Pagaya (NASDAQ: PGY) posts Q1 profit and raises 2026 net income guidance

Rhea-AI Filing Summary

Pagaya Technologies Ltd. reported strong first quarter 2026 results and announced a planned Chief Financial Officer transition. Network volume reached $2.6 billion, up 9% year-over-year, while total revenue and other income were $317.9 million, up 10%.

GAAP net income attributable to shareholders was $24.7 million, compared with $7.9 million a year earlier, and Adjusted EBITDA was $94.2 million, up 18% with a 30% margin. The company raised full-year 2026 GAAP net income guidance to a range of $110 million to $160 million.

Pagaya also announced that CFO Evangelos Perros will step down effective June 15, 2026, and Chief Strategy Officer Jonathan Dobres will become CFO. Perros will remain as Strategic Executive Advisor through December 31, 2026 to support funding strategy and ensure continuity.

Positive

• Stronger profitability and guidance: Q1 2026 GAAP net income rose to $24.7 million from $7.9 million, Adjusted EBITDA grew 18% to $94.2 million with margin at 30%, and full-year 2026 GAAP net income guidance was increased to a range of $110 million to $160 million.

Negative

• None.

Insights

Equity analyst

Pagaya pairs strong Q1 growth with higher 2026 profit outlook and orderly CFO transition.

Pagaya delivered solid Q1 2026 execution: network volume of $2.6 billion grew 9% year-over-year, while total revenue and other income rose 10% to $317.9 million. GAAP net income attributable to shareholders increased to $24.7 million, and operating income climbed 68% to $80.0 million, reflecting operating leverage.

Profitability metrics were notably stronger. Adjusted EBITDA reached $94.2 million, up 18% year-over-year, with margin expanding to 30%. Management highlighted disciplined underwriting, with application-to-volume conversion below 1%, and credit performance for recent personal loan and auto vintages tracking materially below prior peak loss periods.

The company raised full-year 2026 guidance, now expecting network volume of $11.45–$13.0 billion, total revenue and other income of $1.4–$1.575 billion, Adjusted EBITDA of $420–$460 million, and GAAP net income of $110–$160 million. The announced CFO handoff to Jonathan Dobres in June 2026, with outgoing CFO Evangelos Perros staying through year-end as advisor, indicates a planned transition alongside continued focus on funding and capital markets execution.

8-K Event Classification

4 items: 2.02, 5.02, 7.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue and other income: $317.9M GAAP net income attributable to shareholders: $24.7M Adjusted EBITDA: $94.2M +5 more

8 metrics

Total revenue and other income $317.9M Q1 2026, up 10% year-over-year

GAAP net income attributable to shareholders $24.7M Q1 2026, vs. $7.9M in Q1 2025

Adjusted EBITDA $94.2M Q1 2026, up 18% year-over-year; 30% margin

Network volume $2.6B Q1 2026, 9% year-over-year growth

FRLPC $121.4M Q1 2026 Fee Revenue Less Production Costs, 5% year-over-year increase

Cash and cash equivalents $317.8M Balance sheet as of March 31, 2026

FY 2026 GAAP net income guidance $110M–$160M Full-year 2026 outlook range

Q2 2026 Adjusted EBITDA guidance $100M–$115M Second quarter 2026 outlook

Key Terms

Fee Revenue Less Production Costs (FRLPC), Adjusted EBITDA, resecuritization, Network volume, +1 more

5 terms

Fee Revenue Less Production Costs (FRLPC) financial

"Revenue from fees less production costs (“FRLPC”) of $121 million million in 1Q’26, increased by 5% year-over-year"

Adjusted EBITDA financial

"Adjusted EBITDA of $94 million in 1Q’26, grew by 18% year-over-year benefiting from growth in FRLPC and operating leverage"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

resecuritization financial

"Closed the first ~$450 million RPM resecuritization ABS highlighting demand for seasoned collateral"

Resecuritization is the process of taking already pooled and packaged loans or bonds and repackaging portions of that pool into a new set of securities for sale to investors. Think of it as taking a pre-made box of assorted cookies, slicing some pieces differently and putting them into a new box; it can spread or concentrate risk and change how returns respond to defaults. Investors care because resecuritization adds complexity, can amplify losses in stress, and affects transparency and liquidity compared with buying the original assets.

