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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, 2024
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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Israel | | 87-3083236 |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| |
90 Park Ave, 20th Floor | | | |
New York, New York | | | 10016 |
| (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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Class A Ordinary Shares, no par value | | PGY | | The NASDAQ Stock Market LLC |
| Warrants to purchase Class A Ordinary Shares | | PGYWW | | The 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 31, 2024, the registrant had 59,162,971 Class A Ordinary Shares, no par value, outstanding and 12,652,310 Class B Ordinary Shares, no par value, outstanding, and 5,000,000 Series A Preferred Shares, no par value, outstanding.
TABLE OF CONTENTS
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, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, without limitation, our expectations concerning the outlook for our business, productivity, plans and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations.
Pagaya desires to take advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection with this safe harbor legislation. All statements other than statements of historical facts contained in this Annual Report, including statements regarding our future financial position, business strategy and plans and objectives of management for future operations, 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 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:
•the ability to implement business plans and other expectations;
•the impact of the continuation of or changes in the short-term and long-term interest rate environment;
•uncertain market or political conditions;
•the availability and cost of capital, including the financing of risk retention investments;
•our ability to service our debt financing and meet associated covenants;
•our ability to develop and maintain a diverse and robust funding network;
•the impact of fair value changes in our risk retention investments in our Financing Vehicles;
•our uncertain future prospects and rate of growth due to our relatively limited operating history;
•the performance of our technology to consistently meet return expectations of asset investors in Financing Vehicles;
•our ability to improve, operate and implement our AI technology, including as we expand into new asset classes;
•competition in attracting and onboarding new Partners and raising capital from asset investors through Financing Vehicles given the current limited number of Partners that account for a substantial portion of the total number of the financial products facilitated with the assistance of our AI technology;
•potential difficulties in retaining our current management team and other key employees and independent contractors, including highly-skilled technical experts;
•our estimates of our future financial performance;
•changes in the political, legal and regulatory framework related to AI technology, machine learning; financial institutions and consumer protection;
•the impact of health epidemics, including the ongoing COVID-19 pandemic;
•our ability to realize the potential benefits of past or future acquisitions;
•conditions related to our operations in Israel;
•risks related to data, security and privacy;
•changes to accounting principles and guidelines;
•our ability to develop and maintain effective internal controls;
•the ability to maintain the listing of our securities on Nasdaq;
•the price of our securities has been and may continue to be volatile;
•unexpected costs or expenses;
•future issuances, sales or resales of our Class A Ordinary Shares;
•an active public trading market for our Class A Ordinary Shares may not be sustained; and
•the other matters described in “Risk Factors” in our Annual Report on Form 10-K
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 Annual Report. 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 Annual Report, 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. These data involve 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, which was filed with the SEC on April 25, 2024, and “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report.
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, |
| 2024 | | 2023 |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 233,593 | | | $ | 186,478 | |
| Restricted cash | 17,469 | | | 16,874 | |
| | | |
Fees and other receivables (including related party receivables of $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively) | 93,460 | | | 79,526 | |
| Investments in loans and securities | 1,663 | | | 2,490 | |
Prepaid expenses and other current assets (including related party assets of $6,406 and $7,896 as of June 30, 2024 and December 31, 2023, respectively) | 15,012 | | | 18,034 | |
| | | |
| Total current assets | 361,197 | | | 303,402 | |
| Restricted cash | 16,864 | | | 19,189 | |
| | | |
Fees and other receivables (including related party receivables of $32,987 and $33,739 as of June 30, 2024 and December 31, 2023, respectively) | 32,987 | | | 34,181 | |
| Investments in loans and securities | 909,762 | | | 714,303 | |
| Equity method and other investments | 26,593 | | | 26,383 | |
| Right-of-use assets | 51,631 | | | 55,729 | |
| Property and equipment, net | 40,628 | | | 41,557 | |
| Goodwill | 10,945 | | | 10,945 | |
| | | |
| Intangible assets | 1,275 | | | 2,550 | |
| Prepaid expenses and other assets | 1,095 | | | 137 | |
| Total non-current assets | 1,091,780 | | | 904,974 | |
| Total Assets | $ | 1,452,977 | | | $ | 1,208,376 | |
| Liabilities and Shareholders’ Equity | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 7,303 | | | $ | 1,286 | |
| Accrued expenses and other liabilities | 36,090 | | | 28,562 | |
| Current maturities of operating lease liabilities | 6,427 | | | 6,931 | |
| Current portion of long-term debt | 12,750 | | | — | |
| Secured borrowing | 176,223 | | | 37,685 | |
| Income taxes payable | 2,461 | | | 461 | |
| Total current liabilities | 241,254 | | | 74,925 | |
| Non-current liabilities: | | | |
| Warrant liability | 1,671 | | | 3,242 | |
| Revolving credit facility | — | | | 90,000 | |
| Long-term debt | 219,842 | | | — | |
| Secured borrowing | 223,998 | | | 234,028 | |
| Operating lease liabilities | 39,529 | | | 43,940 | |
| Long-term tax liabilities | 36,752 | | | 22,135 | |
| Deferred tax liabilities, net | 107 | | | 107 | |
| Total non-current liabilities | 521,899 | | | 393,452 | |
| Total Liabilities | 763,153 | | | 468,377 | |
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of June 30, 2024; aggregate liquidation preference of $150,000 as of June 30, 2024. (1) | 74,250 | | | 74,250 | |
| Shareholders’ equity: | | | |
Class A ordinary shares, no par value, 666,666,666 shares authorized, 58,943,381 and 49,390,936 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. (1) | — | | | — | |
Class B ordinary shares, no par value, 166,666,666 shares authorized, 12,652,310 and 12,652,310 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. (1) | — | | | — | |
| Additional paid-in capital | 1,235,677 | | | 1,101,914 | |
| Accumulated other comprehensive income (loss) | (71,050) | | | 444 | |
| Accumulated deficit | (638,645) | | | (542,637) | |
| Total Pagaya Technologies Ltd. shareholders’ equity | 525,982 | | | 559,721 | |
| Noncontrolling interests | 89,592 | | | 106,028 | |
| Total shareholders’ equity | 615,574 | | | 665,749 | |
| Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity | $ | 1,452,977 | | | $ | 1,208,376 | |
(1) Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
The accompanying notes are an integral part of these condensed consolidated financial statements
PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | | | | | | | |
Revenue from fees (including related party revenues of $175,333 and $148,198 for the three months ended June 30, 2024 and 2023, respectively, and $353,844 and $301,991 for the six months ended June 30, 2024 and 2023, respectively) | $ | 242,594 | | | $ | 185,685 | | | $ | 479,598 | | | $ | 360,939 | |
| Other Income | | | | | | | |
| Interest income | 8,193 | | | 10,193 | | | 15,937 | | | 20,590 | |
| Investment income (loss) (1) | (443) | | | (266) | | | 85 | | | 721 | |
| Total Revenue and Other Income | 250,344 | | | 195,612 | | | 495,620 | | | 382,250 | |
| Production costs | 145,602 | | | 120,613 | | | 290,483 | | | 245,670 | |
| Technology, data and product development | 21,935 | | | 17,663 | | | 41,315 | | | 38,794 | |
| Sales and marketing | 13,331 | | | 14,558 | | | 23,588 | | | 28,858 | |
| General and administrative | 64,449 | | | 53,016 | | | 127,517 | | | 104,142 | |
| Total Costs and Operating Expenses | 245,317 | | | 205,850 | | | 482,903 | | | 417,464 | |
| Operating Income (Loss) | 5,027 | | | (10,238) | | | 12,717 | | | (35,214) | |
Other expenses, net | (73,194) | | | (16,895) | | | (107,543) | | | (83,875) | |
Loss Before Income Taxes | (68,167) | | | (27,133) | | | (94,826) | | | (119,089) | |
Income tax expense | 14,512 | | | 5,006 | | | 19,515 | | | 11,673 | |
| Net Loss Including Noncontrolling Interests | (82,679) | | | (32,139) | | | (114,341) | | | (130,762) | |
Less: Net loss attributable to noncontrolling interests | (7,894) | | | (842) | | | (18,333) | | | (38,494) | |
Net Loss Attributable to Pagaya Technologies Ltd. | $ | (74,785) | | | $ | (31,297) | | | $ | (96,008) | | | $ | (92,268) | |
| Per share data: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss per share attributable to Pagaya Technologies Ltd.: | | | | | | | |
Basic and Diluted (2) | $ | (1.04) | | | $ | (0.53) | | | $ | (1.41) | | | $ | (1.55) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Weighted average shares outstanding: | | | | | | | |
Basic and Diluted (2) | 71,765,884 | | | 59,609,788 | | | 68,113,860 | | | 59,386,974 | |
| | | | | | | |
(1) Includes income from proprietary investments.
(2) Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
The accompanying notes are an integral part of these condensed consolidated financial statements
PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
| Net Loss Including Noncontrolling Interests | $ | (82,679) | | | $ | (32,139) | | | $ | (114,341) | | | $ | (130,762) | | | |
| Other Comprehensive Income: | | | | | | | | | |
| Unrealized gain (loss) on securities available for sale, net | (45,563) | | | 7,035 | | | (67,094) | | | 22,827 | | | |
| Comprehensive Loss Including Noncontrolling Interests | $ | (128,242) | | | $ | (25,104) | | | $ | (181,435) | | | $ | (107,935) | | | |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (6,686) | | | 2,971 | | | (13,933) | | | (18,343) | | | |
| Comprehensive Loss Attributable to Pagaya Technologies Ltd. | $ | (121,556) | | | $ | (28,075) | | | $ | (167,502) | | | $ | (89,592) | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements
PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED)
(In thousands, except share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Redeemable Convertible Preferred Shares | | Ordinary Shares
(Class A and Class B) | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Accumulated Deficit) | | Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit) | | Non-Controlling Interests | | Total Shareholders’ Equity |
| | |
| | |
| Shares (1) | | Amount | | Shares (1) | | Amount | |
| Balance – March 31, 2024 | 5,000,000 | | | $ | 74,250 | | | 70,602,363 | | | $ | — | | | $ | 1,214,969 | | | $ | (24,279) | | | $ | (563,860) | | | $ | 626,830 | | | $ | 99,081 | | | $ | 725,911 | |
| | | | | | | | | | | | | | | | | | | |
| Issuance of ordinary shares upon exercise of share options | | | | | 172,305 | | | | | 598 | | | | | | | 598 | | | | | 598 | |
| Issuance of ordinary shares upon vesting of RSUs | | | | | 821,023 | | | | | | | | | | | — | | | | | — | |
| Share-based compensation | | | | | | | | | 20,093 | | | | | | | 20,093 | | | | | 20,093 | |
Issuance of ordinary shares | | | | | | | | | 17 | | | | | | | 17 | | | | | 17 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Return of capital to interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | (2,803) | | | (2,803) | |
| Other comprehensive income (loss) | | | | | | | | | | | (46,771) | | | | | (46,771) | | | 1,208 | | | (45,563) | |
| Net income (loss) | | | | | | | | | | | | | (74,785) | | | (74,785) | | | (7,894) | | | (82,679) | |
| Balance – June 30, 2024 | 5,000,000 | | | $ | 74,250 | | | 71,595,691 | | | $ | — | | | $ | 1,235,677 | | | $ | (71,050) | | | $ | (638,645) | | | $ | 525,982 | | | $ | 89,592 | | | $ | 615,574 | |
| | | | | | | | | | | | | | | | | | | |
| Balance – December 31, 2023 | 5,000,000 | | | $ | 74,250 | | | 62,043,246 | | | $ | — | | | $ | 1,101,914 | | | $ | 444 | | | $ | (542,637) | | | $ | 559,721 | | | $ | 106,028 | | | $ | 665,749 | |
| | | | | | | | | | | | | | | | | | | |
| Issuance of ordinary shares upon exercise of share options | | | | | 272,918 | | | | | 759 | | | | | | | 759 | | | | | 759 | |
| Issuance of ordinary shares upon vesting of RSUs | | | | | 1,481,470 | | | | | | | | | | | — | | | | | — | |
| Share-based compensation | | | | | | | | | 37,710 | | | | | | | 37,710 | | | | | 37,710 | |
Issuance of ordinary shares, net of issuance cost of $5,312 | | | | | 7,500,000 | | | | | 89,956 | | | | | | | 89,956 | | | | | 89,956 | |
| Issuance of ordinary shares from the Equity Financing Purchase Agreement | | | | | 298,057 | | | | | 5,338 | | | | | | | 5,338 | | | | | 5,338 | |
| Contributions of interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | 2,815 | | | 2,815 | |
| Return of capital to interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | (5,318) | | | (5,318) | |
| Other comprehensive income (loss) | | | | | | | | | | | (71,494) | | | | | (71,494) | | | 4,400 | | | (67,094) | |
| Net income (loss) | | | | | | | | | | | | | $ | (96,008) | | | (96,008) | | | $ | (18,333) | | | (114,341) | |
| Balance – June 30, 2024 | 5,000,000 | | | $ | 74,250 | | | 71,595,691 | | | $ | — | | | $ | 1,235,677 | | | $ | (71,050) | | | $ | (638,645) | | | $ | 525,982 | | | $ | 89,592 | | | $ | 615,574 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Redeemable Convertible Preferred Shares | | Ordinary Shares
(Class A and Class B) | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Accumulated Deficit) | | Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit) | | Non-Controlling Interests | | Total Shareholders’ Equity |
| | |
| | |
| Shares (1) | | Amount | | Shares (1) | | Amount | |
| Balance – March 31, 2023 | — | | | $ | — | | | 58,672,769 | | | $ | — | | | $ | 1,004,346 | | | $ | (1,259) | | | $ | (475,170) | | | $ | 527,917 | | | $ | 188,523 | | | $ | 716,440 | |
Issuance of preferred shares, net of issuance costs of $$750 | 5,000,000 | | | 74,250 | | | — | | | | | | | | | | | — | | | | | — | |
| Issuance of ordinary shares upon exercise of share options | | | | | 194,154 | | | | | 946 | | | | | | | 946 | | | | | 946 | |
| Issuance of ordinary shares upon vesting of RSUs | | | | | 208,829 | | | | | | | | | | | — | | | | | — | |
| Share-based compensation | | | | | | | | | 22,395 | | | | | | | 22,395 | | | | | 22,395 | |
| Contributions of interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | 5,165 | | | 5,165 | |
| Return of capital to interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | (16,719) | | | (16,719) | |
| Other comprehensive income (loss) | | | | | | | | | | | $ | 3,222 | | | | | 3,222 | | | 3,813 | | | 7,035 | |
| Net income (loss) | | | | | | | | | | | | | $ | (31,297) | | | (31,297) | | | (842) | | | (32,139) | |
| Balance – June 30, 2023 | 5,000,000 | | | $ | 74,250 | | | 59,075,752 | | | $ | — | | | $ | 1,027,687 | | | $ | 1,963 | | | $ | (506,467) | | | $ | 523,183 | | | $ | 179,940 | | | $ | 703,123 | |
| | | | | | | | | | | | | | | | | | | |
| Balance – December 31, 2022 | — | | | $ | — | | | 56,942,632 | | | $ | — | | | $ | 968,432 | | | $ | (713) | | | $ | (414,199) | | | $ | 553,520 | | | $ | 211,903 | | | $ | 765,423 | |
| Issuance of ordinary shares upon exercise of warrants | | | | | 16,304 | | | | | — | | | | | | | — | | | | | — | |
| Issuance of ordinary shares upon exercise of share options | | | | | 365,763 | | | | | 1,430 | | | | | | | 1,430 | | | | | 1,430 | |
| Issuance of ordinary shares upon vesting of RSUs | | | | | 235,908 | | | | | — | | | | | | | — | | | | | — | |
Issuance of preferred shares, net of issuance costs of $750 | 5,000,000 | | | 74,250 | | | | | | | — | | | | | | | — | | | | | — | |
| Share-based compensation | | | | | | | | | 39,691 | | | | | | | 39,691 | | | | | 39,691 | |
| Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. | | | | | 1,515,145 | | | | | 18,134 | | | | | | | 18,134 | | | | | 18,134 | |
| Reclassification of investments | | | | | | | | | | | (1,881) | | | | | (1,881) | | | 18,341 | | | 16,460 | |
| Contributions of interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | 15,293 | | | 15,293 | |
| Return of capital to interests in consolidated VIEs | | | | | | | | | | | | | | | — | | | (28,913) | | | (28,913) | |
| Other comprehensive income (loss) | | | | | | | | | | | 4,557 | | | | | 4,557 | | | 1,810 | | | 6,367 | |
| Net income (loss) | | | | | | | | | | | | | (92,268) | | | (92,268) | | | (38,494) | | | (130,762) | |
| Balance – June 30, 2023 | 5,000,000 | | | $ | 74,250 | | | 59,075,752 | | | $ | — | | | $ | 1,027,687 | | | $ | 1,963 | | | $ | (506,467) | | | $ | 523,183 | | | $ | 179,940 | | | $ | 703,123 | |
(1) Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
The accompanying notes are an integral part of these condensed consolidated financial statements
PAGAYA TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 | | |
| Cash flows from operating activities | | | | | |
| Net loss including noncontrolling interests | $ | (114,341) | | | $ | (130,762) | | | |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | |
| Equity method income (loss) | (86) | | | (721) | | | |
| | | | | |
| Depreciation and amortization | 13,359 | | | 7,984 | | | |
| Share-based compensation | 33,519 | | | 36,575 | | | |
| Fair value adjustment to warrant liability | (1,571) | | | 2,435 | | | |
| | | | | |
| Impairment loss on investments in loans and securities | 79,911 | | | 78,327 | | | |
| | | | | |
| | | | | |
| | | | | |
| Write-off of capitalized software | 2,561 | | | 1,630 | | | |
| | | | | |
| Other non-cash items | 1,435 | | | (94) | | | |
| Change in operating assets and liabilities: | | | | | |
| Fees and other receivables | (12,725) | | | (7,602) | | | |
| | | | | |
| Deferred tax liabilities, net | — | | | 2 | | | |
| Prepaid expenses and other assets | 998 | | | 4,587 | | | |
| Right-of-use assets | 3,879 | | | 4,619 | | | |
| Accounts payable | 6,071 | | | 2,083 | | | |
| Accrued expenses and other liabilities | 7,793 | | | (21,395) | | | |
| Operating lease liability | (3,205) | | | (4,455) | | | |
| Income tax receivable / payable | 18,363 | | | 1,274 | | | |
| Net cash provided by (used in) operating activities | 35,961 | | | (25,513) | | | |
| Cash flows from investing activities | | | | | |
| Proceeds from the sale/maturity/prepayment of: | | | | | |
| Investments in loans and securities | 66,822 | | | 91,360 | | | |
| | | | | |
| | | | | |
| Cash and restricted cash acquired from Darwin Homes, Inc. | — | | | 1,608 | | | |
| Payments for the purchase of: | | | | | |
| Investments in loans and securities | (408,459) | | | (273,339) | | | |
| Property and equipment | (9,525) | | | (10,496) | | | |
| Equity method and other investments | (125) | | | — | | | |
| | | | | |
| Net cash used in investing activities | (351,287) | | | (190,867) | | | |
| Cash flows from financing activities | | | | | |
| Proceeds from sale of ordinary shares, net of issuance costs | 89,956 | | | — | | | |
| Proceeds from long-term debt | 244,725 | | | — | | | |
| Proceeds from issuance of redeemable convertible preferred shares, net | — | | | 74,250 | | | |
| | | | | |
| Proceeds from secured borrowing | 207,317 | | | 192,420 | | | |
| Proceeds received from noncontrolling interests | 2,815 | | | 15,293 | | | |
| Proceeds from revolving credit facility | 44,000 | | | 100,000 | | | |
| Proceeds from exercise of stock options | 759 | | | 1,430 | | | |
| Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement | 5,338 | | | — | | | |
| | | | | |
| Distributions made to noncontrolling interests | (5,318) | | | (28,913) | | | |
| Payments made to revolving credit facility | (134,000) | | | (25,000) | | | |
| Payments made to secured borrowing | (78,809) | | | (115,471) | | | |
| Payments made to long-term debt | (6,375) | | | — | | | |
| Long-term debt issuance costs | (7,974) | | | — | | | |
| Settlement of share-based compensation in satisfaction of tax withholding requirements | — | | | (650) | | | |
| | | | | |
| Net cash provided by financing activities | 362,434 | | | 213,359 | | | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,723) | | | (2,687) | | | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 45,385 | | | (5,708) | | | |
| Cash, cash equivalents and restricted cash, beginning of period | 222,541 | | | 337,076 | | | |
| | | | | | | | | | | | | |
| Cash, cash equivalents and restricted cash, end of period | $ | 267,926 | | | $ | 331,368 | | | |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flow above: | | | | | |
| Cash and cash equivalents | $ | 233,593 | | | $ | 304,047 | | | |
| Restricted cash - current | 17,469 | | | 22,540 | | | |
| Restricted cash - non-current | 16,864 | | | 4,781 | | | |
| Total cash, cash equivalents, and restricted cash | $ | 267,926 | | | $ | 331,368 | | | |
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The accompanying notes are an integral part of these condensed consolidated financial statements
NOTE 1 - BUSINESS DESCRIPTION
Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (“Financing Vehicles”).
Pagaya Technologies Ltd. was founded in 2016 and is organized under the laws of the State of Israel. Pagaya has its primary offices in the United States and Israel.
Reverse Share Split
Share amounts have been retrospectively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any.
The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.
All intercompany accounts and transactions have been eliminated. The Company’s functional and reporting currency is the U.S. Dollar. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements, except as noted below, and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024 and the Company’s consolidated results of operations and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period.
Significant Accounting Policies
There were no material changes to our significant accounting policies as disclosed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on April 25, 2024.
Recent Accounting Pronouncements Not Yet Adopted
As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced
disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of the amendments to its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures.
Recent Accounting Pronouncements Adopted
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. The guidance became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.
NOTE 3 - REVENUE
Revenue From Fees
Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”). Capital markets execution fees are earned from the market pricing of ABS transactions while contract fees are management, performance and similar fees. These fees are the result of agreements with customers and are recognized in accordance with FASB Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”).
Revenue is generally recognized on a gross basis in accordance with ASC 606 related to reporting revenue on a gross basis as a principal versus on a net basis as an agent. This is because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis.
Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $221.8 million and $167.5 million for the three months ended June 30, 2024 and 2023, respectively, and $437.1 million and $321.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs.
Real estate fees, which are included in Network AI fees, are earned for the obligations to arrange for the purchase of real estate assets, provide administrative services, arrange for the eventual sale of the assets, and provide pre-and post-purchase services including the right to earn performance fees. All of these fees are recognized over time except for the purchase and sale obligations, which are satisfied at the point in time of the respective transactions. As the Company is a principal for these services, revenues are recorded on a gross basis.
Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $20.8 million and $18.2 million for the three months ended June 30, 2024 and 2023, respectively, and $42.5 million and $39.4 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes administration fees over the service period for the Financing Vehicles managed or administered by the Company.
Performance fees are earned when certain Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three months ended June 30, 2024, $0.1 million worth of fees represent performance obligations satisfied in 2023 that were less than the original estimate. During the six months ended June 30, 2024, $3.2 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three and six months ended June 30, 2023, $0.0 million and $1.7 million, respectively, worth of fees represent performance obligations satisfied in 2022 that were lesser than the original estimate.
Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis.
The Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less.
Once revenue is recognized, it is recorded on the balance sheet in fees and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
| (in thousands) |
| Services transferred at a point in time | $ | 228,317 | | | $ | 178,070 | | | $ | 455,891 | | | $ | 344,305 | | | |
| Services transferred over time | 14,277 | | | 7,615 | | | 23,707 | | | 16,634 | | | |
| Total revenue from fees, net | $ | 242,594 | | | $ | 185,685 | | | $ | 479,598 | | | $ | 360,939 | | | |
The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of June 30, 2024 or December 31, 2023.
Concentrations of Credit Risk and Significant Customers
Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.
The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant.
Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. Three customers, including two related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 55% for three months ended June 30, 2024. Two customers, including one related party, individually represented greater than 10% of total revenue and collectively totaled approximately 31% for six months ended June 30, 2024. Four customers, including three related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 65% for the three months ended June 30, 2023. Two related party customers individually represented greater than 10% of total revenue and collectively totaled approximately 33% for the six months ended June 30, 2023.
NOTE 4 - BORROWINGS
As of June 30, 2024 and December 31, 2023, the Company had secured borrowings, inclusive of current and non-current portions, with an outstanding balance of $400.2 million and $271.7 million, respectively, long-term debt, inclusive of current and non-current portions, with an outstanding balance of $232.6 million and $0.0 million, respectively, and a revolving credit facility with an outstanding balance of $0.0 million and $90.0 million, respectively. The Company was in compliance with all covenants as of June 30, 2024.
Risk Retention Master Repurchase
In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in our balance sheet. As of June 30, 2024 and December 31, 2023, the outstanding principal balance under the repurchase agreements was $367.7 million and $251.4 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet, with a weighted average interest rate of approximately sixteen percent and thirteen percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both June 30, 2024 and December 31, 2023.
Receivables Facility
In October 2022, Pagaya Receivables LLC, a wholly-owned subsidiary, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders, which provides for a 3-year loan facility (the “Receivables Facility”) in a maximum principal amount of $22 million to finance certain eligible receivables purchased from sponsored securitization transactions. In June 2023, the Company amended the agreement and increased the maximum principal amount by $10 million to $32 million. In June 2024, the Company amended the agreement pursuant to which the maximum principal amount was increased from $32 million to $45 million and the term was extended until June 2026. Borrowings under the Receivables Facility bear interest at a rate per annum equal to the adjusted term Secured Overnight Financing Rate (subject to a 0.00% floor) plus a margin of 3.50%, and the balance is repaid using cash proceeds received from the receivables. As of June 30, 2024 and December 31, 2023, the outstanding principal balance under the Receivables Facility was $32.5 million and $20.3 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet.
Credit Agreement
On February 2, 2024, the Company entered into a certain Credit Agreement (the “Credit Agreement”) which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million, which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million.
The Facilities replace the SVB Revolving Credit Facility. In addition to replacing the SVB Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries. As of the date of this filing, no borrowings have been made under the Revolving Credit Facility.
No amortization payments are required to be made in respect of borrowings under the Revolving Credit Facility. Amortization payments are required to be made in respect of the term loans under the Term Loan Facility in amount of 1.25% per quarter of the original principal amount of the term loans under the Term Loan Facility.
Borrowings under the Facilities bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. Accrued interest of $7.6 million was recorded within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheet as of June 30, 2024.
As of June 30, 2024, the Company had an outstanding balance of $232.6 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands):
| | | | | |
| June 30, 2024 |
| 2024 | $ | 6,375 | |
| 2025 | 12,750 | |
| 2026 | 12,750 | |
| 2027 | 12,750 | |
| 2028 | 12,750 | |
| Thereafter | 191,250 | |
| Total | 248,625 | |
Debt issuance costs | (16,033) | |
Total long-term debt, net of debt issuance costs | $ | 232,592 | |
As of June 30, 2024, the Company had letters of credit issued in the amount of $19.8 million, and $15.2 million of remaining capacity available under the Revolving Credit Facility.
As of December 31, 2023, the Company had an outstanding balance of $90.0 million under the SVB Revolving Credit Facility.
NOTE 5 - INVESTMENTS IN LOANS AND SECURITIES
The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in loans and securities as of June 30, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of June 30, 2024 |
Investments in loans and securities, available for sale(1): | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value |
| | | | | | | | | |
Securitization notes | $ | 249,373 | | | $ | 469 | | | $ | (1,156) | | | $ | — | | | $ | 248,686 | |
Securitization certificates | 893,351 | | | 13,314 | | | (73,839) | | | (174,077) | | | 658,749 | |
| Other loans and receivables | 8,043 | | | — | | | — | | | (4,053) | | | 3,990 | |
| Total | $ | 1,150,767 | | | $ | 13,783 | | | $ | (74,995) | | | $ | (178,130) | | | $ | 911,425 | |
(1) Excludes accrued interest receivable of $13.6 million included in Fees and other receivables.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2023 |
Investments in loans and securities, available for sale(1): | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value |
| | | | | | | | | |
Securitization notes | $ | 91,654 | | | $ | 629 | | | $ | (1,858) | | | $ | — | | | $ | 90,425 | |
Securitization certificates | 715,646 | | | 18,684 | | | (11,578) | | | (98,679) | | | 624,073 | |
| Other loans and receivables | 4,574 | | | — | | | — | | | (2,279) | | | 2,295 | |
| Total | $ | 811,874 | | | $ | 19,313 | | | $ | (13,436) | | | $ | (100,958) | | | $ | 716,793 | |
(1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables.
