,617

- 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

SHARE BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarized the Company’s share option activity during the six months ended June 30, 2024:


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
















Balance, December 31, 2023	4,250,988	$	7.2	7.2	$	43,940
Granted	—	—
Exercised	(269,644)	2.7
Forfeited	(141,172)	14.2
Balance, June 30, 2024	3,840,172	$	7.1	6.7	$	20,515
Vested and exercisable, June 30, 2024	3,224,405	$	5.3	6.5	$	22,835

The following table summarized the Company’s options to restricted shares activity during the six months ended June 30, 2024:


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












Balance, December 31, 2023	20,046,080	$	19.4	7.2	$	—
Granted	—	—
Exercised	(3,274)	12.2
Forfeited	(17,396)	32.8
Balance, June 30, 2024	20,025,410	$	19.4	6.7	$	—
Vested and exercisable, June 30, 2024	16,552,883	$	19.2	6.7	$	—

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarized the Company’s RSU activity during the six months ended June 30, 2024:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share








Unvested at December 31,2023	3,034,203	$	15.6
Granted	2,570,103	10.7
Vested	(1,481,470)	13.5
Forfeited	(368,134)	17.9
Unvested at June 30, 2024	3,754,702	$	12.8

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

The following table presents the components and classification of share-based compensation for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Technology, data and product development	$	3,069	$	2,990	$	5,974	$	5,448
Selling and marketing	3,867		4,756		6,719		7,510
General and administrative	11,108		12,462		20,826		23,617
Total	$	18,044	$	20,208	$	33,519	$	36,575

INVESTMENTS IN LOANS AND SECURITIES - Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments	$ 30,925	$ 65,375	$ 66,822	$ 91,360
Write-offs charged against the allowance	850	2,663	2,299	7,286
Additions to allowance for credit losses	$ (53,062)	$ (12,643)	$ (79,913)	$ (85,613)

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

Jun. 30, 2024

USD ($)

Dec. 31, 2023

USD ($)

Current assets:

Related party receivables | $

$ 93,460

$ 79,526

Related party assets | $

15,012

18,034

Related party receivables | $

$ 32,987

$ 34,181

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)

58,943,381

49,390,936

Ordinary shares, outstanding (in shares)

58,943,381

49,390,936

Common Class B

Shareholders’ equity:

Ordinary shares, authorized (in shares)

166,666,666

Ordinary shares, issued (in shares)

12,652,310

Ordinary shares, outstanding (in shares)

12,652,310

Related Party

Current assets:

Related party receivables | $

$ 55,549

$ 51,036

Related party assets | $

6,406

7,896

Related party receivables | $

$ 32,987

$ 33,739

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Loss Including Noncontrolling Interests	$ (82,679)	$ (32,139)	$ (114,341)	$ (130,762)
Other Comprehensive Income:
Unrealized gain (loss) on securities available for sale, net	(45,563)	7,035	(67,094)	22,827
Comprehensive Loss Including Noncontrolling Interests	(128,242)	(25,104)	(181,435)	(107,935)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(6,686)	2,971	(13,933)	(18,343)
Comprehensive Loss Attributable to Pagaya Technologies Ltd.	$ (121,556)	$ (28,075)	$ (167,502)	$ (89,592)

- Definition

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

+ References + Details

- 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.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any. The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. All intercompany accounts and transactions have been eliminated. The Company’s functional and reporting currency is the U.S. Dollar. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements, except as noted below, and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024 and the Company’s consolidated results of operations and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on April 25, 2024. Recent 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 the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, 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 the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures. Recent Accounting Pronouncements Adopted 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 became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (74,785)	$ (31,297)	$ (96,008)	$ (92,268)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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


	June 30, 2024

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	58,007	$	190,679	$	248,686
Investments in loans and securities (Certificates and Other loans and receivables)	—		—		662,739		662,739
Liabilities:
Warrant liability	$	1,086	$	585	$	—	$	1,671


