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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 Sep. 30, 2023 [1] 5,000,000                            
Ending balance at Sep. 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]             538,684                
Issuance of ordinary shares upon exercise of share options 2,538     2,538           2,538          
Issuance of ordinary shares upon exercise of warrants (in shares) [1]             16,304                
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             286,142                
Share-based compensation 62,868     62,868           62,868          
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares) [1]                 144,569            
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement     $ 3,793     $ 3,793           $ 3,793      
Reversal of issuance costs associated with the Business Combination and PIPE Investment 4,401     4,401           4,401          
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares) [1]             1,525,827                
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
Contributions of interests in consolidated VIEs 19,235                           19,235
Return of capital to interests in consolidated VIEs (55,749)                           (55,749)
Other comprehensive income (loss) 11,451     6,579                 6,579   4,872
Net income (loss) (176,702)     (114,020)                   (114,020) (62,682)
Ending balance (in shares) at Sep. 30, 2023 [1]             59,454,158                
Ending balance at Sep. 30, 2023 $ 671,852     535,932           1,060,166     3,985 (528,219) 135,920
Beginning balance (in shares) at Jun. 30, 2023 [1] 5,000,000                            
Beginning balance at Jun. 30, 2023 $ 74,250                            
Ending balance (in shares) at Sep. 30, 2023 [1] 5,000,000                            
Ending balance at Sep. 30, 2023 $ 74,250                            
Beginning balance (in shares) at Jun. 30, 2023 [1]             59,075,752                
Beginning balance at Jun. 30, 2023 703,123     523,183           1,027,687     1,963 (506,467) 179,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of ordinary shares upon exercise of share options (in shares) [1]             172,921                
Issuance of ordinary shares upon exercise of share options 1,108     1,108           1,108          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             50,235                
Share-based compensation 23,177     23,177           23,177          
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares) [1]                 144,569            
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement     3,793     3,793           3,793      
Reversal of issuance costs associated with the Business Combination and PIPE Investment 4,401     4,401           4,401          
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares) [1]             10,681                
Contributions of interests in consolidated VIEs 3,942                           3,942
Return of capital to interests in consolidated VIEs (26,836)                           (26,836)
Other comprehensive income (loss) 5,084     2,022                 2,022   3,062
Net income (loss) (45,940)     (21,752)                   (21,752) (24,188)
Ending balance (in shares) at Sep. 30, 2023 [1]             59,454,158                
Ending balance at Sep. 30, 2023 $ 671,852     535,932           1,060,166     3,985 (528,219) 135,920
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 Sep. 30, 2024 [1] 5,000,000                            
Ending balance at Sep. 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) 508,941           523,799 [1]                
Issuance of ordinary shares upon exercise of share options $ 2,495     2,495           2,495          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             1,872,182                
Issuance of ordinary shares upon employee stock purchase plan (in shares) [1]             59,145                
Issuance of ordinary shares upon employee stock purchase plan 665     665           665          
Share-based compensation 51,600     51,600           51,600          
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares) [1]               7,500,000 814,569            
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement   $ 89,956 $ 12,232   $ 89,956 $ 12,232         $ 89,956 $ 12,232      
Contributions of interests in consolidated VIEs 2,815                           2,815
Return of capital to interests in consolidated VIEs (7,892)                           (7,892)
Other comprehensive income (loss) (86,273)     (90,876)                 (90,876)   4,603
Net income (loss) (188,572)     (163,484)                   (163,484) (25,088)
Ending balance (in shares) at Sep. 30, 2024 [1]             72,812,941                
Ending balance at Sep. 30, 2024 $ 542,775     462,309           1,258,862     (90,432) (706,121) 80,466
Beginning balance (in shares) at Jun. 30, 2024 [1] 5,000,000                            
Beginning balance at Jun. 30, 2024 $ 74,250                            
Ending balance (in shares) at Sep. 30, 2024 [1] 5,000,000                            
Ending balance at Sep. 30, 2024 [2] $ 74,250                            
Beginning balance (in shares) at Jun. 30, 2024 [1]             71,595,691                
Beginning balance at Jun. 30, 2024 615,574     525,982           1,235,677     (71,050) (638,645) 89,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of ordinary shares upon exercise of share options (in shares) [1]             250,881                
Issuance of ordinary shares upon exercise of share options 1,736     1,736           1,736          
Issuance of ordinary shares upon vesting of RSUs (in shares) [1]             390,712                
Issuance of ordinary shares upon employee stock purchase plan (in shares) [1]             59,145                
Issuance of ordinary shares upon employee stock purchase plan 665     665           665          
Share-based compensation 13,890     13,890           13,890          
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement (in shares) [1]             516,512                
Issuance of ordinary shares, net of issuance cost and Equity Financing Purchase Agreement 6,894     6,894           6,894          
Return of capital to interests in consolidated VIEs (2,574)                           (2,574)
Other comprehensive income (loss) (19,179)     (19,382)                 (19,382)   203
Net income (loss) (74,231)     (67,476)                   (67,476) (6,755)
Ending balance (in shares) at Sep. 30, 2024 [1]             72,812,941                
Ending balance at Sep. 30, 2024 $ 542,775     $ 462,309           $ 1,258,862     $ (90,432) $ (706,121) $ 80,466
[1] Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.
[2] Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.