The following tables set forth the fair value and gross unrealized losses on investments in loans and securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of June 30, 2024 |
| Less than or equal to 1 year | | Greater than 1 year | | Total |
| Investments in loans and securities, available for sale: | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses |
| | | | | | | | | | | |
Securitization notes | $ | 68 | | | $ | — | | | $ | 41,272 | | | $ | (1,156) | | | $ | 41,340 | | | $ | (1,156) | |
Securitization certificates | 13,632 | | | (11,452) | | | — | | | — | | | 13,632 | | | (11,452) | |
| Other loans and receivables | — | | | — | | | — | | | — | | | — | | | — | |
| Total | $ | 13,700 | | | $ | (11,452) | | | $ | 41,272 | | | $ | (1,156) | | | $ | 54,972 | | | $ | (12,608) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2023 |
| Less than or equal to 1 year | | Greater than 1 year | | Total |
| Investments in loans and securities, available for sale: | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses |
| | | | | | | | | | | |
Securitization notes | $ | 59,925 | | | $ | (1,858) | | | $ | — | | | $ | — | | | $ | 59,925 | | | $ | (1,858) | |
Securitization certificates | 15,799 | | | (1,988) | | | — | | | — | | | 15,799 | | | (1,988) | |
| Other loans and receivables | — | | | — | | | — | | | — | | | — | | | — | |
| Total | $ | 75,724 | | | $ | (3,846) | | | $ | — | | | $ | — | | | $ | 75,724 | | | $ | (3,846) | |
The following table sets forth the amortized cost and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of June 30, 2024 |
| Within 1 year | | Greater than 1 year, less than or equal to 5 years | | Total |
| Investments in loans and securities, available for sale: | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value |
| | | | | | | | | | | |
Securitization notes | $ | 650 | | | $ | 1,009 | | | $ | 248,723 | | | $ | 247,677 | | | $ | 249,373 | | | $ | 248,686 | |
Securitization certificates | 733 | | | 654 | | | 892,618 | | | 658,095 | | | 893,351 | | | 658,749 | |
| Other loans and receivables | — | | | — | | | 8,043 | | | 3,990 | | | 8,043 | | | 3,990 | |
| Total (1) | $ | 1,383 | | | $ | 1,663 | | | $ | 1,149,384 | | | $ | 909,762 | | | $ | 1,150,767 | | | $ | 911,425 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2023 |
| Within 1 year | | Greater than 1 year, less than or equal to 5 years | | Total |
| Investments in loans and securities, available for sale: | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value |
| | | | | | | | | | | |
Securitization notes | $ | 2,405 | | | $ | 2,387 | | | $ | 89,249 | | | $ | 88,038 | | | $ | 91,654 | | | $ | 90,425 | |
Securitization certificates | 103 | | | 103 | | | 715,543 | | 623,970 | | 715,646 | | 624,073 |
| Other loans and receivables | — | | | — | | | 4,574 | | 2,295 | | 4,574 | | 2,295 |
| Total (1) | $ | 2,508 | | | $ | 2,490 | | | $ | 809,366 | | | $ | 714,303 | | | $ | 811,874 | | | $ | 716,793 | |
(1) Based on weighted average life of expected cash flows.
The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2024 | | 2023 | | | 2024 | | 2023 | | |
| Investments in loans and securities, available for sale: | | | | | | | | | | |
| Proceeds from sales/maturities/prepayments | $ | 30,925 | | | $ | 65,375 | | | | $ | 66,822 | | | $ | 91,360 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Write-offs charged against the allowance | $ | 850 | | | $ | 2,663 | | | | $ | 2,299 | | | $ | 7,286 | | | |
Additions to allowance for credit losses | $ | (53,062) | | | $ | (12,643) | | | | $ | (79,913) | | | $ | (85,613) | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 |
| Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total |
| Balance, beginning of period | $ | — | | | $ | (121,349) | | | $ | (5,011) | | | $ | (126,360) | |
| Additions to allowance for credit losses not previously recorded | — | | | (23,628) | | | — | | | (23,628) | |
Additions to allowance for credit losses arising from purchases | — | | | — | | | — | | | — | |
| | | | | | | |
| | | | | | | |
| Additions (reductions) on securities with previous allowance | — | | | (29,100) | | | (334) | | | (29,434) | |
| Write-offs charged against the allowance | — | | | — | | | 850 | | | 850 | |
| | | | | | | |
| Balance, end of period | $ | — | | | $ | (174,077) | | | $ | (4,053) | | | $ | (178,130) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 |
| Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total |
| Balance, beginning of period | $ | — | | | $ | (98,679) | | | $ | (2,279) | | | $ | (100,958) | |
| Additions to allowance for credit losses not previously recorded | — | | | (26,593) | | | — | | | (26,593) | |
Additions to allowance for credit losses arising from purchases | — | | | — | | | (3,246) | | | (3,246) | |
| | | | | | | |
| | | | | | | |
| Additions (reductions) on securities with previous allowance | — | | | (48,805) | | | (1,269) | | | (50,074) | |
| Write-offs charged against the allowance | — | | | — | | | 2,299 | | | 2,299 | |
| Recoveries of amounts previously written off | — | | | — | | | 442 | | | 442 | |
| Balance, end of period | $ | — | | | $ | (174,077) | | | $ | (4,053) | | | $ | (178,130) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 |
| Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total |
| Balance, beginning of period | $ | — | | | $ | (65,572) | | | $ | (2,775) | | | $ | (68,347) | |
| Additions to allowance for credit losses not previously recorded | — | | | (8,715) | | | (3,928) | | | (12,643) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Write-offs charged against the allowance | — | | | — | | | 2,663 | | | 2,663 | |
| | | | | | | |
| Balance, end of period | $ | — | | | $ | (74,287) | | | $ | (4,040) | | | $ | (78,327) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2023 |
| Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total |
| Balance, beginning of period | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Additions to allowance for credit losses not previously recorded | — | | | (74,287) | | | (11,326) | | | (85,613) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Write-offs charged against the allowance | — | | | — | | | 7,286 | | | 7,286 | |
| | | | | | | |
| Balance, end of period | $ | — | | | $ | (74,287) | | | $ | (4,040) | | | $ | (78,327) | |
Equity Method and Other Investments
The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | |
| Carrying Value |
| June 30, 2024 | | December 31, 2023 |
| Investments in Pagaya SmartResi F1 Fund, LP (1) | $ | 17,488 | | | $ | 17,357 | |
| Other (2) | 9,105 | | | 9,026 | |
| Total | $ | 26,593 | | | $ | 26,383 | |
(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.
(2) Represents the Company’s proprietary investments. Income from these investments is included in Investment income in the consolidated statements of operations.
NOTE 6 - CONSOLIDATION AND VARIABLE INTEREST ENTITIES
The Company has variable interests in securitization vehicles that it sponsors. The Company consolidates VIEs when it is deemed to be the primary beneficiary. In order to be primary beneficiary, the Company must have a controlling financial interest in the VIE. This is determined by evaluating if the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant.
Consolidated VIEs
As of June 30, 2024 and December 31, 2023, the Company has determined that it is the primary beneficiary of Pagaya Structured Holdings LLC, Pagaya Structured Holdings II LLC, and Pagaya Structured Holding III LLC (“Risk Retention Entities”). As sponsor of securitization transactions, the Company is subject to risk retention requirements and established the Risk Retention Entities to meet these requirements.
Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands):
| | | | | | | | | | | | | | | | | |
| Assets | | Liabilities | | Net Assets |
As of June 30, 2024 | $ | 111,185 | | | $ | — | | | $ | 111,185 | |
As of December 31, 2023 | $ | 132,660 | | | $ | — | | | $ | 132,660 | |
Unconsolidated VIEs
The Company determined that it is not the primary beneficiary of the trusts which hold the loans and issue securities associated with the securitization transactions the Company sponsors. The Company does not have the power to direct or control the activities which most significantly affect the performance of the trusts, which was determined to be servicing loans.
The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote, such as
where the value of securitization notes and senior and residual certificates the Company holds as part of the risk retention requirement declines to zero.
Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands):
| | | | | | | | | | | | | | | | | |
| Carrying Amount | | Maximum Exposure to Loss | | VIE Assets |
As of June 30, 2024 | $ | 807,029 | | | $ | 807,029 | | | $ | 8,548,921 | |
As of December 31, 2023 | $ | 591,030 | | | $ | 591,030 | | | $ | 8,363,402 | |
From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion. During the three and six months ended June 30, 2024, the Company purchased approximately $14.5 million and $19.5 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $13.4 million and $18.4 million, respectively, in general and administrative expenses with respect to these loans. During the three and six months ended June 30, 2023, the Company did not purchase any loans from the Financing Vehicles.
NOTE 7 - LEASES
The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York, Israel and several other locations.
The security deposits for the leases are $4.0 million and $4.8 million as of June 30, 2024 and December 31, 2023, respectively, which have been recognized as restricted cash, non-current in the unaudited condensed consolidated balance sheets.
The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
| Rent expense | $ | 2,938 | | $ | 3,345 | | $ | 5,849 | | $ | 6,786 | | |
| Variable lease payments | $ | 80 | | $ | (12) | | $ | 174 | | $ | 131 | | |
| Sublease income | $ | 1,003 | | $ | 1,066 | | $ | 2,008 | | $ | 2,120 | | |
Maturities of the Company’s operating lease liabilities as of June 30, 2024 were as follows (in thousands):
| | | | | |
| 2024 | $ | 4,735 | |
| 2025 | 8,495 | |
| 2026 | 8,495 | |
| 2027 | 7,333 | |
| 2028 | 6,453 | |
| Thereafter | 20,728 | |
| Total | 56,239 | |
| Less: imputed interest | (10,283) | |
| Total operating lease liabilities | $ | 45,956 | |
NOTE 8 - COMMITMENTS AND CONTINGENCIES
Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal and regulatory
matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the consolidated statements of financial position and these matters are immaterial.
Contractual Obligations and Commitments — During 2023, the Company entered into a purchase commitment with our third-party cloud computing web services provider, which included an annual purchase commitment of $4.6 million for the period from October 2023 through September 2025. As of June 30, 2024, the total remaining contractual obligations are approximately $6.1 million, of which $4.9 million is for the next 12 months. The Company may pay more than the minimum purchase commitment based on usage.
Guarantees and Indemnifications — In the ordinary course of business, the Company may provide indemnifications or loss guarantees of varying scope and terms to customers and other third parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. As of June 30, 2024, there have been no known events or circumstances that have resulted in a material indemnification liability and the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. For certain contracts meeting the definition of a guarantee or a derivative, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As of June 30, 2024, the maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $29.2 million. In accordance with the guarantee contracts, the maximum potential payment amount has been segregated and recognized within restricted cash in the unaudited condensed consolidated balance sheet.
NOTE 9 - TRANSACTIONS WITH RELATED PARTIES
In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties.
As of June 30, 2024, the total fee receivables from related parties are $88.5 million, which consist of $80.4 million from securitization vehicles and $8.1 million from other Financing Vehicles. As of December 31, 2023, the total fee receivables from related parties are $84.8 million, which consists of $78.4 million from securitization vehicles and $6.3 million from other Financing Vehicles.
As of June 30, 2024 and December 31, 2023, prepaid expenses and other assets include amounts due from related parties of $6.4 million and $7.9 million, respectively, all of which were attributable to Financing Vehicles.
For the three months ended June 30, 2024, the total revenue from related parties is $175.3 million, which consists of $157.2 million from securitization vehicles and $18.1 million from other Financing Vehicles. For the six months ended June 30, 2024, the total revenue from related parties is $353.8 million, which consists of $319.8 million from securitization vehicles and $34.0 million from other Financing Vehicles. For the three months ended June 30, 2023, the total revenue from related parties is $148.2 million, which consists of $137.8 million from securitization vehicles and $10.4 million from other Financing Vehicles. For the six months ended June 30, 2023, the total revenue from related parties is $302.0 million, which consists of $269.4 million from securitization vehicles and $32.5 million from other Financing Vehicles.
From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion. During the three and six months ended June 30, 2024, the Company purchased approximately $14.5 million and $19.5 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $13.4 million and $18.4 million, respectively, in general and administrative expenses with respect to these loans. During the three and six months ended June 30, 2023, the Company did not purchase any loans from the Financing Vehicles.
NOTE 10 - FAIR VALUE MEASUREMENT
FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such
quoted market prices are not available, fair value is based upon models that use, as inputs, observable market-based parameters to the greatest extent possible.
Financial Assets and Liabilities Recorded at Fair Value
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 |
| |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | |
Investments in loans and securities (Notes) | $ | — | | | $ | 58,007 | | | $ | 190,679 | | | $ | 248,686 | |
Investments in loans and securities (Certificates and Other loans and receivables) | — | | | — | | | 662,739 | | | 662,739 | |
| Liabilities: | | | | | | | |
| Warrant liability | $ | 1,086 | | $ | 585 | | $ | — | | | $ | 1,671 |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | |
Investments in loans and securities (Notes) | $ | — | | | $ | 90,425 | | | $ | — | | | $ | 90,425 | |
Investments in loans and securities (Certificates and Other loans and receivables) | — | | | — | | | 626,368 | | | 626,368 | |
| Liabilities: | | | | | | | |
| Warrant liability | $ | 2,106 | | $ | 1,136 | | $ | — | | | $ | 3,242 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2)
Warrant liability (Level 1 and 2)
The Company used the value of the Public Warrants (Level 1) as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market.
The following tables summarize the Warrant liability activity for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | |
| Three Months Ended June 30, 2024 |
| Balance as of March 31, 2024 | $ | 1,342 |
| |
| Change in fair value | 329 |
| |
| Balance as of June 30, 2024 | $ | 1,671 |
| | | | | |
| Six Months Ended June 30, 2024 |
| Balance as of December 31, 2023 | $ | 3,242 |
| |
| Change in fair value | (1,571) |
| |
| Balance as of June 30, 2024 | $ | 1,671 |
| | | | | |
| Three Months Ended June 30, 2023 |
| Balance as of March 31, 2023 | $ | 1,210 |
| |
| Change in fair value | 2,625 | |
| |
| Balance as of June 30, 2023 | $ | 3,835 |
| | | | | |
| Six Months Ended June 30, 2023 |
| Balance as of December 31, 2022 | $ | 1,400 |
| |
| Change in fair value | 2,435 |
| |
| Balance as of June 30, 2023 | $ | 3,835 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 3)
Investments in Loans and Securities Available for Sale (Level 3)
As of June 30, 2024, the Company held investments in loans and securities classified as available for sale. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the unaudited condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the unaudited condensed consolidated statements of comprehensive income (loss). Declines in fair value due to credit are reflected in other income (expenses), net on the unaudited condensed consolidated statements of operations.
The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale (Level 3 only) for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Balance, beginning of period | $ | 825,121 | | $ | 380,266 | | $ | 626,368 | | $ | — |
Transfer to Level 3 | — | | — | | 10,469 | | 339,041 |
| Additions | 146,821 | | 151,607 | | 406,696 | | 273,339 |
| Cash received | (19,559) | | | (47,261) | | | (42,572) | | | (56,381) | |
| | | | | | | |
| Change in fair value | (45,905) | | | 7,186 | | | (67,632) | | | 4,146 | |
| Credit-related impairment loss | (53,060) | | | (9,980) | | | (79,911) | | | (78,327) | |
Balance, end of period | $ | 853,418 | | $ | 481,818 | | $ | 853,418 | | $ | 481,818 |
The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Balance, beginning of period | $ | 894,151 | | $ | 507,166 | | $ | 716,793 | | $ | — |
| Transfer from held-to-maturity to available for sale at fair value | — | | — | | — | | 480,437 |
| Additions | 146,821 | | 151,607 | | 408,459 | | 273,339 |
| Cash received | (30,925) | | | (65,375) | | | (66,822) | | | (91,360) | |
| | | | | | | |
| Change in fair value | (45,562) | | | 7,037 | | | (67,094) | | | 6,366 | |
| Credit-related impairment loss | (53,060) | | | (9,980) | | | (79,911) | | | (78,327) | |
Balance, end of period | $ | 911,425 | | $ | 590,455 | | $ | 911,425 | | $ | 590,455 |
| | | | | | | |
Significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of June 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 |
| Unobservable Input | | Minimum | | Maximum | | Weighted Average |
| Discount rate | | 6.0 | % | | 17.0% | | 15.4% |
| Loss rate | | 5.6 | % | | 31.0% | | 17.6% |
| Prepayment rate | | 0.0 | % | | 22.5% | | 9.7% |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| Unobservable Input | | Minimum | | Maximum | | Weighted Average |
| Discount rate | | 8.0 | % | | 15.0% | | 15.0% |
| Loss rate | | 4.9 | % | | 31.0% | | 15.7% |
| Prepayment rate | | 4.0 | % | | 40.0% | | 9.9% |
| | | | | | |
Financial Assets and Liabilities Not Recorded at Fair Value
The Company believes that the carrying amount of cash, cash equivalents and restricted cash, fees and other receivables, accounts payables and other current liabilities approximate their fair value due to the short-term maturities of these instruments.
The below tables contain information about assets that are not measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 |
| | | Fair Value |
| Carrying
Value | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets | | | | | | | | | |
| Cash, cash equivalents and restricted cash | $ | 267,926 | | | $ | 267,926 | | | $ | — | | | $ | — | | | $ | 267,926 | |
| | | | | | | | | |
| | | | | | | | | |
| Fees and other receivables | 126,447 | | | — | | | 126,447 | | | — | | | 126,447 | |
Total assets | $ | 394,373 | | | $ | 267,926 | | | $ | 126,447 | | | $ | — | | | $ | 394,373 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 |
| | | Fair Value |
| Carrying
Value | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets | | | | | | | | | |
| Cash, cash equivalents and restricted cash | $ | 222,541 | | | $ | 222,541 | | | $ | — | | | $ | — | | | $ | 222,541 | |
| | | | | | | | | |
| | | | | | | | | |
| Fees and other receivables | 113,707 | | | — | | | 113,707 | | | — | | | 113,707 | |
Total assets | $ | 336,248 | | | $ | 222,541 | | | $ | 113,707 | | | $ | — | | | $ | 336,248 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
NOTE 11 - ORDINARY SHARES AND ORDINARY SHARE WARRANTS
As of June 30, 2024, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B
Ordinary Shares. As of June 30, 2024, the Company had 5,000,000 Preferred Shares outstanding, 58,943,381 Class A Ordinary Shares outstanding and 12,652,310 Class B Ordinary Shares outstanding.
The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each Class A Ordinary Share is entitled to one vote per share. Each Class B Ordinary Share is entitled to 10 votes per share. Class B Ordinary Shares may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to a Class A Ordinary Share.
Reverse Share Split
Upon the approvals granted at the special general meeting of shareholders held on February 15, 2024, the Board has determined to implement a reverse share split of all of the Company’s ordinary and preferred shares, without par value, at a ratio of 1-for-12 with effective date of March 8, 2024. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the reverse share split.
As of June 30, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows:
| | | | | | | | | | | | | | |
| | |
| | June 30, 2024 | | December 31, 2023 |
| | | | |
| Share options | | 3,840,172 | | 4,250,988 |
| Options to restricted shares | | 20,025,410 | | 20,046,080 |
| RSUs | | 3,754,702 | | 3,034,203 |
| Ordinary share warrants | | 2,076,014 | | 2,076,014 |
| | | | |
| Redeemable convertible preferred shares | | 5,000,000 | | 5,000,000 |
Shares available for future grant of equity awards(1) | | 8,978,511 | | 5,231,186 |
Shares reserved for issuance under the ESPP | | 891,858 | | — | |
| Total shares of ordinary share reserved | | 44,566,667 | | | 39,638,471 | |
(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") on January 1 of 2023 and 2024 pursuant to the terms of the 2022 Plan. For more information on the automatic increases see our Form 10-K.
Ordinary Share Warrants
The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares. For warrants that do not meet all the criteria for equity classification, the warrants are recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. Changes in the estimated fair value of the liability-classified warrants are recognized as a non-cash other income or expense in the accompanying unaudited condensed consolidated statements of operations.
As of June 30, 2024, there were 433,946 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,901 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, and 1,229,166 warrants expiring in June 2027 (consisting of the Public Warrants and Private Placement Warrants) with an exercise price of $138 per share to purchase one Class A Ordinary Share.
Ordinary Shares Purchase Agreement
During the three months ended June 30, 2024, the Company did not issue any shares under the Equity Financing Purchase Agreement. During the six months ended June 30, 2024, 298,057 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $5.2 million, and related fee of $0.2 million was expensed.
Ordinary Share Offering
On March 13, 2024, the Company priced an offering of 7,500,000 of its Class A Ordinary Shares, no par value, pursuant to an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Jefferies LLC as
representatives of the several underwriters. The proceeds from the offer and sale of the securities are approximately $90.0 million, after deducting the underwriting discount and fees and offering expenses payable by the Company.
NOTE 12 - SHARE BASED COMPENSATION
Share Options—Granted share options expire at the earlier of termination of employment or ten years from the date of grant. Share options generally vest over four years of the employment commencement date or with 25% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the next three years. Any options, which are forfeited or not exercised before expiration, become available for future grants.
The following table summarized the Company’s share option activity during the six months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| Number of Options | | Weighted Average Exercise Price | | Weighted Average
Remaining Contractual
Term (Years) | | Aggregate
Intrinsic Value (000’s) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Balance, December 31, 2023 | 4,250,988 | | $ | 7.2 | | | 7.2 | | $ | 43,940 | |
| Granted | — | | — | | | | | |
| Exercised | (269,644) | | | 2.7 | | | | | |
| Forfeited | (141,172) | | | 14.2 | | | | | |
Balance, June 30, 2024 | 3,840,172 | | | $ | 7.1 | | | 6.7 | | $ | 20,515 | |
| Vested and exercisable, June 30, 2024 | 3,224,405 | | | $ | 5.3 | | | 6.5 | | $ | 22,835 | |
There was no grant of share options during the six months ended June 30, 2024. The aggregate intrinsic value of options exercised was approximately $2.6 million and $4.7 million for the six months ended June 30, 2024 and 2023, respectively. The total fair value of share options vested for the six months ended June 30, 2024 and 2023, was $62.6 million and $58.9 million, respectively.
As of June 30, 2024, unrecognized compensation expense related to unvested share options was approximately $31.7 million, which is expected to be recognized over a remaining weighted-average period of 0.9 years.
Restricted Stock Units (RSUs)—RSUs generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the remaining twelve months. RSUs granted are forfeited at termination of employment. Any RSUs, which are forfeited or not exercised before expiration, become available for future grants.
The following table summarized the Company’s RSU activity during the six months ended June 30, 2024:
| | | | | | | | | | | |
| Number of RSUs | | Weighted Average Grant Date Fair Value Per Share |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Unvested at December 31,2023 | 3,034,203 | | | $ | 15.6 | |
| Granted | 2,570,103 | | | 10.7 | |
| Vested | (1,481,470) | | | 13.5 | |
| Forfeited | (368,134) | | | 17.9 | |
Unvested at June 30, 2024 | 3,754,702 | | | $ | 12.8 | |
As of June 30, 2024, unrecognized compensation expense related to RSUs was approximately $41.7 million, which is expected to be recognized over a remaining weighted-average period of 1.2 years.
Options to Restricted Shares—Options to restricted shares were granted to certain employees and directors during 2021. See Note 16 to the consolidated financial statements included in the Annual Report on Form 10-K for additional information.
The following table summarized the Company’s options to restricted shares activity during the six months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| Number of Options | | Weighted Average Exercise Price | | Weighted Average
Remaining Contractual
Term (Years) | | Aggregate
Intrinsic Value (000’s) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Balance, December 31, 2023 | 20,046,080 | | | $ | 19.4 | | | 7.2 | | $ | — | |
| Granted | — | | | — | | | | | |
| Exercised | (3,274) | | | 12.2 | | | | | |
| Forfeited | (17,396) | | | 32.8 | | | | | |
Balance, June 30, 2024 | 20,025,410 | | | $ | 19.4 | | | 6.7 | | $ | — | |
| Vested and exercisable, June 30, 2024 | 16,552,883 | | | $ | 19.2 | | | 6.7 | | $ | — | |
At June 30, 2024, unrecognized compensation expense related to options to restricted shares was approximately $15.8 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years.
Employee Stock Purchase Plan—The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. As of June 30, 2024, 0.9 million shares of our Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.3 million for six months ended June 30, 2024.
Share-Based Compensation Expense
The following table presents the components and classification of share-based compensation for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Technology, data and product development | $ | 3,069 | | | $ | 2,990 | | | $ | 5,974 | | | $ | 5,448 | |
| Selling and marketing | 3,867 | | | 4,756 | | | 6,719 | | | 7,510 | |
| General and administrative | 11,108 | | | 12,462 | | | 20,826 | | | 23,617 | |
| Total | $ | 18,044 | | | $ | 20,208 | | | $ | 33,519 | | | $ | 36,575 | |
NOTE 13 - INCOME TAXES
Corporate Income Tax - Ordinary taxable income in Israel is subject to a corporate tax rate of 23%.
Pagaya has received an approval from the Israeli Tax authorities for Preferred Technological Enterprise (“PTE”) status and received approval on November 18, 2021. The approval is effective for the tax years 2020 through 2024. Income from a PTE is subject to 12% tax rate.
Foreign Exchange Regulations in Israel
Under the Foreign Exchange Regulations, the Company calculates its tax liability in U.S. Dollars according to certain orders. The tax liability, as calculated in U.S. Dollars is translated into NIS according to the exchange rate as of December 31st of each year.
Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence.
The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Loss before income taxes | $ | (68,167) | | | $ | (27,133) | | | $ | (94,826) | | | $ | (119,089) | |
| Income tax expense | 14,512 | | | 5,006 | | | 19,515 | | | 11,673 | |
| Effective tax rate | (21.3) | % | | (18.4) | % | | (20.6) | % | | (9.8) | % |
The Company’s tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions. The difference between the effective tax rate and the statuary tax rate in Israel mainly related to valuation allowance in Israel and tax expenses in the United States.
The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized.
The Company provides a valuation allowance to offset certain deferred tax assets due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets.
NOTE 14 - NET LOSS PER SHARE
Net income (loss) per share is presented in conformity with the two-class method required for multiple classes of ordinary share and participating securities.
The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 |
| Class A | | Class B | | Class A | | Class B |
| Numerator: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | $ | (61,600) | | | $ | (13,185) | | | $ | (78,174) | | | $ | (17,834) | |
| Denominator: | | | | | | | |
| Weighted average shares used for net loss per ordinary share, basic and diluted | 59,113,574 | | 12,652,310 | | 55,461,550 | | 12,652,310 |
| Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (1.04) | | | $ | (1.04) | | | $ | (1.41) | | | $ | (1.41) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 |
| Class A | | Class B | | Class A | | Class B |
| Numerator: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | $ | (23,643) | | | $ | (7,654) | | | $ | (69,619) | | | $ | (22,649) | |
| Denominator: | | | | | | | |
| Weighted average shares used for net loss per ordinary share, basic and diluted | 45,031,922 | | 14,577,866 | | 44,809,108 | | 14,577,866 |
| Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (0.53) | | | $ | (0.53) | | | $ | (1.55) | | | $ | (1.55) | |
The following potentially dilutive outstanding securities as of June 30, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods:
| | | | | | | | | | | | | | | | |
| | June 30, |
| | 2024 | | 2023 | | |
| Share options | | 3,539,256 | | | 4,760,490 | | | |
| Options to restricted shares | | 20,025,410 | | | 20,113,280 | | | |
| RSUs | | 3,754,702 | | | 3,507,033 | | | |
| | | | | | |
| Ordinary share warrants | | 2,016,321 | | | 2,016,330 | | | |
| Redeemable convertible preferred shares | | 5,000,000 | | | 5,000,000 | | | |
| Net potential dilutive outstanding securities | | 34,335,689 | | | 35,397,133 | | | |
NOTE 15 - SUBSEQUENT EVENTS
On July 30, 2024, the Company announced that it entered into a definitive agreement to acquire 100% of the equity of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. The transaction is expected to close in the fourth quarter of 2024.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited condensed consolidated interim financial statements included elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and our audited annual consolidated financial statements as of and for the years ended December 31, 2023 and 2022, and the related notes included in our Annual Report on Form 10-K filed with the SEC on April 25, 2024 (“our Annual Report on Form 10-K”). Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. In this section “we,” “us,” “our” and “Pagaya” refer to Pagaya Technologies Ltd.
Company Overview
Pagaya’s mission is to deliver more financial opportunity to more people, more often. We believe our mission will be accomplished by becoming the trusted lending technology partner for the consumer finance ecosystem, with an expansive product suite (the fee-generating side of our business) fueled by effective and efficient capital and risk management (the capital efficiency side of our business). Both sides of our business working harmoniously to meet the complex needs of the leading financial institutions.
We are a product-focused technology company that deploys sophisticated data science and proprietary, AI-powered technology to enable better outcomes for financial institutions, their existing and potential customers, and institutional or sophisticated investors.
We have built, and we are continuing to scale, a leading AI and data network for the benefit of financial services and other service providers, their customers, and investors. Services providers integrated in our network, which we refer to as our ‘‘Partners,’’ range from high-growth financial technology companies to incumbent banks and financial institutions. We believe Partners benefit from our network to extend financial products to their customers, in turn helping those customers fulfill their financial needs. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by Financing Vehicles: (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (“Financing Vehicles”).
