0001883085-25-000195 | 10-Q | XBRL Viewer

^[1],[2]

154,976

127,114

Equity method and other investments

^[1]

887,736

778,409

14,847

21,933

Right-of-use assets

32,166

36,876

Property, equipment and software, net

32,408

37,974

Goodwill

22,903

23,062

Intangible assets, net

9,091

12,821

^[2]

36,482

26,365

Total Assets

1,455,376

1,291,072

Accrued expenses and other liabilities

Accounts payable

5,064

6,992

48,598

45,362

Operating lease liabilities

34,958

37,064

Income taxes payable and other tax liabilities

25,977

41,217

Warrant liability

7,379

893

Secured borrowing

131,525

176,089

Exchangeable notes

148,148

146,342

Long-term debt

487,789

321,317

Total Liabilities

889,438

775,276

Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 and 5,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $60,814 and $150,000 as of September 30, 2025 and December 31, 2024, respectively.

30,103

74,250

Shareholders’ equity:

Additional paid-in capital

1,380,535

1,282,022

Accumulated other comprehensive loss

(45,290)

(11,488)

Accumulated deficit

(896,950)

(944,043)

Total Pagaya Technologies Ltd. shareholders’ equity

438,295

326,491

Noncontrolling interests

97,540

115,055

Total shareholders’ equity

535,835

441,546

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

$ 1,455,376

$ 1,291,072

Shares issued (in shares)

2,027,147

5,000,000

Shares outstanding (in shares)

2,027,147

5,000,000

Common Class A

Shareholders’ equity:

Common stock

$ 0

Common Class B

Shareholders’ equity:

Common stock

$ 0

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2]	See Note 9 for additional information regarding the transactions with related parties.

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Net Assets	$ 1,455,376	$ 1,291,072
Liabilities	889,438	775,276
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net Assets	121,347	142,584
Liabilities	$ 0	$ 0

Amount of asset recognized for present right to economic benefit.

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

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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.

Schedule of Earnings (Loss) Per Share, Basic and Diluted

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Liabilities and Shareholders’ Equity
Shares authorized (in shares)	6,666,666	6,666,666
Shares issued (in shares)	2,027,147	5,000,000
Shares outstanding (in shares)	2,027,147	5,000,000
Aggregate liquidation preference	$ 60,814	$ 150,000
Shareholders’ equity:
Ordinary shares, authorized (in shares)	839,999,998
Accrued interest receivable	$ 21,700	$ 14,300
Common Class A
Shareholders’ equity:
Ordinary shares, authorized (in shares)	666,666,666	666,666,666
Ordinary shares, issued (in shares)	68,839,327	61,227,672
Ordinary shares, outstanding (in shares)	68,839,327	61,227,672
Common Class B
Shareholders’ equity:
Ordinary shares, authorized (in shares)	166,666,666	166,666,666
Ordinary shares, issued (in shares)	11,288,577	12,652,310
Ordinary shares, outstanding (in shares)	11,288,577	12,652,310

FAIR VALUE MEASUREMENT - Schedule of Level 3 Roll Forward (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments in securities under the fair value option
Balance, beginning of period	$ 736,735	$ 853,418	$ 663,189	$ 626,368
Transfer from Level 2	0	0	0	10,469
Additions	67,811	130,271	316,789	536,966
Cash received	(40,407)	(13,077)	(148,423)	(55,649)
Gain on sale of Investments in loans and securities	2	0	8,595	0
Loss on sale of Investments in loans and securities	(16,279)	0	(16,279)	0
Change in accrued interest on investments	10,599	0	20,497	0
Change in fair value and other adjustments (OCI)	(14,134)	(19,711)	(36,892)	(87,342)
Credit-related impairment loss, net of recoveries	8,137	(76,049)	(55,012)	(155,960)
Balance, end of period	$ 752,464	$ 874,852	$ 752,464	$ 874,852

BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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


	September 30, 2025		December 31, 2024
Secured borrowing	$	131,525	$	176,089
Exchangeable notes	$	148,148	$	146,342
Long-term debt	$	487,789	$	321,317

The following table details the Company’s Senior Notes as of September 30, 2025 (in thousands):


	September 30, 2025
Principal amount	$	500,000
Less: Unamortized issuance costs	(12,211)
Carrying amount	$	487,789

FAIR VALUE MEASUREMENT - Schedule of Significant Unobservable Inputs (Details) - Level 3	Sep. 30, 2025	Dec. 31, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.050	0.050
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.055	0.058
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.000	0.000
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.150	0.150
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.330	0.341
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.450	0.400
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.150	0.150
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.172	0.195
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.145	0.094

SHARE BASED COMPENSATION - Stock Option Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 9.7
Aggregate intrinsic value of options exercised	$ 16.0	$ 3.2
Fair value of vested options	5.0	$ 28.4
Unrecognized compensation expense related to unvested share options	$ 7.6
Share options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Unrecognized compensation expense, period of recognition	1 year 2 months 12 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

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

The following tables set forth the calculation of basic and diluted earnings (loss) per share attributable to ordinary shareholders for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data):


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	22,545	$	47,093
Less: Undistributed earnings allocated to preferred shares	1,259		2,804
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	21,286	$	44,289
Denominator:
Weighted average shares used for earnings per ordinary share, basic	78,539,137		77,086,125
Earnings per share attributable to ordinary shareholders, basic	$	0.27	$	0.57

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	21,286	$	44,289



Denominator:
Shares used in computation of basic earnings per share	78,539,137		77,086,125

Ordinary share warrants	786,333		785,789
Share options	9,993,930		1,950,226
Unvested RSUs	1,727,105		1,123,843
Ordinary shares upon employee stock purchase plan	25		0
Weighted average shares used for earnings per ordinary share, diluted	91,046,530		80,945,983
Earnings per share attributable to ordinary shareholders, diluted	$	0.23	$	0.55


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(67,476)	$	(163,484)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	72,728,667		69,619,813
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.93)	$	(2.35)

Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share

The following potentially dilutive outstanding securities as of September 30, 2025 and 2024 were excluded from the computation of diluted earnings (loss) per share because their effect would have been anti-dilutive for the periods:


	September 30,
	2025	2024
Share options	—	3,161,986
Options to restricted shares	—	19,970,330
RSUs	23,718	3,155,558
Ordinary share warrants	1,229,166	2,016,321
Redeemable convertible preferred shares	—	5,000,000
Exchangeable notes(1)	11,434,704	—
Total	12,687,588	33,304,195

(1) For the three and nine months ended September 30, 2025, the potential shares from exchangeable notes were excluded from the diluted EPS calculation as the incremental interest expense, net of tax, and the related shares would not be dilutive under the if-converted method.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2024	Sep. 30, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Remaining contractual obligations		$ 12.3
Remaining contractual obligations remaining for the next 12 months		6.3
Maximum potential amount of undiscounted future payments		104.9
Segregated restricted cash		39.9
Guarantor obligations, current carrying value		8.4
Theorem Technology, Inc.
Other Commitments [Line Items]
Percentage of interests acquired	100.00%
Market value of business acquisition	$ 17.5
Cash and equity awards granted in acquisition	$ 10.0
Equity interest issued or issuable in shares	504,440
Market value of business acquisition	$ 7.5
Contingent consideration from the Theorem acquisition		$ 0.3	$ 6.1

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

Sep. 30, 2025

Dec. 31, 2024

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

^[1]

$ 887,736

$ 778,409

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

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

838,978

778,409

Securitization notes

Securitization certificates

333,166

240,273

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

Other loans and receivables

504,202

533,243

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

Investments in securities, under the fair value option

1,610

4,893

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

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

48,758

Securitization notes

Securitization certificates

11,597

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

$ 37,161

$ 0

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

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

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Schedule of Stock Reserved for Future Issuance

BUSINESS DESCRIPTION	9 Months Ended
BUSINESS DESCRIPTION	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS DESCRIPTION	BUSINESS DESCRIPTION Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates 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.

ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

As of September 30, 2025 and December 31, 2024, the Company had reserved ordinary shares for future issuance as follows:


	September 30, 2025	December 31, 2024
Share options	3,232,311	4,042,901
Options to restricted shares	19,897,469	19,948,408
RSUs	2,490,812	3,009,918
Ordinary share warrants	3,385,640	2,372,858
Redeemable convertible preferred shares	2,027,147	5,000,000
Exchangeable notes	11,434,704	11,434,704
Shares available for future grant of equity awards(1)	10,055,458	8,121,438
Shares reserved for issuance under the ESPP	733,470	832,713
Total shares of ordinary share reserved	53,257,011	54,762,940

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

FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

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

The Company determines the fair value of its financial instruments and conducts an ongoing assessment of the techniques used to ensure their appropriateness, consistent application and the reasonableness of the assumptions. In determining the fair value of

each investment security, the Company reviews performance characteristics of the underlying loan pool including origination vintage, borrower credit quality, macroeconomic environment, etc. The Company determines the fair value for each investment security by then estimating significant assumptions including discount rate, cumulative net loss rate and prepayment rate which are reviewed and approved by management.

The Company also engages a third-party valuation service provider to estimate a range of fair values for all significant investment securities. The Company reviews and validates that each of its significant assumptions are within the range of the independent third-party service provider, including: discount rate, cumulative net loss rate, prepayment rate, etc. Finally, the Company reviews and validates that the fair value used for financial reporting is within the range of fair value estimates by the third-party service provider for the same significant investment securities.

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 September 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	September 30, 2025

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	135,272	$	209,491	$	344,763
Investments in loans and securities (Certificates)	—		—		541,363		541,363
Liabilities:
Warrant liability	$	7,379	$	—	$	—	$	7,379
Other liabilities (1)	—		—		8,715		8,715


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes) (2)	$	—	$	115,220	$	125,054	$	240,274
Investments in loans and securities (Certificates) (2)	—		—		533,243		533,243
Liabilities:
Warrant liability	$	890	$	3	$	—	$	893
Other liabilities (1)	—		—		6,090		6,090

(1) Included in “Accrued expenses and other liabilities” in the unaudited condensed consolidated balance sheets. See Note 8 for additional information.

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

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

Warrant liability (Level 1)

The following tables summarize the Warrant liability activity for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025
Balance as of June 30, 2025	$	2,471
Change in fair value	4,908
Balance as of September 30, 2025	$	7,379


	Nine Months Ended September 30, 2025
Balance as of December 31, 2024	$	893
Change in fair value	6,486
Balance as of September 30, 2025	$	7,379


	Three Months Ended September 30, 2024
Balance as of June 30, 2024	$	1,671
Change in fair value	1,213
Balance as of September 30, 2024	$	2,884


	Nine Months Ended September 30, 2024
Balance as of December 31, 2023	$	3,242
Change in fair value	(358)
Balance as of September 30, 2024	$	2,884

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

Investments in Loans and Securities (Level 3)

As of September 30, 2025, the Company held investments in 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 loss. Declines in fair value due to credit are reflected in gains and (losses) on investments in loans and securities on the unaudited condensed consolidated statements of operations.