Network volume financial

"Network volume of $2.6 billion in 1Q’26, grew by 9% year-over-year"

Network volume measures how much activity passes through a network over a given time — for example the number or total value of transactions on a payments or blockchain network, the amount of data carried on a telecom system, or parcels moving through a logistics grid. Investors track it because rising volume usually signals growing customer use and potential revenue, while sharp changes can reveal capacity limits, cost pressures, or shifts in demand that affect profitability and valuation.

non-GAAP financial measures financial

"Some of the unaudited financial information and data contained in this press release ... have not been prepared in accordance with U.S. GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Total Revenue and Other Income: $317.9M · Guidance included

Q1 2026

Total Revenue and Other Income $317.9M +10% YoY

GAAP Net Income Attributable to Pagaya Technologies Ltd. $24.7M +$16.8M YoY

Adjusted EBITDA $94.2M +18% YoY

Network Volume $2.6B +9% YoY

Guidance

For Q2 2026, Pagaya expects network volume of $2.875–$3.075B, total revenue and other income of $345–$365M, Adjusted EBITDA of $100–$115M, and GAAP net income of $25–$45M. For full-year 2026, it guides to network volume of $11.45–$13.0B, revenue of $1.4–$1.575B, Adjusted EBITDA of $420–$460M, and GAAP net income of $110–$160M.

Understanding 8-K Material Events →

FALSE000188308500018830852026-05-072026-05-070001883085us-gaap:CommonClassAMember2026-05-072026-05-070001883085pgy:CommonStockWarrantsMember2026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 7, 2026

Commission File Number: 001-41430

Pagaya Technologies Ltd.

(Exact name of registrant as specified in its charter)

Israel

98-1704718

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

335 Madison Ave, 16th Floor

New York, New York

10017

(Address of principal executive offices)

(Zip Code)

(646) 710-7714

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, the registrant issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release announcing the Company’s quarterly earnings results is attached hereto as Exhibit 99.1.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Financial Officer Transition

On May 7, 2026, Pagaya announced that Evangelos Perros, Chief Financial Officer, has decided to step down from his role with the Company effective June 15, 2026. Jonathan Dobres, currently Chief Strategy Officer, will assume the role of Chief Financial Officer on that date. Mr. Perros will remain with the Company serving as a Strategic Executive Advisor to Gal Krubiner, Chief Executive Officer, through December 31, 2026. Mr. Perros’s departure is not related to any disagreements with the Company on any matter relating to its accounting practices, financial statements, internal controls, or operations.

Mr. Dobres joined Pagaya in 2021 as Head of Strategy and Corporate Development before becoming its Chief Strategy Officer in 2025. He previously served in senior investment roles at Hudson Executive Capital, including as CFO of several Hudson sponsored investment vehicles, Flexis Capital and P. Schoenfeld Asset Management.

There are no arrangements between Mr. Dobres and any other persons pursuant to which he was appointed to serve as the Company’s Chief Financial Officer. There are no family relationships between Mr. Dobres and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Employment Agreement with Mr. Dobres

