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美國
證券交易委員會
華盛頓特區20549

表格 10-Q 
 ☒
根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
或
 ☐
根據1934年證券交易法第13或15(d)條款的過渡報告
過渡期從__________到__________。

委員會檔案編號： 001-41430

Pagaya Technologies Ltd.
（依憑章程所載的完整登記名稱）

以色列
87-3083236
(成立地或組織其他管轄區)（聯邦稅號）
90 Park Ave, 20th Floor
紐約, 紐約
10016
(總部辦公地址)(郵遞區號)

(646) 710-7714
(註冊公司之電話號碼，包括區號)

根據1973年證券交易法第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
具有A類普通股，無面值PGY納斯達克股票市場有限公司
購買A類普通股的權證 PGYWW納斯達克股票市場有限責任公司
請勾選以下項目，以判定在過去12個月(或更短期間，該註冊人被要求提交報告)內所有根據1934年證券交易法第13條或第15(d)條要求提供報告的報告是否已經提交，並且該註冊人在過去90天中是否受到提交報告的要求。 Yes ☒ 不 ☐
在前12個月內（或公司需要提交這些文件的較短時間內），公司是否已通過選中標記表明已閱讀並提交了應根據S-t法規第405條規定（本章第232.405條）提交的所有互動式數據文件？ Yes ☒ 不 ☐
請勾選指示登記者是否為大型快速提交人、快速提交人、非快速提交人、較小的報告公司或新興成長型公司。請參閱交易所法規120億2條，了解「大型快速提交人」、「快速提交人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速歸檔人☐加速歸檔人☒
非加速申報者
☐小型報告公司☐
新興成長型企業☒
若為新興成長型公司，請勾選表明公司是否選擇不使用根據《交易所法》第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期。 ☐
在核准的名冊是否屬於殼公司（如股市法規第1202條所定義之意義）方面，請用勾選符號表示。是 ☐ 不 ☒

截至2024年10月31日，申報人持有 61,003,320 無面值的A類普通股份，流通並 12,652,310 無面值的B類普通股份，流通並 5,000,000 無面值的A類優先股份，流通並




Table of Contents
目錄

頁面
i



Table of Contents
特別提醒有關前瞻性陳述

此季度報告包含涉及重大風險和不確定因素的前瞻性陳述。1995年《私人證券訴訟改革法案》（PSLRA）為前瞻性陳述提供安全港保護，以鼓勵公司提供有關其業務的未來信息。前瞻性陳述包括但不限於，我們對業務前景、生產力、未來運營改善和資本投資計劃與目標、運營績效、未來市場條件或經濟表現以及資本和信貸市場的發展以及預期未來財務績效的期望，以及有關可能或假定的營運未來結果的任何信息。

Pagaya希望利用PSLRA的安全港條款，並在與該安全港法規有關的事項中包含此警語聲明。本年度報告中除歷史事實陳述外的所有陳述，包括關於我們未來財務狀況、業務策略、計劃以及管理層未來運營目標的陳述，均屬前瞻性陳述。在某些情況下，您可以根據「估計」、「計劃」、「項目」、「預測」、「打算」、「期望」、「預期」、「相信」、「尋求」、「策略」、「未來」、「機會」、「可能」、「目標」、「應當」、「將」、「將會」、「將持續」、「可能導致」或類似表達方式來識別前瞻性陳述，這些表達預測或指出未來事件或趨勢，或者並非有關歷史事項的陳述。

前瞻性陳述涉及多種風險、不確定性和假設，實際結果或事件可能與這些陳述中暗示的有重大差異。可能導致這些差異的重要因素包括但不限於：

•實踐業務計劃和其他期望的能力;

•短期和長期利率環境持續或變化的影響；

•市場或政治環境不確定；

•資本的可用性和成本，包括風險保留投資的融資;
•我們有能力支付債務融資並符合相關契約條款；

•我們有能力發展和維護多元且強大的資金網絡；

•我們在融資工具中的風險保留投資公允價值變動的影響；

•我們因為營運歷史相對有限，導致未來前景和增長率的不確定性；

•我們的科技表現出色，能夠穩定滿足金融車輛資產投資者的回報期望。

•我們有能力改進、運作和實施我們的人工智能科技，包括在我們拓展至新資產類別時；

•在眾多夥伴中吸引和接納新夥伴，在現有有限數量的夥伴中籌集資金，透過融資工具，進而促成我們人工智能科技協助下的金融產品總數中占有重要比例的夥伴。

•可能存在留住我們現有管理團隊及其他關鍵員工和獨立承包商的困難，包括高技能的技術專家；

•我們對未來財務表現的估計；

•與人工智能、機器學習相關的政治、法律和監管框架變化；金融機構和消費者保護；

•健康流行病的影響，包括正在進行中的COVID-19大流行；

•我們實現過去或未來收購的潛在好處的能力；

•關於我們在以色列運營的相關條件；

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Table of Contents
•有關數據、安防和隱私的風險；

•會計原則和指引的變更；

•我們開發和保持有效內部控制的能力；

•保持我們的證券在納斯達克上市的能力;

•我們證券的價格一直波動且可能持續波動；

•意外的費用或開支；

•未來我們一般股的發行、銷售或轉售；

•我們的A類普通股可能無法持續在活躍的公開交易市場上交易；且

•在我們的年度10-K表格中描述的其他事項中，“風險因素”

我們提醒您不要依賴前瞻性聲明，這些聲明反映目前的信念，並基於截至發表前瞻性聲明之日當前可得的資訊。這裡所述的前瞻性聲明僅於本年度報告發表之日起生效。我們不承擔修改前瞻性聲明以反映未來事件、情勢變化或信念變化的義務，除非法律有要求。若更新任何前瞻性聲明，應不做任何推測認為我們會就該聲明、相關事項或其他前瞻性聲明做出額外更新，除非法律有要求。任何更正或修訂，以及可能導致實際結果差異的其他重要假設和因素，包括討論重大風險因素的內容，可能會在我們向美國證券交易委員會提出的公開文件中出現，您可以在www.sec.gov上查閱，並建議您參閱。

本年報中所使用的市場、排名和行業數據，包括有關市場規模和技術採用率的聲明，以我們管理層的誠信估計為基礎，這些數據反過來是基於我們管理層對內部調查、獨立行業調查和出版物以及其他第三方研究和公開可用的信息的審查。這些數據涉及許多假設和限制，並且請注意您不要對此類估算作出過度的重量。雖然我們不知道有關此處所提供的行業數據有任何誤解，但其估計涉及風險和不確定性，並可能會根據各種因素進行更改，包括下文所討論的因素風險因素」在我們的 10-k 表格年報中，該報告已於 2024 年 4 月 25 日向證券交易委員會提交，以及」項目 2-管理層 財務狀況及營運結果的討論及分析」本季度報告。


iii



Table of Contents
第一部分 - 基本報表
項目1. 基本報表

1



Table of Contents
PAGAYA TECHNOLOGIES LTD.
簡明合併資產負債表（未經查核）
（以千為單位，股份數額除外）
九月三十日，12月31日，
20242023
資產
流動資產:
現金及現金等價物$147,099 $186,478 
限制性現金17,617 16,874 
費用及其他應收款（包括相關方應收款 $55,591 及$51,036 截至2024年9月30日及2023年12月31日止)
98,280 79,526 
貸款和證券投資11,251 2,490 
預付費用和其他流動資產（包括 $15,660 和 $7,896 分別截至2024年9月30日和2023年12月31日）
24,214 18,034 
全部流動資產298,461 303,402 
受限現金16,331 19,189 
費用和其他應收款（包括 $30,783 和 $33,739 截至2024年9月30日和2023年12月31日分別）
30,783 34,181 
投資於貸款和證券912,131 714,303 
權益法和其他投資25,778 26,383 
租賃資產34,087 55,729 
物業及設備，扣除折舊後淨值39,359 41,557 
商譽10,945 10,945 
無形資產638 2,550 
預付費用及其他資產1,064 137 
待發行成本1,198 — 
非流動資產總額1,072,314 904,974 
總資產$1,370,775 $1,208,376 
負債及股東權益
流動負債：
應付賬款$5,835 $1,286 
應計費用及其他負債 32,550 28,562 
運營租賃負債的當期到期項5,491 6,931 
長期債務的當期償還12,750 — 
有抵押借款195,457 37,685 
應納所得稅款2,370 461 
流動負債合計254,453 74,925 
非流動負債:
認股權負債2,884 3,242 
循環授信額度15,000 90,000 
長期負債217,424 — 
有擔保借貸213,268 234,028 
运营租赁负债27,693 43,940 
長期稅務負債22,839 22,135 
递延所得税负债，净额189 107 
非流動負債總額499,297 393,452 
總負債753,750 468,377 
可贖回可轉換優先股，無面值 6,666,666 股份已授權 5,000,000 截至2024年9月30日和2023年12月31日，發行並流通股數為；總清算優先權為 $150,000 截至2024年9月30日和2023年12月31日的資產總額為。 (1)
74,250 74,250 
股東權益：
A類普通股，無面值， 666,666,666 已授權股數為， 60,160,631 和 49,390,936 截至2024年9月30日和2023年12月31日，已發行並流通股數分別為。 (1)
— — 
普通b股份，無面值， 166,666,666 已授權股份， 12,652,310 及 12,652,310 截至2024年9月30日和2023年12月31日，已發行並流通的股份數分別為。(1)
— — 
資本公積額額外增資1,258,862 1,101,914 
其他綜合損益（損失）累積額(90,432)444 
累積虧損(706,121)(542,637)
Pagaya Technologies Ltd.總股東權益462,309 559,721 
非控制權益80,466 106,028 
股東權益總額542,775 665,749 
負債總額、可贖回可換股優先股和股東權益$1,370,775 $1,208,376 
(1) 股份數量已追溯調整，以反映2024年3月8日實施的1比12反向拆股。
附註是這些簡明合併財務報表的組成部分
2



目錄
PAGAYA TECHNOLOGIES LTD.
簡要的綜合收入表（未經審計）
（單位：千美元，除每股數據和每股數據外）

截至9月30日的三個月截至9月30日的九個月
2024202320242023
營業收入
收費收入（包括相關方收入$174,177 的費用與2024年9月30日和2023年各九個月的合同安排相關。157,590 截至2024年9月30日和2023年的九個月的未實現收益分別爲$528,021 的費用與2024年9月30日和2023年各九個月的合同安排相關。459,581 截至2024年和2023年9月30日的九個月分別爲
$249,283 $201,447 $728,881 $562,386 
其他收入
利息收入8,735 10,375 24,672 30,965 
投資收益（損失）（1）(784)(65)(699)656 
總營業收入及其他收益257,234 211,757 752,854 594,007 
生產成本148,965 128,792 439,448 374,462 
科技、數據和產品開發16,655 18,039 57,970 56,833 
銷售與市場營銷11,440 11,339 35,028 40,197 
總務和行政57,790 53,425 185,307 157,567 
總成本和營業費用234,850 211,595 717,753 629,059 
營業收入（虧損）22,384 162 35,101 (35,052)
其他費用，淨額
(108,139)(47,260)(215,682)(131,135)
稅前損失
(85,755)(47,098)(180,581)(166,187)
所得稅費用（收益）
(11,524)(1,158)7,991 10,515 
包括非控股權益的淨虧損(74,231)(45,940)(188,572)(176,702)
減：非控制權益淨虧損
(6,755)(24,188)(25,088)(62,682)
歸屬於Pagaya Technologies Ltd.的淨虧損
$(67,476)$(21,752)$(163,484)$(114,020)
每股數據：
Pagaya科技有限公司每股淨虧損：
基本和稀釋（2）
$(0.93)$(0.36)$(2.35)$(1.91)
加權平均股數：
基本和稀釋（2）
72,728,667 60,713,648 69,619,813 59,617,660 
(1) 包括自營投資收入。
(2) 分額已根據2024年3月8日實施的1比12的股票拆分進行了追溯調整。

附註是這些簡明合併財務報表的組成部分
3



目錄
PAGAYA TECHNOLOGIES LTD.
未經審計的壓縮綜合損失陳述
（以千爲單位）

截至9月30日的三個月截至9月30日的九個月
2024202320242023
包括非控股權益在內的淨損失$(74,231)$(45,940)$(188,572)$(176,702)
其他綜合收益：
可供出售證券賬面利益（損失）淨額(19,179)5,084 (86,273)27,911 
包括非控股權益在內的綜合損失$(93,410)$(40,856)$(274,845)$(148,791)
少：歸屬於非控制權益的綜合收益（損失）(6,552)(21,126)(20,485)(39,469)
歸屬於Pagaya Technologies Ltd.的綜合損失$(86,858)$(19,730)$(254,360)$(109,322)

附註是這些簡明合併財務報表的組成部分
4



目錄
PAGAYA TECHNOLOGIES LTD.
未經審計的可贖回可轉換優先股份和股東權益變動的簡明綜合財務報表
（以千元爲單位，除股份數量外全爲估計值）
可轉換優先股份普通股
(A類和B類)		資本公積金累計其他綜合收益（損失）未分配收益（累計赤字）Pagaya Technologies Ltd.的股東權益總額（赤字）非控制者權益股東權益合計
股份（1）金額股份（1）金額
截至2024年6月30日的餘額5,000,000 $74,250 71,595,691 $— $1,235,677 $(71,050)$(638,645)$525,982 $89,592 $615,574 
行使期權後普通股份發行250,881 1,736 1,736 1,736 
RSU歸屬權解鎖後發行普通股390,712 — — — 
員工股票購買計劃發行普通股59,145 665 665 665 
基於股份的補償13,890 13,890 13,890 
根據股本融資購買協議發行普通股516,512 6,894 6,894 6,894 
向一致性VIE利益返還資本(2,574)(2,574)
其他全面收益（虧損）(19,382)(19,382)203 (19,179)
淨利潤（虧損）(67,476)(67,476)(6,755)(74,231)
結餘 - 2024年9月30日5,000,000 $74,250 72,812,941 $— $1,258,862 $(90,432)$(706,121)$462,309 $80,466 $542,775 
結餘 - 2023年12月31日5,000,000 $74,250 62,043,246 $— $1,101,914 $444 $(542,637)$559,721 $106,028 $665,749 
行使期權後普通股份發行523,799 2,495 2,495 2,495 
RSU歸屬後發行普通股1,872,182 — — — 
員工股票購買計劃歸屬後發行普通股59,145 665 665 665 
基於股份的補償51,600 51,600 51,600 
扣除發行費用後發行的普通股，淨額爲$5,312
7,500,000 89,956 89,956 — 89,956 
從股權融資購股協議發行普通股814,569 12,232 12,232 — 12,232 
對合並的VIE利益的貢獻— 2,815 2,815 
向合併VIE利益的資本返還— (7,892)(7,892)
其他全面收益（虧損）(90,876)(90,876)4,603 (86,273)
淨利潤（虧損）(163,484)(163,484)(25,088)(188,572)
餘額 - 2024年9月30日5,000,000 $74,250 72,812,941 $— $1,258,862 $(90,432)$(706,121)$462,309 $80,466 $542,775 

5



目錄
可轉換優先股份普通股
（A類和B類）		資本公積金累計其他綜合收益（損失）未分配收益（累計赤字）Pagaya Technologies Ltd.的股東權益（赤字）非控制者權益股東權益合計
股份（1）金額股份（1）金額
截至2023年6月30日的結餘5,000,000 74,250 59,075,752 — 1,027,687 1,963 (506,467)523,183 179,940 703,123 
行使期權後普通股份發行172,921 1,108 1,108 1,108 
RSU解鎖後發行普通股份50,235 — — 
與收購達爾文房屋公司相關的普通股發行10,681 — — — 
根據股本融資購買協議發行普通股144,569 3,793 3,793 3,793 
基於股份的補償23,177 23,177 23,177 
與業務組合和PIPE投資相關的發行成本逆轉4,401 4,401 4,401 
對合並VIE的利益進行捐贈— 3,942 3,942 
返還合併VIE利益的資本— (26,836)(26,836)
其他全面收益（虧損）2,022 2,022 3,062 5,084 
淨利潤（虧損）(21,752)(21,752)(24,188)(45,940)
餘額 - 2023年9月30日5,000,000 $74,250 59,454,158 $— $1,060,166 $3,985 $(528,219)$535,932 $135,920 $671,852 
2022年12月31日餘額— — 56,942,632 — 968,432 (713)(414,199)553,520 211,903 765,423 
行權認股權發行普通股16,304 — — — 
行使期權後普通股份發行538,684 — 2,538 2,538 2,538 
按照限制性股票單位獲得的普通股份發行286,142 — — — 
發行優先股，扣除發行成本 $750
5,000,000 74,250 — — — 
基於股份的補償62,868 62,868 62,868 
與業務組合和PIPE投資相關的發行成本逆轉4,401 4,401 4,401 
與收購Darwin Homes, Inc.相關的普通股發行1,525,827 18,134 18,134 18,134 
根據股權融資購買協議發行普通股144,569 3,793 3,793 3,793 
投資重新分類(1,881)(1,881)18,341 16,460 
對於合併的VIE的權益的貢獻— 19,235 19,235 
向合併的VIE的權益返還資本— (55,749)(55,749)
其他全面收益（虧損）6,579 6,579 4,872 11,451 
6