The Company held investments in securities under the fair value option. These assets are measured using a discounted cash flow methodology, while also considering market data as it become available, and presented within investments in loans and securities on the unaudited condensed consolidated balance sheets. The initial fair value measurement and subsequent measurement changes in fair value in the period are reflected in gains and (losses) on investments in loans and securities 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 nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Balance, beginning of period	$	736,735	$	853,418	$	663,189	$	626,368
Transfer from Level 2	—		—		—		10,469
Additions	67,811		130,271		316,789		536,966
Cash received	(40,407)		(13,077)		(148,423)		(55,649)
Gain on sale of Investments in loans and securities	2		—		8,595		—
Loss on sale of Investments in loans and securities	(16,279)		—		(16,279)		—
Change in accrued interest on investments	10,599		—		20,497		—
Change in fair value and other adjustments (OCI)	(14,134)		(19,711)		(36,892)		(87,342)
Credit-related impairment loss, net of recoveries	8,137		(76,049)		(55,012)		(155,960)
Balance, end of period	$	752,464	$	874,852	$	752,464	$	874,852

Significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities and credit losses are the discount rate, loss rate, and prepayment rate and consideration of any optional redemption features in our investment securities. 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 securities as of September 30, 2025 and December 31, 2024:


	September 30, 2025						December 31, 2024
Unobservable Input	Minimum		Maximum		Weighted Average		Minimum		Maximum		Weighted Average
Discount rate	5.0	%	15.0	%	15.0	%	5.0	%	15.0	%	15.0	%
Loss rate	5.5	%	33.0	%	17.2	%	5.8	%	34.1	%	19.5	%
Prepayment rate	0.0	%	45.0	%	14.5	%	0.0	%	40.0	%	9.4	%

Financial Assets and Liabilities Not Recorded at Fair Value

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

The below tables contain information about assets that are not measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	264,767	$	264,767	$	—	$	—	$	264,767
Fees receivables	154,976		—		79,154		75,822		154,976
Investments in other loans and receivables	1,610		—		—		1,610		1,610
Liabilities:
Secured borrowing	$	131,525	$	—	$	—	$	133,667	$	133,667
Exchangeable notes	148,148		—		381,382		—		381,382
Long-term debt	487,789		—		466,180		—		466,180


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

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

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.

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COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the unaudited condensed consolidated balance sheets and these matters are immaterial. Contractual Obligations and Commitments — From time to time, the Company enters into a purchase commitment with our third-party cloud computing web services providers. As of September 30, 2025, the total remaining contractual obligations from this purchase commitment are approximately $12.3 million, of which $6.3 million is for the next 12 months. The Company may pay more than the minimum purchase commitment based on usage. Additionally, the Company has contractual obligations related to its lease for corporate office space. See Note 7 for details regarding when these obligations are due. In October 2024, the Company completed the acquisition of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. The Company acquired 100% of Theorem’s equity for approximately $17.5 million, consisting of $10.0 million cash and 504,440 of the Company’s Class A Ordinary Shares ($7.5 million worth as of the closing date), with an additional contingent consideration based on achievement of certain performance objectives defined in the purchase agreement. The Company established contingent consideration liability is reported at fair value, which is determined based on the present value of an expected payment under the arrangement, using an option pricing model based on a number of assumptions, including certain unobservable assumptions discounted at an estimated market interest rate. The fair value of the liability is updated each reporting period, with changes in fair value reported within “Other expenses, net.” The fair value of the contingent consideration liability was $0.3 million and $6.1 million as of September 30, 2025 and December 31, 2024, respectively. Guarantees and Indemnifications — In the ordinary course of business, the Company may provide indemnifications or loss guarantees of varying scope and terms to customers and other third parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. For our forward flow agreements, loans purchased have a contractual performance requirement which is measured periodically over the life of the underlying loans. If the loan’s performance is below the contractual requirement, the counterparty may have first loss up until a contractual agreed limit. If the loans’ performance is below the counterparty’s first loss limit or if there is no first loss limit, then Pagaya would be required to make a payment to the counterparty such that the loans purchased would have achieved the contractual performance requirement. There is a contractual maximum loss for Pagaya’s loss protection with the counterparty taking full risk of loss beyond Pagaya’s loss protection. Our guarantee of contractual loss protection for the buyer meets the accounting definition of a derivative, and therefore we recognize, at inception and each reporting period, a liability for the fair value of the estimated loss protection payments, if any. As of September 30, 2025, there have been no known events or circumstances that have resulted in a material indemnification liability and the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. As of September 30, 2025, the unfunded maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $104.9 million. Additionally, in accordance with the guarantee contracts, the Company is required to fund segregated cash balances to provide protection in the event the Company is not able to meet its contractual commitments. As of September 30, 2025, $39.9 million has been segregated and recognized within restricted cash and cash equivalents, of which $8.4 million has been accrued within accrued expenses and other liabilities in the unaudited condensed consolidated balance sheet in accordance with these contractual requirements.

LEASES - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Leases [Abstract]
Rent expense	$ 2,804	$ 2,900	$ 8,377	$ 8,748
Variable lease payments	52	87	316	260
Sublease income	$ 1,392	999	$ 3,866	3,007
Weighted-average remaining lease term (in years)	5 years 2 months 12 days		5 years 2 months 12 days		5 years 9 months 18 days
Weighted-average discount rate	9.00%		9.00%		9.10%
Operating lease right-of-use assets recognized in exchange for new operating lease obligations	$ 0	$ (19,961)	$ (113)	$ (20,179)

INVESTMENTS - Schedule of Equity Method and Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 14,847	$ 21,933
Investments in Pagaya SmartResi F1 Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 9,689	$ 12,530
Equity method investment, ownership percentage	5.40%	5.40%
Other
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 5,158	$ 9,403

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.

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.

SHARE BASED COMPENSATION - Schedule of Restricted Stock Unit (RSUs) Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	3,009,918
Granted (in shares) \| shares	2,333,312
Vested (in shares) \| shares	(2,279,085)
Forfeited (in shares) \| shares	(573,333)
Ending balance (in shares) \| shares	2,490,812
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 12.0
Granted (in dollars per share) \| $ / shares	11.6
Vested (in dollars per share) \| $ / shares	11.6
Forfeited (in dollars per share) \| $ / shares	10.6
Ending balance (in dollars per share) \| $ / shares	$ 12.3

EARNINGS (LOSS) PER SHARE - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$ 22,545	$ (67,476)	$ 47,093	$ (163,484)
Less: Undistributed earnings allocated to preferred shares	1,259	0	2,804	0
Net income (loss) attributed to Pagaya Technologies Ltd.’s ordinary shares	$ 21,286	$ (67,476)	$ 44,289	$ (163,484)
Denominator:
Weighted average shares used for net earnings (loss) per ordinary share, basic (in shares)	78,539,137	72,728,667	77,086,125	69,619,813
Earnings (loss) per share attributable to ordinary shareholders, basic (in dollars per share)	$ 0.27	$ (0.93)	$ 0.57	$ (2.35)
Numerator:
Net income (loss) attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$ 21,286	$ (67,476)	$ 44,289	$ (163,484)
Denominator:
Shares used in computation of basic earnings per share (in shares)	78,539,137	72,728,667	77,086,125	69,619,813
Ordinary share warrants (in shares)	786,333		785,789
Weighted average shares used for net earnings (loss) per ordinary share, diluted (in shares)	91,046,530	72,728,667	80,945,983	69,619,813
Earnings (loss) per share attributable to ordinary shareholders, diluted (in dollars per share)	$ 0.23	$ (0.93)	$ 0.55	$ (2.35)
Share options
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	9,993,930		1,950,226
RSUs
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	1,727,105		1,123,843
Shares reserved for issuance under the ESPP
Denominator:
Ordinary shares upon employee stock purchase plan (in shares)	25		0

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

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Services transferred at a point in time

^[1]

$ 339,887

$ 249,283

$ 940,305

$ 728,881

Services transferred over time

302,197

235,594

834,798

691,485

$ 37,690

$ 13,689

$ 105,507

$ 37,396

[1]	See Note 9 for additional information regarding the transactions with related parties

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

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

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

Sep. 30, 2025

Jun. 30, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Allowance for Credit Losses

$ (437,274)

$ (494,870)

$ (510,294)

$ (252,934)

$ (178,130)

$ (100,958)

Accrued interest receivable

^[1]

887,736

778,409

21,700

14,300

Securitization notes

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

Amortized Cost

335,533

240,396

Gross Unrealized Gains

559

386

Gross Unrealized Non-Credit Related Adjustments

(53)

(509)

Allowance for Credit Losses

(2,873)

Securitization certificates

333,166

240,273

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

Amortized Cost

979,623

1,048,734

Gross Unrealized Gains

11,759

7,926

Gross Unrealized Non-Credit Related Adjustments

(53,719)

(14,676)

Allowance for Credit Losses

(433,461)

$ (490,897)

(508,741)

$ (251,125)

$ (174,077)

$ (98,679)

$ 504,202

$ 533,243

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

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

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.

REVENUE - Narrative (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2025

USD ($)

revenueStream

Sep. 30, 2024

USD ($)

Number of revenue streams | revenueStream

Performance obligations satisfied (reversed) in the previous year

^[1]

$ 339,887

$ 249,283

$ 940,305

$ 728,881

100

300

900

(2,900)

Network AI Fees

304,600

229,100

843,900

666,200

Financial Service

$ 35,300

$ 20,100

$ 96,400

$ 62,700

[1]	See Note 9 for additional information regarding the transactions with related parties

Schedule of Maturities of the Company’s Operating Lease Liabilities

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.

LEASES (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease, Cost

Operating lease expense was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Rent expense	$	2,804	$	2,900	$	8,377	$	8,748
Variable lease payments	$	52	$	87	$	316	$	260
Sublease income (1)	$	1,392	$	999	$	3,866	$	3,007

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

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


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	5.2		5.8
Weighted-average discount rate	9.0	%	9.1	%


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Operating lease right-of-use assets recognized in exchange for new operating lease obligations	$	—	$	(19,961)	$	(113)	$	(20,179)

Maturities of the Company’s operating lease liabilities as of September 30, 2025 were as follows (in thousands):


2025	$	2,458
2026	9,877
2027	8,421
2028	5,716
2029	5,811
Thereafter	11,139
Total	43,422
Less: imputed interest	(8,464)
Total operating lease liabilities	$	34,958

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Schedule of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 787,607	$ 628,038
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	787,607	628,038
VIE Assets	$ 11,657,896	$ 10,708,146

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.