	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

Schedule Of Class Of Warrant Or Right Outstanding

The following tables summarize the Warrant liability activity for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30, 2024
Balance as of March 31, 2024	$	1,342

Change in fair value	329

Balance as of June 30, 2024	$	1,671


	Six Months Ended June 30, 2024
Balance as of December 31, 2023	$	3,242

Change in fair value	(1,571)

Balance as of June 30, 2024	$	1,671


	Three Months Ended June 30, 2023
Balance as of March 31, 2023	$	1,210

Change in fair value	2,625

Balance as of June 30, 2023	$	3,835


	Six Months Ended June 30, 2023
Balance as of December 31, 2022	$	1,400

Change in fair value	2,435

Balance as of June 30, 2023	$	3,835

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance, beginning of period	$	825,121	$	380,266	$	626,368	$	—
Transfer to Level 3	—		—		10,469		339,041
Additions	146,821		151,607		406,696		273,339
Cash received	(19,559)		(47,261)		(42,572)		(56,381)

Change in fair value	(45,905)		7,186		(67,632)		4,146
Credit-related impairment loss	(53,060)		(9,980)		(79,911)		(78,327)
Balance, end of period	$	853,418	$	481,818	$	853,418	$	481,818


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance, beginning of period	$	894,151	$	507,166	$	716,793	$	—
Transfer from held-to-maturity to available for sale at fair value	—		—		—		480,437
Additions	146,821		151,607		408,459		273,339
Cash received	(30,925)		(65,375)		(66,822)		(91,360)

Change in fair value	(45,562)		7,037		(67,094)		6,366
Credit-related impairment loss	(53,060)		(9,980)		(79,911)		(78,327)
Balance, end of period	$	911,425	$	590,455	$	911,425	$	590,455

Schedule of Fair Value Measurement Inputs and Valuation Techniques


	June 30, 2024
Unobservable Input	Minimum		Maximum	Weighted Average
Discount rate	6.0	%	17.0%	15.4%
Loss rate	5.6	%	31.0%	17.6%
Prepayment rate	0.0	%	22.5%	9.7%


	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%

Schedule of Fair Value Measurements, Nonrecurring

The below tables contain information about assets that are not measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	267,926	$	267,926	$	—	$	—	$	267,926


Fees and other receivables	126,447		—		126,447		—		126,447
Total assets	$	394,373	$	267,926	$	126,447	$	—	$	394,373


	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

- Definition

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

+ References + Details

BORROWINGS - Narrative (Details) - USD ($)		1 Months Ended	6 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Feb. 02, 2024	Oct. 31, 2022	Aug. 09, 2024	Jun. 30, 2024	Jun. 30, 2023	Feb. 01, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 232,592,000
Proceeds from revolving credit facility				44,000,000	$ 100,000,000
Master Agreements
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 367,700,000			$ 251,400,000
Weighted average interest rate on long-term debt outstanding				16.00%			13.00%
Loan and Security Agreement
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 32,500,000			$ 20,300,000
Debt instrument, term		3 years
Line of credit facility, maximum borrowing capacity		$ 22,000,000		45,000,000	32,000,000
Increase in maximum principal amount					$ 10,000,000
Floor rate		0.00%
Loan and Security Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.50%
Secured Debt
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				400,200,000			271,700,000
Line of Credit \| Secured Debt \| The Credit Agreement
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				232,600,000			0
Debt instrument, term	5 years
Line of credit facility, maximum borrowing capacity	$ 255,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				0			$ 90,000,000
Line of credit facility, remaining borrowing capacity				15,200,000
Line of Credit \| Revolving Credit Facility \| The Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Line of credit facility, maximum borrowing capacity	$ 35,000,000					$ 25,000,000
Floor rate	1.00%
Debt instrument, base rate floor	2.00%
Accrued interest				7,600,000
Line of Credit \| Revolving Credit Facility \| The Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 0
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	7.50%
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	6.50%
Line of Credit \| Term Loan Facility \| The Credit Agreement
Debt Instrument [Line Items]
Amortization payments, percentage of original principal amount, per quarter	1.25%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 19,800,000