目錄
淨收益（虧損）(114,020)(114,020)(62,682)(176,702)
餘額 — 2023 年 9 月 30 日5,000,000 $74,250 59,454,158 $— $1,060,166 $3,985 $(528,219)$535,932 $135,920 $671,852 
(1) 分額已根據2024年3月8日實施的1比12的股票拆分進行了追溯調整。

附註是這些簡明合併財務報表的組成部分
7



目錄
PAGAYA TECHNOLOGIES LTD.
未經審計的簡明合併現金流量表
（以千爲單位）
截至9月30日的九個月
20242023
經營活動現金流
包括非控制利益在內的純損失$(188,572)$(176,702)
調整以達到淨利潤（損失）與經營活動現金流量淨額的調和：
權益法（收益）損失699 (655)
折舊與攤銷20,475 13,161 
基於股份的補償45,852 57,312 
認股權證義務的公允價值調整(358)3,763 
投資貸款和證券的減值損失155,960 115,644 
資本化軟件的沖銷3,145 1,935 
與釋放評估準備相關的稅收減免— (1,162)
長期債務發行成本攤銷2,065 — 
匯率期貨的損益 4,178 (302)
其他非現金項目367 — 
經營性資產和負債的變化：
費用和其他應收款(15,332)(7,666)
遞延所得稅負債，淨82 13 
預付款項和其他資產(8,213)1,812 
使用權資產1,462 6,435 
應付賬款4,607 (374)
應計費用和其他負債4,121 (16,682)
經營租賃負債(441)(6,433)
所得稅/長期稅負4,360 529 
經營活動產生的淨現金流量34,457 (9,372)
投資活動現金流量
出售/到期/提前償還的收益來源：
貸款和證券投資89,905 134,101 
權益法投資和其他投資31 — 
從達爾文房屋公司獲得的現金和受限制的現金 — 1,608 
購買支出：
貸款和證券投資(538,727)(436,242)
固定資產(13,761)(15,555)
股權法和其他投資(125)— 
投資活動產生的淨現金流出(462,677)(316,088)
籌資活動現金流量
普通股出售收益，扣除發行成本淨額89,956 — 
獲得長期債務244,725 — 
發行可贖回可轉換優先股收益，淨額— 74,250 
從擔保借款獲得的收益254,895 314,276 
來自非控制權益的收益2,815 19,235 
可轉借款項收益59,000 110,000 
行使股票期權和股票購買計劃所得款項3,160 2,538 
根據股權融資購股協議發行普通股所得款項11,865 3,793 
支付給非控股權益人的分配(7,892)(39,321)
支付給循環信貸機構的款項(134,000)(25,000)
支付給擔保借款的款項(117,883)(182,358)
支付給長期債務的款項(9,563)— 
長期債務發行成本(7,974)— 
以分股爲基礎的補償來滿足稅收扣繳要求— (650)
8



目錄
用於推遲發行成本的支付款項(1,198)— 
籌資活動提供的淨現金387,906 276,763 
匯率變動對現金、現金等價物及限制性現金的影響(1,180)(4,201)
現金、現金等價物及受限現金的淨增（減）(41,494)(52,898)
本期期初現金、現金及受限制的現金餘額為222,541 337,076 
本期期末現金、現金及受限制的現金餘額為$181,047 $284,178 
將合併資產負債表中的現金、現金等價物和受限現金與上述現金流量表中顯示的金額進行調解：
現金及現金等價物$147,099 $252,578 
限制性現金 - 流動17,617 26,280 
限制性現金 - 非流動16,331 5,320 
現金、現金等價物和限制性現金總額$181,047 $284,178 

附註說明是這些基本報表不可分割的一部分

9



目錄
注意事項1 - 業務描述

Pagaya Technologies Ltd.及其合併子公司（以下統稱「我們」「我們的」「Pagaya」或「公司」）是一家科技公司，運用先進的數據科學及專有的人工智能技術，為金融服務及其他服務供應商、他們的客戶以及資產投資者提供更好的結果。與Pagaya的網絡整合的服務供應商，稱為「合作夥伴」，從高速增長的金融科技公司到傳統銀行及金融機構、汽車金融供應商和住宅房地產服務提供商，範圍廣泛。合作夥伴可以訪問Pagaya的網絡，幫助其客戶獲得金融產品，從而幫助這些客戶實現他們的財務需求和夢想。這些由合作夥伴在Pagaya的人工智能技術協助下產生的資產，有資格被（i）由Pagaya或其附屬機構管理或建議的所有基金类型，（ii）由Pagaya或其附屬機構贊助或管理的證券化工具，以及（iii）其他類似的工具（以下稱為「融資工具」）收購。

Pagaya Technologies Ltd.成立於2016年，依據以色列法律組織。Pagaya在美國和以色列設有主要辦公室。

逆向股份合併

股份數量已經追溯調整，以反映於2024年3月8日實施的1比12反向股票拆分。

備註 2 - 重要會計政策概要
表述基礎和合併原則

隨附的未經審核的壓縮綜合財務報表已按照美國公認會計原則（“美國GAAP”）編製，並包括公司、其直接擁有的子公司以及如有的合併特殊利益實體的帳戶。

隨附的未經審核的簡明合併基本報表來自經審核的合併基本報表，但並未包含所有的披露，包括根據GAAP年度報告要求的某些附註。根據此類規則和法規，通常包含在符合GAAP編製的基本報表中的某些信息和附註披露已被簡明或省略。因此，這些未經審核的簡明合併基本報表應與截至2023年12月31日的經審核合併基本報表及其相關附註一起閱讀，這些內容包含在公司的10-K年度報告中。

所有公司間帳戶及交易已被消除。 公司的功能及報告货币為美國美元。在管理層看來，未經審核的簡明合併基本報表是基於與年度合併基本報表相同的基礎編製的，除非在下方另有說明，並反映所有調整，包括僅為公平呈現公司截至2024年9月30日的財務狀況，及公司截至2024年及2023年9月30日的合併經營成果和股東權益，以及截至2024年及2023年9月30日的現金流量所需的正常例行調整。截至2024年9月30日的三個月和九個月的結果不一定能反映2024年12月31日結束的完整年度預期的結果或任何其他未來的中期或年度時期。

重要會計政策

在公司截至2023年12月31日的年度10-k表格中列明的重大會計政策摘要（第2附註）中，我們的重要會計政策沒有發生實質變化，該表格已於2024年4月25日提交給美國證券交易委員會（SEC）。

未採用的近期會計宣告

作為“新興成長公司”，Jumpstart Our Business Startups Act（“JOBS Act”）允許公司延遲採納適用於上市公司的新的或修訂會計準則，直至這些準則適用於私人公司為止。公司已選擇利用JOBS法案下的這個延長過渡期。下文討論的採納日期反映了這一選擇。

2023年11月，FASB發佈了ASU 2023-07，即《段報告（主題280）：改善可報告部門披露》。此更新中的修訂將透過加強的可報告部門披露要求主要改善了報告部門。
10



目錄
有關重大部門費用的披露。具體來說，新指導要求每年及每季披露定期提供給首席營運決策maker的重大部門費用，以及按可報告部門分類的其他部門項目的金額，並描述其組成。此外，修訂增強了中期披露要求，明確了實體可以披露多個利潤或損失的部門衡量指標的情況，並為只有一個可報告部門的實體提供了新的部門披露要求。此項ASU對公司自2024財年及其2025財年內的中期期間開始生效，並允許提前採用。公司目前正在評估修訂對其綜合基本報表及相關披露的影響。

在2023年12月，FASB發布了ASU 2023-09，所得稅（主題740）：對所得稅披露的改善。這次修訂要求實體在有效稅率的調解中披露特定類別，並提供對調解項目的額外資訊，其中這些調解項目的影響等於或大於按適用法定所得稅率將稅前收入/虧損乘以的金額的5%。此外，實體還需披露按法律轄區劃分的年初至今已支付的所得稅金額（扣除已收到的退款）。此ASU於2025年12月15日之後開始的年度期間對本公司生效，並允許提前採納。本公司目前正在評估這些修訂對其合併基本報表及相關披露的影響。

最近已採納的會計準則

在2020年8月，FASb發布了ASU 2020-06，“債務-帶有轉換和其他期權 (Subtopic 470-20) 和衍生品及避險-主體的權益合約 (Subtopic 815-40)：關於可轉換工具和主體的權益合約的會計”，簡化了可轉換工具的會計處理。該指南取消了將可轉換工具的嵌入式轉換功能與主合約分開的某些會計模型。採用這一標準的過渡可以選擇修改後的追溯法或完全追溯法。該指南自2024年1月1日起生效。採用該指南對公司的基本財務報表沒有實質影響。
注意事項 3- 收入

費用收入
來自費用的營業收入包含網絡人工智能費用和合約費用。網絡人工智能費用可以進一步細分為 兩 費用來源：人工智能整合費用和資本市場執行費用。人工智能整合費用是針對構成網絡成交量的資產的創建和交付而賺取的。公司利用多個資金渠道來促進從合作夥伴那裡購買網絡資產，例如資產支持證券化（「ABS」）。資本市場執行費用是從ABS交易的市場定價中獲得的，而合約費用則是管理費、績效費和類似費用。這些費用源於與客戶的協議，並根據FASB會計標準編碼606「來自客戶合約的營業收入」（「ASC 606」）進行確認。
根據ASC 606，營業收入通常以總額基準確認，這與作為主體的總額報告營業收入和作為代理的淨額報告營業收入有關。這是因為公司主要負責整合合作夥伴提供的各種服務，並最終對融資工具負責相關服務的履行。在公司不滿足以總額基準確認營業收入的標準時，公司將以淨額基準記錄營業收入。

網絡人工智能費用，包括人工智能整合費用和資本市場執行費用，總計$229.1 百萬美元和美元184.0 百萬，而$666.2 百萬和$505.5 百萬，截至2024年和2023年9月30日的九個月。公司主要在相關履約義務履行的時點確認網絡人工智能費用。公司不時可能為融資工具提供某些激勵措施。當公司認定某激勵措施是可支付的對價，該對價並非用於交換明確的商品或服務時，該激勵措施被記錄為營業收入的減少。向第三方支付的與公司科技整合的服務費用被記錄在綜合營運報表中的生產成本。

房地產業費用，包括在網絡人工智能費用中，是為安排購買房地產資產、提供行政服務、安排最終銷售資產以及提供購買前後服務，包括有權賺取績效費用的義務而賺取。所有這些費用在一段時間內被確認，除了購買和銷售義務，在各自交易的時間點得到滿足。由於公司是這些服務的主體，收入以毛基礎記錄。

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目錄
合約費用包括管理費、表現費和服務費。合約費用總計為$20.1 百萬美元和美元17.4 百萬，而$62.7 百萬和$56.9 百萬分別為2024年和2023年9月30日結束的九個月，公司根據由公司管理或管理的融資工具的服務期間認可管理費。

當特定的融資工具超過合約回報閾值時，將獲得績效費用。僅有在累計營業收入出現重大逆轉的機率不高時才予以承認。公司根據市場條件和預期貸款表現等各種因素進行估計。在隨後的期間，真實績效將被衡量，並進行調整以確保費用準確代表實際績效。因此，有些收益來自於前一年中滿足的績效義務。截至2024年9月30日結束的三個月內，有$0.3 百萬美元的費用代表2023年中提前滿足的績效義務，低於最初預估。截至2024年9月30日結束的九個月內，有$2.9 百萬美元的費用代表2023年中提前滿足的績效義務，高於最初預估。截至2023年9月30日結束的三個月和九個月內，分別有$1.8 百萬美元和美元0.1 百萬美元的費用分別代表2022年中提前滿足的績效義務，高於最初預估。
金融工具的服務費主要包括收取款項和就證券化工具中的貸款提供報告，將於服務期間內予以承認。這些職責被視為代理人責任，不包括擔任貸款服務人。因此，服務費用以淨額形式記錄。
公司通常確定其合同不包含重大的融資組成，因為公司的售價不受結算條款的約束，也不是為了從客戶那裡獲得融資或向客戶提供融資。此外，作為一種實務上的便利，如果在合同締結時預期付款與服務轉移之間的期限預計為一年或以下，公司不會調整交易價格以反映重大融資組成的影響。
一旦營業收入被確認，它會在資產負債表上的費用和其他應收款項中記錄，直到收到客戶的付款。確認的時間取決於上述描述的服務類型。  
截至九月三十日三個月結束時截至九月三十日九個月結束時
2024202320242023
（以千計）
服務於某一時刻轉移$235,594 $191,379 $691,485 $535,684 
服務隨時間轉移13,689 10,068 37,396 26,702 
總營業收入來自費用淨額$249,283 $201,447 $728,881 $562,386 
截至2024年9月30日或2023年12月31日，公司並沒有記錄重大合同資產、合同負債或遞延合同成本。

信用風險集中度與重要客戶

金融工具可能使公司面臨信用風險集中，主要包括現金及現金等價物、受限現金和應收款項。現金及現金等價物主要維持在主要金融機構，管理層評估該等金融機構的信用質量較高。公司在這些存款上未曾經歷任何損失。

公司的應收費用餘額主要是根據與客戶的協議，並且受正常信用風險影響，管理層認為風險不顯著。

重要客戶是指在各自的報告期間內，佔公司總營業收入10%或以上的客戶。四位客戶，包括三位關聯方，個別佔總營業收入超過10%，總計約為 65在截至2024年9月30日的三個月內。兩位客戶，包括一位關聯方，個別佔總營業收入超過10%，總計約為 25在截至2024年9月30日的九個月內。四位客戶，包括三位關聯方，個別佔總營業收入超過10%，總計約為 71在截至2023年9月30日的三個月內。兩位關聯方客戶個別佔總營業收入超過10%，總計約為 24在截至2023年9月30日的九個月內。

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目錄

備註4 - 借款

截至2024年9月30日及2023年12月31日，本公司已獲得借貸，包括流動及非流動部分，餘額為$408.7百萬和$271.7百萬，長期債務，包括流動及非流動部分，餘額為$230.2百萬和$0.0 百萬美元。，分別，以及一項循環信用額度，餘額為$15.0百萬和$90.0百萬，分別。至2024年9月30日，本公司已遵守所有條款。

風險持有主購回購

在業務正常運作過程中，公司通過合併的VIE進行購回協議，以融資公司從證券化交易中保留的風險保留餘額。根據這些協議，公司以金融工具作為抵押品。與交易對手的這些協議通常包含合同條款，允許交易對手有權出售或再抵押抵押品。由交易對手擁有的可以出售或再抵押的抵押證券包括在公司貸款和證券投資的資產負債表中。截至2024年9月30日和2023年12月31日，購回協議的未償本金餘額分別為$378.3百萬和$251.4百萬美元，並記錄在合併資產負債表中的抵押借款中，加權平均利率分別約為 十六 百分之 十三 ％。截至2024年9月30日和2023年12月31日，購回協議的平均剩餘合約到期日大於90天。

應收款項設施

在2022年10月，Pagaya Receivables LLC，一家全資附屬公司，與某些貸款人簽訂了一項貸款及安防協議（以下簡稱“LSA協議”），該協議規定了一項 3年 的貸款設施（以下簡稱“應收帳款設施”），最高本金金額為$22百萬，用於資助從贊助證券化交易中購買的某些符合條件的應收帳款。2023年6月，公司修訂了該協議，並將最高本金金額增加了$10$百萬32百萬。在2024年6月，公司再次修訂該協議，該協議的最高本金金額從$32百萬提高至$45百萬，並將期限延長至2026年6月。根據應收帳款設施的借款利率，每年利率等於調整後的有擔保隔夜融資利率（需符合一個 0.00固定一個百分比底，再加上一個固定利差百分比。 3.50％，餘額則使用從應收款項中收到的現金收益償還。截至2024年9月30日和2023年12月31日，應收款項貸款的未償還本金餘額為$30.4百萬和$20.3百萬，分別記錄在綜合資產負債表的有擔保借款項下。