Cash flows from operating activities

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	Total Pagaya Technologies Ltd. Shareholders’ Equity Private Placement, Ordinary Share Offering	Total Pagaya Technologies Ltd. Shareholders’ Equity Private Placement, Equity Financing Purchase Agreement	Ordinary Shares (Class A and Class B)	Ordinary Shares (Class A and Class B) Private Placement, Ordinary Share Offering	Ordinary Shares (Class A and Class B) Private Placement, Equity Financing Purchase Agreement	Additional Paid-In Capital	Additional Paid-In Capital Private Placement, Ordinary Share Offering	Additional Paid-In Capital Private Placement, Equity Financing Purchase Agreement	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2023	5,000,000
Beginning balance at Dec. 31, 2023	$ 74,250
Ending balance (in shares) at Sep. 30, 2024	5,000,000
Ending balance at Sep. 30, 2024	$ 74,250
Beginning balance (in shares) at Dec. 31, 2023							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)							523,799
Issuance of ordinary shares upon exercise of share options	2,495			2,495						2,495
Issuance of ordinary shares upon vesting of RSUs (in shares)							1,872,182
Issuance of ordinary shares upon employee stock purchase plan (in shares)							59,145
Issuance of ordinary shares upon employee stock purchase plan	665			665						665
Share-based compensation	51,600			51,600						51,600
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares)								7,500,000	814,569
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement		$ 89,956	$ 12,232		$ 89,956	$ 12,232					$ 89,956	$ 12,232
Contributions of interests in consolidated VIEs	2,815														2,815
Return of capital to interests in consolidated VIEs	(7,892)														(7,892)
Other comprehensive income (loss)	(86,273)			(90,876)									(90,876)		4,603
Net income (loss)	(188,572)			(163,484)										(163,484)	(25,088)
Ending balance (in shares) at Sep. 30, 2024							72,812,941
Ending balance at Sep. 30, 2024	$ 542,775			462,309						1,258,862			(90,432)	(706,121)	80,466
Beginning balance (in shares) at Jun. 30, 2024	5,000,000
Beginning balance at Jun. 30, 2024	$ 74,250
Ending balance (in shares) at Sep. 30, 2024	5,000,000
Ending balance at Sep. 30, 2024	$ 74,250
Beginning balance (in shares) at Jun. 30, 2024							71,595,691
Beginning balance at Jun. 30, 2024	615,574			525,982						1,235,677			(71,050)	(638,645)	89,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)							250,881
Issuance of ordinary shares upon exercise of share options	1,736			1,736						1,736
Issuance of ordinary shares upon vesting of RSUs (in shares)							390,712
Issuance of ordinary shares upon employee stock purchase plan (in shares)							59,145
Issuance of ordinary shares upon employee stock purchase plan	665			665						665
Share-based compensation	13,890			13,890						13,890
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares)									516,512
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement			$ 6,894			$ 6,894						$ 6,894
Return of capital to interests in consolidated VIEs	(2,574)														(2,574)
Other comprehensive income (loss)	(19,179)			(19,382)									(19,382)		203
Net income (loss)	(74,231)			(67,476)										(67,476)	(6,755)
Ending balance (in shares) at Sep. 30, 2024							72,812,941
Ending balance at Sep. 30, 2024	$ 542,775			462,309						1,258,862			(90,432)	(706,121)	80,466
Beginning balance (in shares) at Dec. 31, 2024	5,000,000
Beginning balance at Dec. 31, 2024	$ 74,250
Redeemable Convertible Preferred Shares
Issuance of ordinary shares upon conversion of preferred shares (in shares)	(2,972,853)
Issuance of ordinary shares upon conversion of preferred shares	$ (44,147)
Ending balance (in shares) at Sep. 30, 2025	2,027,147
Ending balance at Sep. 30, 2025	$ 30,103
Beginning balance (in shares) at Dec. 31, 2024							73,879,982
Beginning balance at Dec. 31, 2024	$ 441,546			326,491						1,282,022			(11,488)	(944,043)	115,055
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)	706,096						730,188
Issuance of ordinary shares upon exercise of share options	$ 5,381			5,381						5,381
Issuance of ordinary shares upon vesting of RSUs (in shares)							2,445,638
Issuance of ordinary shares upon employee stock purchase plan (in shares)							99,243
Issuance of ordinary shares upon employee stock purchase plan	1,164			1,164						1,164
Issuance of ordinary shares upon conversion of preferred shares (in shares)							2,972,853
Issuance of ordinary shares upon conversion of preferred shares	44,147			44,147						44,147
Share-based compensation	47,821			47,821						47,821
Return of capital to interests in consolidated VIEs	(11,972)														(11,972)
Other comprehensive income (loss)	(34,580)			(33,802)									(33,802)		(778)
Net income (loss)	42,328			47,093										47,093	(4,765)
Ending balance (in shares) at Sep. 30, 2025							80,127,904
Ending balance at Sep. 30, 2025	$ 535,835			438,295						1,380,535			(45,290)	(896,950)	97,540
Beginning balance (in shares) at Jun. 30, 2025	5,000,000
Beginning balance at Jun. 30, 2025	$ 74,250
Redeemable Convertible Preferred Shares
Issuance of ordinary shares upon conversion of preferred shares (in shares)	(2,972,853)
Issuance of ordinary shares upon conversion of preferred shares	$ (44,147)
Ending balance (in shares) at Sep. 30, 2025	2,027,147
Ending balance at Sep. 30, 2025	$ 30,103
Beginning balance (in shares) at Jun. 30, 2025							76,161,969
Beginning balance at Jun. 30, 2025	467,979			366,752						1,319,312			(33,065)	(919,495)	101,227
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)							222,279
Issuance of ordinary shares upon exercise of share options	1,996			1,996						1,996
Issuance of ordinary shares upon vesting of RSUs (in shares)							727,436
Issuance of ordinary shares upon employee stock purchase plan (in shares)							43,367
Issuance of ordinary shares upon employee stock purchase plan	572			572						572
Issuance of ordinary shares upon conversion of preferred shares (in shares)							2,972,853
Issuance of ordinary shares upon conversion of preferred shares	44,147			44,147						44,147
Share-based compensation	14,508			14,508						14,508
Return of capital to interests in consolidated VIEs	(3,552)														(3,552)
Other comprehensive income (loss)	(13,088)			(12,225)									(12,225)		(863)
Net income (loss)	23,273			22,545										22,545	728
Ending balance (in shares) at Sep. 30, 2025							80,127,904
Ending balance at Sep. 30, 2025	$ 535,835			$ 438,295						$ 1,380,535			$ (45,290)	$ (896,950)	$ 97,540

EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	12,687,588	33,304,195
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	0	3,161,986
Options to restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	0	19,970,330
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	23,718	3,155,558
Ordinary share warrants \| Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	1,229,166	2,016,321
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	0	5,000,000
Exchangeable notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive outstanding securities (in shares)	11,434,704	0

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

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Net income (loss) including noncontrolling interests

$ 42,328

$ (188,572)

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

Equity method loss

7,086

699

Depreciation and amortization

22,951

20,475

Share-based compensation

44,982

45,852

Fair value adjustment to warrant liability

6,486

(358)

(Gains) and losses on investments in loans and securities

^[1]

65,473

157,513

Amortization of deferred costs

8,250

2,065

Loss from extinguishment of debt

18,585

Write-off of capitalized software and other assets

4,741

3,145

Loss on foreign exchange

1,092

4,178

Other non-cash items

367

Change in operating assets and liabilities:

Accrued interest on investments

^[1]

(28,178)

(14,627)

^[1]

(28,467)

(16,818)

Right-of-use assets

4,598

1,462

Accrued expenses and other liabilities

1,438

(8,213)

Accounts payable

4,597

4,607

2,737

4,121

Operating lease liability

(4,669)

(441)

Income taxes

(15,207)

4,442

Net cash provided by operating activities

158,823

19,897

Proceeds from the sale/maturity/prepayment of:

Equity method and other investments

^[1]

178,196

104,465

Payments for the purchase of:

Property, equipment and software

(361,070)

(538,727)

(10,816)

(13,761)

Equity method and other investments

(125)

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

^[2]

(16,000)

159

Net cash used in investing activities

(209,531)

(448,117)

Cash flows from financing activities

Proceeds from sale of ordinary shares, net of issuance costs

89,956

Proceeds from long-term debt

500,000

244,725

Proceeds from secured borrowing

263,484

254,895

Proceeds received from noncontrolling interests

2,815

Proceeds from revolving credit facility

59,000

Proceeds from exercise of stock options and stock purchase plan

6,545

3,160

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

11,865

Distributions made to noncontrolling interests

(11,972)

(7,892)

Payments made to revolving credit facility

(134,000)

Payments made to secured borrowing

(310,844)

(117,883)

Payments made to long-term debt

(347,643)

(9,563)

Payments for debt issuance costs

(12,660)

(7,974)

Payments for deferred offering costs

(1,198)

Net cash provided by financing activities

86,910

387,906

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

2,047

(1,180)

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

38,249

(41,494)

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

226,518

222,541

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

264,767

181,047

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

Cash and cash equivalents

218,314

147,099

Restricted cash and cash equivalents

46,453

33,948

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

$ 264,767

$ 181,047

[1]	Accrued interest receivable previously reported within “Fee and other receivables” in the prior period has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2]	Represents an investment in an affiliate by settling its third-party debt using restricted cash collateralized on the Company's balance sheet.

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

Below is a

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


	Carrying Value
	September 30, 2025		December 31, 2024
Investments in loans and securities
Securitization notes, available for sale	$	333,166	$	240,273
Securitization certificates, available for sale	504,202		533,243
Other loans and receivables, at amortized cost	1,610		4,893
Total	838,978		778,409
Investments in securities, under the fair value option
Securitization notes	11,597		—
Securitization certificates	37,161		—
Total	48,758		—
Total investments in loans and securities	$	887,736	$	778,409

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in securities as of September 30, 2025 and December 31, 2024 were as follows (in thousands). As provided in Note 6, a portion of these investments in securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.


	As of September 30, 2025
Investments in securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Non-Credit Related Adjustments		Allowance for Credit Losses		Fair Value

Securitization notes	$	335,533	$	559	$	(53)	$	(2,873)	$	333,166
Securitization certificates	979,623		11,759		(53,719)		(433,461)		504,202

(1) Includes accrued interest receivable of $21.7 million.


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

Securitization notes	$	240,396	$	386	$	(509)	$	—	$	240,273
Securitization certificates	1,048,734		7,926		(14,676)		(508,741)		533,243

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

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


	As of September 30, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale(1):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	2,352	$	5,834	$	333,181	$	327,332	$	335,533	$	333,166
Securitization certificates	20,332		18,406		959,291		485,796		979,623		504,202

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

The following tables set forth the fair value and gross unrealized losses on investments in 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 September 30, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	74	$	—	$	7,076	$	(53)	$	7,150	$	(53)

Schedule of Debt Securities, Held-to-Maturity


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

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


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

Securitization notes	$	9,907	$	9,903	$	230,489	$	230,370	$	240,396	$	240,273
Securitization certificates	11,554		11,554		1,037,180		521,689		1,048,734		533,243

(1) Based on expected maturity date cash flows.

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

Schedule of Realized Gain (Loss)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Investments in loans and securities:
Proceeds from sales/maturities/prepayments	$	48,845	$	23,083	$	178,196	$	89,905
Gross investment gains from sales and maturities	$	(12)	$	—	$	(8,702)	$	—
Gross investment losses from sales and maturities	$	16,288	$	—	$	16,288	$	—
Write-offs charged against the allowance	$	211	$	4,810	$	804	$	7,109
Reductions (additions) to allowance for credit losses	$	57,385	$	(79,171)	$	72,216	$	(159,085)

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 September 30, 2025
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	(2,873)	$	(490,897)	$	(1,100)	$	(494,870)
Additions to allowance for credit losses not previously recorded	—		(11,510)		—		(11,510)

Reductions for securities sold during the period	—		72,443		—		72,443

Additions (reductions) on securities with previous allowance	—		(3,497)		(51)		(3,548)
Write-offs charged against the allowance	—		—		211		211

Balance, end of period	$	(2,873)	$	(433,461)	$	(940)	$	(437,274)


	Nine Months Ended September 30, 2025
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(508,741)	$	(1,553)	$	(510,294)
Additions to allowance for credit losses not previously recorded	(2,873)		(57,630)		—		(60,503)

Reductions for securities sold during the period	—		150,766		—		150,766

Additions (reductions) on securities with previous allowance	—		(17,856)		(191)		(18,047)
Write-offs charged against the allowance	—		—		804		804

Balance, end of period	$	(2,873)	$	(433,461)	$	(940)	$	(437,274)


	Three Months Ended September 30, 2024
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)
Additions to allowance for credit losses not previously recorded	—		(21,118)		—		(21,118)