On May 1, 2026, Pagaya Technologies US LLC, a subsidiary of the Company, entered into an employment agreement with Mr. Dobres related to his employment by the Company as its Chief Financial Officer, effective June 15, 2026 (the “Effective Date”). The employment agreement provides for an annual base salary of $650,000 and eligibility to receive an annual cash incentive bonus based on individual and Company performance, with the actual amount determined in the discretion of the Company. Mr. Dobres will receive an upfront payment of a portion of his 2026 bonus in the amount of $350,000. Subject to the Board’s approval and Mr. Dobres’ continued employment, Mr. Dobres will be granted restricted stock units (“RSUs”) valued at $500,000 as soon as practicable following the Effective Date; RSUs valued at $500,000 during the Company’s compensation review cycle in 2027; and RSUs valued at $1,000,000 during the Company’s compensation review cycle in 2028. The RSUs will vest quarterly in equal installments over two years from the respective grant dates. If Mr. Dobres is terminated for “cause” or resigns other than for “good reason” (each as defined in his employment agreement) prior to the 18-month anniversary of the Effective Date, he will be required to repay his 2026 bonus in full.

In the event that Mr. Dobres’ employment is terminated by the Company without cause or by Mr. Dobres for good reason, subject to his executing and not revoking a general release and complying with 12-month post-employment covenants not to compete or solicit employees, customers or clients, he would be entitled to (i) (a) if such termination occurs prior to the 18-month anniversary of the Effective Date, installment payments equal to the base salary he would have been entitled to (and not yet received) had he been employed through the two-year anniversary of the Effective Date or (b) if such termination occurs after the 18-month anniversary of the Effective Date, installment payments equal to six months of his base salary or (c) if such termination occurs within 12 months of a “change in control” (as defined in the employment agreement), a lump sum payment equal to 12 months’ base salary; (ii) Company payment of a portion of COBRA premiums for up to 12 months so that the cost for coverage is commensurate with active employees; and (iii) if such termination occurs within 12 months of a change in control, accelerated vesting of all outstanding equity awards that would have become vested within one year following the termination date.

Item 7.01. Regulation FD Disclosure.

On May 7, 2026, the registrant issued a press release announcing the Chief Financial Officer transition. A copy of the press release is attached hereto as Exhibit 99.2. The registrant also released a letter to shareholders relating to its results for the quarter ended March 31, 2026. A copy of the letter is attached as Exhibit 99.3 hereto.

The information contained in Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release Announcing Quarterly Earnings Results, dated May 7, 2026

99.2

Press Release Announcing Chief Financial Officer Transition, dated May 7, 2026

99.3

Shareholder Letter, dated May 7, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						PAGAYA TECHNOLOGIES LTD.
Date: May 7, 2026			By:			/s/ Gal Krubiner
			Name:			Gal Krubiner
			Title:			Chief Executive Officer

1 Pagaya Reports First Quarter 2026 Results & Raising Full-Year Net Income Guidance Reported solid performance across key metrics • $25 million GAAP net income; up $17 million YoY • $94 million Adjusted EBITDA; up 18% YoY • $318 million Total revenue and other income; up 10% YoY • $2.6 billion Network volume; up 9% YoY New York, NY and Tel Aviv, Israel – May 7, 2026 – Pagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya”, the “Company” or “we”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced financial results for the first quarter 2026. For additional information, view Pagaya's first quarter 2026 letter to shareholders here. “Our results this quarter demonstrate, once again, that at Pagaya, profitability and disciplined risk management are not in tension — they are the same strategy. As we expand our partner network and deepen product adoption, we are building the durable, through-the-cycle business that will bridge Wall Street and Main Street for the long run.” The company also announced a leadership transition. Evangelos Perros, Chief Financial Officer, is stepping down and will be succeeded by Jon Dobres, Chief Strategy Officer effective June 15. Mr. Perros will remain with the Company serving as a Strategic Executive Advisor to Gal Krubiner, Chief Executive Officer, through December 31. First Quarter 2026 Highlights All comparisons are made versus the same period in 2025 and on a year-over-year basis unless otherwise stated. • GAAP Net income attributable to Pagaya shareholders of $25 million in 1Q’26 (compared to the outlook of $15 million - $35 million), improved by $17 million compared to the prior year period, reflecting revenue growth, lower expenses, and normalized impairments. • Operating income of $80 million in 1Q’26 increased 68% year-over-year driven by network volume growth and stable operating expenses. • Network volume of $2.6 billion in 1Q’26 (compared to the outlook of $2.5 billion to $2.7 billion), grew by 9% year-over-year, or up 23% ex-SFR, driven by growth in our Auto and Point-of-Sale verticals, while maintaining our focus on prudent underwriting. • Total revenue and other income of $318 million in 1Q’26 (compared to the outlook of $315 - $335 million), increased 10% year-over-year, driven by 130% growth in interest income. • Revenue from fees less production costs (“FRLPC”) of $121 million million in 1Q’26, increased by 5% year-over-year, FRLPC as a % of network volume (“FRLPC %”) contracted by 19 basis points year-over- year to 4.6% driven by asset class mix, new partner contributions and tighter pricing on our ABS transactions reflecting higher cost of capital and a tighter pricing in light of market conditions. • Adjusted EBITDA of $94 million in 1Q’26 (compared to the outlook of $80 million to $95 million), grew by 18% year-over-year benefiting from growth in FRLPC and operating leverage as the business scales. • Closed the first ~$450 million RPM resecuritization ABS highlighting demand for seasoned collateral from both new and existing RPM capital partners. This quarter we raised $2.1 billion in ABS funding across 4 transactions despite market volatility.