In recent years, investments in digitization have improved the front-end delivery of financial products, upgrading customer experience and convenience. Notwithstanding these advances, we believe underlying approaches to the determination of creditworthiness for financial products are often outdated and overly manual. In our experience, providers of financial services tend to utilize a limited number of factors to make decisions, operate with siloed technology infrastructure and have data limited to their own experience. As a result, we believe financial services providers approve a smaller proportion of their application volume than is possible with the benefit of modern technology, such as our AI technology and data network.
At our core, we are a technology company that deploys data science and technology to drive better results across the financial ecosystem. We believe our solution drives a “win-win-win” for Partners, their customers and potential customers, and investors. First, by utilizing our network, Partners are able to approve more customer applications, which we believe drives superior revenue growth, enhanced brand affinity, opportunities to promote other financial products and decreased unit-level customer acquisition costs. Partners realize these benefits with limited incremental risk or funding requirements. Second, Partners’ customers benefit from enhanced and more convenient access to financial products. Third, investors benefit through gaining exposure to these assets originated by Partners with the assistance of our AI technology and acquired by the Financing Vehicles through our network.
Emerging Growth Company Status
We qualify as an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with certain other public companies difficult or impossible because of the potential differences in accounting standards used.
We will remain an emerging growth company until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of June 22, 2022, (b) in which we have an annual total gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary equity that is held by non-affiliates exceeds $700 million as of the last business day of the second fiscal quarter of such fiscal year; and (ii) the date on which we have issued more than $1 billion in non-convertible debt securities during the prior three-year period. References herein to “emerging growth company” have the meaning associated with it in the JOBS Act.
Foreign Private Issuer Exemptions
We are technically a “foreign private issuer” under U.S. Securities and Exchange Commission rules. Consequently, we are subject to the reporting requirements under the Exchange Act applicable to foreign private issuers. That said, as previously disclosed on January 16, 2024, we have decided to voluntarily file on U.S. domestic issuer forms with the SEC beginning in 2024. Accordingly, the Company will be filing its quarterly reports on Form 10-Q, current reports on Form 8-K, and its annual reports on Form 10-K, and will no longer report on forms 20-F and 6-K. In addition, the Company intends to comply with Regulation FD and the SEC’s proxy rules, and the Company's officers, directors, and 10% shareholders will now also begin reporting on Forms 3, 4 and 5, as applicable.
Nevertheless, since we are a foreign private issuer (“FPI”), we could elect to return to follow FPI reporting requirements, such as not having to file our annual report on Form 20-F until 120 days after the end of each fiscal year and permitting us to furnish reports on Form 6-K to the SEC regarding certain information required to be publicly disclosed by us in Israel or that is distributed or required to be distributed by us to our shareholders. Based on our foreign private issuer status, we are also not required to (i) file periodic reports and financial statements with the SEC as frequently or as promptly as a U.S. company whose securities are registered under the Exchange Act, (ii) comply with Regulation FD, which addresses certain restrictions on the selective disclosure of material information or (iii) comply with SEC rules relating to proxy solicitation in connection with shareholder meetings and presentation of shareholder proposals. In addition, among other matters, based on our foreign private issuer status, our officers, directors and principal shareholders are technically exempt from the reporting and “short-swing” profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of the Ordinary Shares.
Our Economic Model
Pagaya’s revenues are primarily derived from Network Volume. We define Network Volume as the gross dollar value of assets originated by our Partners with the assistance of our artificial intelligence (“AI”) technology1 and, with respect to single-family rental operations, the gross dollar value of services, which may include the value of newly onboarded properties onto our Darwin platform. We generate revenue from network AI fees, contract fees, interest income and investment income. Revenue from fees is comprised of network AI fees and contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees.
We primarily earn AI integration fees for the creation and delivery of the assets that comprise our Network Volume.
Capital markets execution and contract fees are primarily earned from investors. Multiple funding channels are utilized to enable the purchase of network assets from our Partners, such as asset backed securitizations. Capital markets execution fees are primarily earned from the market pricing of ABS transactions while contract fees are management, performance and similar fees.
1 Our proprietary technology uses machine learning models as a subset of artificial intelligence that go through extensive testing, validation, and governance processes before they can be used or modified. The machine learning models are static and do not have the ability to self-correct, self-improve, and/or learn over time. Any change to the models requires human intervention, testing, validation, and governance approvals before a change can be made.
Additionally, we earn interest income from our risk retention holdings and our corporate cash balances and investment income associated with our ownership interests in certain Financing Vehicles and other proprietary investments.
We incur costs when Network Volume is acquired by the Financing Vehicles. These costs, which we refer to as ‘‘Production Costs,’’ compensate our Partners for acquiring and originating assets. Accordingly, the amount and growth of our Production Costs are highly correlated to Network Volume. An important operating metric to evaluate the success of our economic model, therefore, is FRLPC, or fee revenue less Production Costs.
Additionally, we have built what we believe to be a leading data science and AI organization that has enabled us to assist our Partners as they make decisions to extend credit to consumers or for the identification and purchase, or property management, of single-family rental properties. Excluding Production Costs, headcount, technology overhead and research and development expenses represent the significant portion of our expenses.
Key Factors Affecting Our Performance
Expanded Usage of Our Network by Our Existing Partners
Our AI technology typically enables Partners to convert a larger proportion of their application volume into originated loans, enabling them to expand their ecosystem and generate incremental revenues. Our Partners have historically seen rapid scaling of origination volume on our network shortly after onboarding and the contribution of Pagaya’s network to Partners’ total origination volume tends to increase over time. By integrating our product, connected lenders can increase originations by up to 25% in some cases.
Adoption of Our Network by Partners
We devote significant time to, and have a team that focuses on, onboarding and managing Partners to our network. We believe that our success in adding new Partners to our network is driven by our distinctive value proposition: driving significant revenue uplift to our Partners at limited incremental cost or credit risk to the Partner. Our success adding new Partners has contributed to our overall Network Volume growth and driven our ability to rapidly scale new asset classes. In 2022, we onboarded six new Partners, including Klarna and Ally Financial. In 2023, we expanded our network with four new Partners, including U.S. Bank, a top 5 auto captive, Exeter Finance and Westlake Financial.
Continued Improvements to Our AI Technology
We believe our historical growth has been significantly influenced by improvements to our AI technology, which are in turn driven both by the deepening of our proprietary data network and the strengthening of our AI technology. As our existing Partners grow their usage of our network, new Partners join our network, and as we expand our network into new asset classes, the value of our data asset increases. Our technology improvements thus benefit from a flywheel effect that is characteristic of AI technology, in that improvements are derived from a continually increasing base of training data for our technology. We have found, and we expect to continue to experience, that more data leads to more efficient pricing and greater Network Volume. Since inception, we have evaluated more than $2.2 trillion in application volume.
In addition to the accumulation of data, we make improvements to our technology by leveraging the experience of our research and development specialists. Our research team is central to accelerating the sophistication of our AI technology and expanding into new markets and use cases. We are reliant on these experts’ success in making these improvements to our technology over time.
Availability and Pricing of Funding from Investors
Regardless of market conditions, the availability and pricing of funding from investors is critical to our growth. We have diversified our investor network and will continue to seek to further diversify our investor base. In the six months ended June 30, 2024, our top 5 ABS investors contributed approximately 50% of our total ABS funding, which remained constant compared to 50% in the year ended December 31, 2023.
Performance of Assets Originated with the Assistance of Our Proprietary Technology
The availability of funding from investors is a function of demand for consumer credit and residential real estate assets, as well as the performance of such assets originated with the assistance of our AI technology and purchased by Financing Vehicles. Our AI technology and data-driven insights are designed to enable relative outperformance versus the broader market. We believe that investors in Financing Vehicles view our AI technology as an important component in delivering assets that meet their investment criteria. See “Risk Factors—Risks Related to the Operations of Our Business” in our Annual Report on Form 10-K, which was filed with the SEC on April 25, 2024.
Impact of Macroeconomic Cycles and Global and Regional Conditions
We expect economic cycles to affect our financial performance and related metrics. Macroeconomic conditions, including, but not limited to the evolving conflict in Israel, rising interest rates, inflation, supply chain disruptions, labor shortages, bank failures, U.S. deficit concerns, and the Russian invasion of Ukraine, may impact consumer demand for financial products, our Partners’ ability to generate and convert customer application volume, as well as the availability of funding from our investors through the Financing Vehicles. On October 7, 2023, a terrorist organization primarily based in the Gaza Strip launched a series of attacks on Israel, igniting a war with Israel. The conflict is rapidly evolving and developing, and the intensity and duration of the current war and any escalation is difficult to predict, as are its economic impacts on the Company’s business and operations and on regional and global political and economic conditions in general. Although the Company’s business operations have not been materially impacted due to this evolving conflict as of the date of this Report, our business, financial condition, results of operations and prospects may be adversely affected due to the ongoing nature of this conflict. The recent rise in inflation and corresponding rapid rise in interest rates may increase financing costs and adversely impact the ability of borrowers to service their debt, which could lead to deterioration of the credit performance of loans and impact investor returns, and therefore may result in lower demand from investors for assets generated on our platform and lead to constraints on our ability to fund new Network Volume. In addition, rising inflation may create an escalation in our operating costs, including employee compensation, financing costs, and general corporate expenses, which could reduce our cash flow and operating income. As of the date of this report, we have not experienced material impacts to our business performance from inflationary pressure. Higher interest rates often lead to higher payment obligations, which may reduce the ability of borrowers to remain current on their obligations and therefore, lead to increased delinquencies, defaults, customer bankruptcies, charge-offs, and decreasing recoveries. Any impact to investor returns may lead to an adverse impact on our earnings. The increased risk-free rate of return may impact investor demand for risk assets such as consumer credit, which may constrain our ability to raise new funding for Network Volume. While our ability to raise new funding has not been materially impacted, the cost of capital has increased due to the higher interest rate environment which has led to a reduction in conversion ratio to meet investor return hurdles, more than offset by an increase in application volume to our network from our Partners, resulting in net growth in Network Volume this year. We continue to closely monitor the ongoing Russia-Ukraine conflict and its global impacts. While the outcome remains highly uncertain, we do not believe the ongoing Russia-Ukraine conflict will have a material impact on our business and results of operation. However, if the Russia-Ukraine conflict continues or worsens, leading to greater global economic disruptions and uncertainty, our business and results of operations could be materially impacted. Adverse developments that affect financial institutions, transactional counterparties or other third parties, such as bank failures and protracted U.S. federal debt ceiling negotiations, or concerns or speculation about any similar events or risks, could lead to credit downgrades and market-wide liquidity problems, which in turn may cause Partners and their customers and other third parties to become unable to meet their obligations under various types of financial arrangements as well as general disruptions or instability in the financial markets, which may adversely affect our business. A prolonged economic downturn may also adversely affect the performance of assets that Financing Vehicles acquire from our network. At the same time, such events, including the COVID-19 pandemic or the inflationary environment, provide
key data that we can utilize to improve our AI technology, and they may also help to validate the outcomes our network drives for both Partners and investors. For a further discussion of uncertainties and other factors that could impact our operating results, see “Risk Factors” section in our Annual Report on Form 10-K, which was filed with the SEC on April 25, 2024.
Key Operating Metric
We collect and analyze operating and financial data of our business to assess our performance, formulate financial projections and make strategic decisions. In addition to total revenues, net operating income (loss), other measures under U.S. GAAP, and certain non-GAAP financial measures (see discussion and reconciliation herein titled “Reconciliation of Non-GAAP Financial Measures”), we consider Network Volume to be a key operating metric we use to evaluate our business. The following table sets forth our Network Volume for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| 2024 | | 2023 | | | | 2024 | | 2023 | | | | |
| (In millions) |
| Network Volume | $ | 2,331 | | | $ | 1,957 | | | | | $ | 4,750 | | | $ | 3,807 | | | | | |
Network Volume
We believe the Network Volume metric to be a suitable proxy for our overall scale and reach, as we generate revenue primarily on the basis of Network Volume. Network Volume is primarily driven by our relationships with our Partners and SFR Partners, and we believe that this has benefited from continuous improvements to our proprietary technology, enabling our network to more effectively identify assets for acquisition by the Financing Vehicles, thereby providing additional investment opportunities to investors. Network Volume is comprised of assets across several asset classes, including personal loans, auto loans, residential real estate, and point of sale receivables.
Components of Results of Operations
Revenue
We generate revenue from network AI fees, contract fees, interest income and investment income. Network AI fees and contract fees are presented together as Revenue from fees in the consolidated financial statements. Revenue from fees is recognized after applying the five-step model consistent with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Consumers” (“ASC 606”). Revenue from fees is inclusive of network AI fees and contract fees.
Network AI fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. We earn AI integration fees for the creation and delivery of the assets that comprise our Network Volume. Multiple funding channels are used to enable the purchase of network assets from our Partners, such as ABS. Capital markets execution fees are earned when a pre-funded, Pagaya-sponsored ABS vehicle is sold by underwriters.
Contract fees. Contract fees primarily include administration and management fees, and performance fees. Administration and management fees are contracted upon the establishment of Financing Vehicles and are earned and collected over their remaining lives. Performance fees are earned when certain Financing Vehicles exceed contractual return hurdles and a significant reversal in the amount of cumulative revenue recognized is not expected to occur.
We also earn interest income from our risk retention holdings and cash balances and investment income associated with our ownership interests in certain Financing Vehicles and other proprietary investments.
Costs and Operating Expenses
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
The following table sets forth operating results for the periods indicated (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | | | | | | | |
| Revenue from fees | $ | 242,594 | | | $ | 185,685 | | | $ | 479,598 | | | $ | 360,939 | |
Other Income | | | | | | | |
| Interest income | 8,193 | | | 10,193 | | | 15,937 | | | 20,590 | |
| Investment income (loss) | (443) | | | (266) | | | 85 | | | 721 | |
| Total Revenue and Other Income | 250,344 | | | 195,612 | | | 495,620 | | | 382,250 | |
| Production costs | 145,602 | | | 120,613 | | | 290,483 | | | 245,670 | |
Technology, data and product development (1) | 21,935 | | | 17,663 | | | 41,315 | | | 38,794 | |
| Sales and marketing (1) | 13,331 | | | 14,558 | | | 23,588 | | | 28,858 | |
| General and administrative (1) | 64,449 | | | 53,016 | | | 127,517 | | | 104,142 | |
| Total Costs and Operating Expenses | 245,317 | | | 205,850 | | | 482,903 | | | 417,464 | |
Operating Income (Loss) | 5,027 | | | (10,238) | | | 12,717 | | | (35,214) | |
Other expense, net | (73,194) | | | (16,895) | | | (107,543) | | | (83,875) | |
Loss Before Income Taxes | (68,167) | | | (27,133) | | | (94,826) | | | (119,089) | |
| Income tax expense | 14,512 | | | 5,006 | | | 19,515 | | | 11,673 | |
Net Loss | (82,679) | | | (32,139) | | | (114,341) | | | (130,762) | |
Less: Net loss attributable to noncontrolling interests | (7,894) | | | (842) | | | (18,333) | | | (38,494) | |
Net Loss Attributable to Pagaya Technologies Ltd. | $ | (74,785) | | | $ | (31,297) | | | $ | (96,008) | | | $ | (92,268) | |
| | | | | | | |
| Per share data: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss per share: | | | | | | | |
Basic and Diluted (2) | $ | (1.04) | | | $ | (0.53) | | | $ | (1.41) | | | $ | (1.55) | |
| | | | | | | |
| Non-GAAP adjusted net income (loss) (3) | $ | 7,188 | | | $ | 886 | | | $ | 20,519 | | | $ | (10,129) | |
Non-GAAP adjusted net income (loss) per share (3): | | | | | | | |
| Basic (2) | $ | 0.10 | | | $ | 0.01 | | | $ | 0.30 | | | $ | (0.17) | |
| Diluted (2) | $ | 0.10 | | | $ | 0.01 | | | $ | 0.30 | | | $ | (0.17) | |
| Weighted average shares outstanding: | | | | | | | |
Basic and Diluted (2) | 71,765,884 | | | 59,609,788 | | | 68,113,860 | | | 59,386,974 | |
| | | | | | | |
Weighted average shares outstanding (Non-GAAP): | | | | | | | |
| Basic (2) | 71,765,884 | | | 59,609,788 | | | 68,113,860 | | | 59,386,974 | |
| Diluted (2) | 73,002,689 | | | 60,330,996 | | | 69,485,741 | | | 60,105,698 | |
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(1) The following table sets forth share-based compensation for the periods indicated below (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Technology, data and product development | $ | 3,069 | | | $ | 2,990 | | | $ | 5,974 | | | $ | 5,448 | |
| Sales and marketing | 3,867 | | | 4,756 | | | 6,719 | | | 7,510 | |
| General and administrative | 11,108 | | | 12,462 | | | 20,826 | | | 23,617 | |
| Total share-based compensation in operating expenses | $ | 18,044 | | | $ | 20,208 | | | $ | 33,519 | | | $ | 36,575 | |
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(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 June 30, 2024 and 2023
Total Revenue and Other Income
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Revenue from fees | $ | 242,594 | | | $ | 185,685 | | | $ | 56,909 | | | 31 | % |
| Interest income | 8,193 | | | 10,193 | | | (2,000) | | | (20) | % |
| Investment income (loss) | (443) | | | (266) | | | (177) | | | (67) | % |
| Total Revenue and Other Income | $ | 250,344 | | | $ | 195,612 | | | $ | 54,732 | | | 28 | % |
Total revenue and other income, increased by $54.7 million, or 28%, to $250.3 million for the three months ended June 30, 2024 from $195.6 million for the three months ended June 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 June 30, 2024 increased by $56.9 million, or 31%, to $242.6 million, compared to the same period in 2023. The increase was primarily due to a $54.3 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $167.5 million for the three months ended June 30, 2023 to $221.8 million for the three months ended June 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 19.1% from $2.0 billion for the three months ended June 30, 2023 to $2.3 billion for the three months ended June 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 June 30, 2024.
Contract fees, comprised of administration and management fees, performances fees, and servicing fees, increased by $2.7 million from $18.2 million for the three months ended June 30, 2023 to $20.8 million for the three months ended June 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 $2.0 million, or 20%, to $8.2 million for the three months ended June 30, 2024 from $10.2 million for the three months ended June 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 $0.2 million to a loss of $0.4 million for the three months ended June 30, 2024, reflecting an unfavorable impact from the change in valuation of certain proprietary investments.
Costs and Operating Expenses
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2024 | | 2023 |
| (in thousands) |
| Production costs | $ | 145,602 | | | $ | 120,613 | |
| Technology, data and product development | 21,935 | | | 17,663 | |
| Sales and marketing | 13,331 | | | 14,558 | |
| General and administrative | 64,449 | | | 53,016 | |
| Total Costs and Operating Expenses | $ | 245,317 | | | $ | 205,850 | |
Production Costs
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Production costs | $ | 145,602 | | | $ | 120,613 | | | $ | 24,989 | | | 21 | % |
| | | | | | | |
Production costs increased by $25.0 million, or 21%, to $145.6 million for the three months ended June 30, 2024 from $120.6 million for the three months ended June 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 June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Technology, data and product development | $ | 21,935 | | | $ | 17,663 | | | $ | 4,272 | | | 24 | % |
| | | | | | | |
Technology, data and product development costs for the three months ended June 30, 2024 increased $4.3 million, or 24%, compared to the same period in 2023. The increase was primarily driven by a $4.4 million increase in depreciation of capitalized software, inclusive of impairment charges, and a $0.6 million increase in overhead allocation and other miscellaneous costs. These increases were partially offset by a $0.9 million decrease in compensation expenses.
During the three months ended June 30, 2024 and 2023, we capitalized $5.9 million and $7.5 million of software development costs, respectively. Depreciation expense, including impairment charges, for capitalized software development costs was $7.9 million and $3.5 million during the three months ended June 30, 2024 and 2023, respectively.
Sales and Marketing
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Sales and marketing | $ | 13,331 | | | $ | 14,558 | | | $ | (1,227) | | | (8) | % |
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Sales and marketing costs for the three months ended June 30, 2024 decreased $1.2 million, or 8%, compared to the same period in 2023, primarily driven by a $1.0 million decrease in compensation expenses due to decreased headcount. Also contributing to the decrease was a $0.3 million decrease in expenses related to marketing.
General and Administrative
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| General and administrative | $ | 64,449 | | | $ | 53,016 | | | $ | 11,433 | | | 22 | % |
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General and administrative costs for the three months ended June 30, 2024 increased $11.4 million, or 22%, compared to the same period in 2023. Excluding a $13.4 million loss from loan purchases during the three months ended June 30, 2024, general and administrative costs decreased $2.0 million, primarily driven by a $1.5 million decrease in miscellaneous costs, including overhead allocations, and a $0.6 million decrease in professional expenses.
Other Expense, Net
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
Other expense, net | $ | (73,194) | | | $ | (16,895) | | | $ | (56,299) | | | (333) | % |
| | | | | | | |
Other expense, net for the three months ended June 30, 2024 increased $56.3 million compared to the same period in 2023. The increase was primarily due to a higher credit-related impairment loss of $44.9 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 significant 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 $14.3 million due to higher interest rates and
increased borrowings to support business growth, partially offset by a $2.3 million favorable impact from the changes in fair value remeasurement of warrants.
Income Tax Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
Income tax expense | $ | 14,512 | | | $ | 5,006 | | | $ | 9,506 | | | 190 | % |
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Income tax expense for the three months ended June 30, 2024 increased $9.5 million, compared to the same period in 2023. The increase was primarily driven by geographical mix of taxable net income.
Net Loss Attributable to Noncontrolling Interests
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
Net loss attributable to noncontrolling interests | $ | (7,894) | | | $ | (842) | | | $ | (7,052) | | | (838) | % |
| | | | | | | |
Net loss attributable to noncontrolling interests for the three months ended June 30, 2024 increased $7.1 million compared to the same period in 2023. The increase 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 $1.4 million generated from risk retention holdings offset by the credit-related impairment loss of $9.2 million on the same risk retention holdings. For further information, see “—Total Revenue and Other Income” and “—Other Expense, Net.”
Comparison of Six Months Ended June 30, 2024 and 2023
Total Revenue and Other Income
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Revenue from fees | $ | 479,598 | | | $ | 360,939 | | | $ | 118,659 | | | 33 | % |
| Interest income | 15,937 | | | 20,590 | | | (4,653) | | | (23) | % |
| Investment income | 85 | | | 721 | | | (636) | | | (88) | % |
| Total Revenue and Other Income | $ | 495,620 | | | $ | 382,250 | | | $ | 113,370 | | | 30 | % |
Total revenue and other income, increased by $113.4 million, or 30%, to $495.6 million for the six months ended June 30, 2024 from $382.3 million for the six months ended June 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 six months ended June 30, 2024 increased by $118.7 million, or 33%, to $479.6 million, compared to the same period in 2023. The increase was primarily due to a $115.6 million increase in Network AI fees, comprised of AI integration fees and capital markets execution fees, from $321.5 million for the six months ended June 30, 2023 to $437.1 million for the six months ended June 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 25% from $3.8 billion for the six months ended June 30, 2023 to $4.8 billion for the six months ended June 30, 2024. Capital execution fees earned from our ABS transactions for the six months ended June 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 $3.1 million from $39.4 million for the six months ended June 30, 2023 to $42.5 million for the six months ended June 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 $4.7 million, or 23%, to $15.9 million for the six months ended June 30, 2024 from $20.6 million for the six months ended June 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 the investments in loans and securities portfolio, partially offset by higher interest income on our cash balances.
Investment income decreased by $0.6 million to $0.1 million for the six months ended June 30, 2024 from $0.7 million for six months ended June 30, 2023, reflecting a less favorable impact from the change in valuation of certain proprietary investments.
Costs and Operating Expenses
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
| (in thousands) |
| Production costs | $ | 290,483 | | | $ | 245,670 | |
| Technology, data and product development | 41,315 | | | 38,794 | |
| Sales and marketing | 23,588 | | | 28,858 | |
| General and administrative | 127,517 | | | 104,142 | |
| Total Costs and Operating Expenses | $ | 482,903 | | | $ | 417,464 | |
Production Costs
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Production costs | $ | 290,483 | | | $ | 245,670 | | | $ | 44,813 | | | 18 | % |
| | | | | | | |
Production costs increased by $44.8 million, or 18%, to $290.5 million for the six months ended June 30, 2024 from $245.7 million for the six months ended June 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
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
Technology, data and product development | $ | 41,315 | | | $ | 38,794 | | | $ | 2,521 | | | 6 | % |
| | | | | | | |
Technology, data and product development costs for the six months ended June 30, 2024 increased $2.5 million, or 6%, compared to the same period in 2023. The increase was primarily driven by a $6.0 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 $4.0 million decrease in compensation expenses and a $1.2 million decrease in server costs.
During the six months ended June 30, 2024 and 2023, we capitalized $12.2 million and $13.6 million of software development costs, respectively. Depreciation expense, including impairment charges, for capitalized software development costs was $13.5 million and $7.5 million during the six months ended June 30, 2024 and 2023, respectively.
Sales and Marketing
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Sales and marketing | $ | 23,588 | | | $ | 28,858 | | | $ | (5,270) | | | (18) | % |
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Sales and marketing costs for the six months ended June 30, 2024 decreased $5.3 million, or 18%, compared to the same period in 2023, primarily driven by a $4.3 million decrease in compensation expenses due to decreased headcount and a $0.9 million decrease in expenses related to marketing and miscellaneous costs.
General and Administrative
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| General and administrative | $ | 127,517 | | | $ | 104,142 | | | $ | 23,375 | | | 22 | % |
| | | | | | | |
General and administrative costs for the six months ended June 30, 2024 increased $23.4 million, or 22%, compared to the same period in 2023. Excluding a $18.4 million loss from loan purchases during the six months ended June 30, 2024, general and administrative costs increased $4.9 million, primarily driven by a $6.6 million increase in professional and transaction-related expenses supporting business initiatives, partially offset by a $1.2 million decrease in compensation expenses and a $0.5 million decrease in miscellaneous costs, including overhead allocations.
Other Expense, Net
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
Other expense, net | $ | (107,543) | | | $ | (83,875) | | | $ | (23,668) | | | (28) | % |
| | | | | | | |
Other expense, net for the six months ended June 30, 2024 increased $23.7 million, compared to the same period in 2023. The increase was primarily due to a higher interest expenses of $26.7 million due to higher interest rates and increased borrowing to support business growth, and a higher credit-related impairment loss of $2.1 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 significant 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 $4.0 million favorable impact from the changes in fair value remeasurement of warrants.
Income Tax Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
| Income tax expense | $ | 19,515 | | | $ | 11,673 | | | $ | 7,842 | | | 67 | % |
| | | | | | | |
Income tax expense for the six months ended June 30, 2024 increased $7.8 million, compared to the same period in 2023. The increase was primarily driven by geographical mix of taxable net income.
Net Loss Attributable to Noncontrolling Interests
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | | |
| 2024 | | 2023 | | Change | | % Change |
| (in thousands, except percentages) |
Net loss attributable to noncontrolling interests | $ | (18,333) | | | $ | (38,494) | | | $ | 20,161 | | | 52 | % |
| | | | | | | |
Net loss attributable to noncontrolling interests for the six months ended June 30, 2024 decreased by $20.2 million, or 52%, 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 $3.2 million generated from risk retention holdings offset by the credit-related impairment loss of $21.4 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
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 six months ended June 30, 2024 and 2023 are summarized below (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Fee Revenue Less Production Cost (FRLPC) | $ | 96,992 | | | $ | 65,072 | | | $ | 189,115 | | | $ | 115,269 | |
| Adjusted Net Income (Loss) | $ | 7,188 | | | $ | 886 | | | $ | 20,519 | | | $ | (10,129) | |
| Adjusted EBITDA | $ | 50,305 | | | $ | 17,494 | | | $ | 90,120 | | | $ | 19,542 | |
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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):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenue from fees | $ | 242,594 | | | $ | 185,685 | | | $ | 479,598 | | | $ | 360,939 | |
| Production costs | 145,602 | | | 120,613 | | | 290,483 | | | 245,670 | |
| Fee Revenue Less Production Cost (FRLPC) | $ | 96,992 | | | $ | 65,072 | | | $ | 189,115 | | | $ | 115,269 | |
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net Loss Attributable to Pagaya Technologies Ltd. | $ | (74,785) | | | $ | (31,297) | | | $ | (96,008) | | | $ | (92,268) | |
| Adjusted to exclude the following: | | | | | | | |
| Share-based compensation | 18,044 | | | 20,208 | | | 33,519 | | | 36,575 | |
| Fair value adjustment to warrant liability | 329 | | | 2,625 | | | (1,571) | | | 2,435 | |
| Impairment loss on certain investments | 58,179 | | | 4,236 | | | 77,662 | | | 30,648 | |
| Write-off of capitalized software | 2,561 | | | 106 | | | 2,561 | | | 1,630 | |
| Restructuring expenses | 2,725 | | | 1,146 | | | 3,545 | | | 4,966 | |
| Transaction-related expenses | 135 | | | 2,025 | | | 535 | | | 2,025 | |
| Non-recurring expenses | — | | | 1,837 | | | 276 | | | 3,860 | |
| Adjusted Net Income (Loss) | $ | 7,188 | | | $ | 886 | | | $ | 20,519 | | | $ | (10,129) | |
| Adjusted to exclude the following: | | | | | | | |
| Interest expenses | 21,563 | | | 7,134 | | | 36,727 | | | 10,014 | |
| Income tax expense | 14,512 | | | 5,006 | | | 19,515 | | | 11,673 | |
| Depreciation and amortization | 7,042 | | | 4,468 | | | 13,359 | | | 7,984 | |
| Adjusted EBITDA | $ | 50,305 | | | $ | 17,494 | | | $ | 90,120 | | | $ | 19,542 | |
Liquidity and Capital Resources
As of June 30, 2024 and December 31, 2023, the principal sources of liquidity were cash, cash equivalents and restricted cash of $267.9 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 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 August 8, 2024, the price of our Class A Ordinary Shares was $15.10 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
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 June 30, 2024, the Company did not issue any shares under the Equity Financing Purchase Agreement. During the six months ended June 30, 2024, 298,057 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $5.2 million.