Additions (reductions) on securities with previous allowance	—		(55,930)		(2,123)		(58,053)
Write-offs charged against the allowance	—		—		4,810		4,810
Recoveries of amounts previously written off	—		—		(443)		(443)
Balance, end of period	$	—	$	(251,125)	$	(1,809)	$	(252,934)


	Nine Months Ended September 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	—		(112,263)		—		(112,263)
Additions to the allowance for credit losses arising from purchases	—		—		(3,246)		(3,246)

Additions (reductions) on securities with previous allowance	—		(40,183)		(3,393)		(43,576)
Write-offs charged against the allowance	—		—		7,109		7,109
Recoveries of amounts previously written off	—		—		—		—
Balance, end of period	$	—	$	(251,125)	$	(1,809)	$	(252,934)

Schedule of Investments in Loans and Securities

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Investments in securities under the fair value option	2025		2024		2025		2024
Balance, beginning of period	$	32,888	$	—	$	—	$	—
Purchases	7,829		—		28,855		—
Principal payments	(9,010)		—		(9,010)		—
Change in fair value	17,051		—		28,913		—
Balance, end of period	$	48,758	$	—	$	48,758	$	—


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Balance, beginning of period	$	736,735	$	853,418	$	663,189	$	626,368
Transfer from Level 2	—		—		—		10,469
Additions	67,811		130,271		316,789		536,966
Cash received	(40,407)		(13,077)		(148,423)		(55,649)
Gain on sale of Investments in loans and securities	2		—		8,595		—
Loss on sale of Investments in loans and securities	(16,279)		—		(16,279)		—
Change in accrued interest on investments	10,599		—		20,497		—
Change in fair value and other adjustments (OCI)	(14,134)		(19,711)		(36,892)		(87,342)
Credit-related impairment loss, net of recoveries	8,137		(76,049)		(55,012)		(155,960)
Balance, end of period	$	752,464	$	874,852	$	752,464	$	874,852

Schedule of Equity Method Investments

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands):


	Carrying Value
	September 30, 2025		December 31, 2024
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	9,689	$	12,530
Other (2)	5,158		9,403
Total	$	14,847	$	21,933

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

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

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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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.

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarized the Company’s share option activity during the nine months ended September 30, 2025:


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




















Balance, December 31, 2024	4,042,901	$	7.5	6.7	$	7,335
Granted	2,500	9.7
Exercised	(706,096)	7.1
Forfeited	(106,994)	32.2
Balance, September 30, 2025	3,232,311	$	6.8	6.0	$	73,611
Vested and exercisable, September 30, 2025	2,484,181	$	4.3	5.1	$	62,755

The following table summarized the Company’s options to restricted shares activity during the nine months ended September 30, 2025:


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
















Balance, December 31, 2024	19,948,408	$	19.4	6.2	$	—
Granted	—	—
Exercised	(24,092)	15.9
Forfeited	(26,847)	33.2
Balance, September 30, 2025	19,897,469	$	19.3	5.5	205,941
Vested and exercisable, September 30, 2025	16,539,024	$	19.3	5.5	$	172,021

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

The assumptions used to estimate the fair value of share options granted for the nine months ended September 30, 2025 were as follows:




Expected volatility	105.4	%
Expected term (in years)	5.6
Risk free interest	4.1	%
Dividend yield	0.0	%

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarized the Company’s RSU activity during the nine months ended September 30, 2025:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share












Unvested at December 31, 2024	3,009,918	$	12.0
Granted	2,333,312	11.6
Vested	(2,279,085)	11.6
Forfeited	(573,333)	10.6
Unvested at September 30, 2025	2,490,812	$	12.3

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 nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Technology, data and product development	$	1,243	$	1,011	$	3,666	$	6,985
Sales and marketing	5,452		2,875		18,963		9,594
General and administrative	6,887		8,447		22,353		29,273
Total	$	13,582	$	12,333	$	44,982	$	45,852

SHARE BASED COMPENSATION

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

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

The following table summarized the Company’s share option activity during the nine months ended September 30, 2025:


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




















Balance, December 31, 2024	4,042,901	$	7.5	6.7	$	7,335
Granted	2,500	9.7
Exercised	(706,096)	7.1
Forfeited	(106,994)	32.2
Balance, September 30, 2025	3,232,311	$	6.8	6.0	$	73,611
Vested and exercisable, September 30, 2025	2,484,181	$	4.3	5.1	$	62,755

The weighted-average grant-date fair value of options granted was approximately $9.7 for the nine months ended September 30, 2025. The aggregate intrinsic value of options exercised was approximately $16.0 million and $3.2 million for the nine months ended September 30, 2025 and 2024, respectively. The total grant date fair value of share options vested for the nine months ended September 30, 2025 and 2024, was $5.0 million and $28.4 million, respectively.

The assumptions used to estimate the fair value of share options granted for the nine months ended September 30, 2025 were as follows:




Expected volatility	105.4	%
Expected term (in years)	5.6
Risk free interest	4.1	%
Dividend yield	0.0	%

As of September 30, 2025, unrecognized compensation expense related to unvested share options was approximately $7.6 million, which is expected to be recognized over a remaining weighted-average period of 1.2 years.

Restricted Stock Units (RSUs)—RSUs for new employees generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata

basis each quarter over the remaining twelve months. RSUs for existing employees are granted periodically and generally vest quarterly over periods of 1 to 4 years. Unvested RSUs are forfeited at termination of employment. Any RSUs that are forfeited become available for future grants.

The following table summarized the Company’s RSU activity during the nine months ended September 30, 2025:


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share












Unvested at December 31, 2024	3,009,918	$	12.0
Granted	2,333,312	11.6
Vested	(2,279,085)	11.6
Forfeited	(573,333)	10.6
Unvested at September 30, 2025	2,490,812	$	12.3

As of September 30, 2025, unrecognized compensation expense related to RSUs was approximately $25.1 million, which is expected to be recognized over a remaining weighted-average period of 0.8 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 nine months ended September 30, 2025:


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
















Balance, December 31, 2024	19,948,408	$	19.4	6.2	$	—
Granted	—	—
Exercised	(24,092)	15.9
Forfeited	(26,847)	33.2
Balance, September 30, 2025	19,897,469	$	19.3	5.5	205,941
Vested and exercisable, September 30, 2025	16,539,024	$	19.3	5.5	$	172,021

At September 30, 2025, unrecognized compensation expense related to options to restricted shares was approximately $6.9 million, which is expected to be recognized over a remaining weighted-average period of 1.1 years.

Employee Stock Purchase Plan—The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. During the nine months ended September 30, 2025, 99,243 shares were issued under the ESPP. As of September 30, 2025, 733,470 shares of Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.2 million and $0.4 million for the three and nine months ended September 30, 2025, respectively.

Share-Based Compensation Expense

The following table presents the components and classification of share-based compensation for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Technology, data and product development	$	1,243	$	1,011	$	3,666	$	6,985
Sales and marketing	5,452		2,875		18,963		9,594
General and administrative	6,887		8,447		22,353		29,273
Total	$	13,582	$	12,333	$	44,982	$	45,852

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

Sep. 30, 2025

Jun. 30, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Assets:

^[1]

$ 887,736

$ 778,409

Accrued interest receivable

Warrant liability

7,379

$ 2,471

893

$ 2,884

$ 1,671

$ 3,242

Other liabilities

8,715

6,090

21,700

14,300

Level 1

Warrant liability

7,379

890

8,715

6,090

Notes

Assets:

344,763

240,274

Notes | Level 1

Assets:

Notes | Level 2

Assets:

135,272

115,220

Notes | Level 3

Assets:

209,491

125,054

Certificates

Assets:

541,363

533,243

Certificates | Level 1

Assets:

Certificates | Level 2

Assets:

Certificates | Level 3

Assets:

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 541,363

$ 533,243

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

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Schedule of Shares Reserved for Future Issuance (Details) - shares	Sep. 30, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	53,257,011	54,762,940
Exchangeable notes
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	11,434,704	11,434,704
Redeemable convertible preferred shares
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	2,027,147	5,000,000
Ordinary share warrants
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	3,385,640	2,372,858
Share options
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	3,232,311	4,042,901
Options to restricted shares
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	19,897,469	19,948,408
RSUs
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	2,490,812	3,009,918
Shares available for future grant of equity awards
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	10,055,458	8,121,438
Shares reserved for issuance under the ESPP
Class of Stock [Line Items]
Total shares of ordinary share reserved (in shares)	733,470	832,713

CONSOLIDATION AND VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 and December 31, 2024, 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(1)		Liabilities		Net Assets
As of September 30, 2025	$	121,347	$	—	$	121,347
As of December 31, 2024	$	142,584	$	—	$	142,584

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

Unconsolidated VIEs

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

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

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


	Carrying Amount		Maximum Exposure to Loss		VIE Assets
As of September 30, 2025	$	787,607	$	787,607	$	11,657,896
As of December 31, 2024	$	628,038	$	628,038	$	10,708,146

From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion, subject to contractual requirements and limitations. See Note 9 for additional information.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Yahav Yulzari [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	First, Yahav Yulzari, a director and the Company’s Chief Business Officer, entered into a new 10b5-1 Plan on August 8, 2025, with an end date of March 31, 2027, to sell a maximum aggregate of 800,000 shares.
Name	Yahav Yulzari
Title	director and the Company’s Chief Business Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 8, 2025
Expiration Date	March 31, 2027
Arrangement Duration	600 days
Aggregate Available	800,000
Avital Pardo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Second, Avital Pardo, a director and the Company’s Deputy CEO, entered into a new 10b5-1 Plan on August 14, 2025, with an end date of December 31, 2026, to sell a maximum aggregate of 500,000 shares.
Name	Avital Pardo
Title	director and the Company’s Deputy CEO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 14, 2025
Expiration Date	December 31, 2026
Arrangement Duration	504 days
Aggregate Available	500,000
Gal Krubiner [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Third, Gal Krubiner, a director and the Company’s Chief Executive Officer, entered into a new 10b5-1 Plan on September 18, 2025, with an end date of January 30, 2026, to sell a maximum aggregate of 350,000 shares.
Name	Gal Krubiner
Title	director and the Company’s Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 18, 2025
Expiration Date	January 30, 2026
Arrangement Duration	134 days
Aggregate Available	350,000
Dan Petrozzo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Lastly, Dan Petrozzo, a director of the Company, entered into a 10b5-1 Plan on August 19, 2025, with an end date of November 20, 2026, to sell a maximum aggregate of 25,000 shares
Name	Dan Petrozzo
Title	director of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2025
Expiration Date	November 20, 2026
Arrangement Duration	458 days
Aggregate Available	25,000

BORROWINGS - Schedule of Senior Notes (Details) - Senior Notes $ in Thousands	Sep. 30, 2025 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 500,000
Less: Unamortized issuance costs	(12,211)
Carrying amount	$ 487,789

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

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
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, 2024 included in the Company’s Annual Report on Form 10-K.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated.
Reclassification	Certain prior year amounts have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements Not Yet Adopted	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, 2024, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40), Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about certain expense captions presented in the unaudited condensed consolidated statements of operations as well as disclosure about selling expense. The effective date for this update was amended by ASU 2025-01 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, and is now effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. It could be applied either prospectively or retrospectively. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The new standard also supersedes the guidance related to costs incurred to develop a website. ASU 2025-06 guidance is effective for annual periods beginning after December 15, 2027. The guidance can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures.
Revenue	Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”), pass-through and forward flow transactions. 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 recognized in accordance with ASC 606 with revenue recorded on a gross basis when the Company is a principal in the transaction with customers, and recorded on a net basis when the Company is acting as an agent on behalf of another. The Company generally recognizes revenue on a gross basis because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis. Network AI Fees Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $304.6 million and $229.1 million for the three months ended September 30, 2025 and 2024, respectively, and $843.9 million and $666.2 million for the nine months ended September 30, 2025 and 2024, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied and the payment term is generally 30 days. From time to time the Company may provide certain incentives to a customer. When the Company determines that an incentive is consideration payable, which is not in exchange for distinct goods or services, to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the unaudited condensed consolidated statements of operations as Production Costs. Contract Fees Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $35.3 million and $20.1 million for the three months ended September 30, 2025 and 2024, respectively, and $96.4 million and $62.7 million for the nine months ended September 30, 2025 and 2024, respectively. All of these fees are recognized over the service period for the Financing Vehicles managed or administered by the Company and the payment term is monthly as a fixed percentage of the entity’s assets, except for the portion of management fees that are recognized at the point in time based on contract terms. Performance fees are earned when certain Fund Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance of Financing Vehicles. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three and nine months ended September 30, 2025, $0.1 million and $0.9 million, respectively, worth of fees were recognized, which represent performance obligations satisfied in the previous year that were greater than the original estimate. During the three months ended September 30, 2024, $0.3 million worth of fees were recognized, which represent performance obligations satisfied in the previous year that were greater than the original estimate. During the nine months ended September 30, 2024, $2.9 million worth of fees were reversed, which represent performance obligations satisfied in the previous year that were less than the original estimate. Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period and payment is received monthly from the Financing Vehicles. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. Total Revenue From Fees The Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less. Once revenue is recognized, it is recorded on the unaudited condensed consolidated balance sheet in fees receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.