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023, 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 June 30, 2024	$	111,185	$	—	$	111,185
As of December 31, 2023	$	132,660	$	—	$	132,660

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 June 30, 2024	$	807,029	$	807,029	$	8,548,921
As of December 31, 2023	$	591,030	$	591,030	$	8,363,402

From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion. During the three and six months ended June 30, 2024, the Company purchased approximately $14.5 million and $19.5 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $13.4 million and $18.4 million, respectively, in general and administrative expenses with respect to these loans. During the three and six months ended June 30, 2023, the Company did not purchase any loans from the Financing Vehicles.

TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($)	3 Months Ended		6 Months Ended
TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party receivables	$ 32,987,000		$ 32,987,000		$ 34,181,000
Total revenue from fees, net	242,594,000	$ 185,685,000	479,598,000	$ 360,939,000
Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
Loan principal purchased	14,500,000	0	19,500,000	0
Loss on loans purchased	13,400,000		18,400,000
Related Party
Related Party Transaction [Line Items]
Related party receivables	32,987,000		32,987,000		33,739,000
Total revenue from fees, net	175,333,000	148,198,000	353,844,000	301,991,000
Related Party \| Securitization Vehicles
Related Party Transaction [Line Items]
Related party receivables	80,400,000		80,400,000		78,400,000
Total revenue from fees, net	157,200,000	137,800,000	319,800,000	269,400,000
Related Party \| Other Financing Vehicles
Related Party Transaction [Line Items]
Related party receivables	8,100,000		8,100,000		6,300,000
Total revenue from fees, net	18,100,000	$ 10,400,000	34,000,000	$ 32,500,000
Related Party \| Assets
Related Party Transaction [Line Items]
Related party receivables	88,500,000		88,500,000		84,800,000
Related Party \| Prepaid Expense And Other Assets, Noncurrent
Related Party Transaction [Line Items]
Related party receivables	$ 6,400,000		$ 6,400,000		$ 7,900,000

SHARE BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024:


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
















Balance, December 31, 2023	4,250,988	$	7.2	7.2	$	43,940
Granted	—	—
Exercised	(269,644)	2.7
Forfeited	(141,172)	14.2
Balance, June 30, 2024	3,840,172	$	7.1	6.7	$	20,515
Vested and exercisable, June 30, 2024	3,224,405	$	5.3	6.5	$	22,835

There was no grant of share options during the six months ended June 30, 2024. The aggregate intrinsic value of options exercised was approximately $2.6 million and $4.7 million for the six months ended June 30, 2024 and 2023, respectively. The total fair value of share options vested for the six months ended June 30, 2024 and 2023, was $62.6 million and $58.9 million, respectively.

As of June 30, 2024, unrecognized compensation expense related to unvested share options was approximately $31.7 million, which is expected to be recognized over a remaining weighted-average period of 0.9 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 six months ended June 30, 2024:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share








Unvested at December 31,2023	3,034,203	$	15.6
Granted	2,570,103	10.7
Vested	(1,481,470)	13.5
Forfeited	(368,134)	17.9
Unvested at June 30, 2024	3,754,702	$	12.8

As of June 30, 2024, unrecognized compensation expense related to RSUs was approximately $41.7 million, which is expected to be recognized over a remaining weighted-average period of 1.2 years.

Options to Restricted Shares—Options to restricted shares were granted to certain employees and directors during 2021. See Note 16 to the consolidated financial statements included in the Annual Report on Form 10-K for additional information.