信用協議

於2024年2月2日，公司簽署了一項信貸協議（「信貸協議」），該協議提供了 5年期 一個為期的擔保循環信貸設施（「循環信貸設施」），初始本金金額為$25百萬元，隨後增加至$35百萬元，以及 5 年擔保定期貸款設施（「定期貸款設施」，與循環信貸設施合稱為「設施」），初始本金金額為$255百萬。

這些設施取代SVb循環信貸設施。除了取代SVb循環信貸設施外，根據這些設施借款的收益可用於公司的一般企業用途及其子公司。

根據循環信用設施，借貸不需要進行攤銷支付。根據定期貸款設施，定期貸款需要按原始本金的攤銷進行還款，金額為 1.25每季度按定期貸款設施下定期貸款原始本金的百分比進行。

根據該設施下的貸款，每年利率按公司選擇相等於 (i) 基本利率（根據最優惠利率確定，並須遵守以下條件） 2.00基準百分比) 加上保證金 6.50百分比或 (ii) 經調整的定期保證隔夜融資利率（須視乎 1.00基準百分比) 加上保證金 7.50百分比。在循環信貸設施下承諾的任何未使用部分，收取承諾費用，每年利率為 0.25百分比，並按季度繳付欠款。累計利息為 $7.7截至 2024 年 9 月 30 日，已在未經審核的簡明綜合資產負債表中記錄了百萬元的累計開支和其他負債。

截至2024年9月30日，公司有一筆未償還的餘額為$230.2百萬，該筆餘額在未經審核的簡明綜合資產負債表中列為長期負債，其未來的到期總額如下（以千為單位）：

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目錄
2024年9月30日
2024$3,188 
202512,750 
202612,750 
202712,750 
202812,750 
此後191,250 
總計245,438 
債務發行成本
(15,264)
長期欠債總額，扣除債券發行成本
$230,174 

截至2024年9月30日，公司持有信用證照，金額達到$15.2和4.8百萬美元，根據循環信用設施還剩餘可用空間。

截至2023年12月31日，公司在SVb循環信貸設施下的未償還餘額為$90.0百萬。

注意事項5 - 貸款和證券投資

按攤銷成本、未實現毛利及損失、信用損失準備金和貸款與證券投資的公平價值，截至2024年9月30日和2023年12月31日如下（以千元計）。根據註6的規定，這些貸款與證券投資的部分因公司確定對於某些VIE是主要受益人而被合併。
截至2024年9月30日
投資於貸款和證券，可供沽售（1）：
摊销
成本		毛利潤
未實現的收益。
收益		總額
未實現
Losses		賒銷損失準備公平
價值
證券化票據
$278,376 $514 $(675)$— $278,215 
證券化證券
971,470 13,314 (93,548)(251,125)640,111 
其他貸款與應收款項6,865 — — (1,809)5,056 
總計$1,256,711 $13,828 $(94,223)$(252,934)$923,382 
(1) 不包括應收利息$ 的累計款項13.4百萬已包含在 費用及其他應收款項.

截至2023年12月31日
可供出售的貸款和證券投資(1)：
摊销
成本		毛利潤
未實現的收益。
收益		總計
未實現的
Losses		賒銷損失準備公平
價值
證券化票據
$91,654 $629 $(1,858)$— $90,425 
證券化證書
715,646 18,684 (11,578)(98,679)624,073 
其他貸款和應收款 4,574 — — (2,279)2,295 
總計$811,874 $19,313 $(13,436)$(100,958)$716,793 
(1) 不包括應收利息$ 的累計款項12.5百萬已包含在 費用及其他應收款項.

以下表格列出了截至所示日期（以千為單位）的貸款和證券的公允價值及未實現的總損失，其中不包括信用損失準備金，並依據投資類別和各個證券持有在持續未實現損失狀態的時間長度進行彙總。

14



目錄
截至2024年9月30日
小於或等於1年大於1年總計
可供出售的貸款和證券投資:公平價值未實現虧損公允價值未實現損失公允價值未實現損失
證券化票據
$68 $(1)$28,418 $(674)$28,486 $(675)
證券化證書
18,507 (4,929)— — 18,507 (4,929)
其他貸款與應收款項— — — — — — 
總計$18,575 $(4,930)$28,418 $(674)$46,993 $(5,604)

截至2023年12月31日
小於或等於1年大於1年總計
貸款和證券投資，可供出售：公平價值未實現虧損公允價值未實現虧損公允價值未實現虧損
證券化票據
$59,925 $(1,858)$— $— $59,925 $(1,858)
證券化證書
15,799 (1,988)— — 15,799 (1,988)
其他貸款與應收款項— — — — — — 
總計$75,724 $(3,846)$— $— $75,724 $(3,846)


下表列出了截至所示日期的貸款和證券投資的攤銷成本和公允價值，按契約到期日劃分（以千為單位）：

截至2024年9月30日
1年內大於1年，小於或等於5年總計
投資於貸款和證券，可供出售：攤銷成本公平價值攤銷成本公允價值攤銷成本公允價值
證券化票據
$10,549 $10,489 $267,827 $267,726 $278,376 $278,215 
證券化證書
762 762 970,708 639,349 971,470 640,111 
其他貸款與應收款項— — 6,865 5,056 6,865 5,056 
總計（1）$11,311 $11,251 $1,245,400 $912,131 $1,256,711 $923,382 

截至2023年12月31日
1年內大於1年，小於或等於5年總計
可供出售的貸款和證券投資：攤銷成本公平價值攤銷成本公允價值攤銷成本公允價值
證券化票據
$2,405 $2,387 $89,249 $88,038 $91,654 $90,425 
證券化證書
103 103 715,543623,970715,646624,073
其他貸款與應收款項— — 4,5742,2954,5742,295
總計（1）$2,508 $2,490 $809,366 $714,303 $811,874 $716,793 

(1) 基於預期到期日現金流。

下表列出了截至所示期間的總收益及相關投資收益（損失），以及證券的減記損失及信貸損失準備金（以千為單位）：
15



目錄
截至九月三十日三個月結束時
截至九月三十日九個月結束時
2024202320242023
可供出售的貸款和證券投資：
銷售/到期/提前還款的收益$23,083 $42,741 $89,905 $134,101 
對準備金進行的撇帳$4,810 $37,758 $7,109 $38,636 
對信用損失準備金的增加
$(79,171)$(37,314)$(159,085)$(115,640)

以下表格列出截至所示日期的貸款及證券投資的信用損失準備活動（以千為單位）：

2024年9月30日結束的三個月
證券化票據證券化證書其他貸款及應收款項總計
期初餘額$— $(174,077)$(4,053)$(178,130)
新增的信貸損失準備金，先前未記錄— (21,118)— (21,118)
對於先前已設的準備金之證券的新增（減少）— (55,930)(2,123)(58,053)
撇帳從備抵中扣除— — 4,810 4,810 
償還曾先前注銷的金額— — (443)(443)
期末餘額$— $(251,125)$(1,809)$(252,934)

截至2024年9月30日的九個月
證券化票據證券化證書其他貸款及應收款項總計
期初餘額$— $(98,679)$(2,279)$(100,958)
增加未曾記錄的信用損失準備— (112,263)— (112,263)
增加因購買而產生的信用損失準備
— — (3,246)(3,246)
根據先前的許可，對證券進行增加（減少）— (40,183)(3,393)(43,576)
對許可金額提出的核銷— — 7,109 7,109 
償還曾先前注銷的金額— — — — 
期末餘額$— $(251,125)$(1,809)$(252,934)

2023年9月30日三個月結束
證券化票據證券化證書其他貸款及應收款項總計
期初餘額$— $(74,288)$(3,160)$(77,448)
新增未曾記錄的信用損失準備— (36,999)(315)(37,314)
計入撥備的核销金額— 36,821 937 37,758 
期末餘額$— $(74,466)$(2,538)$(77,004)

16



目錄
2023年9月30日止九個月
證券化票據證券化證書其他貸款及應收賬款總計
期初餘額$— $— $— $— 
新增的信用損失準備金，之前未記錄的— (111,287)(4,353)(115,640)
對準備金進行的撇帳— 36,821 1,815 38,636 
期末餘額$— $(74,466)$(2,538)$(77,004)

權益法及其他投資
截至2024年9月30日和2023年12月31日，合併資產負債表中的權益法及其他投資包括以下投資，包括根據權益法計算的投資（以千為單位）：

攤銷後成本
2024年9月30日2023年12月31日
投資於Pagaya SmartResi F1 Fund，LP（1）$16,381 $17,357 
其他（2）9,397 9,026 
總計$25,778 $26,383 

(1) 公司擁有大約 5.4% 並且是Pagaya Smartresi F1 基金LP的普通合夥人。
(2) 代表公司的專有投資。這些投資的收入包含在綜合損益表的投資收益中。

備註6 - 合併與變量利息實體
該公司對其贊助的證券化工具擁有變量權益。當該公司被認為是主要受益者時，將合併變量實體。要成為主要受益者，該公司必須對變量實體擁有控制性的財務權益。這是通過評估該公司是否同時擁有（1）指導變量實體活動的權力，而這些活動對變量實體的經濟表現影響最大，以及（2）對可能對變量實體的損失承擔義務或者對變量實體獲得潛在重大的利益的權利來決定的。
被合併的可變利實體
截至2024年9月30日及2023年12月31日，本公司已確定其為Pagaya Structured Holdings LLC、Pagaya Structured Holdings II LLC和Pagaya Structured Holding III LLC（「風險保留實體」）的主要受益人。 作為證券化交易的贊助商，本公司受到風險保留要求的約束，並成立了風險保留實體以滿足這些要求。

以下是公司與合併VIEs（即風險保留實體）相關所持有資產和負債的摘要（以千元為單位）：
 
資產負債資產淨值
截至2024年9月30日
$99,959 $— $99,959 
截至2023年12月31日
$132,660 $— $132,660 
非合併變利實體
公司決定其並非持有貸款並發行與其擔保交易相關的證券的信託的主要受益人。公司不具備指揮或控制對信託績效影響最大的活動的權力，而這項活動被確定為貸款服務。
該公司對非合併VIEs的最大損失暴露代表在嚴重的假設情況下可能產生的估計損失，公司認為這種情況發生的可能性微乎其微，例如
17



目錄
當公司持有的證券化票據以及高級和剩餘證書的價值作為風險保留要求下降至零時。
以下是公司對（即不通過風險保留實體持有的）非合併VIE的直接持份（以千為單位）：
資產價值 最大損失承擔VIE 資產
截至2024年9月30日
$828,444 $828,444 $10,044,814 
截至2023年12月31日
$591,030 $591,030 $8,363,402 

本公司可不時從融資工具購買資產，但無義務。該等回購將由本公司決定。截至二零二四年九月三十日止的三個月和九個月內，該公司購買約 $14.5百萬和美元34.0貸款機構分別提供的百萬元貸款本金，包括損失約 $12.8百萬和美元31.2有關這些貸款的一般費用和行政開支分別為百萬。截至二零二三年九月三十日止的三個月和九個月內，本公司已經 不 從融資工具購買任何貸款。

備註 7 - 租賃

本公司以作業租賃形式租賃設施，租約到期日各異，最長至2032年。 本公司在紐約、以色列及其他幾個地點租賃辦公空間。
租約的安防押金為$3.3百萬和$4.8截至2024年9月30日和2023年12月31日，分別為百萬，這些款項已在未經審核的簡明合併資產負債表中確認為受限制現金，非流動。
公司的營業租賃費用包括租金和變量租賃支付。包括公共區域維護的變量租賃支付被納入營業費用。公司的短期租賃租金費用在所呈現的期間內為微不足道。 營業租賃費用如下（以千為單位）：

截至九月三十日止三個月，截至九月三十日止九個月
2024202320242023
租金費用$2,900$3,275$8,748$10,061
可變租金付款$87$72$260$203
轉租收入$999$1,035$3,007$3,154

與公司營運租約相關的補充資訊如下（$以千為單位）：

2024年9月30日2023年12月31日
加權平均剩餘租約期限（年）6.47.4
加權平均折現利率8.7 %6.1 %
截至九月三十日三個月結束時截至九月三十日九個月結束時
2024202320242023
因新的營運租賃義務而確認的操作租賃使用權資產 (1)
$(19,961)$— $(20,179)$290 

(1) 截至2024年9月30日止三個月和九個月，$ 資產，分別因提前終止而取消了操作租賃權利資產和相應的租賃負債。20.0百萬和$20.2 百萬，操作租賃權利資產及相應租賃負債因提前終止而摘除。
18



目錄

截至2024年9月30日，公司營運租賃負債的到期日如下（以千元計）：

2024$2,355 
20257,355 
20267,000 
20275,883 
20285,093 
此後15,104 
總計42,790 
減：隱含利息(9,606)
總經營租賃負債$33,184 


承諾和應付款項

法律訴訟 — 隨著時間推移，公司在正常的業務過程中不時會面臨法律訴訟和索賠。這些事宜的結果通常無法確定預測。根據適用的會計指導，公司在法律訴訟和索賠方面設立應計負債，當這些事宜表現出損失可能性時，必須同時滿足可合理預估的條件。所有因當前法律事宜而產生的負債，在這些事宜存在的範圍內，已在綜合財務狀況表的應計費用和其他負債中記錄，這些事宜是無關緊要的。

契約義務和承諾 — 在2023年，公司與我們的第三方雲計算服務商簽訂了購買承諾，其中包括從2023年10月到2025年9月的年度購買承諾金額為$4.6百萬。截至2024年9月30日，剩餘的總合約義務約為$4.9百萬，所有這些義務都針對接下來的12個月。根據用量，公司可能會支付超過最低購買承諾的金額。

保證與賠償 — 在正常的業務過程中，公司可能會向客戶和其他第三方提供範圍和條件各異的賠償或損失保證，涉及某些事項，包括但不限於因違反此類協議、公司提供的服務或第三方提出的知識產權侵權索賠而產生的損失。這些賠償可能會在基礎協議終止後仍然有效，未來賠償支付的最大潛在金額可能不會受上限限制。截至2024年9月30日，尚未發生已知事件或情況導致重大賠償責任，公司也未承擔重大費用來抗辯與這些賠償相關的訴訟或和解索賠。對於某些契約符合保證或衍生品的定義，保證人必須在開始時及每個報告期間，確認為發出保證所承擔的義務的公允價值的負債。此外，保證人必須披露如果被保證方違約，保證人可能被要求支付的未來付款的最大潛在金額。最大潛在未來付款的確定是基於保證的名義金額，而不考慮根據追索條款或持有或抵押的擔保可能的回收。截止2024年9月30日，公司在這些保證下可能需要支付的未來未折現付款的最大潛在金額總計為$30.1百萬。根據保證合同，最大潛在付款金額已被隔離並在未經審核的簡明合併資產負債表中列示為限制性現金。

Note 9 - 涉及相關方的交易

在普通的業務過程中，本公司可能與董事、主要高管、他們的直系親屬以及他們作為主要股東的關聯公司進行交易（通常稱為關聯方）。此外，本公司還與證券化工具及其他融資工具進行交易，這些也是關聯方。

截至2024年9月30日，從相關方收取的總費用應收款項為$86.4百萬，其中包括$78.9百萬來自證券化車輛和$7.5百萬來自其他融資車輛。截至2023年12月31日，從相關方收取的總費用應收款項為$84.8百萬，其中包括$78.4百萬來自證券化車輛和$6.3百萬來自其他融資車輛。
19



目錄

截至2024年9月30日和2023年12月31日，預付費用和其他資產包括來自關聯方的應收款項共$15.7百萬和$7.9百萬，均與融資工具有關。

截至2024年9月30日的三個月，來自關聯方的總營業收入為$174.2百萬，該收入包括來自$154.3百萬的證券化工具和$19.9百萬的其他融資工具。至2024年9月30日的九個月，來自關聯方的總營業收入為$528.0百萬，該收入包括來自$474.1百萬的證券化工具和$53.9百萬的其他融資工具。至2023年9月30日的三個月，來自關聯方的總營業收入為$157.6百萬，該收入包括來自$149.0 百萬來自證券化工具和 $8.6 百萬來自其他融資工具。截止至2023年9月30日的九個月內，來自關聯企業的總營業收入為 $459.6 百萬，其中包括 $418.4 百萬來自證券化工具和 $41.2 百萬來自其他融資工具。

公司可能會不定期地，但並非有義務，從融資工具購買資產。這類回購由公司自行決定。於截至2024年9月30日的三個月和九個月內，公司大約購買了$14.5百萬和$34.0百萬的貸款本金，並在一般及行政費用中列入約$12.8百萬和$31.2百萬的損失，與這些貸款相關。於截至2023年9月30日的三個月和九個月內，公司並未 不 從融資工具購買任何貸款。