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):
| | | | | | | | | | | | | |
| Six Months Ended June 30, | | |
| | 2024 | | 2023 | | |
| Net cash provided by (used in) operating activities | $ | 35,961 | | | $ | (25,513) | | | |
| Net cash used in investing activities | $ | (351,287) | | | $ | (190,867) | | | |
| Net cash provided by financing activities | $ | 362,434 | | | $ | 213,359 | | | |
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 June 30, 2024, we had 591 employees, including 149 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 six months ended June 30, 2024 was $36.0 million, an increase of $61.5 million from net cash used in operating activities of $25.5 million for the same period in 2023. This reflects our net loss including noncontrolling interests of $114.3 million, adjusted for non-cash charges of $129.1 million, and net cash inflows of $21.2 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 $1.6 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 $3.1 million, (3) depreciation and amortization, which increased by $5.4 million primarily from capitalized software, and (4) fair value
adjustment to warrant liability, which decreased by $4.0 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 $42.1 million to net cash inflows of $21.2 million for the six months ended June 30, 2024 compared to net cash outflows of $20.9 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 six months ended June 30, 2024, net cash used in investing activities of $351.3 million was primarily attributable to purchases of risk retention assets of $408.5 million, which increased by $135.1 million driven by business growth, partially offset by proceeds received from existing risk retention assets of $66.8 million, which decreased by $24.5 million.
Financing Activities
For the six months ended June 30, 2024, net cash provided by financing activities of $362.4 million was primarily attributable to $230.4 million of net proceeds from issuance of long-term debt, net of repayments, $90.0 million of net proceeds from the ordinary share offering, $128.5 million from secured borrowings executed to finance certain risk retention assets, net of repayments, and $5.3 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 $90.0 million of repayments of the SVB revolving credit facility.
Indebtedness
Credit Agreement
On February 2, 2024, the Company entered into a certain Credit Agreement (the “Credit Agreement”) which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million, which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million.
The Facilities replace the SVB Revolving Credit Facility. In addition to replacing the SVB Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries. As of the date of this filing, no borrowings have been made under the Revolving Credit Facility.
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 June 30, 2024, the Company had an outstanding balance of $232.6 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and the Company had letters of credit issued in the amount of $19.8 million, and $15.2 million of remaining capacity available under the Revolving Credit Facility. 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 June 30, 2024, the total remaining contractual obligations are approximately $56.2 million, of which $4.7 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 June 30, 2024, the total remaining contractual obligations are approximately $6.1 million, of which $4.9 million 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 indemnification payments may not be subject to a cap. As of June 30, 2024, there have been no known events or circumstances that have resulted in a material indemnification liability and the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. For certain contracts meeting the definition of a guarantee or a derivative, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As of June 30, 2024, the maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $29.2 million. In accordance with the guarantee contracts, the maximum potential payment amount has been segregated and recognized within restricted cash in the unaudited condensed consolidated balance sheet.
For a discussion of our long-term debt obligations and operating lease obligations as of June 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 Estimates
Our significant accounting policies and their effect on our financial condition and results of operations are more fully described in our audited consolidated financial statements included in our Annual Report on Form 10-K. Management has reassessed the critical accounting policies and estimates as disclosed in Note 2 to the audited consolidated financial statements included in our Annual Report on Form 10-K and determined that there were no significant changes in our critical accounting policies and estimates during the three and six months ended June 30, 2024.
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 June 30, 2024 and December 31, 2023, we were exposed to credit risk on $911 million and $717 million, respectively, of investments in loans and securities held on our consolidated balance sheet, with $831 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.
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 June 30, 2024. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 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 June 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 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
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 June 30, 2024, four officers or directors entered into 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 of October 1, 2025, to sell a maximum aggregate of 300,000 shares. Third, on July 2, 2024, Yahav Yulzari, a director and Chief Revenue Officer of the Company, entered into a 10b5-1 Plan, with an end date of October 1, 2025, to sell a maximum aggregate of 300,000 shares. Fourth, on June 24, 2024, Evangelos Perros, the Company’s Chief Financial Officer, entered into a 10b5-1 Plan, with an end date of December 31, 2024, to sell a maximum aggregate of 23,7912 shares. 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.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Chief Operating Officer; Appointment of New Chief Operating Officer and Chief Commercial Officer
Effective August 8, 2024, Mr. Amol Naik resigned from his role as Chief Operating Officer of the Company. In connection with his departure, the Company entered into a Release and Settlement Agreement, filed herewith as Exhibit 10.1.
As announced by the Company on August 5, 2024, Mr. Ralph Leung, age 47, has joined the Company as Chief Operating Officer and Chief Commercial Officer. From 2021 until joining the Company, Mr. Leung served as Chief Financial Officer of Achieve, a consumer fintech. Prior to that, he served as Chief Financial Officer of Fivestars, a two-sided consumer merchant network. In connection with his appointment, Mr. Leung entered into an Employment Agreement with the Company pursuant to which he is entitled to an annual salary of $650,000, an annual target bonus of $600,000 and an equity grant, subject to the approval of the Board of Directors. In addition, Mr. Leung will be entitled to a performance-based bonus and will participate in other compensation and benefit programs commensurate with other Company executives at his level.
Mr. Leung’s appointment is not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Leung and any director, executive officer or other person requiring disclosure under Item 401(d) of Regulation S-K. There are no transactions in which Mr. Leung has an interest requiring disclosure under Item 404(a) of Regulation S-K. The Company does not deem Mr. Leung to be an “executive officer,” as such term is defined in Rule 3b-7, promulgated under the Securities Exchange Act of 1934, as amended.
2 Does not include shares that may be acquired through vesting of stock grants, exercise of options or open market purchases.
Item 6. Exhibits
| | | | | | | | |
Exhibit
Number | | Description |
| 3.1 | | |
| 10.1 | | |
31.1* | | |
31.2* | | |
32.1* | | |
32.2* | | |
| 101.INS | | Inline XBRL Instance Document |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Filed herewith
† Indicates a management contract or compensatory plan.
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: August 9, 2024 | By: | /s/ Gal Krubiner |
| Name: | Gal Krubiner |
| Title: | Chief Executive Officer |
| | |
| | |
Date: August 9, 2024 | By: | /s/ Evangelos Perros |
| Name: | Evangelos Perros |
| Title: | Chief Financial Officer |
CONFIDENTIAL GENERAL RELEASE AND SEPARATION AGREEMENT
This Confidential General Release and Separation Agreement (this “Agreement”) is entered into by and between Amol Naik (“Employee”) and Pagaya Technologies US LLC (the “Company”) (Employee and the Company collectively referred to in this Agreement as the “Parties”).
WHEREAS, Employee was employed by the Company in the position of Chief Operating Officer; and
WHEREAS, in connection with his employment with the Company, Employee entered into a certain Executive Employment Agreement, dated June 22, 2022 (the “Employment Agreement”) and a Confidentiality and Restrictive Covenant Agreement effective June 22, 2022 (the “Covenant Agreement”);
WHEREAS, Employee and the Company have mutually agreed that his employment as the Company’s Chief Operating Officer will terminate effective August 8, 2024 (the “Separation Date”);
WHEREAS, Employee is also entering into a consulting agreement with Company which shall continue until January 31, 2025 (the “Consulting Agreement”), and
WHEREAS, the Company desires to assist Employee in his transition from the Company; and
WHEREAS, the Company and Employee mutually desire to compromise and settle any and all claims, disputes, controversies, matters or affairs between them, whether or not currently asserted or known, on the terms set forth in this Agreement.
NOW THEREFORE, in recognition of the foregoing and in consideration of the mutual covenants and obligations contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employee and the Company agree as follows:
1.Severance Benefits. If Employee timely executes and does not subsequently revoke this Agreement, the Company will provide the following Severance Benefits:
(a)Transitional Period. Beginning the date hereof and through the Separation Date, Employee shall make themself reasonably available to respond to the Company’s e-mails and phone calls and otherwise assist with any transition related tasks and reasonable requests of the Company.
(i)During the Transitional Period, Employee remains an active employee of the Company. That means that Employee has a legal obligation to be loyal to the Company, maintain the Company’s confidential and proprietary information, adhere to the Company’s non-compete and non-solicit obligations and otherwise avoid acting in a manner contrary to Company’s interests.
(ii)For purposes of this Agreement, “Cause” for the Company to consider the Agreement materially breached and thereby terminate Employee’s Severance Benefits shall exist if any of the following occur during the Transitional Period:
(A)Employee’s conviction (including a guilty plea or plea of nolo contendere) of any felony, or any crime involving fraud, dishonesty or moral turpitude;
(B)Employee’s commission or attempted commission of or participation in a fraud or act of dishonesty, or misrepresentation against the Company;
(C)Employee’s material violation of any material contract or agreement between Employee and the Company, including without limitation, material breach of the Covenant Agreement, or of the Company’s Code of Conduct or any material Company policy, or of any statutory duty Employee owes to the Company; or
(D)Employee’s conduct that constitutes gross insubordination, incompetence, or habitual neglect of duties.
(b)Salary Continuation. Employee will continue to receive Employee’s Base Salary through the Separation Date. Employee’s benefits will continue through July 31, 2024. Employee is permitted to represent themself to prospective employers as an employee of the Company through the Separation Date.
(c)Separation Payment. The Company will pay Employee the total gross sum of $160,273.97, less applicable taxes and withholding (the “Separation Payment”), to be paid to Employee on the next regular payroll date following the Effective Date of this Agreement (as defined below).
(d)COBRA Payment. The Company will pay Employee the cash equivalent of 3 months of Employee’s portion of the COBRA insurance premiums (the information for which will be provided to Employee under separate cover) in the total gross sum of $10,882.20, less applicable taxes and withholding (the “COBRA Payment”), to be paid to Employee on the next regular payroll date following the Effective Date of the Agreement (as defined below).
(e)Outplacement Services. For a period of three months following the Effective Date, the Company will provide outplacement services for Employee through a Company-selected outplacement firm. The Company will pay the outplacement firm directly and Employee will not receive the cash equivalent of the outplacement services should Employee choose not to use them.
(f)Unemployment Insurance. The Company will not contest Employee’s application for unemployment benefits, should Employee apply for such benefits.
2.No Consideration Absent Execution of this Agreement. Employee understands and agrees that Employee would not receive the consideration specified in Section 1 above, except for Employee’s execution of this Agreement and the fulfillment of the promises contained herein. Employee acknowledges and agrees the Separation Benefits provided for pursuant to this Agreement are above and beyond any compensation or benefits to which Employee otherwise would be entitled, and thus constitutes valid consideration in support of this Agreement, including Employee’s general release of claims as set forth in Section 4 herein and Employee’s re-affirmation of Employee’s post-employment obligations to the Company, as set forth in Section 7 herein.
3.Final Compensation. Employee acknowledges that Employee has received payment for all compensation due to Employee up through the Separation Date (including any compensation, benefits, and accrued and unused paid time off earned by Employee through that date but excluding the Separation Payment due to Employee pursuant to this Agreement). Employee’s equity (stock options) in the Company shall continue to be entitled to vesting up to termination of the Consulting Agreement, under the terms of any award agreement Employee has previously received from the Company. Employee acknowledges that following the Separation Date, Employee will not be entitled to any further compensation, monies, or other benefits from the Company (or any of its affiliates, predecessors, successors, or other corporate affiliates, and each of their respective present and former employees, officers, directors, owners, shareholders, and agents). Employee further acknowledges that as of the termination of the Consulting Agreement, there shall be no additional vesting of any equity in the Company (or any of its affiliates), including, without limitation, any phantom equity, royalties, stocks, or stock options. To the extent Employee has, as of the termination of the Consulting Agreement, vested options to purchase shares of the Company’s Common Stock (the “Options”), the period within which Employee must exercise those Options following termination is dictated by the terms of Employee’s Option Agreement. Unless specified differently in this Agreement or Employee’s Option Agreement, the Company’s Equity Incentive Plans require Employee to exercise all outstanding vested Options within three (3) months of the separation from service or else those Options are forfeited and returned to the Company.
4.General Release of All Claims. The purpose of this Agreement is to resolve any dispute Employee has or might ever have claimed arising from or relating to Employee’s employment or separation of employment from the Company, and to facilitate Employee’s transition to other employment. Accordingly, in exchange for the consideration set forth in Section 1 above, Employee, on Employee’s own behalf and on behalf of Employee’s heirs, administrators, executors, and assigns, hereby irrevocably and unconditionally waives, releases, and discharges the Company, and any and all of the Company’s affiliates, parents, partnerships, divisions, and subsidiaries, and each of the Company’s and its existing, former and future directors, managers, members, officers, directors, shareholders, employees, representatives, agents, attorneys, insurers, predecessors, successors, and assigns (collectively, the “Released Parties”), to the full extent permitted by law, from any and all claims, demands, actions, causes of actions, judgments, rights, fees, damages, debts, obligations, liabilities, and expenses (inclusive of attorneys’ fees) of any kind whatsoever, whether known or unknown, that Employee may have or has ever had against the Released Parties arising out of, or in any way related to Employee’s hire, benefits, employment, or separation from employment with the Company by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence, or other matter from the beginning of time up to and including the date of Employee’s execution of this Agreement, including, but not limited to any and all claims under:
a.Title VII of the Civil Rights Act of 1964 (Title VII), the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA), the Families First Coronavirus Response Act (FFCRA), the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA) (regarding unvested benefits), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Worker Adjustment and Retraining Notification Act (WARN), the Uniform Services Employment and Reemployment Rights Act (USERRA), the Genetic Information Nondiscrimination Act (GINA), the Immigration Reform and Control Act (IRCA), the New York State Human Rights Law (NYSHRL), the New York Labor Law (including but not limited to the Retaliatory Action by Employers Law, the New York State Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York Civil
Rights Law, Section 125 of the New York Workers’ Compensation Law, Article 23-A of the New York Correction Law, the New York City Human Rights Law (NYCHRL), and the New York City Earned Sick Leave Law, all including any amendments and their respective implementing regulations, and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released;
a.any and all claims arising under tort, contract, and quasi-contract law, including, but not limited to, claims of breach of an express or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or intentional infliction of emotional distress;
b.any and all claims for monetary or equitable relief, including, but not limited, to attorneys’ fees, back pay, front pay, reinstatement, experts’ fees, medical fees or expenses, costs, and disbursements, punitive damages, liquidated damages, and penalties; and
c.any indemnification rights Employee has against the Company or any of the Released Parties.
Notwithstanding the foregoing, the Parties agree that this general release does not apply to any claims that cannot be released under applicable law, or any vested benefits accrued by Employee prior to the Separation Date under any compensation or benefit plans, programs and arrangements maintained by the Company for the benefit of its employees and subject to ERISA.
5.Covenant Not To Sue. Except for an action arising out of a breach of the terms of this Agreement, Employee agrees never to bring (or cause to be brought) any claim, action, or proceeding against the Company or any of the Released Parties regarding any act or failure to act that occurred up to and including the date on which the Parties sign this Agreement, with respect to any claim, action or proceeding relating to Employee’s employment or Employee’s separation of employment from the Company, or other matter within the scope of the matters released pursuant to Section 4 above. Employee further promises never to institute or pursue any such claims in any court, tribunal, arbitral forum, governmental agency or other forum; provided that, nothing in this Agreement waives or attempts to waive any claims that cannot legally be waived, or any rights Employee may have to file a charge of discrimination with a federal or state administrative agency or cooperate or participate in the investigation of an administrative charge or proceeding. To the extent Employee institutes any such claims in any federal or state administrative agency and/or to the extent any such claims are instituted or pursued by any other persons or entities (in any forum), Employee hereby agrees not to seek, accept or obtain, and to hereby waive and affirmatively forego, any recovery, damages or other relief, of any kind or nature whatsoever, that Employee may be or may have been entitled or eligible to receive, or may be or may have been awarded, as a result of such claims.
6.Employee Acknowledgements and Affirmations. Employee acknowledges, affirms, and agrees that:
a.Employee has not filed, caused to be filed, and is not presently a party to any claim, complaint, charge, or action against any Released Party, in any forum or form;
b.Employee has no known workplace injuries or occupational diseases and that Employee has been granted or has not been denied any leave to which Employee was entitled under any disability accommodation or sick leave laws;
c.Employee has been paid or has received all compensation, wages, bonuses, commissions, any prorated or other incentive pay, vacation pay, bonuses, options, equity grants and other benefits to which Employee may be entitled and that no such compensation or benefits (of any kind) are due to Employee, with the exception of Employee’s final payroll check, which will be paid on the next regularly scheduled pay date; and
d.Employee has not assigned or otherwise transferred any rights or interests in any actual or potential claims Employee might ever have asserted against the Company or any of the Released Parties.
7.Post-Employment Obligations. By Employee’s signature on this Agreement, Employee acknowledges that, except as provided in Section 1 herein, Employee has complied and will continue to comply in full with Employee’s post-employment terms as set forth in the Covenant Agreement, including, without limitation, the Confidentiality terms as set forth in Article 2.1, the Covenants Against Competition and Solicitation as set forth in Article 2.3, and the Non-Disparagement terms as set forth in Article 2.4 therein, which terms shall remain in full force and effect and which are incorporated by reference as if set forth in full herein.
8.No Admission of Liability & Inadmissibility. Employee and the Company agree that nothing in this Agreement is to be construed as an admission of liability by the Company or any Released Parties of any unlawful, discriminatory, or other wrongful conduct or practice. This Agreement is offered to resolve fully all matters which Employee has, may have, or might ever have raised relative to Employee’s employment with and/or separation from the Company. This Agreement shall not be used as evidence in any proceeding, except one alleging a breach of this Agreement.
9.Return of Company Property. By Employee’s signature on this Agreement, Employee acknowledges that Employee is in full compliance with Article 2.1(D) of the Covenant Agreement, and certifies that Employee will return to the Company any and all property of the Company in Employee’s possession on or prior to the Separation Date, in any form and medium in which Employee has it (whether hard copy, electronic or otherwise), including any laptops, printers, phones, and any other devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items belonging or pertaining to the Company or any of the Released Parties or their business, whether or not such items constitute, reflect or contain any confidential or proprietary information (of any kind) (the “Company Property”); provided, however, the Company agrees that Employee need not return, and may keep, the iPad that was given to him during his employment (after all Pagaya confidential information and related apps are removed). Furthermore, to the extent that Employee is engaged to provide services to the Company after the Separation Date, then Employee may maintain possession of the laptop given to him during his employment for the duration of that engagement.
10.Confidential Agreement & Remedies for Breach. Employee agrees (a) to treat this Agreement as confidential in all respects and (b) except as required by law (after giving due prior notice to the Company providing the Company with a reasonably sufficient opportunity to respond and/or
object), not to disclose its existence or contents to any person or entity other than the tax authorities and Employee’s attorney, accountant, and immediate family (after advising such individuals of the confidential nature of this Agreement and securing their binding promise not to further disclose its existence or promise to any person or entity). If Employee does institute or pursue any claims released pursuant to this Agreement or otherwise violate this Agreement, then, in addition to any remedies or damages available to the Company, Employee expressly agrees that, unless otherwise prohibited under applicable law, the Separation Payment shall be immediately forfeited, less one thousand dollars ($1,000.00), which shall constitute continuing consideration for Employee’s obligations under this Agreement, and Employee shall be liable and to reimburse the Company for any attorneys’ fees and/or costs or expenses incurred by the Company in defending against any such claims or otherwise in enforcing this Agreement.
11.Governing Law/Venue. This Agreement, the rights and obligations of the Parties hereunder, any claim or controversy directly or indirectly based upon or arising out of this Agreement, shall be governed by and determined in accordance with applicable provisions of the laws of the State of New York, without regard to the law of conflicts of such state. The Parties hereby submit and consent to the jurisdiction of the State of New York and its courts for the purposes of any dispute that may arises, indirectly or directly, under this Agreement or as between the Parties.
12.Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR OTHER AGREEMENT WHICH, IN ANY WAY, ARISES OUT OF OR RELATES TO EMPLOYEE’S EMPLOYMENT WITH THE COMPANY OR ANY OTHER RELATIONSHIP BETWEEN EMPLOYEE AND THE COMPANY.
13.Severability. The provisions of this Agreement are severable, and if any part is found to be unenforceable, the remainder shall remain fully valid and enforceable, with the unenforceable portions modified to the minimum extent necessary to render them enforceable (or to excise some or all of such provisions from the Agreement, if/as ever may be required).
14.No Oral Modification. Neither this Agreement nor any of its provisions may be altered, amended, or waived, except by an express written document signed by the Parties.
15.Entire Agreement/Non-Reliance. This Agreement contains the entire understanding between Employee and the Company relating to the subject matters hereof and supersedes any and all prior and contemporaneous understandings, discussions, agreements, representations, and warranties of any kind, whether written or oral, regarding any such subject matters, provided that the Parties agree that the Covenant Agreement shall remain in full force and effect.
16.Knowing and Voluntary Agreement. Employee is entering this Agreement knowingly and voluntarily, expressly acknowledging that:
a.Employee has read and understands each of the terms and provisions of this Agreement; and
b.Employee has had a reasonable opportunity of up to 45 days to consider this Agreement prior to signing it (and, if Employee signs it prior to the end of such 45-day period, does so of Employee’s own free choice); and
c.Employee has been advised of Employee’s right and encouraged in writing (via this Agreement) to consult with an attorney of Employee’s choosing prior to signing this Agreement and has had a full opportunity to consult with such attorney prior to signing this Agreement; and
d.Employee is entering this Agreement knowingly and willingly, without any duress, intimidation, or undue influence, and without any promises other than those expressly set forth herein.
17.Effective Date. Employee will have a period of seven (7) calendar days after signing this Agreement to revoke Employee’s signature on and agreement to be bound by the terms of this Agreement, by e-mailing notice of such revocation to Edward Sample, at edward.sample@pagaya.com, within such seven (7) day period. This Agreement will become effective, if not sooner revoked by Employee, on the eighth (8th) day after Employee signs this Agreement (the “Effective Date”).
18.Counterparts; Electronic Signature. This Agreement may be executed in counterparts and will be as fully binding as if signed in one entire document. This Agreement may be signed by electronic signature and such signatures shall be valid and binding upon the Parties.
HAVING ELECTED TO EXECUTE THIS AGREEMENT, TO FULFILL THE PROMISES AND TO RECEIVE THE SEVERANCE BENEFITS AS SET FORTH IN SECTION 1 ABOVE, EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST THE COMPANY AND THE RELEASED PARTIES AS OF THE DATE OF EXECUTION OF THIS AGREEMENT AND TO RE-AFFIRM THE CONFIDENTIALITY, NON-COMPETITION, NON-SOLICITATION AND NON-DISPARAGEMENT TERMS AS SET FORTH IN EMPLOYEE’S COVENANT AGREEMENT WITH THE COMPANY.
[Signature Page Follows]
IN WITNESS WHEREOF, the Parties have executed this Agreement voluntarily and of their own free will and deed, after due time to review and consider it, and without any duress or coercion, as follows.
| | | | | |
|
PAGAYA TECHNOLOGIES US LLC |
|
By: /s/ Tami Rosen Name: Tami Rosen Title: Chief Development Officer Date: __ August 8, 2024______________ |
EMPLOYEE | |
Signature: /s/ Amol Naik Print Name: Amol Naik Date: _August 8, 2024___________________ | |
Exhibit 31.1
CERTIFICATION
I, Gal Krubiner, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Pagaya Technologies Ltd.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Gal Krubiner |
| | Gal Krubiner |
| | Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Evangelos Perros, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Pagaya Technologies Ltd.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Evangelos Perros |
| | Evangelos Perros |
| | Chief Financial Officer |
Exhibit 32.1
CERTIFICATION
Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), Gal Krubiner, Chief Executive Officer of Pagaya Technologies Ltd. (the “Company”), hereby certifies that, to the best of his knowledge:
1. The Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2024, to which this Certification is attached as Exhibit 32.1 (the “Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Gal Krubiner |
| | Gal Krubiner |
| | Chief Executive Officer |
This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Pagaya Technologies Ltd. under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.
Exhibit 32.2
CERTIFICATION
Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), Evangelos Perros, Chief Financial Officer of Pagaya Technologies Ltd. (the “Company”), hereby certifies that, to the best of his knowledge:
1. The Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2024, to which this Certification is attached as Exhibit 32.2 (the “Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Evangelos Perros |
| | Evangelos Perros |
| | Chief Financial Officer |
This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Pagaya Technologies Ltd. under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.
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6 Months Ended |
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Jun. 30, 2024 |
Jul. 31, 2024 |
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Pagaya Technologies Ltd.
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L3
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90 Park Ave
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Current assets: |
|
|
|
| Cash and cash equivalents |
|
$ 233,593
|
$ 186,478
|
| Restricted cash |
|
17,469
|
16,874
|
| Fees and other receivables (including related party receivables of $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively) |
|
93,460
|
79,526
|
| Investments in loans and securities |
|
1,663
|
2,490
|
| Prepaid expenses and other current assets (including related party assets of $6,406 and $7,896 as of June 30, 2024 and December 31, 2023, respectively) |
|
15,012
|
18,034
|
| Total current assets |
|
361,197
|
303,402
|
| Restricted cash |
|
16,864
|
19,189
|
| Fees and other receivables (including related party receivables of $32,987 and $33,739 as of June 30, 2024 and December 31, 2023, respectively) |
|
32,987
|
34,181
|
| Investments in loans and securities |
|
909,762
|
714,303
|
| Equity method and other investments |
|
26,593
|
26,383
|
| Right-of-use assets |
|
51,631
|
55,729
|
| Property and equipment, net |
|
40,628
|
41,557
|
| Goodwill |
|
10,945
|
10,945
|
| Intangible assets |
|
1,275
|
2,550
|
| Prepaid expenses and other assets |
|
1,095
|
137
|
| Total non-current assets |
|
1,091,780
|
904,974
|
| Total Assets |
|
1,452,977
|
1,208,376
|
| Current liabilities: |
|
|
|
| Accounts payable |
|
7,303
|
1,286
|
| Accrued expenses and other liabilities |
|
36,090
|
28,562
|
| Current maturities of operating lease liabilities |
|
6,427
|
6,931
|
| Current portion of long-term debt |
|
12,750
|
0
|
| Secured borrowing |
|
176,223
|
37,685
|
| Income taxes payable |
|
2,461
|
461
|
| Total current liabilities |
|
241,254
|
74,925
|
| Non-current liabilities: |
|
|
|
| Warrant liability |
|
1,671
|
3,242
|
| Revolving credit facility |
|
0
|
90,000
|
| Long-term debt |
|
219,842
|
0
|
| Secured borrowing |
|
223,998
|
234,028
|
| Operating lease liabilities |
|
39,529
|
43,940
|
| Long-term tax liabilities |
|
36,752
|
22,135
|
| Deferred tax liabilities, net |
|
107
|
107
|
| Total non-current liabilities |
|
521,899
|
393,452
|
| Total Liabilities |
|
763,153
|
468,377
|
| Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of June 30, 2024; aggregate liquidation preference of $150,000 as of June 30, 2024. |
[1] |
74,250
|
74,250
|
| Shareholders’ equity: |
|
|
|
| Additional paid-in capital |
|
1,235,677
|
1,101,914
|
| Accumulated other comprehensive income (loss) |
|
(71,050)
|
444
|
| Accumulated deficit |
|
(638,645)
|
(542,637)
|
| Total Pagaya Technologies Ltd. shareholders’ equity |
|
525,982
|
559,721
|
| Noncontrolling interests |
|
89,592
|
106,028
|
| Total shareholders’ equity |
|
615,574
|
665,749
|
| Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity |
|
1,452,977
|
1,208,376
|
| Common Class A |
|
|
|
| Shareholders’ equity: |
|
|
|
| Common stock |
[1] |
0
|
0
|
| Common Class B |
|
|
|
| Shareholders’ equity: |
|
|
|
| Common stock |
[1] |
$ 0
|
$ 0
|
|
|
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical)
$ in Thousands |
Jun. 30, 2024
USD ($)
shares
|
Dec. 31, 2023
USD ($)
shares
|
| Current assets: |
|
|
|
| Related party receivables | $ |
|
$ 93,460
|
$ 79,526
|
| Related party assets | $ |
|
15,012
|
18,034
|
| Related party receivables | $ |
|
$ 32,987
|
$ 34,181
|
| Liabilities and Shareholders’ Equity |
|
|
|
| Shares authorized (in shares) |
|
6,666,666
|
|
| Shares issued (in shares) |
|
5,000,000
|
|
| Shares outstanding (in shares) |
[1] |
5,000,000
|
5,000,000
|
| Aggregate liquidation preference | $ |
|
$ 150,000
|
|
| Shareholders’ equity: |
|
|
|
| Ordinary shares, authorized (in shares) |
|
839,999,998
|
|
| Common Class A |
|
|
|
| Shareholders’ equity: |
|
|
|
| Ordinary shares, authorized (in shares) |
|
666,666,666
|
666,666,666
|
| Ordinary shares, issued (in shares) |
|
58,943,381
|
49,390,936
|
| Ordinary shares, outstanding (in shares) |
|
58,943,381
|
49,390,936
|
| Common Class B |
|
|
|
| Shareholders’ equity: |
|
|
|
| Ordinary shares, authorized (in shares) |
|
166,666,666
|
166,666,666
|
| Ordinary shares, issued (in shares) |
|
12,652,310
|
12,652,310
|
| Ordinary shares, outstanding (in shares) |
|
12,652,310
|
12,652,310
|
| Related Party |
|
|
|
| Current assets: |
|
|
|
| Related party receivables | $ |
|
$ 55,549
|
$ 51,036
|
| Related party assets | $ |
|
6,406
|
7,896
|
| Related party receivables | $ |
|
$ 32,987
|
$ 33,739
|
|
|
| X |
- DefinitionAmount, after allowance, receivable from customers, clients, or other third-parties, and receivables classified as other due within one year or the normal operating cycle, if longer.