The following table summarized the Company’s options to restricted shares activity during the six months ended June 30, 2024:


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












Balance, December 31, 2023	20,046,080	$	19.4	7.2	$	—
Granted	—	—
Exercised	(3,274)	12.2
Forfeited	(17,396)	32.8
Balance, June 30, 2024	20,025,410	$	19.4	6.7	$	—
Vested and exercisable, June 30, 2024	16,552,883	$	19.2	6.7	$	—

At June 30, 2024, unrecognized compensation expense related to options to restricted shares was approximately $15.8 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years.

Employee Stock Purchase Plan—The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. As of June 30, 2024, 0.9 million shares of our Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.3 million for six months ended June 30, 2024.

Share-Based Compensation Expense

The following table presents the components and classification of share-based compensation for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Technology, data and product development	$	3,069	$	2,990	$	5,974	$	5,448
Selling and marketing	3,867		4,756		6,719		7,510
General and administrative	11,108		12,462		20,826		23,617
Total	$	18,044	$	20,208	$	33,519	$	36,575

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 807,029	$ 591,030
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	807,029	591,030
VIE Assets	$ 8,548,921	$ 8,363,402

- 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

SUBSEQUENT EVENTS (Details)	Jul. 30, 2024
Subsequent Event \| Theorem Technology, Inc.
Subsequent Event [Line Items]
Percentage of interests acquired	100.00%

CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024	$	111,185	$	—	$	111,185
As of December 31, 2023	$	132,660	$	—	$	132,660

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 June 30, 2024	$	807,029	$	807,029	$	8,548,921
As of December 31, 2023	$	591,030	$	591,030	$	8,363,402

- 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

BORROWINGS - Schedule of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 6,375
2025	12,750
2026	12,750
2027	12,750
2028	12,750
Thereafter	191,250
Total	248,625
Debt issuance costs	(16,033)
Total long-term debt, net of debt issuance costs	$ 232,592

BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt, Aggregate Future Maturities


	June 30, 2024
2024	$	6,375
2025	12,750
2026	12,750
2027	12,750
2028	12,750
Thereafter	191,250
Total	248,625
Debt issuance costs	(16,033)
Total long-term debt, net of debt issuance costs	$	232,592

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 750	$ 5,312	$ 750

ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule Of Stock Reserved For Future Issuance

As of June 30, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows:



	June 30, 2024	December 31, 2023

Share options	3,840,172	4,250,988
Options to restricted shares	20,025,410	20,046,080
RSUs	3,754,702	3,034,203
Ordinary share warrants	2,076,014	2,076,014

Redeemable convertible preferred shares	5,000,000	5,000,000
Shares available for future grant of equity awards(1)	8,978,511	5,231,186
Shares reserved for issuance under the ESPP	891,858	—
Total shares of ordinary share reserved	44,566,667	39,638,471

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
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 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 June 30, 2024, the total remaining contractual obligations are approximately $6.1 million, of which $4.9 million is for the next 12 months. The Company 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 June 30, 2024, 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 June 30, 2024, the maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $29.2 million. In accordance with the guarantee contracts, the maximum potential payment amount has been segregated and recognized within restricted cash in the unaudited condensed consolidated balance sheet.

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Schedule of Shares Reserved For Future Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	44,566,667	39,638,471
Redeemable convertible preferred shares
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	5,000,000	5,000,000
Ordinary share warrants
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	2,076,014	2,076,014
Share options
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	3,840,172	4,250,988
Options to restricted shares
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	20,025,410	20,046,080
RSUs
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	3,754,702	3,034,203
Shares available for future grant of equity awards
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	8,978,511	5,231,186
Shares reserved for issuance under the ESPP
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	891,858	0

- 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
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENT - Warrant Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Warrants And Rights Outstanding [Roll Forward]
Beginning balance	$ 1,342	$ 1,210	$ 3,242	$ 1,400
Change in fair value	329	2,625	(1,571)	2,435
Ending balance	$ 1,671	$ 3,835	$ 1,671	$ 3,835

