PGYMEDIUM SIGNALFINANCIAL10-K

Pagaya delivered solid growth across key financial metrics with revenue expanding 26% and a strengthened balance sheet position.

The company shows healthy operational momentum with meaningful net interest income growth and revenue expansion, suggesting successful scaling of its AI-driven financial platform. The stronger equity position and improved cash balances indicate enhanced financial stability, though the corresponding increase in liabilities warrants monitoring.

Comparing 2026-03-02 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

Pagaya demonstrated robust financial performance with revenue growing 26% to $1.3B and net interest income reaching substantially higher levels at $48.4M. The balance sheet strengthened meaningfully with stockholders' equity rising 47% to $480M and cash increasing 25% to $235M, though total liabilities also grew 24% to $961M. The reduced capital expenditures alongside strong revenue growth suggests improving operational efficiency and cash generation.

FINANCIAL STATEMENT CHANGES
Net Interest Income
P&L
+50%
$32.3M→$48.4M

Net interest income grew 50% — benefiting from rate environment or loan book expansion.

Stockholders Equity
Balance Sheet
+47%
$326.5M→$480.0M

Equity base grew 47% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+26.1%
$1.0B→$1.3B

Revenue growing 26.1% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+25.2%
$187.9M→$235.3M

Cash grew 25.2% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
+23.9%
$775.3M→$960.5M

Liabilities increased 23.9% — monitor debt-to-equity ratio and interest coverage.

Capital Expenditure
Cash Flow
-21.6%
$17.7M→$13.9M

Capex reduced 21.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+19.7%
$1.3B→$1.5B

Asset base grew 19.7% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+15.8%
$303.4M→$351.5M

Current assets grew 15.8% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-12
ADDED
The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant s fiscal year ended December 31 , 2025 .
Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.
SELECTED DEFINITIONS 2030 Notes refer to the 8.875% Senior Unsecured Notes due 2030.
Adjusted EBITDA means net income (loss) attributable to Pagaya Technologies Ltd., excluding share-based compensation expense, change in fair value of warrant liability, change in fair value of contingent liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, non-recurring expenses associated with mergers and acquisitions and other one-time expenses, interest expense, depreciation expense, and provision (and benefit from) for income taxes.
Adjusted Net Income (Loss) means net income (loss) attributable to Pagaya Technologies Ltd., excluding share-based compensation expense, change in fair value of warrant liability, change in fair value of contingent liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, and non-recurring expenses associated with mergers and acquisitions and other one-time expenses.
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REMOVED
Share amounts on this cover page and throughout this Report have been updated, as appropriate, to reflect the Company s reverse share split, effective March 8, 2024.
Management's Discussion and Analysis of Financial Condition and Results of Operations 66 Item 7A.
SELECTED DEFINITIONS ABS refers to asset-backed securitizations.
Adjusted EBITDA means net income (loss) attributable to Pagaya 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, including the EJFA Merger, interest expense, depreciation expense, and provision (and benefit from) for income taxes.
Adjusted Net Income (Loss) means net income (loss) attributable to Pagaya 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, including the EJFA Merger.
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