Disclosure of accounting policy for revenue from contract with customer.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

SHARE BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	4,042,901
Granted (in shares) \| shares	2,500
Exercised (in shares) \| shares	(706,096)
Forfeited (in shares) \| shares	(106,994)
Outstanding at ending of period (in shares) \| shares	3,232,311	4,042,901
Options vested and exercisable (in shares) \| shares	2,484,181
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 7.5
Granted (in dollars per share) \| $ / shares	9.7
Exercised (in dollars per share) \| $ / shares	7.1
Forfeited (in dollars per share) \| $ / shares	32.2
Outstanding, ending balance (in dollars per share) \| $ / shares	6.8	$ 7.5
Options vested and exercisable (dollars per share) \| $ / shares	$ 4.3
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding	6 years	6 years 8 months 12 days
Aggregate Intrinsic Value Balance \| $	$ 73,611	$ 7,335
Weighted Average Remaining Contractual Term, Options vested and exercisable	5 years 1 month 6 days
Aggregate Intrinsic Value, Options vested and exercisable \| $	$ 62,755
Options to Restricted Shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	19,948,408
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(24,092)
Forfeited (in shares) \| shares	(26,847)
Outstanding at ending of period (in shares) \| shares	19,897,469	19,948,408
Options vested and exercisable (in shares) \| shares	16,539,024
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	15.9
Forfeited (in dollars per share) \| $ / shares	33.2
Outstanding, ending balance (in dollars per share) \| $ / shares	19.3	$ 19.4
Options vested and exercisable (dollars per share) \| $ / shares	$ 19.3
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding	5 years 6 months	6 years 2 months 12 days
Aggregate Intrinsic Value Balance \| $	$ 205,941	$ 0
Weighted Average Remaining Contractual Term, Options vested and exercisable	5 years 6 months
Aggregate Intrinsic Value, Options vested and exercisable \| $	$ 172,021

INVESTMENTS - Schedule of Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments in loans and securities:
Proceeds from sales/maturities/prepayments	$ 48,845	$ 23,083	$ 178,196	$ 89,905
Gross investment gains from sales and maturities	(12)	0	(8,702)	0
Gross investment losses from sales and maturities	16,288	0	16,288	0
Write-offs charged against the allowance	211	4,810	804	7,109
Reductions (additions) to allowance for credit losses	$ 57,385	$ (79,171)	$ 72,216	$ (159,085)

CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Variable Interest Entities

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


	Assets(1)		Liabilities		Net Assets
As of September 30, 2025	$	121,347	$	—	$	121,347
As of December 31, 2024	$	142,584	$	—	$	142,584

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

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


	Carrying Amount		Maximum Exposure to Loss		VIE Assets
As of September 30, 2025	$	787,607	$	787,607	$	11,657,896
As of December 31, 2024	$	628,038	$	628,038	$	10,708,146

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.

INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Corporate Income Tax

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

Foreign Exchange Regulations in Israel

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

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 nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Income (loss) before income taxes	$	8,063	$	(85,755)	$	29,556	$	(180,581)
Income tax (benefit) expense	(15,210)		(11,524)		(12,772)		7,991
Effective tax rate	NM		NM		NM		NM

NM: Not Meaningful

The Company’s tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions. The difference between the effective tax rate and statutory tax rate in Israel mainly related to a change in valuation allowance, tax expenses in the United States, and a change in uncertain tax positions. The change in the effective tax rate was primarily due to accelerated deduction following the enactment of new tax law, with an additional decrease from reduction in uncertain tax positions.

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.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBA”) was signed into law in the U.S. which contains a broad range of tax reform provisions affecting businesses. The impact of OBBA is reflected in these financial statements.

In 2025, the Company is currently subject to federal tax audits in Israel and the U.S. and state tax audits in U.S. The tax audits are ongoing and to date, no material issues have been raised and no adjustments have been proposed.

The entire disclosure for income tax.

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LEASES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Security deposit	$ 1.9	$ 3.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2025
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, 2024 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 September 30, 2025 and the Company’s consolidated results of operations and shareholders’ equity for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or any other future interim or annual period. Significant Accounting Policies Unclassified Balance Sheet Effective for the quarterly period ended September 30, 2025, the Company has voluntarily changed its balance sheet presentation to an unclassified format. Management believes this change in accounting principle is preferable because it conforms the Company's financial reporting with the predominant practice of its peers within the financial technology industry and provides a presentation consistent with the financial metrics used to evaluate the business, thereby enhancing comparability and relevance for investors. In accordance with applicable accounting guidance, this change has been applied retrospectively to all prior periods presented. The change had no impact on previously reported total assets, total liabilities, stockholders' equity or results of operations. Except for the balance sheet presentation change, 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, 2024, which was filed with the SEC on March 12, 2025. Emerging Growth Company Status On the last business day of the second quarter in 2025, the aggregate market value of the Company’s ordinary Class A shares held by non-affiliate shareholders exceeded $700 million. As a result, we will be considered a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act for filings beginning with our annual report on Form 10-K for the fiscal year ended December 31, 2025, and we will cease to be an emerging growth company as of December 31, 2025. Due to the loss of emerging growth company status, the Company will no longer be exempt from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, and our independent registered public accounting firm will evaluate and report on the effectiveness of our internal controls over financial reporting in our annual report for the fiscal year ended December 31, 2025. The transition to large accelerated filer status will also subject the Company to accelerated filing deadlines and additional disclosure requirements, which will further align our reporting with other large US companies for even greater transparency. Reclassification Certain prior year amounts have been reclassified to conform to the current period presentation. The reclassification adjustments primarily relate to changes to the presentation of certain expenses in the unaudited condensed consolidated statements of operations. Specifically, effective with the third quarter of 2025, the Company has added new financial statement line items labeled “Gains and (losses) on investments in loans and securities” and “Loss from extinguishment of debt” and reclassified the corresponding amounts in the prior period financial statements to conform to the current period presentation. Recent Accounting Pronouncements Not Yet Adopted 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, 2024, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40), Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about certain expense captions presented in the unaudited condensed consolidated statements of operations as well as disclosure about selling expense. The effective date for this update was amended by ASU 2025-01 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, and is now effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. It could be applied either prospectively or retrospectively. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The new standard also supersedes the guidance related to costs incurred to develop a website. ASU 2025-06 guidance is effective for annual periods beginning after December 15, 2027. The guidance can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently evaluating the impact of these amendments on its consolidated financial statement disclosures.

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

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

^[1],[2]

$ 154,976

$ 127,114

^[2]

36,482

26,365

Variable Interest Entity, Not Primary Beneficiary

^[3]

339,887

$ 249,283

940,305

$ 728,881

Loan principal purchased

14,500

34,000

Financing receivable, credit loss, expense (reversal)

(12,800)

(31,200)

100,200

99,400

30,500

15,200

Related Party | Securitization Vehicles

159,300

174,200

473,700

528,000

78,300

79,000

150,800

154,300

447,700

474,100

21,900

$ 20,400

$ 8,500

$ 19,900

$ 26,000

$ 53,900

[1]	Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2]	See Note 9 for additional information regarding the transactions with related parties.
[3]	See Note 9 for additional information regarding the transactions with related parties

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 8,063	$ (85,755)	$ 29,556	$ (180,581)
Income tax (benefit) expense	$ (15,210)	$ (11,524)	$ (12,772)	$ 7,991

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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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$ 264,767	$ 226,518
Fees receivables	154,976	127,114
Investments in other loans and receivables	1,610	4,893
Liabilities:
Accrued interest receivable	21,700	14,300
Secured borrowing
Liabilities:
Long-term debt	133,667	177,554
Exchangeable notes
Liabilities:
Long-term debt	381,382	163,360
Long-term debt
Liabilities:
Long-term debt	466,180	366,396
Carrying Value
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	264,767	226,518
Fees receivables	154,976	127,114
Investments in other loans and receivables	1,610	4,893
Carrying Value \| Secured borrowing
Liabilities:
Long-term debt	131,525	176,089
Carrying Value \| Exchangeable notes
Liabilities:
Long-term debt	148,148	146,342
Carrying Value \| Long-term debt
Liabilities:
Long-term debt	487,789	321,317
Fair Value \| Level 1
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	264,767	226,518
Fees receivables	0	0
Investments in other loans and receivables	0	0
Fair Value \| Level 1 \| Secured borrowing
Liabilities:
Long-term debt	0	0
Fair Value \| Level 1 \| Exchangeable notes
Liabilities:
Long-term debt	0	0
Fair Value \| Level 1 \| Long-term debt
Liabilities:
Long-term debt	0	0
Fair Value \| Level 2
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	0	0
Fees receivables	79,154	63,143
Investments in other loans and receivables	0	0
Fair Value \| Level 2 \| Secured borrowing
Liabilities:
Long-term debt	0	0
Fair Value \| Level 2 \| Exchangeable notes
Liabilities:
Long-term debt	381,382	163,360
Fair Value \| Level 2 \| Long-term debt
Liabilities:
Long-term debt	466,180	0
Fair Value \| Level 3
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	0	0
Fees receivables	75,822	63,971
Investments in other loans and receivables	1,610	4,893
Fair Value \| Level 3 \| Secured borrowing
Liabilities:
Long-term debt	133,667	177,554
Fair Value \| Level 3 \| Exchangeable notes
Liabilities:
Long-term debt	0	0
Fair Value \| Level 3 \| Long-term debt
Liabilities:
Long-term debt	$ 0	$ 366,396

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS 2025 Revolving Credit Facility On October 1, 2025, the Company refinanced the Revolving Credit Facility by way of terminating Credit Agreement and entering into a new three-year revolving credit facility (the “2025 Revolving Credit Facility”) with a syndicate of financial institutions. The 2025 Revolving Credit Facility provides a committed borrowing capacity of $132 million. The 2025 Revolving Credit Facility matures on October 2, 2028. Borrowings under the 2025 Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to 1.00% floor) plus a margin of 2.50% and (ii) an adjusted term SOFR (subject to 1.00% floor) plus a margin of 3.50%, a reduction from the prior revolving credit facility’s rate of SOFR plus 7.50%. A commitment fee accrues on any unused portion of the commitments under the 2025 Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. The terms and conditions of the 2025 Revolving Credit Facility include customary covenants and restrictions.