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-Topic 210
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-SubTopic 10
-Topic 505
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Topic 310
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Revenue |
|
|
|
|
|
| Revenue from fees (including related party revenues of $175,333 and $148,198 for the three months ended June 30, 2024 and 2023, respectively, and $353,844 and $301,991 for the six months ended June 30, 2024 and 2023, respectively) |
|
$ 242,594
|
$ 185,685
|
$ 479,598
|
$ 360,939
|
| Other Income |
|
|
|
|
|
| Interest income |
|
8,193
|
10,193
|
15,937
|
20,590
|
| Investment income (loss) |
[1] |
(443)
|
(266)
|
85
|
721
|
| Total Revenue and Other Income |
|
250,344
|
195,612
|
495,620
|
382,250
|
| Production costs |
|
145,602
|
120,613
|
290,483
|
245,670
|
| Technology, data and product development |
|
21,935
|
17,663
|
41,315
|
38,794
|
| Sales and marketing |
|
13,331
|
14,558
|
23,588
|
28,858
|
| General and administrative |
|
64,449
|
53,016
|
127,517
|
104,142
|
| Total Costs and Operating Expenses |
|
245,317
|
205,850
|
482,903
|
417,464
|
| Operating Income (Loss) |
|
5,027
|
(10,238)
|
12,717
|
(35,214)
|
| Other expenses, net |
|
(73,194)
|
(16,895)
|
(107,543)
|
(83,875)
|
| Loss Before Income Taxes |
|
(68,167)
|
(27,133)
|
(94,826)
|
(119,089)
|
| Income tax expense |
|
14,512
|
5,006
|
19,515
|
11,673
|
| Net Loss Including Noncontrolling Interests |
|
(82,679)
|
(32,139)
|
(114,341)
|
(130,762)
|
| Less: Net loss attributable to noncontrolling interests |
|
(7,894)
|
(842)
|
(18,333)
|
(38,494)
|
| Net Loss Attributable to Pagaya Technologies Ltd. |
|
$ (74,785)
|
$ (31,297)
|
$ (96,008)
|
$ (92,268)
|
| Net loss per share attributable to Pagaya Technologies Ltd.: |
|
|
|
|
|
| Basic (in dollars per share) |
[2] |
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Diluted (in dollars per share) |
[2] |
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Weighted average shares outstanding: |
|
|
|
|
|
| Basic (in shares) |
[2] |
71,765,884
|
59,609,788
|
68,113,860
|
59,386,974
|
| Diluted (in shares) |
|
71,765,884
|
59,609,788
|
68,113,860
|
59,386,974
|
|
|
| X |
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical)
$ in Thousands |
|
3 Months Ended |
6 Months Ended |
Mar. 08, 2024 |
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
| Total revenue from fees, net |
|
$ 242,594
|
$ 185,685
|
$ 479,598
|
$ 360,939
|
| Reverse share split |
0.0833
|
|
|
|
|
| Related Party |
|
|
|
|
|
| Total revenue from fees, net |
|
$ 175,333
|
$ 148,198
|
$ 353,844
|
$ 301,991
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41
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-Topic 270
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-Section 50
-Paragraph 1
-Subparagraph (i)
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net Loss Including Noncontrolling Interests |
$ (82,679)
|
$ (32,139)
|
$ (114,341)
|
$ (130,762)
|
| Other Comprehensive Income: |
|
|
|
|
| Unrealized gain (loss) on securities available for sale, net |
(45,563)
|
7,035
|
(67,094)
|
22,827
|
| Comprehensive Loss Including Noncontrolling Interests |
(128,242)
|
(25,104)
|
(181,435)
|
(107,935)
|
| Less: Comprehensive income (loss) attributable to noncontrolling interests |
(6,686)
|
2,971
|
(13,933)
|
(18,343)
|
| Comprehensive Loss Attributable to Pagaya Technologies Ltd. |
$ (121,556)
|
$ (28,075)
|
$ (167,502)
|
$ (89,592)
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 2
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xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Thousands |
Total |
Private Placement, Ordinary Share Offering |
Private Placement, Equity Financing Purchase Agreement |
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit) |
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
Private Placement, Ordinary Share Offering
|
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
Private Placement, Equity Financing Purchase Agreement
|
Ordinary Shares (Class A and Class B) |
Ordinary Shares (Class A and Class B)
Private Placement, Ordinary Share Offering
|
Ordinary Shares (Class A and Class B)
Private Placement, Equity Financing Purchase Agreement
|
Additional Paid-In Capital |
Additional Paid-In Capital
Private Placement, Ordinary Share Offering
|
Additional Paid-In Capital
Private Placement, Equity Financing Purchase Agreement
|
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings (Accumulated Deficit) |
Non-Controlling Interests |
| Beginning balance (in shares) at Dec. 31, 2022 |
[1] |
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Redeemable Convertible Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of preferred shares, net of issuance costs (in shares) |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of preferred shares, net of issuance costs |
|
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2023 |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
|
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2022 |
[1] |
|
|
|
|
|
|
56,942,632
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
|
765,423
|
|
|
$ 553,520
|
|
|
|
|
|
|
$ 968,432
|
|
|
$ (713)
|
$ (414,199)
|
$ 211,903
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options (in shares) |
[1] |
|
|
|
|
|
|
365,763
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options |
|
1,430
|
|
|
1,430
|
|
|
|
|
|
|
1,430
|
|
|
|
|
|
| Issuance of ordinary shares upon vesting of RSUs (in shares) |
[1] |
|
|
|
|
|
|
235,908
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of warrants (in shares) |
[1] |
|
|
|
|
|
|
16,304
|
|
|
|
|
|
|
|
|
|
| Share-based compensation |
|
39,691
|
|
|
39,691
|
|
|
|
|
|
|
39,691
|
|
|
|
|
|
| Contributions of interests in consolidated VIEs |
|
15,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,293
|
| Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares) |
[1] |
|
|
|
|
|
|
1,515,145
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. |
|
18,134
|
|
|
18,134
|
|
|
|
|
|
|
18,134
|
|
|
|
|
|
| Reclassification of investments |
|
16,460
|
|
|
(1,881)
|
|
|
|
|
|
|
|
|
|
(1,881)
|
|
18,341
|
| Return of capital to interests in consolidated VIEs |
|
(28,913)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,913)
|
| Other comprehensive income (loss) |
|
6,367
|
|
|
4,557
|
|
|
|
|
|
|
|
|
|
4,557
|
|
1,810
|
| Net income (loss) |
|
(130,762)
|
|
|
(92,268)
|
|
|
|
|
|
|
|
|
|
|
(92,268)
|
(38,494)
|
| Ending balance (in shares) at Jun. 30, 2023 |
[1] |
|
|
|
|
|
|
59,075,752
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
|
$ 703,123
|
|
|
523,183
|
|
|
|
|
|
|
1,027,687
|
|
|
1,963
|
(506,467)
|
179,940
|
| Beginning balance (in shares) at Mar. 31, 2023 |
[1] |
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Redeemable Convertible Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of preferred shares, net of issuance costs (in shares) |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of preferred shares, net of issuance costs |
|
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2023 |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
|
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2023 |
[1] |
|
|
|
|
|
|
58,672,769
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
|
716,440
|
|
|
527,917
|
|
|
|
|
|
|
1,004,346
|
|
|
(1,259)
|
(475,170)
|
188,523
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options (in shares) |
[1] |
|
|
|
|
|
|
194,154
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options |
|
946
|
|
|
946
|
|
|
|
|
|
|
946
|
|
|
|
|
|
| Issuance of ordinary shares upon vesting of RSUs (in shares) |
[1] |
|
|
|
|
|
|
208,829
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement |
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation |
|
22,395
|
|
|
22,395
|
|
|
|
|
|
|
22,395
|
|
|
|
|
|
| Contributions of interests in consolidated VIEs |
|
5,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,165
|
| Return of capital to interests in consolidated VIEs |
|
(16,719)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,719)
|
| Other comprehensive income (loss) |
|
7,035
|
|
|
3,222
|
|
|
|
|
|
|
|
|
|
3,222
|
|
3,813
|
| Net income (loss) |
|
(32,139)
|
|
|
(31,297)
|
|
|
|
|
|
|
|
|
|
|
(31,297)
|
(842)
|
| Ending balance (in shares) at Jun. 30, 2023 |
[1] |
|
|
|
|
|
|
59,075,752
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
|
$ 703,123
|
|
|
523,183
|
|
|
|
|
|
|
1,027,687
|
|
|
1,963
|
(506,467)
|
179,940
|
| Beginning balance (in shares) at Dec. 31, 2023 |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
[2] |
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2024 |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
[2] |
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
[1] |
|
|
|
|
|
|
62,043,246
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
|
$ 665,749
|
|
|
559,721
|
|
|
|
|
|
|
1,101,914
|
|
|
444
|
(542,637)
|
106,028
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options (in shares) |
|
269,644
|
|
|
|
|
|
272,918
|
[1] |
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options |
|
$ 759
|
|
|
759
|
|
|
|
|
|
|
759
|
|
|
|
|
|
| Issuance of ordinary shares upon vesting of RSUs (in shares) |
[1] |
|
|
|
|
|
|
1,481,470
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares) |
[1] |
|
|
|
|
|
|
|
|
7,500,000
|
298,057
|
|
|
|
|
|
|
| Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement |
|
|
89,956
|
$ 5,338
|
|
$ 89,956
|
$ 5,338
|
|
|
|
|
|
$ 89,956
|
$ 5,338
|
|
|
|
| Share-based compensation |
|
37,710
|
|
|
37,710
|
|
|
|
|
|
|
37,710
|
|
|
|
|
|
| Contributions of interests in consolidated VIEs |
|
2,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,815
|
| Return of capital to interests in consolidated VIEs |
|
(5,318)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,318)
|
| Other comprehensive income (loss) |
|
(67,094)
|
|
|
(71,494)
|
|
|
|
|
|
|
|
|
|
(71,494)
|
|
4,400
|
| Net income (loss) |
|
(114,341)
|
|
|
(96,008)
|
|
|
|
|
|
|
|
|
|
|
(96,008)
|
(18,333)
|
| Ending balance (in shares) at Jun. 30, 2024 |
[1] |
|
|
|
|
|
|
71,595,691
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
|
$ 615,574
|
|
|
525,982
|
|
|
|
|
|
|
1,235,677
|
|
|
(71,050)
|
(638,645)
|
89,592
|
| Beginning balance (in shares) at Mar. 31, 2024 |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2024 |
|
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2024 |
[1] |
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
[2] |
$ 74,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2024 |
[1] |
|
|
|
|
|
|
70,602,363
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2024 |
|
725,911
|
|
|
626,830
|
|
|
|
|
|
|
1,214,969
|
|
|
(24,279)
|
(563,860)
|
99,081
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options (in shares) |
[1] |
|
|
|
|
|
|
172,305
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options |
|
598
|
|
|
598
|
|
|
|
|
|
|
598
|
|
|
|
|
|
| Issuance of ordinary shares upon vesting of RSUs (in shares) |
[1] |
|
|
|
|
|
|
821,023
|
|
|
|
|
|
|
|
|
|
| Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement |
|
|
$ 17
|
|
|
$ 17
|
|
|
|
|
|
|
$ 17
|
|
|
|
|
| Share-based compensation |
|
20,093
|
|
|
20,093
|
|
|
|
|
|
|
20,093
|
|
|
|
|
|
| Return of capital to interests in consolidated VIEs |
|
(2,803)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,803)
|
| Other comprehensive income (loss) |
|
(45,563)
|
|
|
(46,771)
|
|
|
|
|
|
|
|
|
|
(46,771)
|
|
1,208
|
| Net income (loss) |
|
(82,679)
|
|
|
(74,785)
|
|
|
|
|
|
|
|
|
|
|
(74,785)
|
(7,894)
|
| Ending balance (in shares) at Jun. 30, 2024 |
[1] |
|
|
|
|
|
|
71,595,691
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
|
$ 615,574
|
|
|
$ 525,982
|
|
|
|
|
|
|
$ 1,235,677
|
|
|
$ (71,050)
|
$ (638,645)
|
$ 89,592
|
|
|
| X |
- DefinitionTemporary Equity, Stock Issued During Period, Shares, New Issues
| Name: |
pgy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues |
| Namespace Prefix: |
pgy_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-12
| Name: |
us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
| Name: |
us-gaap_CommonStockSharesOutstanding |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
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- DefinitionCarrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) (Parenthetical)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
| Statement of Stockholders' Equity [Abstract] |
|
|
|
| Issuance costs |
$ 750
|
$ 5,312
|
$ 750
|
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-Section S99
-Paragraph 1
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Cash flows from operating activities |
|
|
| Net loss including noncontrolling interests |
$ (114,341)
|
$ (130,762)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Equity method income (loss) |
(86)
|
(721)
|
| Depreciation and amortization |
13,359
|
7,984
|
| Share-based compensation |
33,519
|
36,575
|
| Fair value adjustment to warrant liability |
(1,571)
|
2,435
|
| Impairment loss on investments in loans and securities |
79,911
|
78,327
|
| Write-off of capitalized software |
2,561
|
1,630
|
| Other non-cash items |
1,435
|
(94)
|
| Change in operating assets and liabilities: |
|
|
| Fees and other receivables |
(12,725)
|
(7,602)
|
| Deferred tax liabilities, net |
0
|
2
|
| Prepaid expenses and other assets |
998
|
4,587
|
| Right-of-use assets |
3,879
|
4,619
|
| Accounts payable |
6,071
|
2,083
|
| Accrued expenses and other liabilities |
7,793
|
(21,395)
|
| Operating lease liability |
(3,205)
|
(4,455)
|
| Income tax receivable / payable |
18,363
|
1,274
|
| Net cash provided by (used in) operating activities |
35,961
|
(25,513)
|
| Proceeds from the sale/maturity/prepayment of: |
|
|
| Investments in loans and securities |
66,822
|
91,360
|
| Cash and restricted cash acquired from Darwin Homes, Inc. |
0
|
1,608
|
| Payments for the purchase of: |
|
|
| Investments in loans and securities |
(408,459)
|
(273,339)
|
| Property and equipment |
(9,525)
|
(10,496)
|
| Equity method and other investments |
(125)
|
0
|
| Net cash used in investing activities |
(351,287)
|
(190,867)
|
| Cash flows from financing activities |
|
|
| Proceeds from sale of ordinary shares, net of issuance costs |
89,956
|
0
|
| Proceeds from long-term debt |
244,725
|
0
|
| Proceeds from issuance of redeemable convertible preferred shares, net |
0
|
74,250
|
| Proceeds from secured borrowing |
207,317
|
192,420
|
| Proceeds received from noncontrolling interests |
2,815
|
15,293
|
| Proceeds from revolving credit facility |
44,000
|
100,000
|
| Proceeds from exercise of stock options |
759
|
1,430
|
| Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement |
5,338
|
0
|
| Distributions made to noncontrolling interests |
(5,318)
|
(28,913)
|
| Payments made to revolving credit facility |
(134,000)
|
(25,000)
|
| Payments made to secured borrowing |
(78,809)
|
(115,471)
|
| Payments made to long-term debt |
(6,375)
|
0
|
| Long-term debt issuance costs |
(7,974)
|
0
|
| Settlement of share-based compensation in satisfaction of tax withholding requirements |
0
|
(650)
|
| Net cash provided by financing activities |
362,434
|
213,359
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(1,723)
|
(2,687)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
45,385
|
(5,708)
|
| Cash, cash equivalents and restricted cash, beginning of period |
222,541
|
337,076
|
| Cash, cash equivalents and restricted cash, end of period |
267,926
|
331,368
|
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flow above: |
|
|
| Cash and cash equivalents |
233,593
|
304,047
|
| Restricted cash - current |
17,469
|
22,540
|
| Restricted cash - non-current |
16,864
|
4,781
|
| Total cash, cash equivalents, and restricted cash |
$ 267,926
|
$ 331,368
|
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-Section S99
-Paragraph 1
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-Section 50
-Paragraph 7
-Publisher FASB
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-Paragraph 1A
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v3.24.2.u1
BUSINESS DESCRIPTION
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| BUSINESS DESCRIPTION |
BUSINESS DESCRIPTION Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (“Financing Vehicles”).
Pagaya Technologies Ltd. was founded in 2016 and is organized under the laws of the State of Israel. Pagaya has its primary offices in the United States and Israel.
Reverse Share Split Share amounts have been retrospectively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any.
The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.
All intercompany accounts and transactions have been eliminated. The Company’s functional and reporting currency is the U.S. Dollar. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements, except as noted below, and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024 and the Company’s consolidated results of operations and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period.
Significant Accounting Policies
There were no material changes to our significant accounting policies as disclosed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on April 25, 2024.
Recent Accounting Pronouncements Not Yet Adopted
As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of the amendments to its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures.
Recent Accounting Pronouncements Adopted
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. The guidance became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.
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v3.24.2.u1
REVENUE
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| REVENUE |
REVENUE Revenue From Fees Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”). Capital markets execution fees are earned from the market pricing of ABS transactions while contract fees are management, performance and similar fees. These fees are the result of agreements with customers and are recognized in accordance with FASB Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is generally recognized on a gross basis in accordance with ASC 606 related to reporting revenue on a gross basis as a principal versus on a net basis as an agent. This is because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis.
Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $221.8 million and $167.5 million for the three months ended June 30, 2024 and 2023, respectively, and $437.1 million and $321.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs.
Real estate fees, which are included in Network AI fees, are earned for the obligations to arrange for the purchase of real estate assets, provide administrative services, arrange for the eventual sale of the assets, and provide pre-and post-purchase services including the right to earn performance fees. All of these fees are recognized over time except for the purchase and sale obligations, which are satisfied at the point in time of the respective transactions. As the Company is a principal for these services, revenues are recorded on a gross basis. Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $20.8 million and $18.2 million for the three months ended June 30, 2024 and 2023, respectively, and $42.5 million and $39.4 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes administration fees over the service period for the Financing Vehicles managed or administered by the Company.
Performance fees are earned when certain Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three months ended June 30, 2024, $0.1 million worth of fees represent performance obligations satisfied in 2023 that were less than the original estimate. During the six months ended June 30, 2024, $3.2 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three and six months ended June 30, 2023, $0.0 million and $1.7 million, respectively, worth of fees represent performance obligations satisfied in 2022 that were lesser than the original estimate. Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. The Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less. Once revenue is recognized, it is recorded on the balance sheet in fees and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above. | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | | | (in thousands) | | Services transferred at a point in time | $ | 228,317 | | | $ | 178,070 | | | $ | 455,891 | | | $ | 344,305 | | | | | Services transferred over time | 14,277 | | | 7,615 | | | 23,707 | | | 16,634 | | | | | Total revenue from fees, net | $ | 242,594 | | | $ | 185,685 | | | $ | 479,598 | | | $ | 360,939 | | | |
The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of June 30, 2024 or December 31, 2023.
Concentrations of Credit Risk and Significant Customers
Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.
The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant. Significant customers are those which represent 10% or more of the Company’s total revenue for each respective period presented. Three customers, including two related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 55% for three months ended June 30, 2024. Two customers, including one related party, individually represented greater than 10% of total revenue and collectively totaled approximately 31% for six months ended June 30, 2024. Four customers, including three related parties, individually represented greater than 10% of total revenue and collectively totaled approximately 65% for the three months ended June 30, 2023. Two related party customers individually represented greater than 10% of total revenue and collectively totaled approximately 33% for the six months ended June 30, 2023.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Topic 606
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-Section 50
-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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v3.24.2.u1
BORROWINGS
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| BORROWINGS |
BORROWINGS As of June 30, 2024 and December 31, 2023, the Company had secured borrowings, inclusive of current and non-current portions, with an outstanding balance of $400.2 million and $271.7 million, respectively, long-term debt, inclusive of current and non-current portions, with an outstanding balance of $232.6 million and $0.0 million, respectively, and a revolving credit facility with an outstanding balance of $0.0 million and $90.0 million, respectively. The Company was in compliance with all covenants as of June 30, 2024.
Risk Retention Master Repurchase
In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in our balance sheet. As of June 30, 2024 and December 31, 2023, the outstanding principal balance under the repurchase agreements was $367.7 million and $251.4 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet, with a weighted average interest rate of approximately sixteen percent and thirteen percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both June 30, 2024 and December 31, 2023.
Receivables Facility
In October 2022, Pagaya Receivables LLC, a wholly-owned subsidiary, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders, which provides for a 3-year loan facility (the “Receivables Facility”) in a maximum principal amount of $22 million to finance certain eligible receivables purchased from sponsored securitization transactions. In June 2023, the Company amended the agreement and increased the maximum principal amount by $10 million to $32 million. In June 2024, the Company amended the agreement pursuant to which the maximum principal amount was increased from $32 million to $45 million and the term was extended until June 2026. Borrowings under the Receivables Facility bear interest at a rate per annum equal to the adjusted term Secured Overnight Financing Rate (subject to a 0.00% floor) plus a margin of 3.50%, and the balance is repaid using cash proceeds received from the receivables. As of June 30, 2024 and December 31, 2023, the outstanding principal balance under the Receivables Facility was $32.5 million and $20.3 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet.
Credit Agreement
On February 2, 2024, the Company entered into a certain Credit Agreement (the “Credit Agreement”) which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million, which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million.
The Facilities replace the SVB Revolving Credit Facility. In addition to replacing the SVB Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries. As of the date of this filing, no borrowings have been made under the Revolving Credit Facility.
No amortization payments are required to be made in respect of borrowings under the Revolving Credit Facility. Amortization payments are required to be made in respect of the term loans under the Term Loan Facility in amount of 1.25% per quarter of the original principal amount of the term loans under the Term Loan Facility.
Borrowings under the Facilities bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. Accrued interest of $7.6 million was recorded within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheet as of June 30, 2024.
As of June 30, 2024, the Company had an outstanding balance of $232.6 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands): | | | | | | | June 30, 2024 | | 2024 | $ | 6,375 | | | 2025 | 12,750 | | | 2026 | 12,750 | | | 2027 | 12,750 | | | 2028 | 12,750 | | | Thereafter | 191,250 | | | Total | 248,625 | | Debt issuance costs | (16,033) | | Total long-term debt, net of debt issuance costs | $ | 232,592 | |
As of June 30, 2024, the Company had letters of credit issued in the amount of $19.8 million, and $15.2 million of remaining capacity available under the Revolving Credit Facility. As of December 31, 2023, the Company had an outstanding balance of $90.0 million under the SVB Revolving Credit Facility.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 2
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| INVESTMENTS IN LOANS AND SECURITIES |
INVESTMENTS IN LOANS AND SECURITIES The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in loans and securities as of June 30, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2024 | Investments in loans and securities, available for sale(1): | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | | | | | | | | | | Securitization notes | $ | 249,373 | | | $ | 469 | | | $ | (1,156) | | | $ | — | | | $ | 248,686 | | Securitization certificates | 893,351 | | | 13,314 | | | (73,839) | | | (174,077) | | | 658,749 | | | Other loans and receivables | 8,043 | | | — | | | — | | | (4,053) | | | 3,990 | | | Total | $ | 1,150,767 | | | $ | 13,783 | | | $ | (74,995) | | | $ | (178,130) | | | $ | 911,425 | |
(1) Excludes accrued interest receivable of $13.6 million included in Fees and other receivables.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | Investments in loans and securities, available for sale(1): | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | | | | | | | | | | Securitization notes | $ | 91,654 | | | $ | 629 | | | $ | (1,858) | | | $ | — | | | $ | 90,425 | | Securitization certificates | 715,646 | | | 18,684 | | | (11,578) | | | (98,679) | | | 624,073 | | | Other loans and receivables | 4,574 | | | — | | | — | | | (2,279) | | | 2,295 | | | Total | $ | 811,874 | | | $ | 19,313 | | | $ | (13,436) | | | $ | (100,958) | | | $ | 716,793 | |
(1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables.
The following tables set forth the fair value and gross unrealized losses on investments in loans and securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2024 | | Less than or equal to 1 year | | Greater than 1 year | | Total | | Investments in loans and securities, available for sale: | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | | | | | | | | | | | Securitization notes | $ | 68 | | | $ | — | | | $ | 41,272 | | | $ | (1,156) | | | $ | 41,340 | | | $ | (1,156) | | Securitization certificates | 13,632 | | | (11,452) | | | — | | | — | | | 13,632 | | | (11,452) | | | Other loans and receivables | — | | | — | | | — | | | — | | | — | | | — | | | Total | $ | 13,700 | | | $ | (11,452) | | | $ | 41,272 | | | $ | (1,156) | | | $ | 54,972 | | | $ | (12,608) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Less than or equal to 1 year | | Greater than 1 year | | Total | | Investments in loans and securities, available for sale: | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | | | | | | | | | | | Securitization notes | $ | 59,925 | | | $ | (1,858) | | | $ | — | | | $ | — | | | $ | 59,925 | | | $ | (1,858) | | Securitization certificates | 15,799 | | | (1,988) | | | — | | | — | | | 15,799 | | | (1,988) | | | Other loans and receivables | — | | | — | | | — | | | — | | | — | | | — | | | Total | $ | 75,724 | | | $ | (3,846) | | | $ | — | | | $ | — | | | $ | 75,724 | | | $ | (3,846) | |
The following table sets forth the amortized cost and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2024 | | Within 1 year | | Greater than 1 year, less than or equal to 5 years | | Total | | Investments in loans and securities, available for sale: | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | | | | | | | | | | | | Securitization notes | $ | 650 | | | $ | 1,009 | | | $ | 248,723 | | | $ | 247,677 | | | $ | 249,373 | | | $ | 248,686 | | Securitization certificates | 733 | | | 654 | | | 892,618 | | | 658,095 | | | 893,351 | | | 658,749 | | | Other loans and receivables | — | | | — | | | 8,043 | | | 3,990 | | | 8,043 | | | 3,990 | | | Total (1) | $ | 1,383 | | | $ | 1,663 | | | $ | 1,149,384 | | | $ | 909,762 | | | $ | 1,150,767 | | | $ | 911,425 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Within 1 year | | Greater than 1 year, less than or equal to 5 years | | Total | | Investments in loans and securities, available for sale: | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | | | | | | | | | | | | Securitization notes | $ | 2,405 | | | $ | 2,387 | | | $ | 89,249 | | | $ | 88,038 | | | $ | 91,654 | | | $ | 90,425 | | Securitization certificates | 103 | | | 103 | | | 715,543 | | 623,970 | | 715,646 | | 624,073 | | Other loans and receivables | — | | | — | | | 4,574 | | 2,295 | | 4,574 | | 2,295 | | Total (1) | $ | 2,508 | | | $ | 2,490 | | | $ | 809,366 | | | $ | 714,303 | | | $ | 811,874 | | | $ | 716,793 | |
(1) Based on weighted average life of expected cash flows.