註記 10 - 公允價值測量

FASB ASC 820， "公允價值計量與披露"（"ASC 820"），定義了公允價值，建立了一個在一般公認會計原則下計量公允價值的框架，並要求對公允價值計量進行某些披露。一般而言，金融工具的公允價值基於報價市場價格（在可用時）。如果這些報價的市場價格不可用，則公允價值基於模型，這些模型使用可觀察的市場基礎參數作為輸入，並盡可能多地利用。

以公允價值記錄的金融資產和負債

以下表格顯示了截至2024年9月30日和2023年12月31日，公司的資產和負債的相關信息，這些資產和負債是以公允價值持續計量的，並指明了公司為判斷此公允價值而使用的估值輸入的公允價值階層（以千為單位）：

2024年9月30日
一級第二級三級總計
資產：
對貸款和證券的投資（註解）
$— $48,530 $229,685 $278,215 
對貸款和證券的投資（證書及其他貸款和應收款項）
— — 645,167 645,167 
負債：
認股權負債$1,874$1,010$— $2,884

2023年12月31日
一級第二級三級總計
資產：
對貸款和證券的投資（附註）
$— $90,425 $— $90,425 
對貸款和證券的投資（憑證和其他貸款及應收款）
— — 626,368 626,368 
負債：
認股權負債$2,106$1,136$— $3,242

資產和負債以重複方式衡量的公平價值（1級和2級）

權證負債（第1級和第2級）
20



目錄

公司使用公開認股權證（第1級）的價值作為私人認股權證價值的近似值，因為它們與公開認股權證有顯著相似之處，但並未在活躍市場上直接交易或報價。

以下表格總結了截至2024年和2023年9月30日的三個月和九個月的權證負債活動（以千元計）：
截至二零二四年九月三十日止三個月
截至二零二四年六月三十日止餘額$1,671
公平價值變動1,213
截至二零二四年九月三十日止餘額$2,884
截至2024年9月30日的九個月
截至2023年12月31日之餘額$3,242
公平價值變動(358)
截至2024年9月30日的餘額$2,884
2023年9月30日三個月結束
截至2023年6月30日的結餘$3,835
公平價值變動1,328 
2023年9月30日的結餘$5,163
2023年9月30日止九個月
截至2022年12月31日的资产负债表$1,400
公平價值變動3,763 
2023年9月30日的結餘$5,163

資產和負債以重複性基礎（第3級）公允價值衡量

投資於可供出售的貸款和證券（3級）

截至2024年9月30日，公司持有分類為可供出售的貸款和證券投資。這些資產是使用折現現金流模型按公平價值衡量，並在未經審計的簡明合並資產負債表中以投資貸款和證券的形式呈現。除了因信用引起的公平價值下降外，公平價值的變動反映在未經審計的綜合收益（損失）表上。由於信用引起的公平價值下降反映在未經審計的綜合損益表的其他收入（費用）淨額上。

以下表格總結了截至2024年及2023年9月30日三個月和九個月期間與可供出售的貸款和證券的公允價值相關的活動（僅限第三級）（以千為單位）：

截至九月三十日三個月結束時截至九月三十日九個月結束時
2024202320242023
期初餘額
$853,418$481,818$626,368$—
轉換至第3級(1)
——10,469339,041
增加項目130,271162,903536,966432,127
收到的現金(13,077)(25,942)(55,649)(78,208)
實物分配— (11,460)— (11,460)
公平價值變動(19,711)3,984 (87,342)8,131 
信貸相關的減值損失，扣除回收後的淨額
(76,049)(37,316)(155,960)(115,644)
期末餘額
$874,852$573,987$874,852$573,987
21



目錄
(1) 2023年之轉讓代表從持有至到期持有轉為以公允價值衡量之可供出售金融資產，實施日期為2023年1月1日。

下表總結了截至2024年和2023年9月30日的三個月及九個月內與可供出售貸款和證券的公允價值相關的活動（以千為單位）：

截至九月三十日三個月結束時截至九月三十日九個月結束時
2024202320242023
期初餘額
$911,425$590,455$716,793$—
從持有至到期轉換為公允價值的可供出售———480,437
增加項目130,268162,903538,727436,242
收到的現金(23,083)(42,741)(89,905)(134,101)
實物分配（非現金）
— (12,730)— (12,730)
公平價值變動(19,179)5,083 (86,273)11,450 
信貸相關的減值損失，扣除回收後的淨額
(76,049)(37,316)(155,960)(115,644)
期末餘額
$923,382$665,654$923,382$665,654

我們在貸款和證券的第三級公允價值衡量中使用的重要不可觀察輸入包括折現率、損失率和提前還款率。任何單一的輸入顯著增加或減少都可能導致公允價值的衡量顯著降低或提高。

以下的表格呈現截至2024年9月30日和2023年12月31日我們對貸款和證券的Level 3公平價值衡量所使用的重要不可觀察輸入的數量資訊：

2024年9月30日
不可觀察的輸入最低最大化加權平均
貼現率5.0 %15.0%15.0%
損失率5.8 %32.7%16.9%
預付速度0.0 %20.0%10.4%

2023年12月31日
不可觀察的輸入最低最大化加權平均
貼現率8.0 %15.0%15.0%
損失率4.9 %31.0%15.7%
預付速度4.0 %40.0%9.9%

未以公允價值記錄的財務資產和負債
公司認為現金、現金等價物和限制性現金、費用和其他應收款、應付款項和其他流動負債之帳面金額近似於其公平價值，因為這些工具的短期到期。

下表包含截至2024年9月30日和2023年12月31日，不定期以公允價值計量的資產信息（以千為單位）：

22



目錄
二零二四年九月三十日
公平價值
攜帶
價值		等級一第二級等級 3總計
資產
現金、現金等值及限制現金$181,047 $181,047 $— $— $181,047 
費用及其他應收帳款129,063 — 129,063 — 129,063 
總資產
$310,110 $181,047 $129,063 $— $310,110 

二零三年十二月三十一日
公平價值
攜帶
價值		等級一第二級等級 3總計
資產
現金、現金等值及限制現金$222,541 $222,541 $— $— $222,541 
費用及其他應收帳款113,707 — 113,707 — 113,707 
總資產
$336,248 $222,541 $113,707 $— $336,248 
 

備註11 - 普通股股份和普通股權證

As of September 30, 2024, 839,999,998 授權無面值的股份數量為， 6,666,666 其中，指定為優先股的股份數量為， 666,666,666 指定為A類普通股的股份數量為， 166,666,666 指定為B類普通股的股份數量為。到2024年9月30日，公司有 5,000,000 流通的優先股， 60,160,631 流通的A類普通股和 12,652,310 流通的B類普通股。

每一類普通股股東的權利是一致的，除了在投票權方面。每一股A類普通股有一票投票權。 一 每一股B類普通股有二票投票權。 10 B類普通股可以隨時由股東選擇轉換，並在出售或轉讓至A類普通股時自動轉換。

反向股票拆分

根據2024年2月15日舉行的股東特別大會所授予的批准，董事會已決定實施所有板塊公司普通股及優先股的反向分割，分割比例為1股換12股，生效日期為2024年3月8日。所有在附帶的合併基本報表和相關披露中提到的股票或每股金額均已追溯調整，以反映反向分割的影響。

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

September 30, 2024
December 31, 2023
Share options3,489,2384,250,988
Options to restricted shares19,970,33020,046,080
RSUs3,155,5583,034,203
Ordinary share warrants2,154,5862,076,014
Redeemable convertible preferred shares5,000,0005,000,000
Shares available for future grant of equity awards(1)
9,186,9435,231,186
Shares reserved for issuance under the ESPP
832,713— 
Total shares of ordinary share reserved43,789,368 39,638,471 
(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") on January 1 of 2023 and 2024 pursuant to the terms of the 2022 Plan. For more information on the automatic increases see our Form 10-K.
23



Table of Contents

Ordinary Share Warrants

公司已將普通股認股權證列為歸屬於股權的認股權證，因為它們符合ASC 815標準下股權歸屬分類的要求，包括普通股認股權證是否與公司自身的普通股掛鉤。對於不符合股權分類的所有標準的認股權證，這些認股權證在發行日以初始公允價值記錄，並在每個資產負債表日後重估。負債歸屬分類認股權證估計公允價值的變動，將在隨附未經審計的簡明綜合損益表中承認為非現金其他收入或費用。

截至2024年9月30日，有 433,942 於2031年3月到期的認股權，行使價為$0.00006 每股， 192,900 於2030年6月到期的認股權，行使價為$0.0006 每股， 220,000 於2032年3月到期的認股權，行使價為$0.12 每股， 78,578 於2034年9月到期的認股權，行使價為$0.01 1,229,166 到期日為2027年6月的認股權證（包括公開認股權證和定向增發認股權證），行使價為$138 每股購買 一 A類普通股。

普通股購買協議

在2024年9月30日結束的三個月內， 516,512 股票根據股權融資購買協議發行，淨收益為$。6.7 百萬, 相關費用為$。0.2 百萬被列為費用。截至2024年9月30日，九個月期間，根據股權融資購買協議發行股票，淨收益為$。 814,569 股票根據股權融資購買協議發行，淨收益為$。11.9 相關費用為$。0.4 百萬被列為費用。2024年9月25日，公司終止了股權融資購買協議。

普通股份發行

在2024年3月13日，本公司定價發行一批 7,500,000 其A類普通股，無面值，根據與花旗集團全球市場公司及傑富瑞金融集團有限責任公司的承銷協議（「承銷協議」）所締結的協議。此次證券的發行和銷售收益約為$90.0百萬，在扣除承銷折扣、費用及本公司需支付的發行費用後。

附註12 - 股份基礎報酬

分享期權—已被授予的期權會在離職或 十年 從授予之日起。期權通常在 四年 職業開始日起 25% 會在 十二個月 入職日期週年紀念日當天及其後每個季度按比例分配。 三年所有未行使或在到期前被取消的期權，將用於未來的發放。

以下表格總結了截至2024年9月30日的九個月內，公司股票選擇權的活動：

期權數量 加權平均行使價格加權平均
合約剩餘期限
期限（年）		總計
內在價值（千元）
2023年12月31日結餘4,250,988$7.2 7.2$43,940 
授予4,450— 
Exercised(508,941)6.1 
已被沒收(257,259)21.2 
結餘，截至2024年9月30日
3,489,238 $6.4 6.4$20,949 
截至2024年9月30日，已授予並可行使。3,148,937 $5.3 6.3$22,276 
24



目錄

執行的期權的總內在價值約為$3.2 百萬和$7.6 百萬元，截止2024年及2023年9月30日的九個月中，已歸屬的分享期權的總公允價值為$58.8 百萬及$63.6 百萬。

用以估計截至2024年9月30日九個月結束時所授予的股票期權公允價值的假設如下：

預期波動率95.5 %
預期期限（年）5.7
無風險利率3.6 %
股息率— 

截至2024年9月30日，與未授權的股票期權相關的未認列補償費用約為$。21.4 百萬，預計將在剩餘的加權平均期限內認列。 0.8 年。

有限股權單位（RSU）一般而言，受限股票通常在就業開始日期後才能解鎖。 年內。 的雇佣開始日，有％股權可以解鎖， 50的就業開始日期周年紀念日時，剩餘部分將按季度比例分期解鎖。 十二個月 就業開始日期之後，剩餘部分將以按季比例的方式每季分批解鎖。 十二個月在離職時頒發的RSU會被喪失。所有未行使或在到期前被喪失的RSU將可供未來授予使用。

下表總結了截至2024年9月30日的九個月內公司的RSU活動：

股票期權數量每股授予日公允價值加權平均值
於2023年12月31日尚未歸屬3,034,203 $15.6 
授予2,803,283 10.9 
歸屬(1,872,182)13.8 
已被沒收(809,746)15.2 
於2024年9月30日尚未歸屬
3,155,558 $12.6 

截至2024年9月30日，尚未認列與RSUs相關的補償費用約為$32.0 百萬，預計將在剩餘加權平均期間內認列。 1.1 年。

期權轉換為限制性股票——在2021年，對某些員工和董事授予了期權轉換為限制性股票。詳情請參見10-K報告中合併基本報表的第16號附註。

以下表格概述了公司在截至2024年9月30日結束的九個月期間的期權受限股份活動：

期權數量 加權平均行使價格加權平均
合約剩餘期限
期限（年）		總計
內在價值 (000’s)
2023年12月31日結餘20,046,080 $19.4 7.2$— 
授予— — 
Exercised(14,858)12.2 
已被沒收(60,892)40.6 
結餘，截至2024年9月30日
19,970,330 $19.4 6.5$— 
已歸屬並可行使，2024年9月30日16,541,299 $19.3 6.5$— 

截至2024年9月30日，與受限股份相關的期權的未認列報酬費用約為$13.1 百萬，預計將於剩餘加權平均期間內確認。 1.4 年。
25



目錄

員工股票購買計劃—員工股票購買計劃（“ESPP”）允許符合資格的員工以折扣價格購買我們的A類普通股，通常通過薪酬扣除進行，受ESPP條款和適用法律的規定。截至2024年9月30日的三個月和九個月期間， 59,145 股票是根據ESPP發行的。截至2024年9月30日， 0.8 百萬股A類普通股已為在ESPP下發行而儲備。與ESPP相關的補償費用為2024年9月30日結束的九個月中的$0.4百萬。

股份基礎報酬支出

下表呈現截至2024年和2023年9月30日的三個月和九個月的基於股份的補償的元件和分類（以千計）:

截至九月三十日三個月結束時截至九月三十日九個月結束時
2024202320242023
科技、數據和產品開發$1,011 $3,467 $6,985 $8,915 
銷售和行銷2,875 3,469 9,594 10,979 
一般和行政8,447 13,801 29,273 37,418 
總計$12,333 $20,737 $45,852 $57,312 

備註13 - 所得稅

企業所得稅 - 以色列的普通應稅收入需繳納23%的企業所得稅。

Pagaya已獲得以色列稅務機構對其進行的優先科技企業（"PTE"）地位批准，批准日期為2021年11月18日。這項批准適用於2020年至2024年的稅款。PTE的收入需支付12%的稅率。

以色列的匯率期貨法規

根據匯率期貨法規，公司根據特定指示計算其美元稅務責任。美元計算的稅務責任將根據每年12月31日的匯率轉換為以色列新謝克爾。

非以色列子公司按照其各自住宅國的稅法繳稅。

本公司的有效稅率截至2024年和2023年9月30日的三個月及九個月如下（單位：千元）：

截至九月三十日止三個月，截至九月三十日止九個月
2024202320242023
所得稅前損失$(85,755)$(47,098)$(180,581)$(166,187)
所得稅費用（福利）(11,524)(1,158)7,991 10,515 
有效稅率13.4 %2.5 %(4.4)%(6.3)%

公司的稅率受重複性項目影響，如外國司法管轄區的稅率及公司在該等司法管轄區所獲收入的相對金額。有效稅率的變動主要是由於三個月和九個月截至2024年9月30日發生的與不確定稅務立場變更相關的離散稅務費用。以色列有效稅率與法定稅率之間的差異主要與以色列的估值提存和美國的稅務支出有關。

公司定期評估對其遞延稅務資產設置估值備抵的必要性。在進行的評估中，公司考慮了與遞延稅務資產實現可能性相關的正面和負面證據，根據可用證據的權重來判斷一些或所有遞延稅務資產不會實現的可能性是否大於不大。
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目錄

公司為抵銷由於未來從淨營運虧損結轉和其他遞延稅款資產中實現未來稅收利益的不確定性而提供評價撥備。

附註14 - 每股淨損失

每股凈利潤（損失）是根據對多類普通股和參與證券要求的二類方法進行表述的。

以下的表格列出了截至2024年和2023年9月30日三個月和九個月的基本和稀釋每股淨虧損計算（以千為單位，股數和每股數據除外）：

2024年9月30日結束的三個月截至2024年9月30日的九個月
A級股票B類A班B班
分子:
Pagaya Technologies Ltd. 正常股東損失，基本與稀釋後$(55,737)$(11,739)$(133,773)$(29,711)
分母:
加權平均股數用於基本和稀釋每股普通股淨損60,076,35712,652,31056,967,50312,652,310
歸屬於普通股東的每股淨損，基本和稀釋$(0.93)$(0.93)$(2.35)$(2.35)


2023年9月30日三個月結束2023年9月30日止九個月
A班B班A班B班
分子:
Pagaya Technologies Ltd. 正常股東損失，基本與稀釋後$(16,672)$(5,080)$(86,396)$(27,624)
分母:
加權平均股數用於基本和稀釋每股普通股淨損46,533,45214,180,19645,173,80714,443,853
歸屬於普通股東的每股淨損，基本和稀釋$(0.36)$(0.36)$(1.91)$(1.91)