BORROWINGS - Narrative (Details) - USD ($)				1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Oct. 01, 2025	Jul. 28, 2025	Feb. 02, 2024	Jun. 30, 2025	Apr. 30, 2025	Oct. 31, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Feb. 28, 2025	Nov. 30, 2024	Oct. 01, 2024	Feb. 01, 2024
Debt Instrument [Line Items]
Loss from extinguishment of debt							$ 24,961,000	$ 200,000	$ 25,457,000	$ 200,000
Average remaining contractual maturities of the repurchase agreements									90 days		90 days
Master Agreements
Debt Instrument [Line Items]
Outstanding borrowings							$ 68,400,000		$ 68,400,000		$ 144,000,000
Weighted average interest rate on long-term debt outstanding							12.00%		12.00%		15.00%
Loan and Security Agreement
Debt Instrument [Line Items]
Outstanding borrowings							$ 63,200,000		$ 63,200,000
Long-term debt
Debt Instrument [Line Items]
Outstanding borrowings							487,789,000		487,789,000		$ 321,317,000
Long-term debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Loss from extinguishment of debt							23,900,000
Line of credit facility, maximum borrowing capacity												$ 58,000,000	$ 50,000,000
Increase in maximum principal amount												$ 8,000,000	15,000,000
Line of credit facility, remaining borrowing capacity							41,400,000		41,400,000		25,700,000
Long-term debt \| Secured borrowing
Debt Instrument [Line Items]
Repaid of secured borrowings							153,900,000
Loss from extinguishment of debt							1,100,000
Long-term debt \| Letter of Credit
Debt Instrument [Line Items]
Outstanding borrowings							16,600,000		16,600,000		24,300,000
Long-term debt \| Loan and Security Agreement \| Capitalized Interest Amounts Facility
Debt Instrument [Line Items]
Debt instrument, term					24 months
Line of credit facility, maximum borrowing capacity					$ 24,000,000
Floor rate					1.00%
Long-term debt \| Loan and Security Agreement \| Capitalized Interest Amounts Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					4.00%
Long-term debt \| Loan and Security Agreement \| Accrued Loan Purchasing Fee Receivables Facility
Debt Instrument [Line Items]
Debt instrument, term				30 months
Line of credit facility, maximum borrowing capacity				$ 65,000,000
Floor rate					1.00%
Long-term debt \| Loan and Security Agreement \| Accrued Loan Purchasing Fee Receivables Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.90%
Long-term debt \| SVB Receivables Facility
Debt Instrument [Line Items]
Outstanding borrowings											31,900,000
Debt instrument, term				3 years
Floor rate						0.00%
Debt instrument, basis spread on variable rate						3.50%
Long-term debt \| The Credit Agreement \| Revolving Credit Facility
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%
Long-term debt \| The Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			7.50%
Long-term debt \| The Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.50%
Long-term debt \| The Credit Agreement \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			6.50%
Long-term debt \| The Credit Agreement \| Secured borrowing
Debt Instrument [Line Items]
Debt instrument, term			5 years
Line of credit facility, maximum borrowing capacity			$ 255,000,000										355,000,000
Increase in maximum principal amount													$ 100,000,000
Long-term debt \| Revolving Credit Facility 2025 \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, term	3 years
Line of credit facility, maximum borrowing capacity	$ 132,000,000
Debt instrument, base rate floor	1.00%
Adjusted rate of SOFR	0.0100
Line of credit facility, commitment fee percentage	0.25%
Long-term debt \| Revolving Credit Facility 2025 \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Long-term debt \| Revolving Credit Facility 2025 \| Revolving Credit Facility \| Base Rate \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Exchangeable notes
Debt Instrument [Line Items]
Outstanding borrowings							148,148,000		148,148,000		$ 146,342,000
Exchangeable notes \| Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument, face amount														$ 160,000,000
Stated interest rate														6.125%
Debt issuance costs														$ (6,200,000)
Interest expense, debt							3,100,000		9,200,000
Debt issuance costs amortization							$ (600,000)		$ (1,800,000)
Debt instrument, interest rate, effective percentage							8.70%		8.70%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Stated interest rate		8.875%
Interest expense, debt							$ 8,300,000
Debt issuance costs amortization							$ (400,000)
Redemption price, percentage (as a percent)		100.00%

BORROWINGS

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

BORROWINGS

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


	September 30, 2025		December 31, 2024
Secured borrowing	$	131,525	$	176,089
Exchangeable notes	$	148,148	$	146,342
Long-term debt	$	487,789	$	321,317

The Company was in compliance with all covenants as of September 30, 2025 and December 31, 2024.

Secured Borrowing

During the three months ended September 30, 2025, the Company has repaid $153.9 million of secured borrowing, following the issuance of Senior Notes. As a result of these transactions, the Company has incurred a loss of $1.1 million during the three months ended September 30, 2025, related to the write-off of deferred issuance costs reported within “Loss from extinguishment of debt” in the unaudited condensed consolidated statements of operations.

Risk Retention Master Repurchase

In the normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. These agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Investments in loans and securities in the Company’s unaudited condensed consolidated balance sheet. As of September 30, 2025 and December 31, 2024, the outstanding principal balance under the repurchase agreements was $68.4 million and $144.0 million, respectively, which is recorded within secured borrowing on the

unaudited condensed consolidated balance sheet, with a weighted average interest rate of approximately twelve percent and fifteen percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both September 30, 2025 and December 31, 2024.

Receivables Facility

In April 2025, Pagaya Structured Products LLC, a wholly-owned subsidiary of the Company, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders. This agreement established a 24-month Capitalized Interest Amounts Facility (the “CIA Facility”) with a maximum principal amount of $24 million to finance eligible capitalized interest amounts related to sponsored securitization transactions. Additionally, in June 2025, Pagaya Structured Products LLC entered into a 30-month Accrued Loan Purchasing Fee Receivables Facility (the “ALPF Facility”) with a maximum principal amount of $65 million, to finance certain eligible receivables from sponsored securitization transactions. Borrowings under the CIA Facility bear interest at a rate per annum equal to the adjusted term SOFR (subject to a 1.00% floor) plus a margin of 4.00%, while borrowings under the ALPF Facility bear interest at a rate per annum equal to the adjusted term SOFR (subject to a 1.00% floor) plus a margin of 1.9%. As of September 30, 2025, the combined outstanding principal balance under the CIA Facility and ALPF Facility was $63.2 million, which is recorded within secured borrowing on the unaudited condensed consolidated balance sheet.

In June 2025, Pagaya Receivables LLC, a wholly-owned subsidiary of the Company, repaid the outstanding balance of a 3-year loan facility (the “SVB Receivables Facility”) and terminated the related Loan and Security Agreement, which was originally executed in October 2022. Borrowings under the SVB Receivables Facility bear interest at a rate per annum equal to the adjusted term SOFR (subject to a 0.00% floor) plus a margin of 3.50%. As of December 31, 2024, the outstanding principal balance under the SVB Receivable Facility was $31.9 million, which is recorded within secured borrowing on the unaudited condensed consolidated balance sheet.

Exchangeable Notes

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

The Company accounted for the issuance of the Notes as a single liability at par as the conversion feature does not require bifurcation as a derivative under ASC 815 and the Notes were not issued at a substantial premium. Debt issuance costs related to the Notes totaled $6.2 million and consisted of underwriting fees and third-party offering costs, which are amortized to interest expense using the effective interest method over the contractual term. The Company recorded $3.1 million and $9.2 million of interest expense, including $0.6 million and $1.8 million of amortization of debt issuance costs, for the three and nine months ended September 30, 2025. The effective interest rate of the Notes is 8.7%.

Long-Term Debt

Senior Notes

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

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

The following table details the Company’s Senior Notes as of September 30, 2025 (in thousands):


	September 30, 2025
Principal amount	$	500,000
Less: Unamortized issuance costs	(12,211)
Carrying amount	$	487,789

The Company recorded $8.3 million of interest expense, including $0.4 million of amortization of debt issuance costs, for the three months ended September 30, 2025.

Credit Agreement

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

In November 2024, the Company entered into Amendment No. 2 (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, the Company incurred incremental term loans in an aggregate principal amount $100 million, bringing the total principal amount of the Term Loan Facility to $355 million. The Company also increased an aggregate principal amount of the Revolving Credit Facility of $15 million, bringing the total principal amount of the Revolving Credit Facility to $50 million. In February 2025, the Company further increased the aggregate principal amount of the Revolving Credit Facility by $8 million, resulting in a total principal amount of $58 million. As of September 30, 2025 and December 31, 2024, the Company had letters of credit issued in the amount of $16.6 million and $24.3 million, respectively, and $41.4 million and $25.7 million of remaining capacity available under the Revolving Credit Facility, respectively.

In July 2025, the Company fully paid off the outstanding principal balance under the Credit Agreement using the proceeds from the issuance of Senior Notes, as discussed above. As a result of this transaction and the repayment of outstanding balance under the Credit Agreement, the Company has incurred a loss of $23.9 million during the three months ended September 30, 2025, related to the write-off of deferred issuance costs and an early payment penalty, reported within “Loss from extinguishment of debt” in the unaudited condensed consolidated statements of operations.

2025 Revolving Credit Facility

On October 1, 2025, the Company refinanced the Revolving Credit Facility by way of terminating Credit Agreement and entering into a new three-year revolving credit facility (the “2025 Revolving Credit Facility”) with a syndicate of financial institutions. The 2025 Revolving Credit Facility provides a committed borrowing capacity of $132 million. Borrowings under the 2025 Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to 1.00% floor) plus a margin of 2.50% and (ii) an adjusted term SOFR (subject to 1.00% floor) plus a margin of 3.50%, a reduction from the prior revolving credit facility’s rate of SOFR plus 7.50%. A commitment fee accrues on any unused portion of the commitments under the 2025 Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. The terms and conditions of the 2025 Revolving Credit Facility include customary covenants and restrictions. See Note 15.

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.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 6
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Secured borrowing
Debt Instrument [Line Items]
Outstanding borrowings	$ 131,525	$ 176,089
Exchangeable notes
Debt Instrument [Line Items]
Outstanding borrowings	148,148	146,342
Long-term debt
Debt Instrument [Line Items]
Outstanding borrowings	$ 487,789	$ 321,317

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.