The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2024 | | 2023 | | | 2024 | | 2023 | | | | Investments in loans and securities, available for sale: | | | | | | | | | | | | Proceeds from sales/maturities/prepayments | $ | 30,925 | | | $ | 65,375 | | | | $ | 66,822 | | | $ | 91,360 | | | | | | | | | | | | | | | | | | | | | | | | | | | Write-offs charged against the allowance | $ | 850 | | | $ | 2,663 | | | | $ | 2,299 | | | $ | 7,286 | | | | Additions to allowance for credit losses | $ | (53,062) | | | $ | (12,643) | | | | $ | (79,913) | | | $ | (85,613) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | (121,349) | | | $ | (5,011) | | | $ | (126,360) | | | Additions to allowance for credit losses not previously recorded | — | | | (23,628) | | | — | | | (23,628) | | Additions to allowance for credit losses arising from purchases | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Additions (reductions) on securities with previous allowance | — | | | (29,100) | | | (334) | | | (29,434) | | | Write-offs charged against the allowance | — | | | — | | | 850 | | | 850 | | | | | | | | | | | Balance, end of period | $ | — | | | $ | (174,077) | | | $ | (4,053) | | | $ | (178,130) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | (98,679) | | | $ | (2,279) | | | $ | (100,958) | | | Additions to allowance for credit losses not previously recorded | — | | | (26,593) | | | — | | | (26,593) | | Additions to allowance for credit losses arising from purchases | — | | | — | | | (3,246) | | | (3,246) | | | | | | | | | | | | | | | | | | | Additions (reductions) on securities with previous allowance | — | | | (48,805) | | | (1,269) | | | (50,074) | | | Write-offs charged against the allowance | — | | | — | | | 2,299 | | | 2,299 | | | Recoveries of amounts previously written off | — | | | — | | | 442 | | | 442 | | | Balance, end of period | $ | — | | | $ | (174,077) | | | $ | (4,053) | | | $ | (178,130) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | (65,572) | | | $ | (2,775) | | | $ | (68,347) | | | Additions to allowance for credit losses not previously recorded | — | | | (8,715) | | | (3,928) | | | (12,643) | | | | | | | | | | | | | | | | | | | | | | | | | | | Write-offs charged against the allowance | — | | | — | | | 2,663 | | | 2,663 | | | | | | | | | | | Balance, end of period | $ | — | | | $ | (74,287) | | | $ | (4,040) | | | $ | (78,327) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Additions to allowance for credit losses not previously recorded | — | | | (74,287) | | | (11,326) | | | (85,613) | | | | | | | | | | | | | | | | | | | | | | | | | | | Write-offs charged against the allowance | — | | | — | | | 7,286 | | | 7,286 | | | | | | | | | | | Balance, end of period | $ | — | | | $ | (74,287) | | | $ | (4,040) | | | $ | (78,327) | |
Equity Method and Other Investments The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | Carrying Value | | June 30, 2024 | | December 31, 2023 | | Investments in Pagaya SmartResi F1 Fund, LP (1) | $ | 17,488 | | | $ | 17,357 | | | Other (2) | 9,105 | | | 9,026 | | | Total | $ | 26,593 | | | $ | 26,383 | |
(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP. (2) Represents the Company’s proprietary investments. Income from these investments is included in Investment income in the consolidated statements of operations.
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- DefinitionThe entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B
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v3.24.2.u1
CONSOLIDATION AND VARIABLE INTEREST ENTITIES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| CONSOLIDATION AND VARIABLE INTEREST ENTITIES |
CONSOLIDATION AND VARIABLE INTEREST ENTITIES The Company has variable interests in securitization vehicles that it sponsors. The Company consolidates VIEs when it is deemed to be the primary beneficiary. In order to be primary beneficiary, the Company must have a controlling financial interest in the VIE. This is determined by evaluating if the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant. Consolidated VIEs As of June 30, 2024 and December 31, 2023, the Company has determined that it is the primary beneficiary of Pagaya Structured Holdings LLC, Pagaya Structured Holdings II LLC, and Pagaya Structured Holding III LLC (“Risk Retention Entities”). As sponsor of securitization transactions, the Company is subject to risk retention requirements and established the Risk Retention Entities to meet these requirements.
Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands): | | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | Net Assets | As of June 30, 2024 | $ | 111,185 | | | $ | — | | | $ | 111,185 | | As of December 31, 2023 | $ | 132,660 | | | $ | — | | | $ | 132,660 | |
Unconsolidated VIEs The Company determined that it is not the primary beneficiary of the trusts which hold the loans and issue securities associated with the securitization transactions the Company sponsors. The Company does not have the power to direct or control the activities which most significantly affect the performance of the trusts, which was determined to be servicing loans. The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote, such as where the value of securitization notes and senior and residual certificates the Company holds as part of the risk retention requirement declines to zero. Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands): | | | | | | | | | | | | | | | | | | | Carrying Amount | | Maximum Exposure to Loss | | VIE Assets | As of June 30, 2024 | $ | 807,029 | | | $ | 807,029 | | | $ | 8,548,921 | | As of December 31, 2023 | $ | 591,030 | | | $ | 591,030 | | | $ | 8,363,402 | |
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v3.24.2.u1
LEASES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Leases [Abstract] |
|
| LEASES |
LEASES The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York, Israel and several other locations. The security deposits for the leases are $4.0 million and $4.8 million as of June 30, 2024 and December 31, 2023, respectively, which have been recognized as restricted cash, non-current in the unaudited condensed consolidated balance sheets. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | | | Rent expense | $ | 2,938 | | $ | 3,345 | | $ | 5,849 | | $ | 6,786 | | | | Variable lease payments | $ | 80 | | $ | (12) | | $ | 174 | | $ | 131 | | | | Sublease income | $ | 1,003 | | $ | 1,066 | | $ | 2,008 | | $ | 2,120 | | |
Maturities of the Company’s operating lease liabilities as of June 30, 2024 were as follows (in thousands):
| | | | | | | 2024 | $ | 4,735 | | | 2025 | 8,495 | | | 2026 | 8,495 | | | 2027 | 7,333 | | | 2028 | 6,453 | | | Thereafter | 20,728 | | | Total | 56,239 | | | Less: imputed interest | (10,283) | | | Total operating lease liabilities | $ | 45,956 | |
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-Topic 842
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal and regulatory matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the consolidated statements of financial position and these matters are immaterial.
Contractual Obligations and Commitments — During 2023, the Company entered into a purchase commitment with our third-party cloud computing web services provider, which included an annual purchase commitment of $4.6 million for the period from October 2023 through September 2025. As of June 30, 2024, the total remaining contractual obligations are approximately $6.1 million, of which $4.9 million is for the next 12 months. The Company may pay more than the minimum purchase commitment based on usage. Guarantees and Indemnifications — In the ordinary course of business, the Company may provide indemnifications or loss guarantees of varying scope and terms to customers and other third parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. As of June 30, 2024, there have been no known events or circumstances that have resulted in a material indemnification liability and the Company did not incur material costs to defend lawsuits or settle claims related to these indemnifications. For certain contracts meeting the definition of a guarantee or a derivative, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As of June 30, 2024, the maximum potential amount of undiscounted future payments the Company could be required to make under these guarantees totaled $29.2 million. In accordance with the guarantee contracts, the maximum potential payment amount has been segregated and recognized within restricted cash in the unaudited condensed consolidated balance sheet.
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- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/405-30/tableOfContent
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-Section 50
-Paragraph 4
-Subparagraph (a)
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-SubTopic 440
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-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482648/440-10-50-4
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v3.24.2.u1
TRANSACTIONS WITH RELATED PARTIES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| TRANSACTIONS WITH RELATED PARTIES |
TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties.
As of June 30, 2024, the total fee receivables from related parties are $88.5 million, which consist of $80.4 million from securitization vehicles and $8.1 million from other Financing Vehicles. As of December 31, 2023, the total fee receivables from related parties are $84.8 million, which consists of $78.4 million from securitization vehicles and $6.3 million from other Financing Vehicles.
As of June 30, 2024 and December 31, 2023, prepaid expenses and other assets include amounts due from related parties of $6.4 million and $7.9 million, respectively, all of which were attributable to Financing Vehicles.
For the three months ended June 30, 2024, the total revenue from related parties is $175.3 million, which consists of $157.2 million from securitization vehicles and $18.1 million from other Financing Vehicles. For the six months ended June 30, 2024, the total revenue from related parties is $353.8 million, which consists of $319.8 million from securitization vehicles and $34.0 million from other Financing Vehicles. For the three months ended June 30, 2023, the total revenue from related parties is $148.2 million, which consists of $137.8 million from securitization vehicles and $10.4 million from other Financing Vehicles. For the six months ended June 30, 2023, the total revenue from related parties is $302.0 million, which consists of $269.4 million from securitization vehicles and $32.5 million from other Financing Vehicles. From time to time, the Company may, but is not obligated to, purchase assets from the Financing Vehicles. Such repurchases occur at the Company’s discretion. During the three and six months ended June 30, 2024, the Company purchased approximately $14.5 million and $19.5 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $13.4 million and $18.4 million, respectively, in general and administrative expenses with respect to these loans. During the three and six months ended June 30, 2023, the Company did not purchase any loans from the Financing Vehicles.
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-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
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-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Topic 850
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v3.24.2.u1
FAIR VALUE MEASUREMENT
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE MEASUREMENT |
FAIR VALUE MEASUREMENT FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such quoted market prices are not available, fair value is based upon models that use, as inputs, observable market-based parameters to the greatest extent possible.
Financial Assets and Liabilities Recorded at Fair Value
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Investments in loans and securities (Notes) | $ | — | | | $ | 58,007 | | | $ | 190,679 | | | $ | 248,686 | | Investments in loans and securities (Certificates and Other loans and receivables) | — | | | — | | | 662,739 | | | 662,739 | | | Liabilities: | | | | | | | | | Warrant liability | $ | 1,086 | | $ | 585 | | $ | — | | | $ | 1,671 |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Investments in loans and securities (Notes) | $ | — | | | $ | 90,425 | | | $ | — | | | $ | 90,425 | | Investments in loans and securities (Certificates and Other loans and receivables) | — | | | — | | | 626,368 | | | 626,368 | | | Liabilities: | | | | | | | | | Warrant liability | $ | 2,106 | | $ | 1,136 | | $ | — | | | $ | 3,242 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2)
Warrant liability (Level 1 and 2)
The Company used the value of the Public Warrants (Level 1) as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market.
The following tables summarize the Warrant liability activity for the three and six months ended June 30, 2024 and 2023 (in thousands): | | | | | | | Three Months Ended June 30, 2024 | | Balance as of March 31, 2024 | $ | 1,342 | | | | Change in fair value | 329 | | | | Balance as of June 30, 2024 | $ | 1,671 |
| | | | | | | Six Months Ended June 30, 2024 | | Balance as of December 31, 2023 | $ | 3,242 | | | | Change in fair value | (1,571) | | | | Balance as of June 30, 2024 | $ | 1,671 |
| | | | | | | Three Months Ended June 30, 2023 | | Balance as of March 31, 2023 | $ | 1,210 | | | | Change in fair value | 2,625 | | | | | Balance as of June 30, 2023 | $ | 3,835 |
| | | | | | | Six Months Ended June 30, 2023 | | Balance as of December 31, 2022 | $ | 1,400 | | | | Change in fair value | 2,435 | | | | Balance as of June 30, 2023 | $ | 3,835 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 3)
Investments in Loans and Securities Available for Sale (Level 3)
As of June 30, 2024, the Company held investments in loans and securities classified as available for sale. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the unaudited condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the unaudited condensed consolidated statements of comprehensive income (loss). Declines in fair value due to credit are reflected in other income (expenses), net on the unaudited condensed consolidated statements of operations.
The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale (Level 3 only) for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Balance, beginning of period | $ | 825,121 | | $ | 380,266 | | $ | 626,368 | | $ | — | Transfer to Level 3 | — | | — | | 10,469 | | 339,041 | | Additions | 146,821 | | 151,607 | | 406,696 | | 273,339 | | Cash received | (19,559) | | | (47,261) | | | (42,572) | | | (56,381) | | | | | | | | | | | Change in fair value | (45,905) | | | 7,186 | | | (67,632) | | | 4,146 | | | Credit-related impairment loss | (53,060) | | | (9,980) | | | (79,911) | | | (78,327) | | Balance, end of period | $ | 853,418 | | $ | 481,818 | | $ | 853,418 | | $ | 481,818 |
The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Balance, beginning of period | $ | 894,151 | | $ | 507,166 | | $ | 716,793 | | $ | — | | Transfer from held-to-maturity to available for sale at fair value | — | | — | | — | | 480,437 | | Additions | 146,821 | | 151,607 | | 408,459 | | 273,339 | | Cash received | (30,925) | | | (65,375) | | | (66,822) | | | (91,360) | | | | | | | | | | | Change in fair value | (45,562) | | | 7,037 | | | (67,094) | | | 6,366 | | | Credit-related impairment loss | (53,060) | | | (9,980) | | | (79,911) | | | (78,327) | | Balance, end of period | $ | 911,425 | | $ | 590,455 | | $ | 911,425 | | $ | 590,455 | | | | | | | | |
Significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of June 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average | | Discount rate | | 6.0 | % | | 17.0% | | 15.4% | | Loss rate | | 5.6 | % | | 31.0% | | 17.6% | | Prepayment rate | | 0.0 | % | | 22.5% | | 9.7% | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average | | Discount rate | | 8.0 | % | | 15.0% | | 15.0% | | Loss rate | | 4.9 | % | | 31.0% | | 15.7% | | Prepayment rate | | 4.0 | % | | 40.0% | | 9.9% | | | | | | | |
Financial Assets and Liabilities Not Recorded at Fair Value The Company believes that the carrying amount of cash, cash equivalents and restricted cash, fees and other receivables, accounts payables and other current liabilities approximate their fair value due to the short-term maturities of these instruments.
The below tables contain information about assets that are not measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | | Fair Value | | Carrying
Value | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | Cash, cash equivalents and restricted cash | $ | 267,926 | | | $ | 267,926 | | | $ | — | | | $ | — | | | $ | 267,926 | | | | | | | | | | | | | | | | | | | | | | | Fees and other receivables | 126,447 | | | — | | | 126,447 | | | — | | | 126,447 | | Total assets | $ | 394,373 | | | $ | 267,926 | | | $ | 126,447 | | | $ | — | | | $ | 394,373 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | | Fair Value | | Carrying
Value | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | Cash, cash equivalents and restricted cash | $ | 222,541 | | | $ | 222,541 | | | $ | — | | | $ | — | | | $ | 222,541 | | | | | | | | | | | | | | | | | | | | | | | Fees and other receivables | 113,707 | | | — | | | 113,707 | | | — | | | 113,707 | | Total assets | $ | 336,248 | | | $ | 222,541 | | | $ | 113,707 | | | $ | — | | | $ | 336,248 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.2.u1
ORDINARY SHARES AND ORDINARY SHARE WARRANTS
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Equity [Abstract] |
|
| ORDINARY SHARES AND ORDINARY SHARE WARRANTS |
ORDINARY SHARES AND ORDINARY SHARE WARRANTS As of June 30, 2024, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B Ordinary Shares. As of June 30, 2024, the Company had 5,000,000 Preferred Shares outstanding, 58,943,381 Class A Ordinary Shares outstanding and 12,652,310 Class B Ordinary Shares outstanding.
The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each Class A Ordinary Share is entitled to one vote per share. Each Class B Ordinary Share is entitled to 10 votes per share. Class B Ordinary Shares may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to a Class A Ordinary Share.
Reverse Share Split
Upon the approvals granted at the special general meeting of shareholders held on February 15, 2024, the Board has determined to implement a reverse share split of all of the Company’s ordinary and preferred shares, without par value, at a ratio of 1-for-12 with effective date of March 8, 2024. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the reverse share split.
As of June 30, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows:
| | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | | Share options | | 3,840,172 | | 4,250,988 | | Options to restricted shares | | 20,025,410 | | 20,046,080 | | RSUs | | 3,754,702 | | 3,034,203 | | Ordinary share warrants | | 2,076,014 | | 2,076,014 | | | | | | | Redeemable convertible preferred shares | | 5,000,000 | | 5,000,000 | Shares available for future grant of equity awards(1) | | 8,978,511 | | 5,231,186 | Shares reserved for issuance under the ESPP | | 891,858 | | — | | | Total shares of ordinary share reserved | | 44,566,667 | | | 39,638,471 | |
(1) Reflects the application of the automatic increase of shares reserved under the Company's 2022 Share Incentive Plan (the "2022 Plan") on January 1 of 2023 and 2024 pursuant to the terms of the 2022 Plan. For more information on the automatic increases see our Form 10-K.
Ordinary Share Warrants
The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares. For warrants that do not meet all the criteria for equity classification, the warrants are recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. Changes in the estimated fair value of the liability-classified warrants are recognized as a non-cash other income or expense in the accompanying unaudited condensed consolidated statements of operations.
As of June 30, 2024, there were 433,946 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,901 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, and 1,229,166 warrants expiring in June 2027 (consisting of the Public Warrants and Private Placement Warrants) with an exercise price of $138 per share to purchase one Class A Ordinary Share.
Ordinary Shares Purchase Agreement
During the three months ended June 30, 2024, the Company did not issue any shares under the Equity Financing Purchase Agreement. During the six months ended June 30, 2024, 298,057 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $5.2 million, and related fee of $0.2 million was expensed.
Ordinary Share Offering
On March 13, 2024, the Company priced an offering of 7,500,000 of its Class A Ordinary Shares, no par value, pursuant to an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Jefferies LLC as representatives of the several underwriters. The proceeds from the offer and sale of the securities are approximately $90.0 million, after deducting the underwriting discount and fees and offering expenses payable by the Company.
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-Topic 505
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v3.24.2.u1
SHARE BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| SHARE BASED COMPENSATION |
SHARE BASED COMPENSATION Share Options—Granted share options expire at the earlier of termination of employment or ten years from the date of grant. Share options generally vest over four years of the employment commencement date or with 25% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the next three years. Any options, which are forfeited or not exercised before expiration, become available for future grants.
The following table summarized the Company’s share option activity during the six months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average
Remaining Contractual
Term (Years) | | Aggregate
Intrinsic Value (000’s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance, December 31, 2023 | 4,250,988 | | $ | 7.2 | | | 7.2 | | $ | 43,940 | | | Granted | — | | — | | | | | | | Exercised | (269,644) | | | 2.7 | | | | | | | Forfeited | (141,172) | | | 14.2 | | | | | | Balance, June 30, 2024 | 3,840,172 | | | $ | 7.1 | | | 6.7 | | $ | 20,515 | | | Vested and exercisable, June 30, 2024 | 3,224,405 | | | $ | 5.3 | | | 6.5 | | $ | 22,835 | |
There was no grant of share options during the six months ended June 30, 2024. The aggregate intrinsic value of options exercised was approximately $2.6 million and $4.7 million for the six months ended June 30, 2024 and 2023, respectively. The total fair value of share options vested for the six months ended June 30, 2024 and 2023, was $62.6 million and $58.9 million, respectively.
As of June 30, 2024, unrecognized compensation expense related to unvested share options was approximately $31.7 million, which is expected to be recognized over a remaining weighted-average period of 0.9 years.
Restricted Stock Units (RSUs)—RSUs generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the remaining twelve months. RSUs granted are forfeited at termination of employment. Any RSUs, which are forfeited or not exercised before expiration, become available for future grants.
The following table summarized the Company’s RSU activity during the six months ended June 30, 2024:
| | | | | | | | | | | | | Number of RSUs | | Weighted Average Grant Date Fair Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unvested at December 31,2023 | 3,034,203 | | | $ | 15.6 | | | Granted | 2,570,103 | | | 10.7 | | | Vested | (1,481,470) | | | 13.5 | | | Forfeited | (368,134) | | | 17.9 | | Unvested at June 30, 2024 | 3,754,702 | | | $ | 12.8 | |
As of June 30, 2024, unrecognized compensation expense related to RSUs was approximately $41.7 million, which is expected to be recognized over a remaining weighted-average period of 1.2 years.
Options to Restricted Shares—Options to restricted shares were granted to certain employees and directors during 2021. See Note 16 to the consolidated financial statements included in the Annual Report on Form 10-K for additional information.
The following table summarized the Company’s options to restricted shares activity during the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average
Remaining Contractual
Term (Years) | | Aggregate
Intrinsic Value (000’s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance, December 31, 2023 | 20,046,080 | | | $ | 19.4 | | | 7.2 | | $ | — | | | Granted | — | | | — | | | | | | | Exercised | (3,274) | | | 12.2 | | | | | | | Forfeited | (17,396) | | | 32.8 | | | | | | Balance, June 30, 2024 | 20,025,410 | | | $ | 19.4 | | | 6.7 | | $ | — | | | Vested and exercisable, June 30, 2024 | 16,552,883 | | | $ | 19.2 | | | 6.7 | | $ | — | |
At June 30, 2024, unrecognized compensation expense related to options to restricted shares was approximately $15.8 million, which is expected to be recognized over a remaining weighted-average period of 1.3 years.
Employee Stock Purchase Plan—The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. As of June 30, 2024, 0.9 million shares of our Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.3 million for six months ended June 30, 2024.
Share-Based Compensation Expense
The following table presents the components and classification of share-based compensation for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Technology, data and product development | $ | 3,069 | | | $ | 2,990 | | | $ | 5,974 | | | $ | 5,448 | | | Selling and marketing | 3,867 | | | 4,756 | | | 6,719 | | | 7,510 | | | General and administrative | 11,108 | | | 12,462 | | | 20,826 | | | 23,617 | | | Total | $ | 18,044 | | | $ | 20,208 | | | $ | 33,519 | | | $ | 36,575 | |
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v3.24.2.u1
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
INCOME TAXES Corporate Income Tax - Ordinary taxable income in Israel is subject to a corporate tax rate of 23%.
Pagaya has received an approval from the Israeli Tax authorities for Preferred Technological Enterprise (“PTE”) status and received approval on November 18, 2021. The approval is effective for the tax years 2020 through 2024. Income from a PTE is subject to 12% tax rate.
Foreign Exchange Regulations in Israel
Under the Foreign Exchange Regulations, the Company calculates its tax liability in U.S. Dollars according to certain orders. The tax liability, as calculated in U.S. Dollars is translated into NIS according to the exchange rate as of December 31st of each year. Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence.
The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Loss before income taxes | $ | (68,167) | | | $ | (27,133) | | | $ | (94,826) | | | $ | (119,089) | | | Income tax expense | 14,512 | | | 5,006 | | | 19,515 | | | 11,673 | | | Effective tax rate | (21.3) | % | | (18.4) | % | | (20.6) | % | | (9.8) | % |
The Company’s tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions. The difference between the effective tax rate and the statuary tax rate in Israel mainly related to valuation allowance in Israel and tax expenses in the United States.
The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company provides a valuation allowance to offset certain deferred tax assets due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets.
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v3.24.2.u1
NET LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| NET LOSS PER SHARE |
NET LOSS PER SHARE Net income (loss) per share is presented in conformity with the two-class method required for multiple classes of ordinary share and participating securities.
The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 | | Class A | | Class B | | Class A | | Class B | | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | $ | (61,600) | | | $ | (13,185) | | | $ | (78,174) | | | $ | (17,834) | | | Denominator: | | | | | | | | | Weighted average shares used for net loss per ordinary share, basic and diluted | 59,113,574 | | 12,652,310 | | 55,461,550 | | 12,652,310 | | Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (1.04) | | | $ | (1.04) | | | $ | (1.41) | | | $ | (1.41) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | Class A | | Class B | | Class A | | Class B | | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | $ | (23,643) | | | $ | (7,654) | | | $ | (69,619) | | | $ | (22,649) | | | Denominator: | | | | | | | | | Weighted average shares used for net loss per ordinary share, basic and diluted | 45,031,922 | | 14,577,866 | | 44,809,108 | | 14,577,866 | | Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (0.53) | | | $ | (0.53) | | | $ | (1.55) | | | $ | (1.55) | |
The following potentially dilutive outstanding securities as of June 30, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods:
| | | | | | | | | | | | | | | | | | | June 30, | | | 2024 | | 2023 | | | | Share options | | 3,539,256 | | | 4,760,490 | | | | | Options to restricted shares | | 20,025,410 | | | 20,113,280 | | | | | RSUs | | 3,754,702 | | | 3,507,033 | | | | | | | | | | | | Ordinary share warrants | | 2,016,321 | | | 2,016,330 | | | | | Redeemable convertible preferred shares | | 5,000,000 | | | 5,000,000 | | | | | Net potential dilutive outstanding securities | | 34,335,689 | | | 35,397,133 | | | |
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS On July 30, 2024, the Company announced that it entered into a definitive agreement to acquire 100% of the equity of Theorem Technology, Inc. (“Theorem”), a Silicon Valley-based institutional asset manager focused exclusively on the consumer credit space, managing assets for global institutional investors since its founding in 2014. The transaction is expected to close in the fourth quarter of 2024.
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
| Net Income (Loss) |
$ (74,785)
|
$ (31,297)
|
$ (96,008)
|
$ (92,268)
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v3.24.2.u1
Insider Trading Arrangements
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
shares
|
Jun. 30, 2024
shares
|
| Trading Arrangements, by Individual |
|
|
| Non-Rule 10b5-1 Arrangement Adopted |
false
|
|
| Non-Rule 10b5-1 Arrangement Terminated |
false
|
|
| Tami Rosen [Member] |
|
|
| Trading Arrangements, by Individual |
|
|
| Material Terms of Trading Arrangement |
|
First, on July 2, 2024, after terminating a legacy 10b5-1 plan on May 10, 2024, Tami Rosen, a director and the Company’s Chief Development Officer, entered into a new 10b5-1 Plan, with an end date of April 7, 2025, to sell a maximum aggregate of 62,465 shares.
|
| Name |
Tami Rosen
|
|
| Title |
director and the Company’s Chief Development Officer
|
|
| Rule 10b5-1 Arrangement Adopted |
true
|
|
| Adoption Date |
July 2, 2024
|
|
| Rule 10b5-1 Arrangement Terminated |
true
|
|
| Termination Date |
May 10, 2024
|
|
| Expiration Date |
April 7, 2025
|
|
| Arrangement Duration |
279 days
|
|
| Aggregate Available |
62,465
|
62,465
|
| Avital Pardo [Member] |
|
|
| Trading Arrangements, by Individual |
|
|
| Material Terms of Trading Arrangement |
|
Second, on July 2, 2024, Avital Pardo, a director and Chief Technology Officer of the Company, entered into a 10b5-1 Plan, with an end date of October 1, 2025, to sell a maximum aggregate of 300,000 shares.
|
| Name |
Avital Pardo
|
|
| Title |
director and Chief Technology Officer of the Company
|
|
| Rule 10b5-1 Arrangement Adopted |
true
|
|
| Adoption Date |
July 2, 2024
|
|
| Expiration Date |
October 1, 2025
|
|
| Arrangement Duration |
456 days
|
|
| Aggregate Available |
300,000
|
300,000
|
| Yahay Yulzari [Member] |
|
|
| Trading Arrangements, by Individual |
|
|
| Material Terms of Trading Arrangement |
|
Third, on July 2, 2024, Yahav Yulzari, a director and Chief Revenue Officer of the Company, entered into a 10b5-1 Plan, with an end date of October 1, 2025, to sell a maximum aggregate of 300,000 shares.
|
| Name |
Yahav Yulzari
|
|
| Title |
director and Chief Revenue Officer
|
|
| Rule 10b5-1 Arrangement Adopted |
true
|
|
| Adoption Date |
July 2, 2024
|
|
| Expiration Date |
October 1, 2025
|
|
| Arrangement Duration |
456 days
|
|
| Aggregate Available |
300,000
|
300,000
|
| Evangelos Perros [Member] |
|
|
| Trading Arrangements, by Individual |
|
|
| Material Terms of Trading Arrangement |
|
Fourth, on June 24, 2024, Evangelos Perros, the Company’s Chief Financial Officer, entered into a 10b5-1 Plan, with an end date of December 31, 2024, to sell a maximum aggregate of 23,7912 shares.
|
| Name |
Evangelos Perros
|
|
| Title |
Chief Financial Officer
|
|
| Rule 10b5-1 Arrangement Adopted |
true
|
|
| Adoption Date |
June 24, 2024
|
|
| Expiration Date |
December 31, 2024
|
|
| Arrangement Duration |
109 days
|
|
| Aggregate Available |
23,791
|
23,791
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any. The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.
|
| Principles of Consolidation |
All intercompany accounts and transactions have been eliminated.
|
| Recent Accounting Pronouncements Not Yet Adopted and Recent Accounting Pronouncements Adopted |
Recent Accounting Pronouncements Not Yet Adopted
As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of the amendments to its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures.
Recent Accounting Pronouncements Adopted
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. The guidance became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.
|
| Revenue From Fees |
Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”). Capital markets execution fees are earned from the market pricing of ABS transactions while contract fees are management, performance and similar fees. These fees are the result of agreements with customers and are recognized in accordance with FASB Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is generally recognized on a gross basis in accordance with ASC 606 related to reporting revenue on a gross basis as a principal versus on a net basis as an agent. This is because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis.
Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $221.8 million and $167.5 million for the three months ended June 30, 2024 and 2023, respectively, and $437.1 million and $321.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs.