截至2024年和2023年9月30日，由於其影響將對該時段產生抗稀釋效應，以下潛在稀釋債券未納入計算凈利潤（損失）每股。

9月30日
20242023
分享期權3,161,986 4,486,788 
期權對受限股份19,970,330 20,092,340 
限制性股票單位3,155,558 3,444,892 
普通股權證2,016,321 2,016,330 
可兑换优先股5,000,000 5,000,000 
淨潛在稀釋未行使證券33,304,195 35,040,350 

27



目錄
註釋15 - 後續事件

可交換優先票據

在2024年10月1日，該公司透過其全資子公司發行了$160百萬的總本金額， 6.125%可交換的高級票據（“票據”），到期日為2029年。該發行與2024年9月26日與某些初始購買方簽署的購買協議相關。 6.125票據的年利率為%，每年在每年的4月1日和10月1日付息，利息以逾期方式支付，首次從2025年4月1日開始。該票據將於2029年10月1日到期，除非提前回購、贖回或交換。

本票可根據公司的選擇，按照特定條件兌換為現金、公司無面值的A類普通股，或現金與A類普通股的組合。

收購定理

在2024年10月22日，本公司完成了對位於硅谷的機構資產管理公司Theorem Technology, Inc.（"Theorem"）的收購，該公司專注於消費信貸領域，自2014年成立以來為全球機構投資者管理資產。 100% 的Theorem股權，約為$17.5總共有300萬美元的遞延融資成本，其中包括了專案貸款的300萬美元和循環信貸的300萬美元，這些成本將在修訂後的信貸安排期間攤提至利息費用。10.0百萬現金，以及 504,440 的本公司的A類普通股（$7.5百萬，以交易結束日的估值計算），此外，根據購買協議中定義的某些業績目標的實現，還有額外的對價。由於交易最近已經完成，購買會計尚未進行。

信貸協議修正

在2024年11月5日，本公司簽訂了對信用協議的第二次修訂（“修訂”），該協議的日期為2024年2月2日。根據修訂，本公司增加了總本金為$ 的增量定期貸款，72 百萬（可以在2024年12月31日或之前增加總本金達到$ 的其他增量定期貸款），28使定期貸款的總本金金額達到$327百萬。
28



目錄
第2項。管理層對財務狀況和經營結果的討論和分析
您應當將以下關於我們的基本報表和業務運營結果的討論與分析，與本季度報告表格10-Q（“表格10-Q”）中其他地方包含的未經審核的簡約合併中期基本報表，及截至2023年和2022年12月31日的審核年度合併基本報表，及包含在我們於2024年4月25日向美國證券交易委員會（SEC）提交的年度報告表格10-K（“我們的年度報告表格10-K”）中的相關附註一同閱讀。本討論和分析中包含的一些信息，包括關於我們的業務以及相關融資的計劃和策略的信息，包括涉及風險和不確定性的前瞻性陳述。由於諸多因素，包括在我們的年度報告表格10-K的“風險因素”部分中界定的因素，我們的實際結果可能與以下討論和分析中描述或暗示的前瞻性陳述的結果有實質性差異。在本節中，“我們”、“我們的”和“Pagaya”指Pagaya Technologies Ltd.

公司概況
Pagaya的使命是為更多人提供更多的金融機會，更為頻繁。我們相信通過成為消費金融生態系統的值得信賴的借貸科技合作夥伴，並憑藉有效和高效的資本和風險管理（我們業務的資本效率方面），擁有廣泛的產品組合（我們業務的收費部分）來實現我們的使命。業務的兩個方面和諧共事，以滿足頂尖金融機構的複雜需求。
我們是一家以產品為重點的科技公司，利用先進的數據科學和專有的人工智能技術，為金融機構、他們現有和潛在的客戶以及機構或專業投資者實現更好的結果。
我們已經建立並持續擴展一個領先的人工智能和數據網絡，旨在促進金融服務和其他服務提供商、他們的客戶及投資者的利益。整合在我們網絡中的服務提供商，我們稱之為「夥伴」，其區間涵蓋了快速成長的金融科技公司到現有的銀行和金融機構。我們相信，夥伴們從我們的網絡中受益，以便向他們的客戶推廣金融產品，反過來幫助這些客戶滿足他們的金融需求。這些由夥伴在Pagaya的人工智能科技協助下產生的資產符合由以下融資工具收購的資格：（i）由Pagaya或其一個附屬公司管理或建議的所有基金類型；（ii）由Pagaya或其一個附屬公司贊助或管理的證券化工具；以及（iii）其他類似的工具（「融資工具」）。
近年來，對數位化的投資改善了金融產品的前端交付，提升了客戶體驗和便利性。儘管有這些進步，我們認為對金融產品信用評價的基本方法往往過時且過於手動。根據我們的經驗，金融服務提供商傾向於利用有限的因素來做出決策，操作孤立的製造行業，並且數據僅限於他們自己的經驗。因此，我們認為金融服務提供商批准的申請成交量比例小於利用現代科技，如我們的人工智能科技和數據網絡所能達到的水平。

在我們內核，我們是一家科技公司，利用數據科學和技術來推動金融生態系統的更好成果。我們相信我們的解決方案為合作夥伴、他們的客戶和潛在客戶以及投資者帶來“雙贏”局面。首先，通過利用我們的網絡，合作夥伴能夠批准更多客戶申請，我們認為這推動了卓越的營業收入增長、增強品牌親和力、促進其他金融產品的推廣機會以及降低單單位客戶獲取成本。合作夥伴在有限的增量風險或資金需求下實現這些好處。其次，合作夥伴的客戶從增強和更方便地訪問金融產品中受益。第三，投資者通過獲得透過我們的人工智能技術協助由合作夥伴起源並通過我們的網絡被融資車輛收購的這些資產而受益。

新興成長企業地位

根據修訂後的1933年證券法第2(a)條的定義，我們符合“新興成長公司”的資格，該定義經2012年的《創業公司起動法案》（“JOBS法案”）修改。因此，我們有資格利用針對其他非“新興成長公司”適用的若干豁免條件，包括但不限於無需遵守《2002年薩班斯-奧克斯利法案》（“薩班斯-奧克斯利法案”）第404條的核數師證實要求，我們在定期報告和代理投票權通知中降低了有關高管薪酬的披露義務，以及對先前未經批准的高管薪酬非約束性諮詢性投票和股東承認金援降低要求的豁免。如果一些投資者認為我們的證券變得不太有吸引力，我們的證券市場可能變得不太活躍，我們的證券價格可能變得更加波動。
29



目錄

此外，JOBS法案第102(b)(1)條允許新興成長企業豁免須遵守新訂或修訂的財務會計準則，直到要求私人公司(即未有生效證券法登記聲明或未在《證券交易法》(修訂)下登記證券類別的公司)遵守新訂或修訂的財務會計準則的時候。JOBS法案規定公司可以選擇退出延長的過渡期並遵守適用於非新興成長公司的要求，但任何此類選擇是不可撤銷的。我們已選擇不退出這樣的延長過渡期，這意味著當一個標準被發布或修訂並且對公共或私人公司有不同的應用日期時，作為一家新興成長公司的我們可以在私人公司採用新的或修訂的標準時採用新的或修訂的標準。這可能會使我們的基本報表與某些其他公開公司的比較變得困難或不可能，因為會計準則的潛在差異。

我們將成為新興成長公司，直到以下兩者中較早者發生：(i) 截至2022年6月22日之後的財政年度（a）第五周年後的最後一天，（b）我們年度總毛收入至少為12.35億美元，或（c）我們被視為大幅加速交易者，表示非關聯人士持有的我們普通股市值在該財政年度第二季度的最後一個工作日超過7千萬美元；和 (ii) 我們在前三年期間發行的非可換股債券超過10億美元。此處對“新興成長公司”的參考，在JOBS法案中含有的意思。

外國私人發行人豁免

我們在美國技術上屬於“外國私人發行人”證券暨交易所委員會規則因此，我們需遵守適用於外國私人發行人的《交易所法》的報告要求。儘管如此，如我們於2024年1月16日披露過的那樣，我們決定從2024年開始自願以美國國內發行人表格向美國證券交易委員會提交。因此，本公司將以10-Q表格提交季度報告，8-k表格提交當前報告，以及10-k表格提交年度報告，而不再使用20-F和6-k表格進行報告。此外，本公司打算遵守FD法規和證券交易委員會的代理規則，公司的高管、董事及持股超過10%的股東們也將根據情況開始提交3、4和5表格的報告。

儘管如此，由於我們是一家外國私人發行人（“FPI”），我們可以選擇回歸遵守FPI的報告要求，例如在每個財政年度結束後的120天內不必提交年度20-F表格，並允許我們向SEC提交6-k表格關於在以色列公開披露或分發給股東的某些信息。基於我們的外國私人發行人身份，我們也沒有義務（i）像美國公司那樣經根據《交易所法》註冊，向SEC頻繁或及時提交定期報告和財務報表，（ii）遵守有關材料信息選擇性披露的規則FD，（iii）遵守有關在股東大會中進行代理人招聘以及提出股東提議的SEC規則。此外，基於我們的外國私人發行人身份，我們的高級職員、董事和主要股東在《交易所法》第16條和《交易所法》有關其購買和出售普通股的規則的報告和“短線”利潤追回規定方面根據技術上是豁免的。

我們 經濟模型

Pagaya的營業收入主要來自於網絡成交量。我們將網絡成交量定義為我們的夥伴通過我們的人工智能（"AI"）科技所創造的資產的毛額美元價值。1 至於單戶出租業務，則是指服務的毛額美元價值，這可能包括新上線的物業在我們的Darwin平台上的價值。我們的營業收入來自於網絡人工智能費用、合約費用、利息收入和投資收入。來自費用的營業收入由網絡人工智能費用和合約費用組成。網絡人工智能費用可以進一步細分為兩個費用來源：人工智能整合費用和資本市場執行費用。

我們主要透過收取人工智能整合費用來創建和交付組成我們網絡成交量的資產。

資本市場執行和合約費主要來自投資者。多種融資渠道被利用來促使從我們的合作夥伴處購買網絡資產，例如資產擔保證券化。資本市場執行費主要來自ABS交易的市場定價，而合約費則包括管理費、業績費及類似費用。
1 我們的專有科技使用機器學習模型作為人工智能的一部分，這些模型在可以使用或修改之前，需經過廣泛的測試、驗證和治理過程。這些機器學習模型是靜態的，無法自我修正、自我改進和/或隨時間學習。對模型的任何修改都需要人類干預、測試、驗證和治理的批准，然後才能進行更改。
30



目錄
此外，我們還從我們的風險保留持有和企業現金餘額中獲得利息收入，並且還有與我們在某些融資工具及其他專有投資的所有權利息收入有關的投資收入。

當網絡成交量被融資工具獲取時，我們會產生成本。我們稱這些成本為「生產成本」，以補償我們的合作夥伴收購和創造資產。因此，我們的生產成本的數量和增長與網絡成交量高度相關。因而，評估我們經濟模式成功與否的一個重要運營指標是FRLPC，即手續費營業收入減去生產成本。

此外，我們已建立了一個領先的數據科學和人工智能組織，使我們能夠支持我們的合作夥伴在向消費者提供信貸或識別和購買單戶出租物業或物業管理方面做出決策。除去生產成本外，人力資源、科技開支及研發費用佔我們支出的主要部分。
錠 影響我們表現的因素
我們現有合作夥伴擴大使用我們的網絡
我們的人工智能科技通常使得合作夥伴能將更大比例的申請成交量轉換為貸款，使他們能擴展生態系統並產生增量收入。我們的合作夥伴在入驻我們的網絡後，歷史上通常會迅速擴大在我們網絡上的貸款產生量，而Pagaya的網絡對於合作夥伴總貸款產生量的貢獻也隨著時間增加。通過整合我們的產品，連接的貸款方在某些情況下能將貸款產生量提高最多25%。

合作夥伴對我們網絡的採用
我們花了大量時間，並擁有一個專注於將夥伴引入我們網絡的團隊。我們相信，新增夥伴的成功源於我們獨特的價值主張：以有限的增量成本或信貸風險為夥伴帶來顯著的營業收入提升。我們新增夥伴的成功促進了我們整體網絡成交量的增長，並驅動了我們快速擴展新資產類別的能力。在2022年，我們引入了六位新夥伴，包括klarna(臨時代碼)和ally financial。在2023年，我們通過四位新夥伴擴展了我們的網絡，包括美國銀行、一家前五大汽車專用金融公司、Exeter Finance和westlake金融。
持續改進我們的人工智能科技
我們相信我們的歷史增長受到影響， 主要受到我們的人工智能科技改善的顯著影響，而這些改善又受到我們專有數據網絡的深化和人工智能科技的增強推動。隨著我們現有夥伴增長他們使用我們的網絡，新夥伴加入我們的網絡，並且我們將網絡擴展到新的資產類別，我們的數據資產的價值增加。因此，我們的科技改善受益於人工智能科技的飛輪效應，即改善來自不斷增長的技術訓練數據基礎。我們發現，並且我們預期會繼續經歷，更多數據能導致更有效的定價和更大的成交量。自成立以來，我們已評估超過2.4兆的應用成交量。
除了數據的積累，我們通過利用研究和開發專家的經驗來改進我們的科技。我們的研究團隊是加速我們的人工智能科技的精進和擴展到新市場及用途的核心。我們依賴這些專家在長期內對我們科技進行改進的成功。
投資者的資金可用性及定價

不論市場條件如何，來自投資者的資金供應和定價對我們的增長至關重要。我們已經多元化了投資者網絡，並將繼續尋求進一步多元化我們的投資者基礎。在截至2024年9月30日的九個月內，我們的前五大資產擔保證券（ABS）投資者貢獻了約53%的總ABS資金，相較於截至2023年12月31日的50%。


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目錄
Investors chart 3Q24.jpg

借助我們專有的科技協助而來的資產表現
投資者可獲得資金的可用性取決於消費信貸與住宅房地產業資產的需求，以及這些資產在我們的人工智能科技協助下的表現，並由財務工具購買。我們的人工智能科技和數據驅動的洞察旨在使我們相對優於更廣泛的市場。我們相信，財務工具的投資者將我們的人工智能科技視為滿足其投資標準的重要組成部分。 參見“風險因素—與我們業務運營相關的風險”在我們於2024年4月25日向美國證券交易委員會提交的10-K表格年度報告中。
宏观经济周期和全球及區域型條件的影響

我們預計經濟周期將影響我們的財務表現和相關指標。 宏觀經濟條件，包括但不限於以色列進行中的沖突、升息、通脹、供應鏈中斷、勞動力短缺、銀行倒閉、美國赤字擔憂以及俄羅斯入侵烏克蘭，可能影響消費者對金融產品的需求，我們合作夥伴產生和轉化客戶應用成交量的能力，以及來自我們投資者通過融資工具提供的資金的可用性。 在2023年10月7日，位於加薩走廊的恐怖組織發動了一系列針對以色列的攻擊，點燃了與以色列的戰爭。 衝突迅速演變和發展，目前戰爭的強度和持續時間以及任何進一步升級的難以預測，以及其對公司業務和運營以及區域和全球政治經濟環境的經濟影響。 雖然截至本報告日期，由於這一不斷演變的沖突，本公司的業務運作尚未受到實質影響，但由於這一沖突的持續性可能導致我們的業務、財務狀況、營運結果和前景受到不利影響。 最近通脹上升以及相應的快速升息可能會增加融資成本，並不利地影響借款人償還債務的能力，這可能導致貸款的信用表現惡化，影響投資者的回報，因此可能導致投資者對我們平台生成的資產需求降低，並導致我們用以籌措新網絡成交量的資金之限制。 此外，通脹上升可能會使我們的營運成本（包括員工薪酬、融資成本和一般企業支出）升高，這可能會降低我們的現金流量和營業收入。 截至本報告日期，我們未因通貨膨脹壓力而受到實質影響。 高利率通常導致更高的付款義務，這可能會減少借款人履行其義務的能力，因此導致逾期、違約、客戶破產、呆帳增加和回收減少。 對投資者回報的任何影響可能導致我們收益的不利影響。 風險無償利率回升可能會影響投資者對消費信貸等風險資產的需求，這可能會限制我們籌措新資金以支持成交量的能力。 雖然我們籌集新資金的能力尚未受到實質影響，但由於利率環境上升導致資本成本增加，這導致為滿足投資者回報門檻的轉化比率減少，這一減少被我們從合作夥伴轉到我們網絡的應用成交量增加所抵消，造成今年網絡成交量的淨增長。 我們將繼續密切關注俄烏衝突及其全球影響。 雖然結果仍高度不確定，我們相信俄烏衝突不會對我們的業務和營運結果產生實質影響。 但是，如果俄烏衝突持續或惡化，導致全球范圍內經濟干擾和不確定性加劇，我們的業務和營運結果可能受到實質影響。 影響金融機構、交易對手或其他第三方的不利發展，如銀行倒閉和美國聯邦債務上限談判拖延，或對任何類似事件或風險的擔憂或猜測，可能導致信用降級和市場範圍內流動性問題，進而可能導致合作夥伴及其客戶和其他第三方未能履行各種類型金融安排的義務以及金融市場普遍受到干擾或不穩定，這可能對我們的
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目錄
業務。持續經濟衰退也可能對「融資車輛」從我們網絡獲得的資產表現不利影響。同時，這些事件（包括 COVID-19 大流行或通脹環境）提供了關鍵數據，我們可以利用來改進我們的 AI 技術，並且它們也可以幫助驗證我們網絡為合作夥伴和投資者帶來的成果。有關可能影響營運業績的不確定性和其他因素的進一步討論，請參閱」風險因素」我們的 10-k 表格年報中，該部分已於 2024 年 4 月 25 日向美國證券交易委員會提交。
錠 營運指標
我們收集和分析公司的營運和財務數據，以評估我們的業務表現，制訂財務預測並做出戰略決策。除了總收入、淨營業收入（損失）、遵循美國通用會計準則（GAAP）的其他措施以及特定的非GAAP財務措施（請參見本處有關「非GAAP財務措施調整和和解」的討論），我們認為網絡成交量是我們用來評估業務的關鍵營運指標。以下表格列出了我們截至2024年9月30日和2023年9月30日結束的三個月和九個月的網絡成交量。