INVESTMENTS IN LOANS AND SECURITIES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (126,360)	$ (68,347)	$ (100,958)	$ 0
Additions to allowance for credit losses not previously recorded	(23,628)	(12,643)	(26,593)	(85,613)
Additions to allowance for credit losses arising from purchases	0		(3,246)
Additions (reductions) on securities with previous allowance	(29,434)		(50,074)
Write-offs charged against the allowance	850	2,663	2,299	7,286
Recoveries of amounts previously written off			442
Balance at end of period	(178,130)	(78,327)	(178,130)	(78,327)
Securitization notes
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	0	0	0
Additions to allowance for credit losses not previously recorded	0	0	0	0
Additions to allowance for credit losses arising from purchases	0		0
Additions (reductions) on securities with previous allowance	0		0
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off			0
Balance at end of period	0	0	0	0
Securitization certificates
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(121,349)	(65,572)	(98,679)	0
Additions to allowance for credit losses not previously recorded	(23,628)	(8,715)	(26,593)	(74,287)
Additions to allowance for credit losses arising from purchases	0		0
Additions (reductions) on securities with previous allowance	(29,100)		(48,805)
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off			0
Balance at end of period	(174,077)	(74,287)	(174,077)	(74,287)
Other loans and receivables
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(5,011)	(2,775)	(2,279)	0
Additions to allowance for credit losses not previously recorded	0	(3,928)	0	(11,326)
Additions to allowance for credit losses arising from purchases	0		(3,246)
Additions (reductions) on securities with previous allowance	(334)		(1,269)
Write-offs charged against the allowance	850	2,663	2,299	7,286
Recoveries of amounts previously written off			442
Balance at end of period	$ (4,053)	$ (4,040)	$ (4,053)	$ (4,040)

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 242,594	$ 185,685	$ 479,598	$ 360,939
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	228,317	178,070	455,891	344,305
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 14,277	$ 7,615	$ 23,707	$ 16,634

- 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

REVENUE (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Services transferred at a point in time	$	228,317	$	178,070	$	455,891	$	344,305
Services transferred over time	14,277		7,615		23,707		16,634
Total revenue from fees, net	$	242,594	$	185,685	$	479,598	$	360,939

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenue

Revenue from fees (including related party revenues of $175,333 and $148,198 for the three months ended June 30, 2024 and 2023, respectively, and $353,844 and $301,991 for the six months ended June 30, 2024 and 2023, respectively)

$ 242,594

$ 185,685

$ 479,598

$ 360,939

Other Income

Interest income

8,193

10,193

15,937

20,590

Investment income (loss)

^[1]

(443)

(266)

721

Total Revenue and Other Income

250,344

195,612

495,620

382,250

Production costs

145,602

120,613

290,483

245,670

Technology, data and product development

21,935

17,663

41,315

38,794

Sales and marketing

13,331

14,558

23,588

28,858

General and administrative

64,449

53,016

127,517

104,142

Total Costs and Operating Expenses

245,317

205,850

482,903

417,464

Operating Income (Loss)

5,027

(10,238)

12,717

(35,214)

Other expenses, net

(73,194)

(16,895)

(107,543)

(83,875)

Loss Before Income Taxes

(68,167)

(27,133)

(94,826)

(119,089)

Income tax expense

14,512

5,006

19,515

11,673

Net Loss Including Noncontrolling Interests

(82,679)

(32,139)

(114,341)

(130,762)

Less: Net loss attributable to noncontrolling interests

(7,894)

(842)

(18,333)

(38,494)

Net Loss Attributable to Pagaya Technologies Ltd.

$ (74,785)

$ (31,297)

$ (96,008)

$ (92,268)

Net loss per share attributable to Pagaya Technologies Ltd.:

Basic (in dollars per share)

^[2]

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Diluted (in dollars per share)

^[2]

$ (1.04)

$ (0.53)

$ (1.41)

$ (1.55)

Weighted average shares outstanding:

Basic (in shares)

^[2]

71,765,884

59,609,788

68,113,860

59,386,974

Diluted (in shares)

71,765,884

59,609,788

68,113,860

59,386,974

[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.

