| Schedule of Earnings Per Share, Basic and Diluted |
The following table sets forth the calculation of basic and diluted earnings (loss) per share attributable to ordinary shareholders for the year ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data): | | | | | | | Year Ended December 31, 2025 | | Basic EPS: | | | Numerator: | | | Net income attributable to Pagaya Technologies Ltd. | $ | 81,389 | | | Less: Undistributed earnings allocated to preferred shares | 4,105 | | | Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, basic | $ | 77,284 | | | Denominator: | | | Weighted average shares used for earnings per ordinary share, basic | 78,336,095 | | Earnings per share attributable to ordinary shareholders, basic | $ | 0.99 | | | | | Diluted EPS: | | | Numerator: | | | Net income attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted | $ | 77,284 | | | Denominator: | | | Shares used in computation of basic earnings per share | 78,336,095 | | | Ordinary share warrants | 785,890 | | | Share options | 3,031,605 | | | Unvested RSUs | 943,637 | | | | | Weighted average shares used for earnings per ordinary share, diluted | 83,097,227 | | | Earnings per share attributable to ordinary shareholders, diluted | $ | 0.93 | |
| | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | Numerator: | | | | | | | | | | | Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted | | | | | $ | (401,406) | | | $ | (128,438) | | | | | Denominator: | | | | | | | | | | | Weighted average shares used for net loss per ordinary share, basic and diluted | | | | | 70,879,807 | | 60,038,893 | | | | Net loss per share attributable to ordinary shareholders, basic and diluted | | | | | $ | (5.66) | | | $ | (2.14) | | | |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following potentially dilutive outstanding securities as of December 31, 2025, 2024 and 2023 were excluded from the computation of diluted earnings (loss) per share because their effect would have been anti-dilutive for the periods:
| | | | | | | | | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | | 2023 | | Share options | | — | | | 3,740,789 | | | 3,895,087 | | | Options to restricted shares | | — | | | 19,948,408 | | | 20,046,080 | | | RSUs | | 425,251 | | | 3,009,918 | | | 3,034,203 | | | | | | | | | | Ordinary share warrants | | 1,229,166 | | | 2,016,321 | | | 2,016,326 | | | Redeemable convertible preferred shares | | — | | | 5,000,000 | | | 5,000,000 | | | Exchangeable notes | | 11,434,704 | | | 11,434,704 | | | — | | | Net potential dilutive outstanding securities | | 13,089,121 | | | 45,150,140 | | | 33,991,696 | |
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