截至九月三十日三個月結束時截至九月三十日九個月結束時
2024202320242023
（金額以百萬計）
網絡成交量$2,351 $2,112 $7,101 $5,919 

網路成交量
我們認為網絡成交量指標是我們整體規模和覆蓋範圍的合適代理，因為我們的營業收入主要是基於網絡成交量。此外，網絡成交量直接影響扣除生產成本的費用收入（FRLPC），這是我們用來評估運營效率的一個關鍵非GAAP指標。網絡成交量的增長突顯了我們業務的可擴展性，這反過來又影響我們的運營杠杆和盈利能力。網絡成交量主要由我們與合作夥伴和SFR合作夥伴的關係驅動。我們相信，網絡成交量受益於我們專有科技的持續改進，使我們的網絡能夠更有效地識別資產以供融資工具收購，從而為投資者提供額外的投資機會。因此，網絡成交量的擴展提供了對我們業務策略有效性的洞察，並能在不同的資產類別中利用運營效率。網絡成交量包含了多個資產類別的資產，包括個人貸款、汽車貸款、住宅房地產業和銷售點應收款項。
元件 業務成果結果
營業收入

我們從網絡人工智能費用、合同費用、利息收入和投資收入獲得營業收入。網絡人工智能費用和合同費用在綜合財務報表中組合呈現為基本報表中的費用收入。根據財務會計準則董事會會計準則編碼（“ASC”）606，“與消費者訂約的收入”（“ASC 606”）的五步模型後，才認定費用收入。費用收入包括網絡人工智能費用和合同費用。
網絡人工智能費用。網絡人工智能費用可以進一步細分為兩個費用流：人工智能整合費用和資本市場執行費用。我們通過創建和交付構成我們資產的項目來獲得人工智能整合費用。為了使得購買我們合作夥伴如ABS的網絡資產變得可能，多個資金渠道被使用。當由承銷商出售預先贊助的Pagaya支持的ABS工具時，我們將獲得資本市場執行費用。
合同費用。合同費用主要包括管理和行政費用，以及績效費用。管理和行政費用是在設立融資工具時簽訂的，並在其剩餘壽命內賺取和收取。當某些融資工具超過合同回報門檻並且不預期會出現累計營業收入確認數額的重大逆轉時，則可賺取績效費用。
我們還通過持有的風險保留資產和現金餘額及與我們在某些融資工具和其他專有投資的所有權利益相關的投資收入來獲得利息收入。
Costs and Operating Expenses
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Costs and operating expenses consist of Production Costs, technology, data and product development expenses, sales and marketing expenses, and general and administrative expenses. Salaries and personnel-related costs, including benefits, bonuses, share-based compensation, and outsourcing comprise a significant component of several of these expense categories. A portion of our non-share-based compensation expense and, to a lesser extent, certain operating expenses (excluding Production Costs) are denominated in the new Israeli shekel (“NIS”), which could result in variability in our operating expenses which are presented in U.S. Dollars.
Production Costs
Production Costs are primarily comprised of expenses incurred when Network Volume is transferred from Partners into Financing Vehicles, as our Partners are responsible for marketing and customer interaction and facilitating the flow of additional application flow. Accordingly, the amount and growth of our Production Costs are highly correlated to Network Volume. Additionally, but to a lesser extent, Production Costs also include expenses incurred to renovate single-family rental properties.

Technology, Data and Product Development
Technology, data and product development expenses primarily comprise costs associated with the maintenance and ongoing development of our network and AI technology, including personnel, allocated costs, and other development-related expenses. Technology, data and product development costs, net of amounts capitalized in accordance with U.S. GAAP, are expensed as incurred. The capitalized internal-use software is amortized on a straight-line method over the estimated useful life in technology, data and product development costs. We have invested and believe continued investments in technology, data and product development are important to achieving our strategic objectives.
Sales and Marketing
Sales and marketing expenses, related to Partner onboarding, development, and relationship management, as well as capital markets investor engagement and marketing, are comprised primarily of salaries and personnel-related costs, as well as the costs of certain professional services, and allocated overhead. Sales and marketing expenses are expensed as incurred. Sales and marketing expenses in absolute dollars may fluctuate from period to period based on the timing of our investments in our sales and marketing functions. These investments may vary in scope and scale over future periods depending on our pipeline of new Partners and strategic investors.
General and Administrative
General and administrative expenses primarily comprise personnel-related costs for our executives, finance, legal and other administrative functions, insurance costs, professional fees for external legal, accounting and other professional services and allocated overhead costs. General and administrative expenses are expensed as incurred.
Other Income (expense), net
Other Income (expense), net primarily consists of changes in the fair value of warrant liabilities and other items, including credit-related impairment losses on investments in loans and securities.
Income Tax Expense
We account for taxes on income in accordance with ASC 740, “Income Taxes” (“ASC 740”). We are eligible for certain tax benefits in Israel under the Law for the Encouragement of Capital Investments or the Investment Law at a reduced tax rate of 12%. Accordingly, as we generate taxable income in Israel, our effective tax rate is expected to be lower than the standard corporate tax rate for Israeli companies, which is 23%. Our taxable income generated in the United States or derived from other sources in Israel which is not eligible for tax benefits will be subject to the regular corporate tax rate in their respective tax jurisdictions.
Net Income Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests in our consolidated statements of operations is a result of our investments in certain of our consolidated variable interest entities (‘‘VIEs’’) and consists of the portion of the net income of these consolidated entities that is not attributable to us.

Results of Operations
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The following table sets forth operating results for the periods indicated (in thousands, except share and per share data):


Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue
Revenue from fees$249,283 $201,447 $728,881 $562,386 
Other Income
Interest income8,735 10,375 24,672 30,965 
Investment income (loss)(784)(65)(699)656 
Total Revenue and Other Income257,234 211,757 752,854 594,007 
Production costs148,965 128,792 439,448 374,462 
Technology, data and product development (1)
16,655 18,039 57,970 56,833 
Sales and marketing (1)11,440 11,339 35,028 40,197 
General and administrative (1)57,790 53,425 185,307 157,567 
Total Costs and Operating Expenses234,850 211,595 717,753 629,059 
Operating Income (Loss)
22,384 162 35,101 (35,052)
Other expense, net
(108,139)(47,260)(215,682)(131,135)
Loss Before Income Taxes
(85,755)(47,098)(180,581)(166,187)
Income tax expense (benefit)
(11,524)(1,158)7,991 10,515 
Net Loss
(74,231)(45,940)(188,572)(176,702)
Less: Net loss attributable to noncontrolling interests
(6,755)(24,188)(25,088)(62,682)
Net Loss Attributable to Pagaya Technologies Ltd.
$(67,476)$(21,752)$(163,484)$(114,020)
Per share data:
Net loss per share:
Basic and Diluted (2)
$(0.93)$(0.36)$(2.35)$(1.91)
Non-GAAP adjusted net income (3)
$33,122 $14,296 $53,641 $4,167 
Non-GAAP adjusted net income per share (3):
Basic (2)$0.46 $0.24 $0.77 $0.07 
Diluted (2)$0.44 $0.22 $0.75 $0.07 
Weighted average shares outstanding:
Basic and Diluted (2)
72,728,667 60,713,648 69,619,813 59,617,660 
Weighted average shares outstanding (Non-GAAP):
Basic (2)72,728,667 60,713,648 69,619,813 59,617,660 
Diluted (2)74,465,363 66,366,055 71,130,891 61,512,327 

(1) The following table sets forth share-based compensation for the periods indicated below (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Technology, data and product development$1,011 $3,467 $6,985 $8,915 
Sales and marketing2,875 3,469 9,594 10,979 
General and administrative8,447 13,801 29,273 37,418 
Total share-based compensation in operating expenses$12,333 $20,737 $45,852 $57,312 
(2) Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

(3) See “—Reconciliation of Non-GAAP Financial Measures” for a reconciliation of this and Adjusted EBITDA.
Comparison of Three Months Ended September 30, 2024 and 2023
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Total Revenue and Other Income
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Revenue from fees$249,283 $201,447 $47,836 24 %
Interest income8,735 10,375 (1,640)(16)%
Investment income (loss)(784)(65)(719)(1106)%
Total Revenue and Other Income$257,234 $211,757 $45,477 21 %

Total revenue and other income, increased by $45.5 million, or 21%, to $257.2 million for the three months ended September 30, 2024 from $211.8 million for the three months ended September 30, 2023. The increase was primarily driven by an increase in revenue from fees, partially offset by decreases in interest income and investment income.

Revenue from fees for the three months ended September 30, 2024 increased by $47.8 million, or 24%, to $249.3 million, compared to the same period in 2023. The increase was primarily due to a $45.1 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $184.0 million for the three months ended September 30, 2023 to $229.1 million for the three months ended September 30, 2024. The increase in Network AI fees was primarily driven by improved economics in AI integration fees earned from certain Partners, as well as the growth in Network Volume, which increased by 11.3% from $2.1 billion for the three months ended September 30, 2023 to $2.4 billion for the three months ended September 30, 2024. These increases were partially offset by a decrease in capital markets execution fees earned from our ABS transactions affected by tighter economic environment during the three months ended September 30, 2024.

Contract fees, comprised of administration and management fees, performances fees, and servicing fees, increased by $2.7 million from $17.4 million for the three months ended September 30, 2023 to $20.1 million for the three months ended September 30, 2024, reflecting an increase in net asset values of the assets held by certain Financing Vehicles driven by continued business growth.
Interest income decreased by $1.6 million, or 16%, to $8.7 million for the three months ended September 30, 2024 from $10.4 million for the three months ended September 30, 2023. The decrease in interest income was directly related to our risk retention holdings and related securities held in our consolidated VIEs as well as certain risk retention holdings held directly by our consolidated subsidiaries. For further information, see “—Net Income (Loss) Attributable to Noncontrolling Interests.” The decrease in interest income was primarily the result of changes in structure and composition of asset portfolio, partially offset by higher interest income on our cash balances.
Investment income (loss) decreased by $0.7 million to a loss of $0.8 million for the three months ended September 30, 2024, reflecting an unfavorable impact from the change in valuation of certain proprietary investments.

Costs and Operating Expenses
Three Months Ended September 30,
20242023
(in thousands)
Production costs$148,965 $128,792 
Technology, data and product development16,655 18,039 
Sales and marketing11,440 11,339 
General and administrative57,790 53,425 
Total Costs and Operating Expenses$234,850 $211,595 

Production Costs
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Production costs$148,965 $128,792 $20,173 16 %
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Production costs increased by $20.2 million, or 16%, to $149.0 million for the three months ended September 30, 2024 from $128.8 million for the three months ended September 30, 2023. This increase was predominantly due to increases in Network Volume and to a lesser extent the composition of the asset classes that make up our Network Volume, as well as new Partners onboarded to our network.

Technology, Data and Product development
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Technology, data and product development$16,655 $18,039 $(1,384)(8)%

Technology, data and product development costs for the three months ended September 30, 2024 decreased $1.4 million, or 8%, compared to the same period in 2023. The decrease was primarily driven by a $4.2 million decrease in compensation expenses, partially offset by a $2.2 million increase in depreciation of capitalized software, inclusive of impairment charges and a $0.8 million increase in professional expenses.

During the three months ended September 30, 2024 and 2023, we capitalized $5.7 million and $7.0 million of software development costs, respectively. Depreciation expense, including impairment charges, for capitalized software development costs was $6.6 million and $4.4 million during the three months ended September 30, 2024 and 2023, respectively.

Sales and Marketing
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Sales and marketing$11,440 $11,339 $101 1 %
Sales and marketing costs for the three months ended September 30, 2024 remained relatively flat compared to the same period in 2023.

General and Administrative

Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
General and administrative$57,790 $53,425 $4,365 8 %

General and administrative costs for the three months ended September 30, 2024 increased $4.4 million, or 8%, compared to the same period in 2023. Excluding a $12.8 million loss from loan purchases during the three months ended September 30, 2024, general and administrative costs decreased $8.4 million, primarily driven by a $5.1 million decrease in compensation expenses, a $1.6 million decrease in professional expenses, and a $1.9 million decrease in overhead allocation and other miscellaneous costs.

Other Expense, Net
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Other expense, net
$(108,139)$(47,260)$(60,879)(129)%
Other expense, net for the three months ended September 30, 2024 increased $60.9 million compared to the same period in 2023. The increase was primarily due to a higher credit-related impairment loss of $40.6 million on certain investments, driven by changes in the fair value of investments in loans and securities as a result of fluctuations in key inputs to the discounted cash flow models used to determine fair value. We are not exposed economically to a portion of these fair value changes as certain investments are held within consolidated VIEs. For further information, see “—Net Income (Loss) Attributable to Noncontrolling Interests.” Also contributing to the increase was higher interest expenses of $17.5 million due to higher interest rates and increased borrowings to support business growth.
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Income Tax Expense
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Income tax expense (benefit)
$(11,524)$(1,158)$(10,366)(895)%
Income tax benefit for the three months ended September 30, 2024 increased $10.4 million, compared to the same period in 2023. The increase was primarily driven by discrete tax expenses related to a change in the reserve estimate for an uncertain tax position related to credit loss on investments in loans and securities during the three months ended September 30, 2024.

Net Loss Attributable to Noncontrolling Interests
Three Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Net loss attributable to noncontrolling interests
$(6,755)$(24,188)$17,433 72 %
Net loss attributable to noncontrolling interests for the three months ended September 30, 2024 decreased $17.4 million compared to the same period in 2023. The decrease was driven by the net loss generated by our consolidated VIEs associated with our risk retention holdings. This amount represented the net income (loss) of the consolidated VIEs to which we had no economic right and was the result of interest income of $1.2 million generated from risk retention holdings offset by the credit-related impairment loss of $7.9 million on the same risk retention holdings. For further information, see “—Total Revenue and Other Income” and “—Other Expense, Net.”
Comparison of Nine Months Ended September 30, 2024 and 2023

Total Revenue and Other Income
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Revenue from fees$728,881 $562,386 $166,495 30 %
Interest income24,672 30,965 (6,293)(20)%
Investment income(699)656 (1,355)(207)%
Total Revenue and Other Income$752,854 $594,007 $158,847 27 %
Total revenue and other income, increased by $158.8 million, or 27%, to $752.9 million for the nine months ended September 30, 2024 from $594.0 million for the nine months ended September 30, 2023. The increase was primarily driven by an increase in revenue from fees, partially offset by decreases in interest income and investment income (loss).
Revenue from fees for the nine months ended September 30, 2024 increased by $166.5 million, or 30%, to $728.9 million, compared to the same period in 2023. The increase was primarily due to a $160.7 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $505.5 million for the nine months ended September 30, 2023 to $666.2 million for the nine months ended September 30, 2024. The increase in Network AI fees was primarily driven by improved economics in AI integration fees earned from certain Partners, as well as the growth in Network Volume, which increased by 20% from $5.9 billion for the nine months ended September 30, 2023 to $7.1 billion for the nine months ended September 30, 2024. Capital execution fees earned from our ABS transactions for the nine months ended September 30, 2023 remained relatively flat compared to the same period in 2023.
Contract fees, comprised of administration and management fees and performance fees, increased by $5.8 million from $56.9 million for the nine months ended September 30, 2023 to $62.7 million for the nine months ended September 30, 2024, reflecting an increase in net asset values of the assets held by certain Financing Vehicles driven by continued business growth.
Interest income decreased by $6.3 million, or 20%, to $24.7 million for the nine months ended September 30, 2024 from $31.0 million for the nine months ended September 30, 2023. The decrease in interest income was directly related to our risk retention holdings and related securities held in our consolidated VIEs as well as certain risk retention holdings held directly by our consolidated subsidiaries. For further information, see “—Net Income (Loss) Attributable to Noncontrolling Interests.” The
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decrease in interest income was primarily the result of changes in structure and composition of the investments in loans and securities portfolio, partially offset by higher interest income on our cash balances.
Investment income (loss) decreased by $1.4 million to a loss of $0.7 million for the nine months ended September 30, 2024 from an income of $0.7 million for nine months ended September 30, 2023, reflecting an unfavorable impact from the change in valuation of certain proprietary investments.