INVESTMENTS IN LOANS AND SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Less than or equal to 1 year	$ 13,700	$ 75,724
Greater than 1 year	41,272	0
Total	54,972	75,724
Unrealized Losses
Less than or equal to 1 year	(11,452)	(3,846)
Greater than 1 year	(1,156)	0
Total	(12,608)	(3,846)
Securitization notes
Fair Value
Less than or equal to 1 year	68	59,925
Greater than 1 year	41,272	0
Total	41,340	59,925
Unrealized Losses
Less than or equal to 1 year	0	(1,858)
Greater than 1 year	(1,156)	0
Total	(1,156)	(1,858)
Securitization certificates
Fair Value
Less than or equal to 1 year	13,632	15,799
Greater than 1 year	0	0
Total	13,632	15,799
Unrealized Losses
Less than or equal to 1 year	(11,452)	(1,988)
Greater than 1 year	0	0
Total	(11,452)	(1,988)
Other loans and receivables
Fair Value
Less than or equal to 1 year	0	0
Greater than 1 year	0	0
Total	0	0
Unrealized Losses
Less than or equal to 1 year	0	0
Greater than 1 year	0	0
Total	$ 0	$ 0

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Narrative (Details)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Mar. 13, 2024

USD ($)

Mar. 08, 2024

Jun. 30, 2024

vote

$ / shares

Jun. 30, 2023

Jun. 30, 2024

USD ($)

vote

$ / shares

Jun. 30, 2023

Dec. 31, 2023

Class of Stock [Line Items]

Ordinary shares, authorized (in shares)

839,999,998

Shares authorized (in shares)

6,666,666

Temporary equity, new issues (in shares)

^[1]

5,000,000

Reverse share split

0.0833

Private Placement

Class of Stock [Line Items]

Number of shares issued in transaction (in shares)

7,500,000

Consideration received on sale | $

$ 90.0

Warrants Expiring March 2031 | Ordinary share warrants

Class of Stock [Line Items]

Warrants outstanding (in shares)

433,946

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

$ 0.00006

Warrants Expiring June 2030 | Ordinary share warrants

Class of Stock [Line Items]

Warrants outstanding (in shares)

192,901

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

$ 0.0006

Warrants Expiring March 2032 | Ordinary share warrants

Class of Stock [Line Items]

Warrants outstanding (in shares)

220,000

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

$ 0.12

Warrants Expiring June 2027 | Ordinary share warrants

Class of Stock [Line Items]

Warrants outstanding (in shares)

1,229,166

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

$ 138

Number of shares called by each warrant (in shares)

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

Class of Stock [Line Items]

Temporary equity, new issues (in shares)

5,000,000

Common Class A

Class of Stock [Line Items]

Ordinary shares, authorized (in shares)

666,666,666

Ordinary shares, outstanding (in shares)

58,943,381

49,390,936

Ordinary shares, voting rights, votes per share | vote

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

Class of Stock [Line Items]

Number of shares issued in transaction (in shares)

298,057

Consideration received on sale | $

$ 5.2

Net proceeds, related fee expenses | $

$ 0.2

Common Class B

Class of Stock [Line Items]

Ordinary shares, authorized (in shares)

166,666,666

Ordinary shares, outstanding (in shares)

12,652,310

Ordinary shares, voting rights, votes per share | vote

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

LEASES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Security deposit	$ 4.0	$ 4.8

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 1,452,977	$ 1,208,376
Liabilities	763,153	468,377
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	111,185	132,660
Liabilities	$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

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

+ References + Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	34,335,689	35,397,133
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	3,539,256	4,760,490
Options to restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	20,025,410	20,113,280
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	3,754,702	3,507,033
Ordinary share warrants \| Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	2,016,321	2,016,330
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	5,000,000