2 • First AAA Fitch Rating on $368 million PAID resecuritization; a step-change improvement in our ABS program. The expansion to a major rating agency reflects consistent credit performance, enhances secondary market liquidity, and opens up additional pockets of institutional capital. • Year-to-date, onboarded 4 partners across all three asset classes while maintaining a disciplined risk posture. We expect to onboard additional partners this year, as we already have more prospective partners in our onboarding phase, with a mix of regional banks & non-banks. Second Quarter 2026 Outlook 2Q26 Network Volume Expected to be between $2.875 billion and $3.075 billion Total Revenue and Other Income Expected to be between $345 million and $365 million Adjusted EBITDA Expected to be between $100 million and $115 million GAAP Net Income Expected to be between $25 million and $45 million Full-Year 2026 Outlook FY26 Network Volume Expected to be between $11.45 billion and $13 billion Total Revenue and Other Income Expected to be between $1.4 billion and $1.575 billion Adjusted EBITDA Expected to be between $420 million and $460 million GAAP Net Income Expected to be between $110 million and $160 million Webcast The Company will hold a webcast and conference call today, May 7, 2026 at 8:30 a.m. Eastern Time. A live webcast of the call will be available via the Investor Relations section of the Company’s website at investor.pagaya.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly before the call, the accompanying materials will be made available on the Company’s website. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website. The conference call can also be accessed by dialing 1-833-316-2483 or 1-785-838-9284. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 11161536. The telephone replay will be available starting shortly after the call until Thursday, May 21, 2026. A replay will also be available on the Investor Relations website following the call. About Pagaya Technologies Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides comprehensive consumer credit and other products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com. Cautionary Note About Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “future,” “strategy,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “will,” “would,” “will be,” “will