Costs and Operating Expenses
Nine Months Ended September 30,
20242023
(in thousands)
Production costs$439,448 $374,462 
Technology, data and product development57,970 56,833 
Sales and marketing35,028 40,197 
General and administrative185,307 157,567 
Total Costs and Operating Expenses$717,753 $629,059 

Production Costs
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Production costs$439,448 $374,462 $64,986 17 %
Production costs increased by $65.0 million, or 17%, to $439.4 million for the nine months ended September 30, 2024 from $374.5 million for the nine months ended September 30, 2023. This increase was predominantly due to increases in Network Volume and to a lesser extent the composition of the asset classes that make up our Network Volume, as well as new Partners onboarded to our network.

Technology, Data and Product Development
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Technology, data and product development
$57,970 $56,833 $1,137 2 %

Technology, data and product development costs for the nine months ended September 30, 2024 increased $1.1 million, or 2%, compared to the same period in 2023. The increase was primarily driven by a $8.2 million increase in depreciation of capitalized software, inclusive of impairment charges, and a $1.6 million increase in overhead allocation and other miscellaneous costs. These increases were partially offset by a $8.1 million decrease in compensation expenses and a $1.5 million decrease in server costs.

During the nine months ended September 30, 2024 and 2023, we capitalized $17.8 million and $20.5 million of software development costs, respectively. Depreciation expense, including impairment charges, for capitalized software development costs was $20.1 million and $11.9 million during the nine months ended September 30, 2024 and 2023, respectively.


Sales and Marketing
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Sales and marketing$35,028 $40,197 $(5,169)(13)%
Sales and marketing costs for the nine months ended September 30, 2024 decreased $5.2 million, or 13%, compared to the same period in 2023, primarily driven by a $4.6 million decrease in compensation expenses and a $0.5 million decrease in marketing and other miscellaneous costs.
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General and Administrative
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
General and administrative$185,307 $157,567 $27,740 18 %

General and administrative costs for the nine months ended September 30, 2024 increased $27.7 million, or 18%, compared to the same period in 2023. Excluding a $31.2 million loss from loan purchases during the nine months ended September 30, 2024, general and administrative costs decreased $3.5 million, primarily driven by a $6.3 million decrease in compensation expenses and a $2.0 million decrease in miscellaneous costs, including overhead allocations, partially offset by a $5.0 million increase in professional and transaction-related expenses supporting business initiatives.

Other Expense, Net
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Other expense, net
$(215,682)$(131,135)$(84,547)(64)%
Other expense, net for the nine months ended September 30, 2024 increased $84.5 million, compared to the same period in 2023. The increase was primarily due to a higher interest expenses of $44.2 million due to higher interest rates and increased borrowing to support business growth, and a higher credit-related impairment loss of $42.8 million on certain investments, driven by changes in the fair value of investments in loans and securities as a result of fluctuations in key inputs to the discounted cash flow models used to determine fair value. We are not exposed economically to a portion of these fair value changes as certain investments are held within consolidated VIEs. For further information, please see “—Net Income (Loss) Attributable to Noncontrolling Interests.” These increases were partially offset by a $4.1 million favorable impact from the changes in fair value remeasurement of warrants.

Income Tax Expense
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Income tax expense$7,991 $10,515 $(2,524)(24)%
Income tax expense for the nine months ended September 30, 2024 decreased $2.5 million, compared to the same period in 2023. The decrease was primarily driven by discrete tax expenses related to a change in the reserve estimate for an uncertain tax position related to credit loss on investments in loans and securities during the nine months ended September 30, 2024.

Net Loss Attributable to Noncontrolling Interests
Nine Months Ended September 30,
20242023Change% Change
(in thousands, except percentages)
Net loss attributable to noncontrolling interests
$(25,088)$(62,682)$37,594 60 %
Net loss attributable to noncontrolling interests for the nine months ended September 30, 2024 decreased by $37.6 million, or 60%, compared to the same period in 2023. The decrease was driven by the net loss generated by our consolidated VIEs associated with our risk retention holdings. This amount represented the net income (loss) of the consolidated VIEs to which we had no economic right and was the result of interest income of $4.5 million generated from risk retention holdings offset by the credit-related impairment loss of $29.3 million on the same risk retention holdings. For further information, see “—Total Revenue and Other Income” and “—Other Expense, Net.”
Reconciliation of Non-GAAP Financial Measures
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To supplement our consolidated financial statements prepared and presented in accordance with U.S. GAAP, we use the non-GAAP financial measures FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA to provide investors with additional information about our financial performance and to enhance the overall understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our business. We are presenting these non-GAAP financial measures because we believe they provide an additional tool for investors to use in comparing our core financial performance over multiple periods with the performance of other companies.
However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by U.S. GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, our consolidated financial statements prepared and presented in accordance with U.S. GAAP.
To address these limitations, we provide a reconciliation of FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable U.S. GAAP measure. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA in conjunction with their respective related U.S. GAAP financial measures.

FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA
FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023 are summarized below (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Fee Revenue Less Production Cost (FRLPC)
$100,318 $72,655 $289,433 $187,924 
Adjusted Net Income
$33,122 $14,296 $53,641 $4,167 
Adjusted EBITDA$56,085 $28,261 $146,205 $47,803 

FRLPC is defined as revenue from fees less production costs. We use FRLPC as part of overall assessment of performance, including the preparation of our annual budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our Board of Directors concerning our financial performance. Adjusted Net Income (Loss) is defined as net income (loss) attributable to our shareholders excluding share-based compensation expense, change in fair value of warrant liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, and non-recurring expenses associated with mergers and acquisitions. Adjusted EBITDA is defined as net income (loss) attributable to our shareholders excluding share-based compensation expense, change in fair value of warrant liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, non-recurring expenses associated with mergers and acquisitions, interest expense, depreciation expense, and provision (and benefit from) for income taxes.
These items are excluded from our Adjusted Net Income (Loss) and Adjusted EBITDA measures because they are noncash in nature, or because the amount and timing of these items is unpredictable, is not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful.

We believe FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, we have included FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA in this report because these are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, this non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with U.S. GAAP and may be different from similarly titled non-GAAP financial measures used by other companies.

The following tables present a reconciliation of the most directly comparable U.S. GAAP measure to FRLPC, Adjusted Net Income (Loss) and Adjusted EBITDA (in thousands):

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Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue from fees$249,283 $201,447 $728,881 $562,386 
Production costs148,965 128,792 439,448 374,462 
Fee Revenue Less Production Cost (FRLPC)$100,318 $72,655 $289,433 $187,924 

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net Loss Attributable to Pagaya Technologies Ltd.$(67,476)$(21,752)$(163,484)$(114,020)
Adjusted to exclude the following:
Share-based compensation12,333 20,737 45,852 57,312 
Fair value adjustment to warrant liability1,213 1,328 (358)3,763 
Impairment loss on certain investments81,827 9,130 159,489 39,778 
Write-off of capitalized software584 305 3,145 1,935 
Restructuring expenses38 484 3,583 5,450 
Transaction-related expenses1,072 2,472 1,607 4,497 
Non-recurring expenses3,531 1,592 3,807 5,452 
Adjusted Net Income$33,122 $14,296 $53,641 $4,167 
Adjusted to exclude the following:
Interest expenses27,371 9,918 64,098 19,932 
Income tax expense (benefit)(11,524)(1,158)7,991 10,515 
Depreciation and amortization7,116 5,205 20,475 13,189 
Adjusted EBITDA$56,085 $28,261 $146,205 $47,803 

Liquidity and Capital Resources

As of September 30, 2024 and December 31, 2023, the principal sources of liquidity were cash, cash equivalents and restricted cash of $181.0 million and $222.5 million, respectively. We believe these sources will be sufficient to meet our current liquidity needs for the next twelve months, from the date of issuance of the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, and be sufficient to support our future cash needs, however, we can provide no assurance that our liquidity and capital resources will meet future funding requirements.

Our primary requirements for liquidity and capital resources are to purchase and finance risk retention requirements, invest in technology, data and product development and to attract, recruit and retain a strong employee base, as well as to fund potential strategic transactions, including acquisitions, if any. We intend to continue to make strategic investments to support our business plans.

We do not have capital expenditure commitments as the vast majority of our capital expenditures relate to the capitalization of certain compensation and non-compensation expenditures used in the development and improvement of our proprietary technology.

There are numerous risks to the Company’s financial results, liquidity and capital raising, some of which may not be quantified in the Company’s current estimates. The principal factors that could impact liquidity and capital needs are a prolonged inability to adequately access funding in the capital markets or in bilateral agreements, including as a result of macroeconomic conditions such as rising interest rates and higher cost of capital, the timing and extent of spending to support development efforts, the expansion of sales and marketing activities, the introduction of new and enhanced products and the continuing market adoption of the Company’s network.

We expect to fund our operations with existing cash and cash equivalents, cash generated from operations, including cash flows from investments in loans and securities, and additional secured borrowings, including repurchase agreements. We may also raise additional capital, including through borrowings under the new credit facility that we entered into in February 2024 (see further
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description of the new credit facility below in the section titled “Credit Agreement”) or through the sale or issuance of equity or debt securities, as described below in the sections titled “The Committed Equity Financing,” “Shelf Registration Statement” and “Ordinary Share Offering,” as well as the issuance of up to an additional 1,666,666 Series A Preferred Shares. The ownership interest of our shareholders will be, or could be, diluted as a result of sales or issuances of equity or debt securities, and the terms of any such securities may include liquidation or other preferences that adversely affect the rights of our shareholders of Class A Ordinary Shares. We intend to support our liquidity and capital position by pursuing diversified sources of financing, including debt financing, secured borrowings, or equity financing. The rates, terms, covenants and availability of such additional financing is not guaranteed and will be dependent on not only macro-economic factors, but also on Pagaya-specific factors such as the results of our operations and the returns generated by loans originated with the assistance of our AI Technology.

Additional debt financing, such as secured or unsecured borrowings, including repurchase agreements, credit facilities or corporate bonds, and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth in “Risk Factors” in our Annual Report on Form 10-K, which was filed with the SEC on April 25, 2024.

In addition, we will receive the proceeds from any exercise of any public warrants and private placement warrants in cash. Each public warrant and each private placement warrant that was issued and exchanged for each EJFA Private Placement Warrant in the EJFA Merger entitles the holder thereof to purchase one Class A Ordinary Share at a price of $138 per share. The aggregate amount of proceeds could be up to $169.6 million if all such warrants are exercised for cash. We expect to use any such proceeds for general corporate and working capital purposes, which would increase our liquidity.

As of November 11, 2024, the price of our Class A Ordinary Shares was $16.89 per share. We believe the likelihood that warrant holders will exercise their public warrants and private placement warrants that were issued and exchanged for EJFA Private Placement Warrants in the EJFA Merger, and therefore the amount of cash proceeds that we would receive, is dependent upon the market price of Class A Ordinary Shares. If the market price for our Class A Ordinary Shares is less than $138 per share, we believe warrant holders will be unlikely to exercise on a cash basis their public warrants and private placement warrants that were issued and exchanged for EJFA Private Placement Warrants in the EJFA Merger. To the extent the public warrants and private placement warrants are exercised by warrant holders, ownership interest of our shareholders will be diluted as a result of such issuances. Moreover, the resale of Class A Ordinary Shares issuable upon the exercise of such warrants, or the perception of such sales, may cause the market price of our Class A Ordinary Shares to decline and impact our ability to raise additional financing on favorable terms. See “Risk Factors—We have and may need to continue to raise additional funds in the future, including but not limited to, through equity, debt, secured borrowings, or convertible debt financings, to support business growth, and those funds may be unavailable on acceptable terms, or at all. As a result, we may be unable to meet our future capital requirements, which could limit our ability to grow and jeopardize our ability to continue our business” and “Risk Factors—Risks Related to Ownership of our Class A Ordinary Shares and Warrants” in our Annual Report on Form 10-K, which was filed with the SEC on April 25, 2024.

We may, in the future, enter into arrangements to acquire or invest in complementary businesses, products, and technologies. We may be required to seek additional equity or debt financing related to such acquisitions or investments. In the event that we pursue additional financing, we may not be able to raise such financing on terms acceptable to us or at all. Additionally, as a result of any of these actions, we may be subject to restrictions and covenants in the agreements governing these transactions that may place limitations on us and we may be required to pledge collateral as security. If we are unable to raise additional capital or generate cash flows necessary to expand operations and invest in continued innovation, we may not be able to compete successfully, which would harm our business, operations and financial condition. It is also possible that the actual outcome of one or more of our plans could be materially different than expected or that one or more of the significant judgments or estimates could prove to be materially incorrect.

The Committed Equity Financing

On August 17, 2022, we entered into the Equity Financing Purchase Agreement and the Equity Financing Registration Rights Agreement with B. Riley Principal Capital II. Pursuant to the Equity Financing Purchase Agreement, we have the right to sell to B. Riley Principal Capital II, up to $300 million of our Class A Ordinary Shares, subject to certain limitations and conditions set forth in the Equity Financing Purchase Agreement, from time to time during the 24-month term of the Equity Financing Purchase Agreement. Sales of our Class A Ordinary Shares pursuant to the Equity Financing Purchase Agreement, and the timing of any
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sales, are solely at our option, and we are under no obligation to sell any securities to B. Riley Principal Capital II under the Equity Financing Purchase Agreement.

During the three months ended September 30, 2024, 516,512 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $6.7 million, and related fee of $0.2 million was expensed. During the nine months ended September 30, 2024, 814,569 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $11.9 million, and related fee of $0.4 million was expensed. On September 25, 2024, the Company terminated the Equity Financing Purchase Agreement.
Shelf Registration Statement

On October 4, 2023, we filed a shelf registration statement on Form F-3 (the “Shelf Registration”) with the SEC that was declared effective on October 16, 2023. Under this Shelf Registration, we may, from time to time, offer and sell in one or more offerings Class A Ordinary Shares, various series of debt securities and/or warrants to purchase any of such securities, either individually or in combination with any of these securities, up to $500 million.

Ordinary Share Offering

On March 13, 2024, the Company priced an offering of 7,500,000 of its Class A Ordinary Shares, no par value, pursuant to an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Jefferies LLC as representatives of the several underwriters. The proceeds from the offer and sale of the securities are approximately $90.0 million, after deducting the underwriting discount and fees and offering expenses payable by the Company.

Cash Flows
The following table presents summarized consolidated cash flow information for the periods presented (in thousands):

Nine Months Ended September 30,
 20242023
Net cash provided by (used in) operating activities$34,457 $(9,372)
Net cash used in investing activities$(462,677)$(316,088)
Net cash provided by financing activities$387,906 $276,763 
Operating Activities

Our primary uses of cash in operating activities are for ordinary course of business, with the primary use related to employee and personnel-related expenses. As of September 30, 2024, we had 534 employees, including 146 full-time Darwin employees, compared to 712 on December 31, 2023. During the second quarter of 2024, we reduced our headcount by over 20% across our Israel and U.S. offices. This reduction in workforce enabled us to streamline our operations resulting in cost savings.
Net cash provided by operating activities for the nine months ended September 30, 2024 was $34.5 million, an increase of $43.8 million from net cash used in operating activities of $9.4 million for the same period in 2023. This reflects our net loss including noncontrolling interests of $188.6 million, adjusted for non-cash charges of $232.4 million, and net cash inflows of $9.4 million from changes in our operating assets net of operating liabilities.

