| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income including noncontrolling interests | 24,161 | 29,042 | 23,273 | 16,563 |
| Equity method and other investments (income) loss | 1,287 | -1,329 | -4,640 | -2,055 |
| Depreciation and amortization | 3,862 | 7,126 | 7,636 | 7,593 |
| Share-based compensation | 7,196 | 9,136 | 13,582 | 18,228 |
| Fair value adjustment to warrant liability | -4,162 | -2,656 | 4,908 | 479 |
| Impairment loss on investments in loans and securities | - | - | - | -70,585 |
| Gain on sale of investments in loans and securities | - | - | - | 2,796 |
| (gains) and losses on investments in loans and securities | -37,995 | -43,434 | -65,473 | - |
| Amortization of deferred costs | 5,190 | 3,003 | 2,407 | 3,447 |
| Gains from extinguishment of debt | 767 | 702 | -18,585 | - |
| Write-off of capitalized software and other assets | 1,866 | 178 | 4,741 | 0 |
| Losses on foreign exchange | -176 | -23 | 219 | -1,279 |
| Fees and other receivables | - | - | - | 13,288 |
| Other non-cash items | - | 0 | 0 | - |
| Accrued interest on investments | - | - | - | 9,158 |
| Fee receivables | 17,448 | -1,895 | 28,178 | - |
| Prepaid expenses and other assets | - | - | - | -7,976 |
| Accrued interest on investments | 9,263 | 14,357 | 28,467 | - |
| Right-of-use assets | -1,613 | -1,700 | -1,563 | -1,530 |
| Other assets | -1,646 | 14,788 | -1,438 | - |
| Accounts payable | 598 | -1,177 | 2,489 | -908 |
| Accrued expenses and other liabilities | -11,263 | 25,781 | 8,579 | 5,773 |
| Operating lease liability | -1,822 | -1,848 | -1,668 | -1,586 |
| Income taxes | 4,893 | -7,322 | -14,843 | -364 |
| Purchases of intangible assets | - | 0 | - | - |
| Net cash provided by operating activities | 43,184 | 79,797 | 67,046 | 57,350 |
| Purchases of equity method and other investments | - | 0 | 0 | 0 |
| Proceeds from the maturity and prepayment of investments in loans and securities | - | 273,039 | - | - |
| Purchases of other assets | - | 0 | 16,000 | - |
| Proceeds from the maturity and prepayment of investments in loans and securities | 76,807 | - | 48,846 | 70,676 |
| Proceeds from the sales of investments in loans and securities | - | 79,176 | - | - |
| Cash and restricted cash acquired from theorem technology, inc | 0 | - | 0 | 0 |
| Proceeds from equity method and other investments | - | 0 | 0 | - |
| Investments in loans and securities | - | - | - | 192,182 |
| Purchases of investments in loans and securities | 209,069 | 271,112 | 361,070 | - |
| Acquisition of theorem technology, inc., net of cash acquired | - | -159 | - | - |
| Purchases of property, equipment and software | 3,176 | 3,086 | 3,240 | 3,800 |
| Net cash used in investing activities | -15,916 | -100,179 | -57,339 | -125,306 |
| Proceeds from sale of ordinary shares, net of issuance costs | - | 0 | 0 | 0 |
| Proceeds from long-term debt | - | 0 | 500,000 | 0 |
| Proceeds from exchangeable notes | - | 0 | - | - |
| Proceeds from issuance of redeemable convertible preferred shares, net | - | 0 | - | - |
| Proceeds from secured borrowing | 49,316 | 92,484 | 18,590 | 195,732 |
| Proceeds received from noncontrolling interests | - | 0 | 0 | 0 |
| Proceeds from revolving credit facility | 114,700 | 0 | 0 | 0 |
| Proceeds from exercise of stock options, warrants and contributions to espp | 802 | 378 | 2,568 | 1,118 |
| Proceeds from issuance of ordinary shares from the equity financing purchase agreement | - | 0 | 0 | 0 |
| Distributions made to noncontrolling interests | 6,126 | 13,790 | 3,552 | 3,978 |
| Payments made to revolving credit facility | - | 0 | 0 | 0 |
| Payments made to secured borrowing | 87,994 | 30,506 | 153,920 | 110,005 |
| Payments made to long-term debt | 6,463 | 6,047 | 338,768 | 4,436 |
| Debt issuance costs | - | -172 | 12,660 | 0 |
| Payments for deferred offering costs | - | - | 0 | - |
| Settlement of share-based compensation in satisfaction of tax withholding requirements | - | 0 | - | - |
| Net cash provided by (used in) financing activities | 64,235 | 42,691 | 12,258 | 78,431 |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 179 | 1,273 | 768 | 1,925 |
| Net increase in cash and cash equivalents, and restricted cash and cash equivalents | 91,682 | 23,582 | 22,733 | 12,400 |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 288,349 | 264,767 | 242,034 | 229,634 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 380,031 | 288,349 | 264,767 | 242,034 |
Pagaya Technologies Ltd. (PGYWW)
Pagaya Technologies Ltd. (PGYWW)