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

INVESTMENTS - Schedule of Assumptions Used in Fair Value Model for Investments in Loans and Securities (Details) - Investments in securities, under the fair value option - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments in securities under the fair value option
Balance, beginning of period	$ 32,888	$ 0	$ 0	$ 0
Purchases	7,829	0	28,855	0
Principal payments	(9,010)	0	(9,010)	0
Change in fair value	17,051	0	28,913	0
Balance, end of period	$ 48,758	$ 0	$ 48,758	$ 0

SHARE BASED COMPENSATION - Restricted Stock Units (RSUs) Narrative (Details) - RSUs $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 25.1
Unrecognized compensation expense, period of recognition	9 months 18 days
Share Based Payment Arrangement, New Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Minimum \| Share Based Payment Arrangement, Existing Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Maximum \| Share Based Payment Arrangement, Existing Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Tranche One \| Share Based Payment Arrangement, New Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Vesting percentage	50.00%
Tranche Two \| Share Based Payment Arrangement, New Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months

SUBSEQUENT EVENTS (Details) - Revolving Credit Facility - Long-term debt - USD ($)	Oct. 01, 2025	Feb. 02, 2024	Feb. 28, 2025	Nov. 30, 2024	Feb. 01, 2024
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity			$ 58,000,000	$ 50,000,000
Revolving Credit Facility 2025 \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, term	3 years
Line of credit facility, maximum borrowing capacity	$ 132,000,000
Debt instrument, base rate floor	1.00%
Adjusted rate of SOFR	0.0100
Line of credit facility, commitment fee percentage	0.25%
Revolving Credit Facility 2025 \| Subsequent Event \| Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Revolving Credit Facility 2025 \| Subsequent Event \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	3.50%
The Credit Agreement
Subsequent Event [Line Items]
Debt instrument, term		5 years
Line of credit facility, maximum borrowing capacity		$ 35,000,000			$ 25,000,000
Debt instrument, base rate floor		2.00%
The Credit Agreement \| Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate		6.50%
The Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate		7.50%
The Credit Agreement \| Subsequent Event \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	7.50%

REVENUE - Concentrations of Credit Risk and Significant Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2024
Two Largest Customers, Including Two Related Parties
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%
Four Largest Customers, Including Three Related Parties
Concentration Risk [Line Items]
Concentration risk, percentage		65.00%
Two Largest Customers, Including One Related Party
Concentration Risk [Line Items]
Concentration risk, percentage			25.00%

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.

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
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For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

INVESTMENTS - Schedule of Continuous Unrealized Loss Position (Details) - Securitization notes - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value
Less than or equal to 1 year	$ 74	$ 66
Greater than 1 year	7,076	27,295
Total	7,150	27,361
Unrealized Losses
Less than or equal to 1 year	0	(1)
Greater than 1 year	(53)	(508)
Total	$ (53)	$ (509)

LEASES - Schedule of Maturities of the Company’s Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 2,458
2026	9,877
2027	8,421
2028	5,716
2029	5,811
Thereafter	11,139
Total	43,422
Less: imputed interest	(8,464)
Operating lease liabilities	$ 34,958	$ 37,064

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2023 USD ($) $ / shares shares	Sep. 30, 2025 vote $ / shares shares	Sep. 30, 2025 vote $ / shares shares	Jun. 30, 2025 shares	Dec. 31, 2024 shares	Sep. 30, 2024 shares	Jun. 30, 2024 shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)		839,999,998	839,999,998
Shares authorized (in shares)		6,666,666	6,666,666		6,666,666
Temporary equity, new issues (in shares)	5,000,000
Proceeds from issuance of redeemable convertible preferred shares, net \| $	$ 75
Issuance of ordinary shares upon conversion of preferred shares (in shares)		2,972,853	2,972,853
Shares outstanding (in shares)		2,027,147	2,027,147	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000
Ordinary Shares (Class A and Class B)
Class of Stock [Line Items]
Ordinary shares, outstanding (in shares)		80,127,904	80,127,904	76,161,969	73,879,982	72,812,941	71,595,691	62,043,246
Issuance of ordinary shares upon conversion of preferred shares (in shares)		2,972,853	2,972,853
Warrants Expiring March 2031 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)		433,942	433,942
Warrant purchase price (in dollars per share) \| $ / shares		$ 0.00006	$ 0.00006
Warrants Expiring June 2030 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)		192,900	192,900
Warrant purchase price (in dollars per share) \| $ / shares		$ 0.0006	$ 0.0006
Warrants Expiring March 2032 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)		220,000	220,000
Warrant purchase price (in dollars per share) \| $ / shares		$ 0.12	$ 0.12
Warrants Expiring September 2034 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)		1,309,632	1,309,632
Warrant purchase price (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Warrants Expiring June 2027 \| Ordinary share warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)		1,229,166	1,229,166
Warrant purchase price (in dollars per share) \| $ / shares		$ 138	$ 138
Number of shares called by each warrant (in shares)		1	1
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)			2,027,147
Class A Ordinary Shares, no par value
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)		666,666,666	666,666,666		666,666,666
Ordinary shares, outstanding (in shares)		68,839,327	68,839,327		61,227,672
Ordinary shares, voting rights, votes per share \| vote		1	1
Common Class B
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)		166,666,666	166,666,666		166,666,666
Ordinary shares, outstanding (in shares)		11,288,577	11,288,577		12,652,310
Ordinary shares, voting rights, votes per share \| vote		10	10
Redeemable convertible preferred shares
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 15.00

INVESTMENTS - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ (494,870)	$ (178,130)	$ (510,294)	$ (100,958)
Additions to allowance for credit losses not previously recorded	(11,510)	(21,118)	(60,503)	(112,263)
Reductions for securities sold during the period	72,443		150,766
Additions to the allowance for credit losses arising from purchases				(3,246)
Additions (reductions) on securities with previous allowance	(3,548)	(58,053)	(18,047)	(43,576)
Write-offs charged against the allowance	211	4,810	804	7,109
Recoveries of amounts previously written off		(443)		0
Balance, end of period	(437,274)	(252,934)	(437,274)	(252,934)
Securitization notes
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(2,873)	0	0	0
Additions to allowance for credit losses not previously recorded	0	0	(2,873)	0
Reductions for securities sold during the period	0		0
Additions to the allowance for credit losses arising from purchases				0
Additions (reductions) on securities with previous allowance	0	0	0	0
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off		0		0
Balance, end of period	(2,873)	0	(2,873)	0
Securitization certificates
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(490,897)	(174,077)	(508,741)	(98,679)
Additions to allowance for credit losses not previously recorded	(11,510)	(21,118)	(57,630)	(112,263)
Reductions for securities sold during the period	72,443		150,766
Additions to the allowance for credit losses arising from purchases				0
Additions (reductions) on securities with previous allowance	(3,497)	(55,930)	(17,856)	(40,183)
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off		0		0
Balance, end of period	(433,461)	(251,125)	(433,461)	(251,125)
Other loans and receivables
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(1,100)	(4,053)	(1,553)	(2,279)
Additions to allowance for credit losses not previously recorded	0	0	0	0
Reductions for securities sold during the period	0		0
Additions to the allowance for credit losses arising from purchases				(3,246)
Additions (reductions) on securities with previous allowance	(51)	(2,123)	(191)	(3,393)
Write-offs charged against the allowance	211	4,810	804	7,109
Recoveries of amounts previously written off		(443)		0
Balance, end of period	$ (940)	$ (1,809)	$ (940)	$ (1,809)

ORDINARY SHARES AND ORDINARY SHARE WARRANTS

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

As of September 30, 2025, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B Ordinary Shares. As of September 30, 2025, the Company had 2,027,147 Preferred Shares outstanding, 68,839,327 Class A Ordinary Shares outstanding and 11,288,577 Class B Ordinary Shares outstanding.

The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each 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.

As of September 30, 2025 and December 31, 2024, the Company had reserved ordinary shares for future issuance as follows:


	September 30, 2025	December 31, 2024
Share options	3,232,311	4,042,901
Options to restricted shares	19,897,469	19,948,408
RSUs	2,490,812	3,009,918
Ordinary share warrants	3,385,640	2,372,858
Redeemable convertible preferred shares	2,027,147	5,000,000
Exchangeable notes	11,434,704	11,434,704
Shares available for future grant of equity awards(1)	10,055,458	8,121,438
Shares reserved for issuance under the ESPP	733,470	832,713
Total shares of ordinary share reserved	53,257,011	54,762,940

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 September 30, 2025, there were 433,942 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,900 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, 1,309,632 warrants expiring in September 2034 with an exercise price of $0.01 per share, and 1,229,166 warrants expiring in June 2027 (consisting of the Public Warrants) with an exercise price of $138 per share to purchase one Class A Ordinary Share.

Redeemable Convertible Preferred Stock

In May 2023, the Company issued 5,000,000 Preferred Shares at $15.00 per share to Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. and Oak HC/FT Partners V-B, L.P for gross total proceeds of $75 million. During the third quarter of 2025, a total of 2,972,853 Preferred Shares were converted into 2,972,853 Class A Ordinary Shares at the option of the holders. This conversion resulted in a reduction of the Preferred Shares outstanding and a corresponding increase in the Company's Class A Ordinary Shares. The conversion was accounted for by reclassifying the carrying value of the converted Preferred Shares from mezzanine equity to permanent equity. Following this conversion, 2,027,147 Preferred Shares remain outstanding as of September 30, 2025.

The entire disclosure for equity.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Including Noncontrolling Interests	$ 23,273	$ (74,231)	$ 42,328	$ (188,572)
Other Comprehensive Income (Loss):
Unrealized non-credit related adjustments to investment securities	(13,088)	(19,179)	(34,580)	(86,273)
Comprehensive Income (Loss) Including Noncontrolling Interests	10,185	(93,410)	7,748	(274,845)
Less: Comprehensive loss attributable to noncontrolling interests	(135)	(6,552)	(5,543)	(20,485)
Comprehensive Income (Loss) Attributable to Pagaya Technologies Ltd.	$ 10,320	$ (86,858)	$ 13,291	$ (254,360)

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.

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

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

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

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

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]


	September 30, 2025

	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes)	$	—	$	135,272	$	209,491	$	344,763
Investments in loans and securities (Certificates)	—		—		541,363		541,363
Liabilities:
Warrant liability	$	7,379	$	—	$	—	$	7,379
Other liabilities (1)	—		—		8,715		8,715


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investments in loans and securities (Notes) (2)	$	—	$	115,220	$	125,054	$	240,274
Investments in loans and securities (Certificates) (2)	—		—		533,243		533,243
Liabilities:
Warrant liability	$	890	$	3	$	—	$	893
Other liabilities (1)	—		—		6,090		6,090

(1) Included in “Accrued expenses and other liabilities” in the unaudited condensed consolidated balance sheets. See Note 8 for additional information.