Non-cash charges primarily consisted of (1) impairment losses on investments in loans and securities, which increased by $40.3 million driven by changes in the fair value of investments in loans and securities as a result of fluctuations in key inputs to the discounted cash flow models used to determine fair value (we are not exposed economically to a portion of these fair value changes as certain investments are held within consolidated VIEs), (2) share-based compensation, which decreased by $11.5 million, (3) depreciation and amortization, which increased by $7.3 million primarily from capitalized software, and (4) fair value
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adjustment to warrant liability, which decreased by $4.1 million driven by changes in the market price of our Class A Ordinary Shares.

Our net cash flows resulting from changes in operating assets and liabilities increased by $13.0 million to net cash outflows of $9.4 million for the nine months ended September 30, 2024 compared to net cash outflows of $22.4 million for the same period in 2023, reflecting cost saving initiatives.
Investing Activities

Our primary uses of cash in investing activities are the purchase of risk retention assets of sponsored securitization vehicles and investments in equity method and other investments.

For the nine months ended September 30, 2024, net cash used in investing activities of $462.7 million was primarily attributable to purchases of risk retention assets of $538.7 million, which increased by $102.5 million driven by business growth, partially offset by proceeds received from existing risk retention assets of $89.9 million, which decreased by $44.2 million.

Financing Activities

For the nine months ended September 30, 2024, net cash provided by financing activities of $387.9 million was primarily attributable to $227.2 million of net proceeds from issuance of long-term debt, net of repayments, $90.0 million of net proceeds from the ordinary share offering, $137.0 million from secured borrowings executed to finance certain risk retention assets, net of repayments, and $11.9 million of proceeds from the issuance of our Class A Ordinary Shares under the Equity Financing Purchase Agreement. These net cash inflows were partially offset by $75.0 million of repayments of the SVB revolving credit facility.

Indebtedness

Exchangeable Senior Notes

On October 1, 2024, Pagaya US Holding Company LLC (“Pagaya US”), a wholly-owned subsidiary of the Company, issued $160 million in aggregate principal amount of 6.125% exchangeable senior notes due 2029 (the “Notes”). The issuance was in connection with a purchase agreement dated September 26, 2024, with certain initial purchasers. The Company intends to use the net proceeds from the Notes to repay higher-cost debt and reduce interest expense, with the remainder allocated for general corporate purposes.

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, and mature on October 1, 2029, unless earlier repurchased, redeemed, or exchanged. The Notes are exchangeable for cash, Class A Ordinary Shares of the Company, or a combination of both, at the Company’s discretion, subject to certain conditions.

The Notes are senior, unsecured obligations of Pagaya US and are fully and unconditionally guaranteed on a senior, unsecured basis by the Company. The Notes rank equally in right of payment with other senior, unsecured indebtedness and are structurally subordinated to all existing and future liabilities of Pagaya US’s subsidiaries.

Under specific conditions, noteholders have the option to exchange their Notes for Class A Ordinary Shares if certain market performance thresholds are met. These include, among others, the sale price of the Class A Ordinary Shares exceeding 130% of the initial exchange price for a specified number of trading days.

Pagaya US may redeem the Notes in whole or in part on or after October 5, 2027, subject to specific trading price thresholds. Redemption of the Notes could trigger certain provisions that adjust the exchange rate in favor of the holders.

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. On November 5, 2024, the Company amended the Credit Agreement to increase the Term Loan Facility by $72 million, bringing the total principal amount
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to $327 million. The additional funding under the Term Loan Facility is subject to the same terms and conditions as the original term loan.

The Facilities replace the SVB Revolving Credit Facility. In addition to replacing the SVB Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries.

The Company may voluntarily prepay borrowings under the Facilities at any time and from time to time subject to, in regards to voluntary prepayments and certain mandatory prepayments of the Term Loan Facility, a 3.00% fee if paid prior to the first anniversary of the Term Loan Facility, 2.00% if paid after the first anniversary but prior to the second anniversary, 1.00% if after the second anniversary but prior to the third anniversary, and 0.50% if after the third anniversary but prior to the fourth anniversary. In each case, prepayments of the Facilities may be subject to the payment of “breakage” costs.

The Facilities contain certain customary mandatory prepayment events, including requirements to prepay the Term Loan Facility with excess cash flow and with the net cash proceeds from certain asset dispositions and casualty events, subject to customary reinvestment rights and other exceptions.

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

Borrowings under the Facilities bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears.

The Company’s obligations under the Credit Agreement are guaranteed by certain of the Company’s material, wholly-owned subsidiaries (collectively, the “Guarantors”) and are secured by a first priority lien on substantially all assets of the Company and the Guarantors, subject to certain customary exceptions.

The Credit Agreement contains customary negative covenants, which include, among other things, limitations on the ability of the Company and its consolidated subsidiaries to incur indebtedness, grant liens, engage in certain fundamental changes, make certain dispositions and investments, enter into sale and leaseback transactions, and make restricted payments and other distributions. The Credit Agreement contains certain financial covenants customary for a credit facility of this type, which include, among other things, a maximum first lien leverage ratio, a minimum fixed charge coverage ratio and a minimum tangible book value ratio. The Credit Agreement also contains affirmative covenants customary for a credit facility of its type, including customary reporting covenants.

The Credit Agreement includes events of default related to, among other things, failure to pay amounts due under the Credit Agreement, breaches of representations, warranties or covenants, defaults under other material indebtedness, certain events of bankruptcy or insolvency, material judgment defaults and change of control, in each case, subject to customary cure periods where appropriate.

As of September 30, 2024, the Company had an outstanding balance of $230.2 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and the Company had letters of credit issued in the amount of $15.2 million, and $4.8 million of remaining capacity available under the Revolving Credit Facility. The Company is in compliance with all covenants.

Contractual Obligations, Commitments and Contingencies
During the normal course of business, we enter into certain lease contracts with lease terms through 2032. As of September 30, 2024, the total remaining contractual obligations are approximately $43.2 million, of which $8.0 million is for the next 12 months. In 2023, we entered into a purchase commitment with our third-party cloud computing web services provider, which included an annual purchase commitment of $4.6 million for the period from October 2023 through September 2025. As of September 30, 2024, the total remaining contractual obligations are approximately $4.9 million, all of which is for the next 12 months. We may pay more than the minimum purchase commitment based on usage.
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
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indemnification payments may not be subject to a cap. As of September 30, 2024, there have been no known events or circumstances that have resulted in a material indemnification liability and the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. For certain contracts meeting the definition of a guarantee or a derivative, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As of September 30, 2024, the maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $30.1 million. In accordance with the guarantee contracts, the maximum potential payment amount has been segregated and recognized within restricted cash in the unaudited condensed consolidated balance sheet.
For a discussion of our long-term debt obligations and operating lease obligations as of September 30, 2024, see Note 4 and Note 7, respectively, to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
Off-Balance Sheet Arrangements
In the ordinary course of business, we engage in activities with unconsolidated VIEs, including our sponsored securitization vehicles, which we contractually administer. To comply with risk retention regulatory requirements, we retain at least 5% of the credit risk of the securities issued by sponsored securitization vehicles. From time to time, we may, but are not obligated to, purchase assets from the Financing Vehicles. Such purchases could expose us to loss. For additional information, refer to Note 8 to the unaudited condensed consolidated financial statements elsewhere included in this Quarterly Report.
Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements requires us to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from our estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.

During the nine months ended September 30, 2024, we have reassessed the critical accounting policies and estimates as described in Part II, Item 7, “Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2023 and determined that in addition to the updates below relating to fair value (previously identified as “Loans and investments in securities”), we no longer consider revenue recognition, consolidation and variable interest entities or recoverability of deferred tax assets to be critical accounting estimates as the application of the relevant US GAAP accounting policies does not involve significant levels of uncertainty.

We believe that the accounting policies discussed below are critical to our financial results and the understanding of our past and future performance, as these policies relate to the more significant areas involving management’s estimates and assumptions. We consider an accounting estimate to be critical if: (1) it requires us to make assumptions because the information was not available at the time or it included matters that were highly uncertain at the time we were making our estimate and (2) changes in the estimate could have a material impact on our financial condition or results of operations. For further information, see Note 2 to our audited consolidated financial statements in our Annual Report on Form 10-K, which was filed with the SEC on April 25, 2024. It should be noted that future events rarely develop exactly as forecasted, and estimates require regular review and adjustment.

Fair Value

Investments in loans and securities, which include whole loans and notes and residual interests in securitizations, are measured at fair value on a recurring basis. The estimate of fair value of these financial assets requires significant judgment. We use a discounted cash flow model to estimate the fair value of these financial assets based on the present value of estimated future cash flows. The cash flow model uses both observable and unobservable inputs and reflects our best estimates of the assumptions a market participant would use to calculate fair value of the particular financial asset. Primary inputs that require significant judgment include discount rates, net credit loss expectations, and expected prepayment rates.

As it relates to net credit loss expectations, the most significant unobservable input, management considers a variety of factors including, but not limited to, historical loss trends, origination or vintage analysis, known and inherent risks in the portfolio, recovery rates and current economic conditions. We also take into consideration certain qualitative factors, in which we adjust
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our quantitative baseline using our best judgment to consider the inherent uncertainty regarding future economic conditions and consumer loan performance.

Additionally, we determine whether an impairment has resulted from a credit loss or other factors. We determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. We recognize the credit loss portion through earnings in the income statement and the noncredit loss portion in accumulated other comprehensive loss.

The underlying assumptions, estimates, and assessments we use to provide for fair value are assessed and updated quarterly, as necessary, to reflect our view of current conditions, which can result in changes to the fair value of investments in loans and securities. It is possible that we will experience material differences in the fair value of investments in loans and securities.

Prior to 2023, we wrote down the amortized cost basis of the investment if it was more likely than not we would be required, or we intended to sell the investment before recovery of its amortized cost basis, or we did not expect to collect cash flows sufficient to recover the amortized cost basis of the investment.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in market prices. Our market risk exposure primarily relates to fluctuations in credit risk. We are exposed to market risk directly through investments in loans and securities held on our consolidated balance sheets and access to the securitization markets.

Credit Risk

Credit risk refers to the risk of loss arising from individual borrower default due to inability or unwillingness to meet their financial obligations. The performance of certain financial instruments, including investments in loans, securitization notes and residual certificates on our consolidated balance sheets, is dependent on the credit performance. To manage this risk, we monitor borrower payment performance and utilize our proprietary, AI-powered technology to evaluate individual loans in a manner that we believe is reflective of the credit risk.

The fair values of these loans, securitization notes, and residual certificates are estimated based on a discounted cash flow model which involves the use of significant unobservable inputs and assumptions, the most significant of which is expected credit losses. Accordingly, these instruments are sensitive to changes in credit risk. As of September 30, 2024 and December 31, 2023, we were exposed to credit risk on $923 million and $717 million, respectively, of investments in loans and securities held on our consolidated balance sheet, with $851 million and $618 million, respectively, representing net exposure exclusive of non-controlling interests. We implemented portfolio risk monitoring that includes internal monitoring as well as competitor / market assessments, macro-economic trends, and associated stress testing. Loans and related risk retention securities are monitored throughout the entire lifecycle. This risk monitoring framework is intended to deliver timely and actionable feedback credit risk exposures.

We are also exposed to credit risk in the event of non-performance by the financial institutions holding our cash or providing access to our credit line. We maintain our cash deposits in highly-rated financial institutions. In the United States, the majority of our cash deposits are held at federally insured accounts. We manage this risk by maintaining our cash deposits at well-established, well-capitalized financial institutions and diversifying our counterparties.

Interest Rate Risk

The interest rates charged on the loans originated by Partners are subject to change by the platform sellers, originators, and/or servicers. Higher interest rates could negatively impact collections on the underlying loans, leading to increased delinquencies, defaults, and our borrower bankruptcies, all of which could have a substantial adverse effect on our business. This would also impact future loans and securitizations.

Additionally, we maintain certain financing sources with varying degrees of interest rate sensitivities, including floating-rate interest payments on Pagaya’s credit facilities. Accordingly, trends in the prevailing interest rate environment can influence interest expense/payments and harm the results of our operations. See Item 5.B. Liquidity and Capital Resources for additional information.

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We also rely on securitization transactions, with notes of those transactions typically bearing a fixed coupon. For future securitization issuances, higher interest rates could effect overall deal economics as well as the returns we would generate on our related risk retention investments.

Foreign Exchange Risk

Foreign currency exchange rates do not pose a material market risk exposure. However, given the compensation and non-compensation expenses denominated in Israeli Shekel, our inability or failure to manage foreign exchange risk could harm our business, financial condition, or results of operations.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act) that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Internal Control

The effectiveness of any system of internal control over financial reporting is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, no matter how well designed and operated, can only provide reasonable, not absolute assurance that its objectives will be met. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business but such improvements will be subject to the same inherent limitations outlined in this section.

PART II - Other Information

Item 1. Legal Proceedings

Please refer to Note 8. “Commitments and Contingencies” of the accompanying notes to our unaudited condensed consolidated financial statements.

From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business. We are not presently a party to any such other legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, financial condition, or cash flows. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

Item 1A. Risk Factors

The risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 could materially and adversely affect our business, financial condition, results of operations, cash flows, future prospects, and the
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trading price of our Class A Ordinary Share. The risks and uncertainties described therein are not the only ones we face. Additional risks and uncertainties that we are unaware of or that we currently deem immaterial may also become important factors that adversely affect our business.

You should carefully read and consider such risks, together with all of the other information in our Annual Report on Form 10-K for the year ended December 31, 2023, in this Quarterly Report on Form 10-Q (including the disclosures in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our unaudited condensed consolidated financial statements and related notes), and in the other documents that we file with the SEC.

There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Credit Agreement Amendment

On November 5, 2024, the Company entered into Amendment No. 2 (the “Amendment”) to the credit agreement, dated as of February 2, 2024 (as amended from time to time and by the Amendment, the “Credit Agreement”) among the Company, Pagaya US Holding Company LLC, as a borrower, the lenders from time to time party thereto (the “Lenders”) and Acquiom Agency Services LLC, as administrative agent (“Acquiom”).

Pursuant to the Amendment, (x) the Company incurred incremental term loans in an aggregate principal amount of $72 million (with the ability to incur additional incremental term loans in an aggregate principal amount up to $28 million on or before December 31, 2024), the proceeds of which will be used to prepay a portion of certain of the Company’s other secured financings and (y) to make certain other amendments to the Credit Agreement. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated into this Item 5 by reference.

Employment Agreements with Executives

On the date hereof, the Company entered into amended and restated employment agreements with certain of its executives to reflect the Company’s updated terms of employment for its executive officers. The foregoing summary of the employment agreements with the Company’s executives does not purport to be complete and is qualified in its entirety by reference to the full text of the employment agreements, copies of which are filed with this Quarterly Report on Form 10-Q as Exhibit 10.2 through 10.4 and are incorporated into this Item 5 by reference.

Director and Officer Trading Plans or other Arrangements

Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended September 30, 2024, three officers or directors entered into and one cancelled his 10b5-1 trading arrangements. First, on July 2, 2024, after terminating a legacy 10b5-1 plan on May 10, 2024, Tami Rosen, a director and the Company’s Chief Development Officer, entered into a new 10b5-1 Plan, with an end date of April 7, 2025, to sell a maximum aggregate of 62,465 shares. Second, on July 2, 2024, Avital Pardo, a director and Chief Technology Officer of the Company, entered into a 10b5-1 Plan, with an end date
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of October 1, 2025, to sell a maximum aggregate of 300,000 shares. Third, on July 2, 2024, Yahav Yulzari, a director and Chief Business Officer of the Company, entered into a 10b5-1 Plan, with an end date of October 1, 2025, to sell a maximum aggregate of 300,000 shares. Note that the maximum number of shares for these plans include shares that the directors will sell, at the time of vesting, to cover their tax liability. On September 20, 2024, Evangelos Perros, the Company’s Chief Financial Officer, cancelled the 10b5-1 plan entered into on June 24, 2024.

Item 6. Exhibits

Exhibit
Number		Description
3.1
31.1*
31.2*
32.1*
32.2*
101.INSInline XBRL Instance Document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith
† Indicates a management contract or compensatory plan.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized,

PAGAYA TECHNOLOGIES LTD.
Date: November 12, 2024
By:/s/ Gal Krubiner
Name:Gal Krubiner
Title:Chief Executive Officer
Date: November 12, 2024
By:
/s/ Evangelos Perros
Name:
Evangelos Perros
Title:Chief Financial Officer
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