Real estate fees, which are included in Network AI fees, are earned for the obligations to arrange for the purchase of real estate assets, provide administrative services, arrange for the eventual sale of the assets, and provide pre-and post-purchase services including the right to earn performance fees. All of these fees are recognized over time except for the purchase and sale obligations, which are satisfied at the point in time of the respective transactions. As the Company is a principal for these services, revenues are recorded on a gross basis. Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $20.8 million and $18.2 million for the three months ended June 30, 2024 and 2023, respectively, and $42.5 million and $39.4 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognizes administration fees over the service period for the Financing Vehicles managed or administered by the Company.
Performance fees are earned when certain Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three months ended June 30, 2024, $0.1 million worth of fees represent performance obligations satisfied in 2023 that were less than the original estimate. During the six months ended June 30, 2024, $3.2 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three and six months ended June 30, 2023, $0.0 million and $1.7 million, respectively, worth of fees represent performance obligations satisfied in 2022 that were lesser than the original estimate. Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. The Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less. Once revenue is recognized, it is recorded on the balance sheet in fees and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above.
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-Section 50
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v3.24.2.u1
REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of Disaggregation of Revenue |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | | | (in thousands) | | Services transferred at a point in time | $ | 228,317 | | | $ | 178,070 | | | $ | 455,891 | | | $ | 344,305 | | | | | Services transferred over time | 14,277 | | | 7,615 | | | 23,707 | | | 16,634 | | | | | Total revenue from fees, net | $ | 242,594 | | | $ | 185,685 | | | $ | 479,598 | | | $ | 360,939 | | | |
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v3.24.2.u1
BORROWINGS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-Term Debt, Aggregate Future Maturities |
As of June 30, 2024, the Company had an outstanding balance of $232.6 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands): | | | | | | | June 30, 2024 | | 2024 | $ | 6,375 | | | 2025 | 12,750 | | | 2026 | 12,750 | | | 2027 | 12,750 | | | 2028 | 12,750 | | | Thereafter | 191,250 | | | Total | 248,625 | | Debt issuance costs | (16,033) | | Total long-term debt, net of debt issuance costs | $ | 232,592 | |
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Debt Securities, Available-for-Sale |
The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in loans and securities as of June 30, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2024 | Investments in loans and securities, available for sale(1): | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | | | | | | | | | | Securitization notes | $ | 249,373 | | | $ | 469 | | | $ | (1,156) | | | $ | — | | | $ | 248,686 | | Securitization certificates | 893,351 | | | 13,314 | | | (73,839) | | | (174,077) | | | 658,749 | | | Other loans and receivables | 8,043 | | | — | | | — | | | (4,053) | | | 3,990 | | | Total | $ | 1,150,767 | | | $ | 13,783 | | | $ | (74,995) | | | $ | (178,130) | | | $ | 911,425 | |
(1) Excludes accrued interest receivable of $13.6 million included in Fees and other receivables. The following table sets forth the amortized cost and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2024 | | Within 1 year | | Greater than 1 year, less than or equal to 5 years | | Total | | Investments in loans and securities, available for sale: | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | | | | | | | | | | | | Securitization notes | $ | 650 | | | $ | 1,009 | | | $ | 248,723 | | | $ | 247,677 | | | $ | 249,373 | | | $ | 248,686 | | Securitization certificates | 733 | | | 654 | | | 892,618 | | | 658,095 | | | 893,351 | | | 658,749 | | | Other loans and receivables | — | | | — | | | 8,043 | | | 3,990 | | | 8,043 | | | 3,990 | | | Total (1) | $ | 1,383 | | | $ | 1,663 | | | $ | 1,149,384 | | | $ | 909,762 | | | $ | 1,150,767 | | | $ | 911,425 | |
|
| Schedule of Debt Securities, Held-to-Maturity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | Investments in loans and securities, available for sale(1): | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | | | | | | | | | | Securitization notes | $ | 91,654 | | | $ | 629 | | | $ | (1,858) | | | $ | — | | | $ | 90,425 | | Securitization certificates | 715,646 | | | 18,684 | | | (11,578) | | | (98,679) | | | 624,073 | | | Other loans and receivables | 4,574 | | | — | | | — | | | (2,279) | | | 2,295 | | | Total | $ | 811,874 | | | $ | 19,313 | | | $ | (13,436) | | | $ | (100,958) | | | $ | 716,793 | |
(1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Less than or equal to 1 year | | Greater than 1 year | | Total | | Investments in loans and securities, available for sale: | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | | | | | | | | | | | Securitization notes | $ | 59,925 | | | $ | (1,858) | | | $ | — | | | $ | — | | | $ | 59,925 | | | $ | (1,858) | | Securitization certificates | 15,799 | | | (1,988) | | | — | | | — | | | 15,799 | | | (1,988) | | | Other loans and receivables | — | | | — | | | — | | | — | | | — | | | — | | | Total | $ | 75,724 | | | $ | (3,846) | | | $ | — | | | $ | — | | | $ | 75,724 | | | $ | (3,846) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Within 1 year | | Greater than 1 year, less than or equal to 5 years | | Total | | Investments in loans and securities, available for sale: | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | | | | | | | | | | | | Securitization notes | $ | 2,405 | | | $ | 2,387 | | | $ | 89,249 | | | $ | 88,038 | | | $ | 91,654 | | | $ | 90,425 | | Securitization certificates | 103 | | | 103 | | | 715,543 | | 623,970 | | 715,646 | | 624,073 | | Other loans and receivables | — | | | — | | | 4,574 | | 2,295 | | 4,574 | | 2,295 | | Total (1) | $ | 2,508 | | | $ | 2,490 | | | $ | 809,366 | | | $ | 714,303 | | | $ | 811,874 | | | $ | 716,793 | |
|
| Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
The following tables set forth the fair value and gross unrealized losses on investments in loans and securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2024 | | Less than or equal to 1 year | | Greater than 1 year | | Total | | Investments in loans and securities, available for sale: | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | | | | | | | | | | | Securitization notes | $ | 68 | | | $ | — | | | $ | 41,272 | | | $ | (1,156) | | | $ | 41,340 | | | $ | (1,156) | | Securitization certificates | 13,632 | | | (11,452) | | | — | | | — | | | 13,632 | | | (11,452) | | | Other loans and receivables | — | | | — | | | — | | | — | | | — | | | — | | | Total | $ | 13,700 | | | $ | (11,452) | | | $ | 41,272 | | | $ | (1,156) | | | $ | 54,972 | | | $ | (12,608) | |
|
| Schedule of Realized Gain (Loss) |
The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2024 | | 2023 | | | 2024 | | 2023 | | | | Investments in loans and securities, available for sale: | | | | | | | | | | | | Proceeds from sales/maturities/prepayments | $ | 30,925 | | | $ | 65,375 | | | | $ | 66,822 | | | $ | 91,360 | | | | | | | | | | | | | | | | | | | | | | | | | | | Write-offs charged against the allowance | $ | 850 | | | $ | 2,663 | | | | $ | 2,299 | | | $ | 7,286 | | | | Additions to allowance for credit losses | $ | (53,062) | | | $ | (12,643) | | | | $ | (79,913) | | | $ | (85,613) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss |
The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | (121,349) | | | $ | (5,011) | | | $ | (126,360) | | | Additions to allowance for credit losses not previously recorded | — | | | (23,628) | | | — | | | (23,628) | | Additions to allowance for credit losses arising from purchases | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Additions (reductions) on securities with previous allowance | — | | | (29,100) | | | (334) | | | (29,434) | | | Write-offs charged against the allowance | — | | | — | | | 850 | | | 850 | | | | | | | | | | | Balance, end of period | $ | — | | | $ | (174,077) | | | $ | (4,053) | | | $ | (178,130) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | (98,679) | | | $ | (2,279) | | | $ | (100,958) | | | Additions to allowance for credit losses not previously recorded | — | | | (26,593) | | | — | | | (26,593) | | Additions to allowance for credit losses arising from purchases | — | | | — | | | (3,246) | | | (3,246) | | | | | | | | | | | | | | | | | | | Additions (reductions) on securities with previous allowance | — | | | (48,805) | | | (1,269) | | | (50,074) | | | Write-offs charged against the allowance | — | | | — | | | 2,299 | | | 2,299 | | | Recoveries of amounts previously written off | — | | | — | | | 442 | | | 442 | | | Balance, end of period | $ | — | | | $ | (174,077) | | | $ | (4,053) | | | $ | (178,130) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | (65,572) | | | $ | (2,775) | | | $ | (68,347) | | | Additions to allowance for credit losses not previously recorded | — | | | (8,715) | | | (3,928) | | | (12,643) | | | | | | | | | | | | | | | | | | | | | | | | | | | Write-offs charged against the allowance | — | | | — | | | 2,663 | | | 2,663 | | | | | | | | | | | Balance, end of period | $ | — | | | $ | (74,287) | | | $ | (4,040) | | | $ | (78,327) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Securitization notes | | Securitization certificates | | Other Loans and Receivables | | Total | | Balance, beginning of period | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Additions to allowance for credit losses not previously recorded | — | | | (74,287) | | | (11,326) | | | (85,613) | | | | | | | | | | | | | | | | | | | | | | | | | | | Write-offs charged against the allowance | — | | | — | | | 7,286 | | | 7,286 | | | | | | | | | | | Balance, end of period | $ | — | | | $ | (74,287) | | | $ | (4,040) | | | $ | (78,327) | |
|
| Schedule of Equity Method Investments |
The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | Carrying Value | | June 30, 2024 | | December 31, 2023 | | Investments in Pagaya SmartResi F1 Fund, LP (1) | $ | 17,488 | | | $ | 17,357 | | | Other (2) | 9,105 | | | 9,026 | | | Total | $ | 26,593 | | | $ | 26,383 | |
(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP. (2) Represents the Company’s proprietary investments. Income from these investments is included in Investment income in the consolidated statements of operations.
|
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5
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-Topic 320
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-Section 50
-Paragraph 5B
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B
Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B
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v3.24.2.u1
CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Variable Interest Entities |
Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands): | | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | Net Assets | As of June 30, 2024 | $ | 111,185 | | | $ | — | | | $ | 111,185 | | As of December 31, 2023 | $ | 132,660 | | | $ | — | | | $ | 132,660 | |
Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands): | | | | | | | | | | | | | | | | | | | Carrying Amount | | Maximum Exposure to Loss | | VIE Assets | As of June 30, 2024 | $ | 807,029 | | | $ | 807,029 | | | $ | 8,548,921 | | As of December 31, 2023 | $ | 591,030 | | | $ | 591,030 | | | $ | 8,363,402 | |
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- DefinitionTabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.2.u1
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease, Cost |
Operating lease expense was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | | | Rent expense | $ | 2,938 | | $ | 3,345 | | $ | 5,849 | | $ | 6,786 | | | | Variable lease payments | $ | 80 | | $ | (12) | | $ | 174 | | $ | 131 | | | | Sublease income | $ | 1,003 | | $ | 1,066 | | $ | 2,008 | | $ | 2,120 | | |
|
| Schedule of Lessee, Operating Lease, Liability, Maturity |
Maturities of the Company’s operating lease liabilities as of June 30, 2024 were as follows (in thousands):
| | | | | | | 2024 | $ | 4,735 | | | 2025 | 8,495 | | | 2026 | 8,495 | | | 2027 | 7,333 | | | 2028 | 6,453 | | | Thereafter | 20,728 | | | Total | 56,239 | | | Less: imputed interest | (10,283) | | | Total operating lease liabilities | $ | 45,956 | |
|
| X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.2.u1
FAIR VALUE MEASUREMENT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Investments in loans and securities (Notes) | $ | — | | | $ | 58,007 | | | $ | 190,679 | | | $ | 248,686 | | Investments in loans and securities (Certificates and Other loans and receivables) | — | | | — | | | 662,739 | | | 662,739 | | | Liabilities: | | | | | | | | | Warrant liability | $ | 1,086 | | $ | 585 | | $ | — | | | $ | 1,671 |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Investments in loans and securities (Notes) | $ | — | | | $ | 90,425 | | | $ | — | | | $ | 90,425 | | Investments in loans and securities (Certificates and Other loans and receivables) | — | | | — | | | 626,368 | | | 626,368 | | | Liabilities: | | | | | | | | | Warrant liability | $ | 2,106 | | $ | 1,136 | | $ | — | | | $ | 3,242 |
|
| Schedule Of Class Of Warrant Or Right Outstanding |
The following tables summarize the Warrant liability activity for the three and six months ended June 30, 2024 and 2023 (in thousands): | | | | | | | Three Months Ended June 30, 2024 | | Balance as of March 31, 2024 | $ | 1,342 | | | | Change in fair value | 329 | | | | Balance as of June 30, 2024 | $ | 1,671 |
| | | | | | | Six Months Ended June 30, 2024 | | Balance as of December 31, 2023 | $ | 3,242 | | | | Change in fair value | (1,571) | | | | Balance as of June 30, 2024 | $ | 1,671 |
| | | | | | | Three Months Ended June 30, 2023 | | Balance as of March 31, 2023 | $ | 1,210 | | | | Change in fair value | 2,625 | | | | | Balance as of June 30, 2023 | $ | 3,835 |
| | | | | | | Six Months Ended June 30, 2023 | | Balance as of December 31, 2022 | $ | 1,400 | | | | Change in fair value | 2,435 | | | | Balance as of June 30, 2023 | $ | 3,835 |
|
| Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale (Level 3 only) for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Balance, beginning of period | $ | 825,121 | | $ | 380,266 | | $ | 626,368 | | $ | — | Transfer to Level 3 | — | | — | | 10,469 | | 339,041 | | Additions | 146,821 | | 151,607 | | 406,696 | | 273,339 | | Cash received | (19,559) | | | (47,261) | | | (42,572) | | | (56,381) | | | | | | | | | | | Change in fair value | (45,905) | | | 7,186 | | | (67,632) | | | 4,146 | | | Credit-related impairment loss | (53,060) | | | (9,980) | | | (79,911) | | | (78,327) | | Balance, end of period | $ | 853,418 | | $ | 481,818 | | $ | 853,418 | | $ | 481,818 |
The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Balance, beginning of period | $ | 894,151 | | $ | 507,166 | | $ | 716,793 | | $ | — | | Transfer from held-to-maturity to available for sale at fair value | — | | — | | — | | 480,437 | | Additions | 146,821 | | 151,607 | | 408,459 | | 273,339 | | Cash received | (30,925) | | | (65,375) | | | (66,822) | | | (91,360) | | | | | | | | | | | Change in fair value | (45,562) | | | 7,037 | | | (67,094) | | | 6,366 | | | Credit-related impairment loss | (53,060) | | | (9,980) | | | (79,911) | | | (78,327) | | Balance, end of period | $ | 911,425 | | $ | 590,455 | | $ | 911,425 | | $ | 590,455 | | | | | | | | |
|
| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of June 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average | | Discount rate | | 6.0 | % | | 17.0% | | 15.4% | | Loss rate | | 5.6 | % | | 31.0% | | 17.6% | | Prepayment rate | | 0.0 | % | | 22.5% | | 9.7% | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average | | Discount rate | | 8.0 | % | | 15.0% | | 15.0% | | Loss rate | | 4.9 | % | | 31.0% | | 15.7% | | Prepayment rate | | 4.0 | % | | 40.0% | | 9.9% | | | | | | | |
|
| Schedule of Fair Value Measurements, Nonrecurring |
The below tables contain information about assets that are not measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | | Fair Value | | Carrying
Value | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | Cash, cash equivalents and restricted cash | $ | 267,926 | | | $ | 267,926 | | | $ | — | | | $ | — | | | $ | 267,926 | | | | | | | | | | | | | | | | | | | | | | | Fees and other receivables | 126,447 | | | — | | | 126,447 | | | — | | | 126,447 | | Total assets | $ | 394,373 | | | $ | 267,926 | | | $ | 126,447 | | | $ | — | | | $ | 394,373 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | | Fair Value | | Carrying
Value | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | Cash, cash equivalents and restricted cash | $ | 222,541 | | | $ | 222,541 | | | $ | — | | | $ | — | | | $ | 222,541 | | | | | | | | | | | | | | | | | | | | | | | Fees and other receivables | 113,707 | | | — | | | 113,707 | | | — | | | 113,707 | | Total assets | $ | 336,248 | | | $ | 222,541 | | | $ | 113,707 | | | $ | — | | | $ | 336,248 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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v3.24.2.u1
ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule Of Stock Reserved For Future Issuance |
As of June 30, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows:
| | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | | Share options | | 3,840,172 | | 4,250,988 | | Options to restricted shares | | 20,025,410 | | 20,046,080 | | RSUs | | 3,754,702 | | 3,034,203 | | Ordinary share warrants | | 2,076,014 | | 2,076,014 | | | | | | | Redeemable convertible preferred shares | | 5,000,000 | | 5,000,000 | Shares available for future grant of equity awards(1) | | 8,978,511 | | 5,231,186 | Shares reserved for issuance under the ESPP | | 891,858 | | — | | | Total shares of ordinary share reserved | | 44,566,667 | | | 39,638,471 | |
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v3.24.2.u1
SHARE BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Share-Based Payment Arrangement, Option, Activity |
The following table summarized the Company’s share option activity during the six months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average
Remaining Contractual
Term (Years) | | Aggregate
Intrinsic Value (000’s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance, December 31, 2023 | 4,250,988 | | $ | 7.2 | | | 7.2 | | $ | 43,940 | | | Granted | — | | — | | | | | | | Exercised | (269,644) | | | 2.7 | | | | | | | Forfeited | (141,172) | | | 14.2 | | | | | | Balance, June 30, 2024 | 3,840,172 | | | $ | 7.1 | | | 6.7 | | $ | 20,515 | | | Vested and exercisable, June 30, 2024 | 3,224,405 | | | $ | 5.3 | | | 6.5 | | $ | 22,835 | |
The following table summarized the Company’s options to restricted shares activity during the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average
Remaining Contractual
Term (Years) | | Aggregate
Intrinsic Value (000’s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance, December 31, 2023 | 20,046,080 | | | $ | 19.4 | | | 7.2 | | $ | — | | | Granted | — | | | — | | | | | | | Exercised | (3,274) | | | 12.2 | | | | | | | Forfeited | (17,396) | | | 32.8 | | | | | | Balance, June 30, 2024 | 20,025,410 | | | $ | 19.4 | | | 6.7 | | $ | — | | | Vested and exercisable, June 30, 2024 | 16,552,883 | | | $ | 19.2 | | | 6.7 | | $ | — | |
|
| Schedule of Unvested Restricted Stock Units Roll Forward |
The following table summarized the Company’s RSU activity during the six months ended June 30, 2024:
| | | | | | | | | | | | | Number of RSUs | | Weighted Average Grant Date Fair Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unvested at December 31,2023 | 3,034,203 | | | $ | 15.6 | | | Granted | 2,570,103 | | | 10.7 | | | Vested | (1,481,470) | | | 13.5 | | | Forfeited | (368,134) | | | 17.9 | | Unvested at June 30, 2024 | 3,754,702 | | | $ | 12.8 | |
|
| Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The following table presents the components and classification of share-based compensation for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Technology, data and product development | $ | 3,069 | | | $ | 2,990 | | | $ | 5,974 | | | $ | 5,448 | | | Selling and marketing | 3,867 | | | 4,756 | | | 6,719 | | | 7,510 | | | General and administrative | 11,108 | | | 12,462 | | | 20,826 | | | 23,617 | | | Total | $ | 18,044 | | | $ | 20,208 | | | $ | 33,519 | | | $ | 36,575 | |
|
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v3.24.2.u1
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Loss before income taxes | $ | (68,167) | | | $ | (27,133) | | | $ | (94,826) | | | $ | (119,089) | | | Income tax expense | 14,512 | | | 5,006 | | | 19,515 | | | 11,673 | | | Effective tax rate | (21.3) | % | | (18.4) | % | | (20.6) | % | | (9.8) | % |
|
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v3.24.2.u1
NET LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Loss Per Share, Basic and Diluted |
The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 | | Class A | | Class B | | Class A | | Class B | | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | $ | (61,600) | | | $ | (13,185) | | | $ | (78,174) | | | $ | (17,834) | | | Denominator: | | | | | | | | | Weighted average shares used for net loss per ordinary share, basic and diluted | 59,113,574 | | 12,652,310 | | 55,461,550 | | 12,652,310 | | Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (1.04) | | | $ | (1.04) | | | $ | (1.41) | | | $ | (1.41) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | Class A | | Class B | | Class A | | Class B | | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | $ | (23,643) | | | $ | (7,654) | | | $ | (69,619) | | | $ | (22,649) | | | Denominator: | | | | | | | | | Weighted average shares used for net loss per ordinary share, basic and diluted | 45,031,922 | | 14,577,866 | | 44,809,108 | | 14,577,866 | | Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (0.53) | | | $ | (0.53) | | | $ | (1.55) | | | $ | (1.55) | |
|
| Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share |
The following potentially dilutive outstanding securities as of June 30, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods:
| | | | | | | | | | | | | | | | | | | June 30, | | | 2024 | | 2023 | | | | Share options | | 3,539,256 | | | 4,760,490 | | | | | Options to restricted shares | | 20,025,410 | | | 20,113,280 | | | | | RSUs | | 3,754,702 | | | 3,507,033 | | | | | | | | | | | | Ordinary share warrants | | 2,016,321 | | | 2,016,330 | | | | | Redeemable convertible preferred shares | | 5,000,000 | | | 5,000,000 | | | | | Net potential dilutive outstanding securities | | 34,335,689 | | | 35,397,133 | | | |
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v3.24.2.u1
REVENUE - Narrative (Details)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
revenueStream
|
Jun. 30, 2023
USD ($)
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Number of revenue streams | revenueStream |
|
|
2
|
|
| Total revenue from fees, net |
$ 242,594
|
$ 185,685
|
$ 479,598
|
$ 360,939
|
| Performance obligations satisfied in the previous year |
100
|
0
|
3,200
|
1,700
|
| Network AI Fees |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenue from fees, net |
221,800
|
167,500
|
437,100
|
321,500
|
| Financial Service |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenue from fees, net |
$ 20,800
|
$ 18,200
|
$ 42,500
|
$ 39,400
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-Section S99
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-Section 50
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-Section 50
-Paragraph 42
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-Section 50
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-Subparagraph (b)
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-Section 50
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-Subparagraph (a)
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v3.24.2.u1
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenue from fees, net |
$ 242,594
|
$ 185,685
|
$ 479,598
|
$ 360,939
|
| Services transferred at a point in time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenue from fees, net |
228,317
|
178,070
|
455,891
|
344,305
|
| Services transferred over time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total revenue from fees, net |
$ 14,277
|
$ 7,615
|
$ 23,707
|
$ 16,634
|
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v3.24.2.u1
BORROWINGS - Narrative (Details) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
|
|
Feb. 02, 2024 |
Oct. 31, 2022 |
Aug. 09, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Feb. 01, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
$ 232,592,000
|
|
|
|
| Proceeds from revolving credit facility |
|
|
|
44,000,000
|
$ 100,000,000
|
|
|
| Master Agreements |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
$ 367,700,000
|
|
|
$ 251,400,000
|
| Weighted average interest rate on long-term debt outstanding |
|
|
|
16.00%
|
|
|
13.00%
|
| Loan and Security Agreement |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
$ 32,500,000
|
|
|
$ 20,300,000
|
| Debt instrument, term |
|
3 years
|
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
|
$ 22,000,000
|
|
45,000,000
|
32,000,000
|
|
|
| Increase in maximum principal amount |
|
|
|
|
$ 10,000,000
|
|
|
| Floor rate |
|
0.00%
|
|
|
|
|
|
| Loan and Security Agreement | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
3.50%
|
|
|
|
|
|
| Secured Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
400,200,000
|
|
|
271,700,000
|
| Line of Credit | Secured Debt | The Credit Agreement |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
232,600,000
|
|
|
0
|
| Debt instrument, term |
5 years
|
|
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
$ 255,000,000
|
|
|
|
|
|
|
| Line of Credit | Revolving Credit Facility |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
0
|
|
|
$ 90,000,000
|
| Line of credit facility, remaining borrowing capacity |
|
|
|
15,200,000
|
|
|
|
| Line of Credit | Revolving Credit Facility | The Credit Agreement |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, term |
5 years
|
|
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
$ 35,000,000
|
|
|
|
|
$ 25,000,000
|
|
| Floor rate |
1.00%
|
|
|
|
|
|
|
| Debt instrument, base rate floor |
2.00%
|
|
|
|
|
|
|
| Accrued interest |
|
|
|
7,600,000
|
|
|
|
| Line of Credit | Revolving Credit Facility | The Credit Agreement | Subsequent Event |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Proceeds from revolving credit facility |
|
|
$ 0
|
|
|
|
|
| Line of Credit | Revolving Credit Facility | The Credit Agreement | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
7.50%
|
|
|
|
|
|
|
| Line of credit facility, commitment fee percentage |
0.25%
|
|
|
|
|
|
|
| Line of Credit | Revolving Credit Facility | The Credit Agreement | Base Rate |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
6.50%
|
|
|
|
|
|
|
| Line of Credit | Term Loan Facility | The Credit Agreement |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Amortization payments, percentage of original principal amount, per quarter |
1.25%
|
|
|
|
|
|
|
| Line of Credit | Letter of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total long-term debt, net of debt issuance costs |
|
|
|
$ 19,800,000
|
|
|
|
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-Section 55
-Paragraph 8
-Publisher FASB
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-Section S99
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-Publisher FASB
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-Section S99
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v3.24.2.u1
BORROWINGS - Schedule of Long-Term Debt (Details)
$ in Thousands |
Jun. 30, 2024
USD ($)
|
| Debt Disclosure [Abstract] |
|
| 2024 |
$ 6,375
|
| 2025 |
12,750
|
| 2026 |
12,750
|
| 2027 |
12,750
|
| 2028 |
12,750
|
| Thereafter |
191,250
|
| Total |
248,625
|
| Debt issuance costs |
(16,033)
|
| Total long-term debt, net of debt issuance costs |
$ 232,592
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES - Schedule of Investments in Loans and Securities (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
| Debt Securities, Available-for-Sale [Line Items] |
|
|
|
|
|
|
| Amortized Cost |
$ 1,150,767
|
|
$ 811,874
|
|
|
|
| Gross Unrealized Gains |
13,783
|
|
19,313
|
|
|
|
| Gross Unrealized Losses |
(74,995)
|
|
(13,436)
|
|
|
|
| Allowance for Credit Losses |
(178,130)
|
$ (126,360)
|
(100,958)
|
$ (78,327)
|
$ (68,347)
|
$ 0
|
| Fair Value |
911,425
|
|
716,793
|
|
|
|
| Accrued interest receivable |
$ 13,600
|
|
$ 12,500
|
|
|
|
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] |
Fees and other receivables (including related party receivables of $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively)
|
|
Fees and other receivables (including related party receivables of $55,549 and $51,036 as of June 30, 2024 and December 31, 2023, respectively)
|
|
|
|
| Securitization notes |
|
|
|
|
|
|
| Debt Securities, Available-for-Sale [Line Items] |
|
|
|
|
|
|
| Amortized Cost |
$ 249,373
|
|
$ 91,654
|
|
|
|
| Gross Unrealized Gains |
469
|
|
629
|
|
|
|
| Gross Unrealized Losses |
(1,156)
|
|
(1,858)
|
|
|
|
| Allowance for Credit Losses |
0
|
0
|
0
|
0
|
0
|
0
|
| Fair Value |
248,686
|
|
90,425
|
|
|
|
| Securitization certificates |
|
|
|
|
|
|
| Debt Securities, Available-for-Sale [Line Items] |
|
|
|
|
|
|
| Amortized Cost |
893,351
|
|
715,646
|
|
|
|
| Gross Unrealized Gains |
13,314
|
|
18,684
|
|
|
|
| Gross Unrealized Losses |
(73,839)
|
|
(11,578)
|
|
|
|
| Allowance for Credit Losses |
(174,077)
|
(121,349)
|
(98,679)
|
(74,287)
|
(65,572)
|
0
|
| Fair Value |
658,749
|
|
624,073
|
|
|
|
| Other loans and receivables |
|
|
|
|
|
|
| Debt Securities, Available-for-Sale [Line Items] |
|
|
|
|
|
|
| Amortized Cost |
8,043
|
|
4,574
|
|
|
|
| Gross Unrealized Gains |
0
|
|
0
|
|
|
|
| Gross Unrealized Losses |
0
|
|
0
|
|
|
|
| Allowance for Credit Losses |
(4,053)
|
$ (5,011)
|
(2,279)
|
$ (4,040)
|
$ (2,775)
|
$ 0
|
| Fair Value |
$ 3,990
|
|
$ 2,295
|
|
|
|