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

Schedule of Warrant Liability Activity

The following tables summarize the Warrant liability activity for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025
Balance as of June 30, 2025	$	2,471
Change in fair value	4,908
Balance as of September 30, 2025	$	7,379


	Nine Months Ended September 30, 2025
Balance as of December 31, 2024	$	893
Change in fair value	6,486
Balance as of September 30, 2025	$	7,379


	Three Months Ended September 30, 2024
Balance as of June 30, 2024	$	1,671
Change in fair value	1,213
Balance as of September 30, 2024	$	2,884


	Nine Months Ended September 30, 2024
Balance as of December 31, 2023	$	3,242
Change in fair value	(358)
Balance as of September 30, 2024	$	2,884

Schedule of Level 3 Roll Forward

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Investments in securities under the fair value option	2025		2024		2025		2024
Balance, beginning of period	$	32,888	$	—	$	—	$	—
Purchases	7,829		—		28,855		—
Principal payments	(9,010)		—		(9,010)		—
Change in fair value	17,051		—		28,913		—
Balance, end of period	$	48,758	$	—	$	48,758	$	—


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Balance, beginning of period	$	736,735	$	853,418	$	663,189	$	626,368
Transfer from Level 2	—		—		—		10,469
Additions	67,811		130,271		316,789		536,966
Cash received	(40,407)		(13,077)		(148,423)		(55,649)
Gain on sale of Investments in loans and securities	2		—		8,595		—
Loss on sale of Investments in loans and securities	(16,279)		—		(16,279)		—
Change in accrued interest on investments	10,599		—		20,497		—
Change in fair value and other adjustments (OCI)	(14,134)		(19,711)		(36,892)		(87,342)
Credit-related impairment loss, net of recoveries	8,137		(76,049)		(55,012)		(155,960)
Balance, end of period	$	752,464	$	874,852	$	752,464	$	874,852

Schedule of Significant Unobservable Inputs


	September 30, 2025						December 31, 2024
Unobservable Input	Minimum		Maximum		Weighted Average		Minimum		Maximum		Weighted Average
Discount rate	5.0	%	15.0	%	15.0	%	5.0	%	15.0	%	15.0	%
Loss rate	5.5	%	33.0	%	17.2	%	5.8	%	34.1	%	19.5	%
Prepayment rate	0.0	%	45.0	%	14.5	%	0.0	%	40.0	%	9.4	%

Schedule of Financial Assets and Liabilities Not Recorded at Fair Value

The below tables contain information about assets that are not measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents, and restricted cash and cash equivalents	$	264,767	$	264,767	$	—	$	—	$	264,767
Fees receivables	154,976		—		79,154		75,822		154,976
Investments in other loans and receivables	1,610		—		—		1,610		1,610
Liabilities:
Secured borrowing	$	131,525	$	—	$	—	$	133,667	$	133,667
Exchangeable notes	148,148		—		381,382		—		381,382
Long-term debt	487,789		—		466,180		—		466,180


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

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 5,312

TRANSACTIONS WITH RELATED PARTIES	9 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Sep. 30, 2025
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties. As of September 30, 2025, the fee receivables from related parties are $100.2 million, which consist of $78.3 million from securitization vehicles and $21.9 million from other Financing Vehicles. As of December 31, 2024, the fee receivables from related parties are $99.4 million, which consists of $79.0 million from securitization vehicles and $20.4 million from other Financing Vehicles. As of September 30, 2025 and December 31, 2024, other assets include revolving facilities and other amounts due from related parties of $30.5 million and $15.2 million, respectively, all of which were attributable to Financing Vehicles. For the three months ended September 30, 2025, the total revenue from related parties is $159.3 million, which consists of $150.8 million from securitization vehicles and $8.5 million from other Financing Vehicles. For the nine months ended September 30, 2025, the total revenue from related party is $473.7 million, which consists of $447.7 million from securitization vehicles and $26.0 million from other Financing Vehicles. For the three months ended September 30, 2024, the total revenue from related parties is $174.2 million, which consists of $154.3 million from securitization vehicles and $19.9 million from other Financing Vehicles. For the nine months ended September 30, 2024, the total revenue from related parties is $528.0 million which consists of $474.1 million from securitization vehicles and $53.9 million from other Financing Vehicles. During the three and nine months ended September 30, 2024, the Company purchased approximately $14.5 million and $34.0 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $12.8 million and $31.2 million, respectively, in general and administrative expenses with respect to these loans.

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.

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SHARE BASED COMPENSATION - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 13,582	$ 12,333	$ 44,982	$ 45,852
Technology, data and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,243	1,011	3,666	6,985
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	5,452	2,875	18,963	9,594
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 6,887	$ 8,447	$ 22,353	$ 29,273

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

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SHARE BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for issuance (in shares)	53,257,011		53,257,011		54,762,940
Share-based compensation expense	$ 13,582	$ 12,333	$ 44,982	$ 45,852
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock under employee benefit plans (in shares)			99,243
Reserved for issuance (in shares)	733,470		733,470		832,713
Share-based compensation expense	$ 200		$ 400

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.

Schedule of Components of Income Tax Expense (Benefit)

FAIR VALUE MEASUREMENT - Schedule of Warrant Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Warrants And Rights Outstanding [Roll Forward]
Beginning balance	$ 2,471	$ 1,671	$ 893	$ 3,242
Fair value adjustment to warrant liability	4,908	1,213	6,486	(358)
Ending balance	$ 7,379	$ 2,884	$ 7,379	$ 2,884

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Statement of Cash Flows [Abstract]
Accrued interest receivable	$ 21.7	$ 14.3

SHARE BASED COMPENSATION - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]
Expected volatility	105.40%
Expected term (in years)	5 years 7 months 6 days
Risk free interest	4.10%
Dividend yield	0.00%

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

The Company’s effective tax rates for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Income (loss) before income taxes	$	8,063	$	(85,755)	$	29,556	$	(180,581)
Income tax (benefit) expense	(15,210)		(11,524)		(12,772)		7,991
Effective tax rate	NM		NM		NM		NM

NM: Not Meaningful

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

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenue

Total Revenue and Other Income

^[1]

$ 339,887

$ 249,283

$ 940,305

$ 728,881

Other Income

Interest income

14,918

8,735

33,333

24,672

Investment loss, net

(4,640)

(784)

(7,086)

(699)

350,165

257,234

966,552

752,854

Production costs

200,574

148,965

559,122

439,448

Technology, data and product development

18,236

16,655

56,135

57,970

Sales and marketing

14,453

11,440

43,707

35,028

General and administrative

36,944

57,790

123,476

185,307

Total Costs and Operating Expenses

270,207

234,850

782,440

717,753

Operating Income

79,958

22,384

184,112

35,101

Gains and (losses) on investments in loans and securities

(19,557)

(77,594)

(62,832)

(154,001)

Other expenses, net

(27,377)

(30,345)

(66,267)

(61,481)

Loss from extinguishment of debt

(24,961)

(200)

(25,457)

(200)

Income (Loss) Before Income Taxes

8,063

(85,755)

29,556

(180,581)

Income tax (benefit) expense

(15,210)

(11,524)

(12,772)

7,991

Net Income (Loss) Including Noncontrolling Interests

23,273

(74,231)

42,328

(188,572)

Less: Net income (loss) attributable to noncontrolling interests

728

(6,755)

(4,765)

(25,088)

Net Income (Loss) Attributable to Pagaya Technologies Ltd.

22,545

(67,476)

47,093

(163,484)

Per share data:

Net income (loss) attributable to Pagaya Technologies Ltd.

22,545

(67,476)

47,093

(163,484)

Less: Undistributed earnings allocated to preferred shares

1,259

2,804

Net income (loss) attributed to Pagaya Technologies Ltd.’s ordinary shares

$ 21,286

$ (67,476)

$ 44,289

$ (163,484)

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

Basic (in dollars per share)

$ 0.27

$ (0.93)

$ 0.57

$ (2.35)

Diluted (in dollars per share)

$ 0.23

$ (0.93)

$ 0.55

$ (2.35)

Weighted average shares outstanding:

Basic (in shares)

78,539,137

72,728,667

77,086,125

69,619,813

Diluted (in shares)

91,046,530

72,728,667

80,945,983

69,619,813

[1]	See Note 9 for additional information regarding the transactions with related parties

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Basic EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd.	$	22,545	$	47,093
Less: Undistributed earnings allocated to preferred shares	1,259		2,804
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic	$	21,286	$	44,289
Denominator:
Weighted average shares used for earnings per ordinary share, basic	78,539,137		77,086,125
Earnings per share attributable to ordinary shareholders, basic	$	0.27	$	0.57

Diluted EPS:
Numerator:
Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted	$	21,286	$	44,289



Denominator:
Shares used in computation of basic earnings per share	78,539,137		77,086,125

Ordinary share warrants	786,333		785,789
Share options	9,993,930		1,950,226
Unvested RSUs	1,727,105		1,123,843
Ordinary shares upon employee stock purchase plan	25		0
Weighted average shares used for earnings per ordinary share, diluted	91,046,530		80,945,983
Earnings per share attributable to ordinary shareholders, diluted	$	0.23	$	0.55


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(67,476)	$	(163,484)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	72,728,667		69,619,813
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.93)	$	(2.35)

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


	September 30,
	2025	2024
Share options	—	3,161,986
Options to restricted shares	—	19,970,330
RSUs	23,718	3,155,558
Ordinary share warrants	1,229,166	2,016,321
Redeemable convertible preferred shares	—	5,000,000
Exchangeable notes(1)	11,434,704	—
Total	12,687,588	33,304,195

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-41430
Entity Registrant Name	Pagaya Technologies Ltd.
Entity Incorporation, State or Country Code	L3
Entity Tax Identification Number	98-1704718
Entity Address, Address Line One	335 Madison Ave
Entity Address, Address Line Two	16th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	646
Local Phone Number	710-7714
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	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	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Ordinary Shares, no par value
Document Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, no par value
Trading Symbol	PGY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		69,107,363
Ordinary share warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Ordinary Shares
Trading Symbol	PGYWW
Security Exchange Name	NASDAQ
Class B Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,288,577
Series A Preferred Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,027,147

REVENUE

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”), pass-through and forward flow transactions. 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 recognized in accordance with ASC 606 with revenue recorded on a gross basis when the Company is a principal in the transaction with customers, and recorded on a net basis when the Company is acting as an agent on behalf of another. The Company generally recognizes revenue on a gross basis because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis.

Network AI Fees

Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $304.6 million and $229.1 million for the three months ended September 30, 2025 and 2024, respectively, and $843.9 million and $666.2 million for the nine months ended September 30, 2025 and 2024, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied and the payment term is generally 30 days. From time to time the Company may provide certain incentives to a customer. When the Company determines that an incentive is consideration payable, which is not in exchange for distinct goods or services, to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the unaudited condensed consolidated statements of operations as Production Costs.

Contract Fees

Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $35.3 million and $20.1 million for the three months ended September 30, 2025 and 2024, respectively, and $96.4 million and $62.7 million for the nine months ended September 30, 2025 and 2024, respectively. All of these fees are recognized over the service period for the Financing Vehicles managed or administered by the Company and the payment term is monthly as a fixed percentage of the entity’s assets, except for the portion of management fees that are recognized at the point in time based on contract terms.

Performance fees are earned when certain Fund Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance of Financing Vehicles. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three and nine months ended September 30, 2025, $0.1 million and $0.9 million, respectively, worth of fees were recognized, which represent performance obligations satisfied in the previous year that were greater than the original estimate. During the three months ended September 30, 2024, $0.3 million worth of fees were recognized, which represent performance obligations satisfied in the previous year that were greater than the original estimate. During the nine months ended September 30, 2024, $2.9 million worth of fees were reversed, which represent performance obligations satisfied in the previous year that were less than the original estimate.

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

Total Revenue From Fees

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Services transferred at a point in time	$	302,197	$	235,594	$	834,798	$	691,485
Services transferred over time	37,690		13,689		105,507		37,396
Total revenue from fees	$	339,887	$	249,283	$	940,305	$	728,881

The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of September 30, 2025 or December 31, 2024.

Concentrations of Credit Risk and Significant Customers

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

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

Significant customers are those which represent 10% or more of the Company’s total fee revenue for each respective period presented. Two related party customers individually represented greater than 10% of total fee revenue and collectively totaled approximately 25% for three months ended September 30, 2025. No customer represented more than 10% of the Company’s total fee revenue for nine months ended September 30, 2025. Four customers, including three related parties, individually represented greater than 10% of total fee revenue and collectively totaled approximately 65% for the three months ended September 30, 2024. Two customers, including one related party, individually represented great than 10% of total fee revenue and collectively totaled approximately 25% for nine months ended September 30, 2024.

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.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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SHARE BASED COMPENSATION - Options to Restricted Shares Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 7.6
Options to Restricted Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 6.9
Unrecognized compensation expense, period of recognition	1 year 1 month 6 days

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.