Pagaya第二季收入3.87億美元 淨利潤飆172% 每股盈利0.49美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

 ☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

 ☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-41430

Pagaya Technologies Ltd.
(Exact name of registrant as specified in its charter)

Israel98-1704718
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

335 Madison Ave, 16th Floor

New York, New York
10017
(Address of principal executive offices)(Zip Code)

(646) 710-7714
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Ordinary Shares, no par valuePGYThe NASDAQ Stock Market LLC
Warrants to purchase Class A Ordinary Shares PGYWWThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer 
☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 29, 2026, the registrant had 72,137,266 Class A Ordinary Shares, no par value, outstanding; 11,288,577 Class B Ordinary Shares, no par value, outstanding; and 2,027,147 Series A Preferred Shares, no par value, outstanding.

Table of Contents

TABLE OF CONTENTS

Page
Part I - Financial Information
1

Item 1. Financial Statements
1

Condensed Consolidated Balance Sheets
1

Condensed Consolidated Statements of Income
2

Condensed Consolidated Statements of Comprehensive Income
3

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Shares and Equity
4

Condensed Consolidated Statements of Cash Flows
6

Notes to the Consolidated Financial Statements
8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3. Quantitative and Qualitative Disclosures About Market Risk
47

Item 4. Controls and Procedures
49

Part II - Other Information
49

Item 1. Legal Proceedings
49

Item 1A. Risk Factors
50

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
50

Item 3. Defaults Upon Senior Securities
50

Item 4. Mine Safety Disclosures
50

Item 5. Other Information
50

Item 6. Exhibits
50

Signatures
52

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements that involve substantial risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include, without limitation, statements regarding: our expectations concerning the outlook for our business; our product suite; developing and scaling new asset types, products, and services; expanding our current Partner relationships; adding new Partners; increasing Network Volume; leveraging our data and AI capabilities; outperforming the broader market; improving our cost of capital; diversifying our funding network; delivering assets to meet our investors’ expectations; the impact of economic cycles on our financial performance and related metrics; evaluating operational and safety protocols; the importance of generating Network Volume, which is a key operating metric; making strategic investments to support our business plans, including in technology, data, and product development; pursuing diversified sources of financing; the sufficiency of our liquidity and capital resources to support our business operations; the Company’s capital efficiency strategies; and monitoring and upgrading our internal controls.

Forward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those implied in those statements. Important factors that could cause such differences include, but are not limited to:

•our rapid growth and our ability to effectively manage our growth and maintain profitability;
•adverse global economic conditions and other catastrophic events;
•adverse developments impacting the banking and financial services industries, consumer credit activity, and the availability of equity and debt financing;
•our reliance on services provided by third-party vendors;
•our dependence on our AI technology;
•our reliance on a limited number of partners which presents concentration risk for Network Volume and Revenue; 
•retaining and attracting new partners by improving our platform and offering new and relevant products; 
•our ability to raise capital from investors; 
•developing and maintaining robust and diverse funding sources; 
•the competitive nature of our industry; 
•changes to our accounting policies or financial reporting standards; 
•maintaining our brand image and reputation; 
•managing risks related to fraudulent activity; 
•our reliance on key employees including our founders; 
•effectively managing conflicts of interest related to our financing vehicles; 
•legal proceedings, investigations, or claims; 
•maintaining adequate insurance coverage; 
•the effectiveness of our risk management processes; 
•realizing the intended benefits of any strategic transactions; 
•the regulation of AI technologies by the FTC, CFPB, and other governmental agencies; 
•enforcing our intellectual property rights; 
•our use of open-source software components; 
•our ability to continue receiving accurate data from our partners; 
•cyberattacks and other security breaches; 
•risks related to our single-family rental operations including volatility in the single-family rental market, lease renewal and default rates, HOA regulations, the accuracy of resident-supplied information, leasing fraud, renovation and maintenance costs, and regulations impacting the single-family rental business; 
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•our compliance with laws related to consumer protection, consumer finance, lending, fair lending, data protection and privacy, cybersecurity, and investment advisory services, and maintaining required licenses to operate; 
•heightened regulation of the financial services industry; 
•the risks that we are deemed to be an investment company or that we cannot rely on exemptions under various laws to conduct the funding component of our business; 
•our ability to continue accessing the securitization market; 
•our compliance with anti-corruption, anti-bribery, anti-money laundering, economic and trade sanctions and similar laws; 
•the risk that we would be deemed the true lender for loans originated by our partners; 
•the enforceability of assets we acquire from our partners; 
•risks related to ongoing conflicts including between Russia and Ukraine and Israel, the United States, and Iran; 
•risks related to our operations in Israel including regional hostilities and our employees’ required military service; 
•risks related to being a public company including limited management experience and increased costs; 
•covenants in our indebtedness arrangements that could limit our ability to operate our business;
•changes in tax laws and the outcome of potential tax audits; and
•the other matters described in “Risk Factors” in our 2025 Annual Report on Form 10-K (defined below).