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-Topic 320
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Fair Value |
|
|
| Less than or equal to 1 year |
$ 13,700
|
$ 75,724
|
| Greater than 1 year |
41,272
|
0
|
| Total |
54,972
|
75,724
|
| Unrealized Losses |
|
|
| Less than or equal to 1 year |
(11,452)
|
(3,846)
|
| Greater than 1 year |
(1,156)
|
0
|
| Total |
(12,608)
|
(3,846)
|
| Securitization notes |
|
|
| Fair Value |
|
|
| Less than or equal to 1 year |
68
|
59,925
|
| Greater than 1 year |
41,272
|
0
|
| Total |
41,340
|
59,925
|
| Unrealized Losses |
|
|
| Less than or equal to 1 year |
0
|
(1,858)
|
| Greater than 1 year |
(1,156)
|
0
|
| Total |
(1,156)
|
(1,858)
|
| Securitization certificates |
|
|
| Fair Value |
|
|
| Less than or equal to 1 year |
13,632
|
15,799
|
| Greater than 1 year |
0
|
0
|
| Total |
13,632
|
15,799
|
| Unrealized Losses |
|
|
| Less than or equal to 1 year |
(11,452)
|
(1,988)
|
| Greater than 1 year |
0
|
0
|
| Total |
(11,452)
|
(1,988)
|
| Other loans and receivables |
|
|
| Fair Value |
|
|
| Less than or equal to 1 year |
0
|
0
|
| Greater than 1 year |
0
|
0
|
| Total |
0
|
0
|
| Unrealized Losses |
|
|
| Less than or equal to 1 year |
0
|
0
|
| Greater than 1 year |
0
|
0
|
| Total |
$ 0
|
$ 0
|
| X |
- References
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-Topic 326
-SubTopic 30
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-Section 55
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES - Investments by Maturity (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Amortized Cost |
|
|
| Within 1 year |
$ 1,383
|
$ 2,508
|
| Greater than 1 year, less than or equal to 5 years |
1,149,384
|
809,366
|
| Total |
1,150,767
|
811,874
|
| Fair Value |
|
|
| Within 1 year |
1,663
|
2,490
|
| Greater than 1 year, less than or equal to 5 years |
909,762
|
714,303
|
| Total |
911,425
|
716,793
|
| Securitization notes |
|
|
| Amortized Cost |
|
|
| Within 1 year |
650
|
2,405
|
| Greater than 1 year, less than or equal to 5 years |
248,723
|
89,249
|
| Total |
249,373
|
91,654
|
| Fair Value |
|
|
| Within 1 year |
1,009
|
2,387
|
| Greater than 1 year, less than or equal to 5 years |
247,677
|
88,038
|
| Total |
248,686
|
90,425
|
| Securitization certificates |
|
|
| Amortized Cost |
|
|
| Within 1 year |
733
|
103
|
| Greater than 1 year, less than or equal to 5 years |
892,618
|
715,543
|
| Total |
893,351
|
715,646
|
| Fair Value |
|
|
| Within 1 year |
654
|
103
|
| Greater than 1 year, less than or equal to 5 years |
658,095
|
623,970
|
| Total |
658,749
|
624,073
|
| Other loans and receivables |
|
|
| Amortized Cost |
|
|
| Within 1 year |
0
|
0
|
| Greater than 1 year, less than or equal to 5 years |
8,043
|
4,574
|
| Total |
8,043
|
4,574
|
| Fair Value |
|
|
| Within 1 year |
0
|
0
|
| Greater than 1 year, less than or equal to 5 years |
3,990
|
2,295
|
| Total |
$ 3,990
|
$ 2,295
|
| X |
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES - Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Investments in loans and securities, available for sale: |
|
|
|
|
| Proceeds from sales/maturities/prepayments |
$ 30,925
|
$ 65,375
|
$ 66,822
|
$ 91,360
|
| Write-offs charged against the allowance |
850
|
2,663
|
2,299
|
7,286
|
| Additions to allowance for credit losses |
$ (53,062)
|
$ (12,643)
|
$ (79,913)
|
$ (85,613)
|
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES - Allowance for Credit Losses (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
$ (126,360)
|
$ (68,347)
|
$ (100,958)
|
$ 0
|
| Additions to allowance for credit losses not previously recorded |
(23,628)
|
(12,643)
|
(26,593)
|
(85,613)
|
| Additions to allowance for credit losses arising from purchases |
0
|
|
(3,246)
|
|
| Additions (reductions) on securities with previous allowance |
(29,434)
|
|
(50,074)
|
|
| Write-offs charged against the allowance |
850
|
2,663
|
2,299
|
7,286
|
| Recoveries of amounts previously written off |
|
|
442
|
|
| Balance at end of period |
(178,130)
|
(78,327)
|
(178,130)
|
(78,327)
|
| Securitization notes |
|
|
|
|
| Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
0
|
0
|
0
|
0
|
| Additions to allowance for credit losses not previously recorded |
0
|
0
|
0
|
0
|
| Additions to allowance for credit losses arising from purchases |
0
|
|
0
|
|
| Additions (reductions) on securities with previous allowance |
0
|
|
0
|
|
| Write-offs charged against the allowance |
0
|
0
|
0
|
0
|
| Recoveries of amounts previously written off |
|
|
0
|
|
| Balance at end of period |
0
|
0
|
0
|
0
|
| Securitization certificates |
|
|
|
|
| Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
(121,349)
|
(65,572)
|
(98,679)
|
0
|
| Additions to allowance for credit losses not previously recorded |
(23,628)
|
(8,715)
|
(26,593)
|
(74,287)
|
| Additions to allowance for credit losses arising from purchases |
0
|
|
0
|
|
| Additions (reductions) on securities with previous allowance |
(29,100)
|
|
(48,805)
|
|
| Write-offs charged against the allowance |
0
|
0
|
0
|
0
|
| Recoveries of amounts previously written off |
|
|
0
|
|
| Balance at end of period |
(174,077)
|
(74,287)
|
(174,077)
|
(74,287)
|
| Other loans and receivables |
|
|
|
|
| Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
(5,011)
|
(2,775)
|
(2,279)
|
0
|
| Additions to allowance for credit losses not previously recorded |
0
|
(3,928)
|
0
|
(11,326)
|
| Additions to allowance for credit losses arising from purchases |
0
|
|
(3,246)
|
|
| Additions (reductions) on securities with previous allowance |
(334)
|
|
(1,269)
|
|
| Write-offs charged against the allowance |
850
|
2,663
|
2,299
|
7,286
|
| Recoveries of amounts previously written off |
|
|
442
|
|
| Balance at end of period |
$ (4,053)
|
$ (4,040)
|
$ (4,053)
|
$ (4,040)
|
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v3.24.2.u1
INVESTMENTS IN LOANS AND SECURITIES - Equity Method Investments (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Schedule of Equity Method Investments [Line Items] |
|
|
| Equity method and other investments |
$ 26,593
|
$ 26,383
|
| Investments in Pagaya SmartResi F1 Fund, LP |
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
| Equity method and other investments |
$ 17,488
|
$ 17,357
|
| Equity method investment, ownership percentage |
5.40%
|
5.40%
|
| Other |
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
| Equity method and other investments |
$ 9,105
|
$ 9,026
|
| X |
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v3.24.2.u1
CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Variable Interest Entity [Line Items] |
|
|
| Assets |
$ 1,452,977
|
$ 1,208,376
|
| Liabilities |
763,153
|
468,377
|
| Variable Interest Entity, Primary Beneficiary |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Assets |
111,185
|
132,660
|
| Liabilities |
$ 0
|
$ 0
|
| X |
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v3.24.2.u1
CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Variable Interest Entity [Line Items] |
|
|
| Maximum Exposure to Loss |
$ 807,029
|
$ 591,030
|
| Variable Interest Entity, Not Primary Beneficiary |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Carrying Amount |
807,029
|
591,030
|
| VIE Assets |
$ 8,548,921
|
$ 8,363,402
|
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v3.24.2.u1
CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Variable Interest Entity [Line Items] |
|
|
|
|
| Loan principal purchased |
$ 14,500,000
|
$ 0
|
$ 19,500,000
|
$ 0
|
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$ 13,400,000
|
|
$ 18,400,000
|
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v3.24.2.u1
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v3.24.2.u1
LEASES - Schedule of Operating Lease Expense (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Leases [Abstract] |
|
|
|
|
| Rent expense |
$ 2,938
|
$ 3,345
|
$ 5,849
|
$ 6,786
|
| Variable lease payments |
80
|
(12)
|
174
|
131
|
| Sublease income |
$ 1,003
|
$ 1,066
|
$ 2,008
|
$ 2,120
|
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duration |
|
| X |
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-Topic 842
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-Paragraph 4
-Subparagraph (b)
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-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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|
v3.24.2.u1
LEASES - Operating Lease Liability To Be Paid (Details)
$ in Thousands |
Jun. 30, 2024
USD ($)
|
| Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
| 2024 |
$ 4,735
|
| 2025 |
8,495
|
| 2026 |
8,495
|
| 2027 |
7,333
|
| 2028 |
6,453
|
| Thereafter |
20,728
|
| Total |
56,239
|
| Less: imputed interest |
(10,283)
|
| Total operating lease liabilities |
$ 45,956
|
| X |
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Paragraph 1
-Subparagraph (b)
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v3.24.2.u1
| X |
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-Topic 942
-SubTopic 210
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-Section S99
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-Section S99
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|
v3.24.2.u1
TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Related party receivables |
$ 32,987,000
|
|
$ 32,987,000
|
|
$ 34,181,000
|
| Total revenue from fees, net |
242,594,000
|
$ 185,685,000
|
479,598,000
|
$ 360,939,000
|
|
| Variable Interest Entity, Not Primary Beneficiary |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Loan principal purchased |
14,500,000
|
0
|
19,500,000
|
0
|
|
| Loss on loans purchased |
13,400,000
|
|
18,400,000
|
|
|
| Related Party |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Related party receivables |
32,987,000
|
|
32,987,000
|
|
33,739,000
|
| Total revenue from fees, net |
175,333,000
|
148,198,000
|
353,844,000
|
301,991,000
|
|
| Related Party | Securitization Vehicles |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Related party receivables |
80,400,000
|
|
80,400,000
|
|
78,400,000
|
| Total revenue from fees, net |
157,200,000
|
137,800,000
|
319,800,000
|
269,400,000
|
|
| Related Party | Other Financing Vehicles |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Related party receivables |
8,100,000
|
|
8,100,000
|
|
6,300,000
|
| Total revenue from fees, net |
18,100,000
|
$ 10,400,000
|
34,000,000
|
$ 32,500,000
|
|
| Related Party | Assets |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Related party receivables |
88,500,000
|
|
88,500,000
|
|
84,800,000
|
| Related Party | Prepaid Expense And Other Assets, Noncurrent |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Related party receivables |
$ 6,400,000
|
|
$ 6,400,000
|
|
$ 7,900,000
|
| X |
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-Topic 310
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-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
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-Section 50
-Paragraph 11
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-2
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-Topic 326
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
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-Section S99
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-Publisher FASB
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-Topic 280
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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v3.24.2.u1
FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
$ 911,425
|
|
$ 716,793
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
| Warrant liability |
1,671
|
$ 1,342
|
3,242
|
$ 3,835
|
$ 1,210
|
$ 1,400
|
| Notes |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
248,686
|
|
90,425
|
|
|
|
| Certificates and Other loans and receivables |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
662,739
|
|
626,368
|
|
|
|
| Level 1 |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
| Warrant liability |
1,086
|
|
2,106
|
|
|
|
| Level 1 | Notes |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
0
|
|
0
|
|
|
|
| Level 1 | Certificates and Other loans and receivables |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
0
|
|
0
|
|
|
|
| Level 2 |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
| Warrant liability |
585
|
|
1,136
|
|
|
|
| Level 2 | Notes |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
58,007
|
|
90,425
|
|
|
|
| Level 2 | Certificates and Other loans and receivables |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
0
|
|
0
|
|
|
|
| Level 3 |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
| Warrant liability |
0
|
|
0
|
|
|
|
| Level 3 | Notes |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
190,679
|
|
0
|
|
|
|
| Level 3 | Certificates and Other loans and receivables |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
| Investments in loans and securities |
$ 662,739
|
|
$ 626,368
|
|
|
|
| X |
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-Topic 326
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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-Section 50
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v3.24.2.u1
FAIR VALUE MEASUREMENT - Warrant Liability Activity (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Warrants And Rights Outstanding [Roll Forward] |
|
|
|
|
| Beginning balance |
$ 1,342
|
$ 1,210
|
$ 3,242
|
$ 1,400
|
| Change in fair value |
329
|
2,625
|
(1,571)
|
2,435
|
| Ending balance |
$ 1,671
|
$ 3,835
|
$ 1,671
|
$ 3,835
|
| X |
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 13
-SubTopic 10
-Topic 480
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481766/480-10-25-13
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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v3.24.2.u1
FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 894,151
|
$ 507,166
|
$ 716,793
|
$ 0
|
| Transfer from held-to-maturity to available for sale at fair value |
0
|
0
|
0
|
480,437
|
| Additions |
146,821
|
151,607
|
408,459
|
273,339
|
| Cash received |
(30,925)
|
(65,375)
|
(66,822)
|
(91,360)
|
| Change in fair value |
$ (45,562)
|
$ 7,037
|
$ (67,094)
|
$ 6,366
|
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Credit-related impairment loss |
$ (53,060)
|
$ (9,980)
|
$ (79,911)
|
$ (78,327)
|
| Balance, end of period |
911,425
|
590,455
|
911,425
|
590,455
|
| Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
825,121
|
380,266
|
626,368
|
0
|
| Transfer from held-to-maturity to available for sale at fair value |
0
|
0
|
10,469
|
339,041
|
| Additions |
146,821
|
151,607
|
406,696
|
273,339
|
| Cash received |
(19,559)
|
(47,261)
|
(42,572)
|
(56,381)
|
| Change in fair value |
(45,905)
|
7,186
|
(67,632)
|
4,146
|
| Credit-related impairment loss |
(53,060)
|
(9,980)
|
(79,911)
|
(78,327)
|
| Balance, end of period |
$ 853,418
|
$ 481,818
|
$ 853,418
|
$ 481,818
|
v3.24.2.u1
FAIR VALUE MEASUREMENT - Significant Unobservable Inputs (Details) - Level 3
|
Jun. 30, 2024 |
Dec. 31, 2023 |
| Minimum | Discount rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.060
|
0.080
|
| Minimum | Loss rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.056
|
0.049
|
| Minimum | Prepayment rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.000
|
0.040
|
| Maximum | Discount rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.170
|
0.150
|
| Maximum | Loss rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.310
|
0.310
|
| Maximum | Prepayment rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.225
|
0.400
|
| Weighted Average | Discount rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.154
|
0.150
|
| Weighted Average | Loss rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.176
|
0.157
|
| Weighted Average | Prepayment rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Debt securities, available-for-sale, measurement input |
0.097
|
0.099
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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v3.24.2.u1
FAIR VALUE MEASUREMENT - Schedule of Assets Not Measured at Fair Value (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Cash, cash equivalents and restricted cash |
$ 267,926
|
$ 222,541
|
| Fees and other receivables |
126,447
|
113,707
|
| Total assets |
394,373
|
336,248
|
| Carrying Value |
|
|
| Assets |
|
|
| Cash, cash equivalents and restricted cash |
267,926
|
222,541
|
| Fees and other receivables |
126,447
|
113,707
|
| Total assets |
394,373
|
336,248
|
| Fair Value | Level 1 |
|
|
| Assets |
|
|
| Cash, cash equivalents and restricted cash |
267,926
|
222,541
|
| Fees and other receivables |
0
|
0
|
| Total assets |
267,926
|
222,541
|
| Fair Value | Level 2 |
|
|
| Assets |
|
|
| Cash, cash equivalents and restricted cash |
0
|
0
|
| Fees and other receivables |
126,447
|
113,707
|
| Total assets |
126,447
|
113,707
|
| Fair Value | Level 3 |
|
|
| Assets |
|
|
| Cash, cash equivalents and restricted cash |
0
|
0
|
| Fees and other receivables |
0
|
0
|
| Total assets |
$ 0
|
$ 0
|
| X |
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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| X |
- DefinitionFair value portion of receivables, including, but not limited to, trade account receivables, note receivables, and loan receivables. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7))
-Publisher FASB
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v3.24.2.u1
ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Narrative (Details)
$ / shares in Units, $ in Millions |
|
|
3 Months Ended |
6 Months Ended |
|
|
Mar. 13, 2024
USD ($)
shares
|
Mar. 08, 2024 |
Jun. 30, 2024
vote
$ / shares
shares
|
Jun. 30, 2023
shares
|
Jun. 30, 2024
USD ($)
vote
$ / shares
shares
|
Jun. 30, 2023
shares
|
Dec. 31, 2023
shares
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Ordinary shares, authorized (in shares) |
|
|
|
839,999,998
|
|
839,999,998
|
|
|
| Shares authorized (in shares) |
|
|
|
6,666,666
|
|
6,666,666
|
|
|
| Temporary equity, new issues (in shares) |
[1] |
|
|
|
5,000,000
|
|
5,000,000
|
|
| Reverse share split |
|
|
0.0833
|
|
|
|
|
|
| Private Placement |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Number of shares issued in transaction (in shares) |
|
7,500,000
|
|
|
|
|
|
|
| Consideration received on sale | $ |
|
$ 90.0
|
|
|
|
|
|
|
| Warrants Expiring March 2031 | Ordinary share warrants |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Warrants outstanding (in shares) |
|
|
|
433,946
|
|
433,946
|
|
|
| Warrant purchase price (in dollars per share) | $ / shares |
|
|
|
$ 0.00006
|
|
$ 0.00006
|
|
|
| Warrants Expiring June 2030 | Ordinary share warrants |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Warrants outstanding (in shares) |
|
|
|
192,901
|
|
192,901
|
|
|
| Warrant purchase price (in dollars per share) | $ / shares |
|
|
|
$ 0.0006
|
|
$ 0.0006
|
|
|
| Warrants Expiring March 2032 | Ordinary share warrants |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Warrants outstanding (in shares) |
|
|
|
220,000
|
|
220,000
|
|
|
| Warrant purchase price (in dollars per share) | $ / shares |
|
|
|
$ 0.12
|
|
$ 0.12
|
|
|
| Warrants Expiring June 2027 | Ordinary share warrants |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Warrants outstanding (in shares) |
|
|
|
1,229,166
|
|
1,229,166
|
|
|
| Warrant purchase price (in dollars per share) | $ / shares |
|
|
|
$ 138
|
|
$ 138
|
|
|
| Number of shares called by each warrant (in shares) |
|
|
|
1
|
|
1
|
|
|
| Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. And Oak HC/FT Partners V-B, L.P |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Temporary equity, new issues (in shares) |
|
|
|
|
|
5,000,000
|
|
|
| Common Class A |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Ordinary shares, authorized (in shares) |
|
|
|
666,666,666
|
|
666,666,666
|
|
666,666,666
|
| Ordinary shares, outstanding (in shares) |
|
|
|
58,943,381
|
|
58,943,381
|
|
49,390,936
|
| Ordinary shares, voting rights, votes per share | vote |
|
|
|
1
|
|
1
|
|
|
| Common Class A | B. Riley Principal Capital II, LLC | Private Placement |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Number of shares issued in transaction (in shares) |
|
|
|
0
|
|
298,057
|
|
|
| Consideration received on sale | $ |
|
|
|
|
|
$ 5.2
|
|
|
| Net proceeds, related fee expenses | $ |
|
|
|
|
|
$ 0.2
|
|
|
| Common Class B |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Ordinary shares, authorized (in shares) |
|
|
|
166,666,666
|
|
166,666,666
|
|
166,666,666
|
| Ordinary shares, outstanding (in shares) |
|
|
|
12,652,310
|
|
12,652,310
|
|
12,652,310
|
| Ordinary shares, voting rights, votes per share | vote |
|
|
|
10
|
|
10
|
|
|
|
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v3.24.2.u1
ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Schedule of Shares Reserved For Future Issuance (Details) - shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
44,566,667
|
39,638,471
|
| Redeemable convertible preferred shares |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
5,000,000
|
5,000,000
|
| Ordinary share warrants |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
2,076,014
|
2,076,014
|
| Share options |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
3,840,172
|
4,250,988
|
| Options to restricted shares |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
20,025,410
|
20,046,080
|
| RSUs |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
3,754,702
|
3,034,203
|
| Shares available for future grant of equity awards |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
8,978,511
|
5,231,186
|
| Shares reserved for issuance under the ESPP |
|
|
| Class of Stock [Line Items] |
|
|
| Total shares of ordinary share reserved (in shares) |
891,858
|
0
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Topic 210
-SubTopic 10
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-Section S99
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v3.24.2.u1
| X |
- DefinitionWeighted-average period over which cost not yet recognized is expected to be recognized for award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Topic 718
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-Topic 718
-SubTopic 10
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-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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v3.24.2.u1
SHARE BASED COMPENSATION - Stock Option Activity (Details)
$ / shares in Units, $ in Thousands |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
| Number of Options |
|
|
| Outstanding at beginning of period (in shares) | shares |
4,250,988
|
|
| Granted (in shares) | shares |
0
|
|
| Exercised (in shares) | shares |
(269,644)
|
|
| Forfeited (in shares) | shares |
(141,172)
|
|
| Outstanding at end of period (in shares) | shares |
3,840,172
|
4,250,988
|
| Options vested and exercisable (in shares) | shares |
3,224,405
|
|
| Weighted Average Exercise Price |
|
|
| Outstanding, beginning balance (in dollars per share) | $ / shares |
$ 7.2
|
|
| Granted (in dollars per share) | $ / shares |
0
|
|
| Exercised (in dollars per share) | $ / shares |
2.7
|
|
| Forfeited (in dollars per share) | $ / shares |
14.2
|
|
| Outstanding, ending balance (in dollars per share) | $ / shares |
7.1
|
$ 7.2
|
| Options vested and exercisable (dollars per share) | $ / shares |
$ 5.3
|
|
| Weighted Average Remaining Contractual Term (Years) |
|
|
| Options outstanding |
6 years 8 months 12 days
|
7 years 2 months 12 days
|
| Options vested and exercisable |
6 years 6 months
|
|
| Aggregate Intrinsic Value (000’s) |
|
|
| Beginning balance | $ |
$ 43,940
|
|
| Ending balance | $ |
20,515
|
$ 43,940
|
| Options vested and exercisable | $ |
$ 22,835
|
|
| Options to restricted shares |
|
|
| Number of Options |
|
|
| Outstanding at beginning of period (in shares) | shares |
20,046,080
|
|
| Granted (in shares) | shares |
0
|
|
| Exercised (in shares) | shares |
(3,274)
|
|
| Forfeited (in shares) | shares |
(17,396)
|
|
| Outstanding at end of period (in shares) | shares |
20,025,410
|
20,046,080
|
| Options vested and exercisable (in shares) | shares |
16,552,883
|
|
| Weighted Average Exercise Price |
|
|
| Outstanding, beginning balance (in dollars per share) | $ / shares |
$ 19.4
|
|
| Granted (in dollars per share) | $ / shares |
0
|
|
| Exercised (in dollars per share) | $ / shares |
12.2
|
|
| Forfeited (in dollars per share) | $ / shares |
32.8
|
|
| Outstanding, ending balance (in dollars per share) | $ / shares |
19.4
|
$ 19.4
|
| Options vested and exercisable (dollars per share) | $ / shares |
$ 19.2
|
|
| Weighted Average Remaining Contractual Term (Years) |
|
|
| Options outstanding |
6 years 8 months 12 days
|
7 years 2 months 12 days
|
| Options vested and exercisable |
6 years 8 months 12 days
|
|
| Aggregate Intrinsic Value (000’s) |
|
|
| Beginning balance | $ |
$ 0
|
|
| Ending balance | $ |
0
|
$ 0
|
| Options vested and exercisable | $ |
$ 0
|
|
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v3.24.2.u1
SHARE BASED COMPENSATION - Restricted Stock Unit (RSUs) Activity (Details) - RSUs
|
6 Months Ended |
|
Jun. 30, 2024
$ / shares
shares
|
|---|
| Number of RSUs |
|
| Beginning balance (in shares) | shares |
3,034,203
|
| Granted (in shares) | shares |
2,570,103
|
| Vested (in shares) | shares |
(1,481,470)
|
| Forfeited (in shares) | shares |
(368,134)
|
| Ending balance (in shares) | shares |
3,754,702
|
| Weighted Average Grant Date Fair Value Per Share |
|
| Beginning balance (in dollars per share) | $ / shares |
$ 15.6
|
| Granted (in dollars per share) | $ / shares |
10.7
|
| Vested (in dollars per share) | $ / shares |
13.5
|
| Forfeited (in dollars per share) | $ / shares |
17.9
|
| Ending balance (in dollars per share) | $ / shares |
$ 12.8
|
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v3.24.2.u1
SHARE BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
| Reserved for issuance (in shares) |
44,566,667
|
|
44,566,667
|
|
39,638,471
|
| Share-based compensation expense |
$ 18,044
|
$ 20,208
|
$ 33,519
|
$ 36,575
|
|
| ESPP |
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
| Reserved for issuance (in shares) |
891,858
|
|
891,858
|
|
0
|
| Share-based compensation expense |
|
|
$ 300
|
|
|
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v3.24.2.u1
SHARE BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation expense |
$ 18,044
|
$ 20,208
|
$ 33,519
|
$ 36,575
|
| Technology, data and product development |
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation expense |
3,069
|
2,990
|
5,974
|
5,448
|
| Selling and marketing |
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation expense |
3,867
|
4,756
|
6,719
|
7,510
|
| General and administrative |
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation expense |
$ 11,108
|
$ 12,462
|
$ 20,826
|
$ 23,617
|
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v3.24.2.u1
INCOME TAXES (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Loss before income taxes |
$ (68,167)
|
$ (27,133)
|
$ (94,826)
|
$ (119,089)
|
| Income tax expense |
$ 14,512
|
$ 5,006
|
$ 19,515
|
$ 11,673
|
| Effective tax rate |
(21.30%)
|
(18.40%)
|
(20.60%)
|
(9.80%)
|
v3.24.2.u1
NET LOSS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Denominator: |
|
|
|
|
|
| Weighted average shares used for net loss per ordinary share, basic (in shares) |
[1] |
71,765,884
|
59,609,788
|
68,113,860
|
59,386,974
|
| Weighted average shares used for net loss per ordinary share, diluted (in shares) |
|
71,765,884
|
59,609,788
|
68,113,860
|
59,386,974
|
| Net loss per share attributable to ordinary shareholders, basic (in dollars per share) |
[1] |
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) |
[1] |
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Common Class A |
|
|
|
|
|
| Numerator: |
|
|
|
|
|
| Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic |
|
$ (61,600)
|
$ (23,643)
|
$ (78,174)
|
$ (69,619)
|
| Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted |
|
$ (61,600)
|
$ (23,643)
|
$ (78,174)
|
$ (69,619)
|
| Denominator: |
|
|
|
|
|
| Weighted average shares used for net loss per ordinary share, basic (in shares) |
|
59,113,574
|
45,031,922
|
55,461,550
|
44,809,108
|
| Weighted average shares used for net loss per ordinary share, diluted (in shares) |
|
59,113,574
|
45,031,922
|
55,461,550
|
44,809,108
|
| Net loss per share attributable to ordinary shareholders, basic (in dollars per share) |
|
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) |
|
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Common Class B |
|
|
|
|
|
| Numerator: |
|
|
|
|
|
| Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic |
|
$ (13,185)
|
$ (7,654)
|
$ (17,834)
|
$ (22,649)
|
| Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted |
|
$ (13,185)
|
$ (7,654)
|
$ (17,834)
|
$ (22,649)
|
| Denominator: |
|
|
|
|
|
| Weighted average shares used for net loss per ordinary share, basic (in shares) |
|
12,652,310
|
14,577,866
|
12,652,310
|
14,577,866
|
| Weighted average shares used for net loss per ordinary share, diluted (in shares) |
|
12,652,310
|
14,577,866
|
12,652,310
|
14,577,866
|
| Net loss per share attributable to ordinary shareholders, basic (in dollars per share) |
|
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
| Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) |
|
$ (1.04)
|
$ (0.53)
|
$ (1.41)
|
$ (1.55)
|
|
|
| X |
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v3.24.2.u1
NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
| Net potential dilutive outstanding securities (in shares) |
34,335,689
|
35,397,133
|
| Share options |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
| Net potential dilutive outstanding securities (in shares) |
3,539,256
|
4,760,490
|
| Options to restricted shares |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
| Net potential dilutive outstanding securities (in shares) |
20,025,410
|
20,113,280
|
| RSUs |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
| Net potential dilutive outstanding securities (in shares) |
3,754,702
|
3,507,033
|
| Ordinary share warrants | Ordinary share warrants |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
| Net potential dilutive outstanding securities (in shares) |
2,016,321
|
2,016,330
|
| Redeemable convertible preferred shares |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
| Net potential dilutive outstanding securities (in shares) |
5,000,000
|
5,000,000
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Pagaya Technologies (NASDAQ:PGYWW)
過去 株価チャート
から 7 2024 まで 8 2024
Pagaya Technologies (NASDAQ:PGYWW)
過去 株価チャート
から 8 2023 まで 8 2024