We caution you not to rely on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to revise forward-looking statements to reflect future events, changes in circumstances or changes in beliefs except to the extent required by law. In the event that any forward-looking statement is updated, no inference should be made that we will make additional updates with respect to that statement, related matters, or any other forward-looking statements except to the extent required by law. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear in our public filings with the SEC, which are or will be (as appropriate) accessible at www.sec.gov, and which you are advised to consult. 

Market, ranking and industry data used throughout this Quarterly Report on Form 10-Q, including statements regarding market size and technology adoption rates, is based on the good faith estimates of our management, which in turn are based upon our management’s review of internal surveys, independent industry surveys and publications and other third-party research and publicly available information. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we are not aware of any misstatements regarding the industry data presented herein, its estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K filed on March 2, 2026, and amended on April 30, 2026 and June 1, 2026 (collectively, the “2025 Annual Report on Form 10-K”), and Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.

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PART I - Financial Information

Item 1. Financial Statements

PAGAYA TECHNOLOGIES LTD. 
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share amounts)

June 30,December 31,
20262025
Assets
Cash and cash equivalents$249,257 $235,329 
Restricted cash and cash equivalents55,166 53,020 
Fee receivables (1)190,470 153,250 
Investments in loans and securities at fair value1,040,118 945,269 
Equity method and other investments11,303 13,518 
Right-of-use assets27,324 30,578 
Property, equipment and software, net32,657 30,221 
Goodwill22,903 22,903 
Intangible assets, net4,801 7,661 
Other assets (1)59,108 54,165 
Total Assets$1,693,107 $1,545,914 
Liabilities and Equity
Liabilities:
Accounts payable$4,053 $3,931 
Accrued expenses and other liabilities80,136 74,635 
Operating lease liabilities32,413 34,212 
Income taxes payable and other tax liabilities21,913 18,687 
Warrant liability775 4,723 

Secured borrowing252,995 193,892 
Exchangeable notes150,070 148,782 
Long-term debt471,866 481,598 
Total Liabilities1,014,221 960,460 
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 2,027,147 shares issued and outstanding as of both June 30, 2026 and December 31, 2025; aggregate liquidation preference of $60,814 as of both June 30, 2026 and December 31, 2025.
30,103 30,103 
Shareholders' equity:
Class A ordinary shares, no par value, 666,666,666 shares authorized, 72,046,950 and 70,747,357 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.
— — 
Class B ordinary shares, no par value, 166,666,666 shares authorized, 11,288,577 shares issued and outstanding as of both June 30, 2026 and December 31, 2025.
— — 
Additional paid-in capital1,408,832 1,390,990 
Accumulated other comprehensive loss(21,992)(48,319)
Accumulated deficit(792,687)(862,654)
Total Pagaya Technologies Ltd. shareholders’ equity594,153 480,017 
Noncontrolling interests54,630 75,334 
Total Equity648,783 555,351 
Total Liabilities, Redeemable Convertible Preferred Shares, and Equity$1,693,107 $1,545,914 

(1) Includes related-party fee receivables from ABS securitization trusts and investment funds totaling $124.3 million and $106.9 million and other related-party assets from ABS securitization trusts and investment funds of $46.9 million and $42.6 million, as of June 30, 2026 and December 31, 2025, respectively. Refer to Note 11, “Transactions with Related Parties,” for additional information regarding related-party transactions with ABS securitization trusts and investment funds.

The accompanying notes are an integral part of these condensed consolidated financial statements
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PAGAYA TECHNOLOGIES LTD. 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except share and per share data) 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue
Revenue from fees (1)$365,639 $317,714 $664,630 $600,418 
Other Income
Interest income22,205 10,739 39,871 18,415 
Investment (loss) income, net(802)(2,055)485 (2,446)
Total Revenue and Other Income387,042 326,398 704,986 616,387 
Production costs218,715 191,465 396,276 358,548 
Technology, data and product development17,348 18,455 33,288 37,899 
Sales and marketing10,087 19,660 21,219 29,254 
General and administrative35,093 40,349 68,399 86,532 
Total Costs and Operating Expenses281,243 269,929 519,182 512,233 
Operating Income105,799 56,469 185,804 104,154 
Gains and (losses) on investments in loans and securities (2)(42,318)(14,251)(80,314)(43,275)
Other expenses, net (2)(22,972)(20,181)(38,438)(38,890)
Gains and (losses) from extinguishment of debt (2)737 (496)1,504 (496)
Income Before Income Taxes41,246 21,541 68,556 21,493 
Income tax (benefit) expense(1,088)4,978 2,061 2,438 
Net Income Including Noncontrolling Interests42,334 16,563 66,495 19,055 
Less: Net loss attributable to noncontrolling interests
(2,939)(92)(3,472)(5,493)
Net Income Attributable to Pagaya Technologies Ltd.
$45,273 $16,655 $69,967 $24,548 

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

Basic$0.53 $0.20 $0.82 $0.30 
Diluted$0.49 $0.20 $0.77 $0.29 

Weighted average shares outstanding:
Basic83,184,935 76,873,529 82,926,257 76,347,801 
Diluted97,247,579 79,667,635 96,963,421 78,301,110 

(1) Includes related-party revenues from ABS securitization trusts and investment funds totaling $231.4 million and $146.6 million for the three months ended June 30, 2026 and 2025, and $390.3 million and $314.5 million for the six months ended June 30, 2026 and 2025, respectively. Refer to Note 11, “Transactions with Related Parties,” for additional information regarding related-party transactions with ABS securitization trusts and investment funds.
(2) Prior period amounts have been reclassified to conform to the current period’s presentation.

The accompanying notes are an integral part of these condensed consolidated financial statements
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PAGAYA TECHNOLOGIES LTD. 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Income Including Noncontrolling Interests$42,334 $16,563 $66,495 $19,055 
Other Comprehensive Income:
Unrealized non-credit related adjustments to investment securities10,098 (5,708)27,309 (21,492)
Comprehensive Income (Loss) Including Noncontrolling Interests52,432 10,855 93,804 (2,437)
Less: Comprehensive loss attributable to noncontrolling interests(3,125)(105)(2,490)(5,408)
Comprehensive Income Attributable to Pagaya Technologies Ltd.$55,557 $10,960 $96,294 $2,971 

The accompanying notes are an integral part of these condensed consolidated financial statements
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PAGAYA TECHNOLOGIES LTD. 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND EQUITY (UNAUDITED) 
(In thousands, except share amounts) 

Redeemable Convertible Preferred SharesOrdinary SharesAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Pagaya Technologies Ltd. Shareholders’ EquityNon-Controlling InterestsTotal Equity

SharesAmountSharesAmount
Balance – March 31, 20262,027,147 $30,103 82,775,444 $— $1,399,545 $(32,276)$(837,960)$529,309 $69,843 $599,152 

Issuance of ordinary shares upon exercise of share options— — 27,047 — 100 — — 100 — 100 
Issuance of ordinary shares upon vesting of RSUs— — 533,036 — — — — — — 

Share-based compensation— — — — 9,187 — — 9,187 — 9,187 

Return of capital to interests in consolidated VIEs— — — — — — — — (12,088)(12,088)
Other comprehensive income (loss)— — — — — 10,284 — 10,284 (186)10,098 
Net income (loss)— — — — — 45,273 45,273 (2,939)42,334 
Balance – June 30, 20262,027,147 $30,103 83,335,527 $— $1,408,832 $(21,992)$(792,687)$594,153 $54,630 $648,783 

Balance – December 31, 20252,027,147 $30,103 82,035,934 $— $1,390,990 $(48,319)$(862,654)$480,017 $75,334 $555,351 

Issuance of ordinary shares upon exercise of share options— — 44,593 — 217 — — 217 — 217 
Issuance of ordinary shares upon vesting of RSUs— — 1,188,186 — — — — — — — 
Issuance of ordinary shares upon purchase of shares under employee stock purchase plan— — 66,814 — 685 — — 685 — 685 
Share-based compensation— — — — 16,940 — — 16,940 — 16,940 

Return of capital to interests in consolidated VIEs— — — — — — — — (18,214)(18,214)
Other comprehensive income— — — — — 26,327 — 26,327 982 27,309 
Net income (loss)— — — — — — 69,967 69,967 (3,472)66,495 
Balance – June 30, 20262,027,147 $30,103 83,335,527 $— $1,408,832 $(21,992)$(792,687)$594,153 $54,630 $648,783 

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Redeemable Convertible Preferred SharesOrdinary SharesAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Pagaya Technologies Ltd. Shareholders’ EquityNon-Controlling InterestsTotal Equity

SharesAmountSharesAmount
Balance – March 31, 20255,000,000 $74,250 75,430,952 $— $1,299,010 $(27,370)$(936,150)$335,490 $105,313 $440,803 
Issuance of ordinary shares upon exercise of share options— — 126,638 — 1,118 — — 1,118 — 1,118 
Issuance of ordinary shares upon vesting of RSUs— — 604,379 — — — — — — — 

Share-based compensation— — — — 19,184 — — 19,184 — 19,184 

Return of capital to interests in consolidated VIEs— — — — — — — — (3,981)(3,981)
Other comprehensive income (loss)— — — — — (5,695)— (5,695)(13)(5,708)
Net income (loss)— — — — — — 16,655 16,655 (92)16,563 
Balance – June 30, 20255,000,000 $74,250 76,161,969 $— $1,319,312 $(33,065)$(919,495)$366,752 $101,227 $467,979 

Balance – December 31, 20245,000,000 $74,250 73,879,982 $— $1,282,022 $(11,488)$(944,043)$326,491 $115,055 $441,546 

Issuance of ordinary shares upon exercise of share options— — 507,909 — 3,385 — — 3,385 — 3,385 
Issuance of ordinary shares upon vesting of RSUs— — 1,718,202 — — — — — — — 
Issuance of ordinary shares upon employee stock purchase plan— — 55,876 592 592 — 592 
Share-based compensation— — — — 33,313 — — 33,313 — 33,313 

Return of capital to interests in consolidated VIEs— — — — — — — — (8,420)(8,420)
Other comp