3 continue,” “will likely result,” and similar expressions. All statements other than statements of historical fact are forward-looking statements, including statements regarding: the Company’s strategy and future operations, including expanding its partner network and deepening product adoption; the strength of our operating model; navigating the current macro environment; building a durable, through-the-cycle business for the long-term; the Company’s plans to onboard additional partners in 2026; our proactive risk management strategy; our funding strategy and attracting new capital; leveraging public ABS markets in the near-term; growth in 2026 driven by product expansion and new partners; drawing on and repaying our revolving credit facility; expected management transitions; and the Company’s financial outlook for Network Volume, Total Revenue and Other Income, Adjusted EBITDA, and GAAP Net Income in the second quarter and for the full year 2026, and for FRLPC as a % of Network Volume for the full year 2026. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions include factors relating to: our rapid growth and our ability to effectively manage our growth and maintain profitability; adverse global economic conditions and other catastrophic events; adverse developments impacting the banking and financial services industries, consumer credit activity, and the availability of equity and debt financing; our reliance on services provided by third-party vendors; our dependence on our AI technology; our reliance on a limited number of partners which presents concentration risk for Network Volume and Revenue; retaining and attracting new partners by improving our platform and offering new and relevant products; our ability to raise capital from investors; developing and maintaining robust and diverse funding sources; the competitive nature of our industry; changes to our accounting policies or financial reporting standards; maintaining our brand image and reputation; managing risks related to fraudulent activity; our reliance on key employees including our founders; effectively managing conflicts of interest related to our financing vehicles; legal proceedings, investigations, or claims; maintaining adequate insurance coverage; the effectiveness of our risk management processes; realizing the intended benefits of any strategic transactions; the regulation of AI technologies by the FTC, CFPB, and other governmental agencies; enforcing our intellectual property rights; our use of open-source software components; our ability to continue receiving accurate data from our partners; cyberattacks and other security breaches; risks related to our single-family rental operations including volatility in the single-family rental market, lease renewal and default rates, HOA regulations, the accuracy of resident-supplied information, leasing fraud, renovation and maintenance costs, and regulations impacting the single-family rental business; our compliance with laws related to consumer protection, consumer finance, lending, fair lending, data protection and privacy, cybersecurity, and investment advisory services, and maintaining required licenses to operate; heightened regulation of the financial services industry; the risks that we are deemed to be an investment company or that we cannot rely on exemptions under various laws to conduct the funding component of our business; our ability to continue accessing the securitization market; our compliance with anti-corruption, anti-bribery, anti-money laundering, economic and trade sanctions and similar laws; the risk that we would be deemed the true lender for loans originated by our partners; the enforceability of assets we acquire from our partners; risks related to ongoing conflicts including between Russia and Ukraine and Israel, the United States, and Iran; risks related to our operations in Israel including regional hostilities and our employees’ required military service; risks related to being a public company including limited management experience and increased costs; covenants in our indebtedness arrangements that could limit our ability to operate our business; changes in tax laws and the outcome of potential tax audits; and other risks that are described in the Company’s Annual Report on Form 10-K filed on March 2, 2026 and our subsequent filings with the U.S. Securities and Exchange Commission. These forward-looking statements reflect the Company’s views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, reflect the Company’s current beliefs and are based on information currently available as of the date they are made, and the Company assumes no obligation and does not intend to update these forward-looking statements. Financial Information; Non-GAAP Financial Measures Some of the unaudited financial information and data contained in this press release, our shareholder letter and Form 8-K, such as Fee Revenue Less Production Costs (“FRLPC”), FRLPC as a % of Network Volume, Adjusted

4 EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Core Operating Expenses and Core Operating Expenses as a % of FRLPC, have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). To supplement the unaudited consolidated financial statements prepared and presented in accordance with U.S. GAAP, management uses the non-GAAP financial measures FRLPC, FRLPC as a % of Network Volume, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Core Operating Expenses, and Core Operating Expenses as a % of FRLPC 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. Management believes these non- GAAP measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods. 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 unaudited consolidated financial statements prepared and presented in accordance with U.S. GAAP. To address these limitations, management provides a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to net income (loss) attributable to Pagaya Technologies Ltd., a reconciliation of FRLPC to operating income, and a reconciliation of Core Operating Expenses to operating expenses, and calculations of Adjusted EBITDA Margin, FRLPC as a % of Network Volume and Core Operating Expenses as a % of FRLPC. Management encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view the non-GAAP financial measures in conjunction with the respective related GAAP financial measures. Non-GAAP financial measures include the following items: Fee Revenue Less Production Costs (“FRLPC”) is defined as operating income plus technology, data and product development, sales and marketing, and general and administrative costs, and less interest income and net investment income (loss). FRLPC as a % of Network Volume is defined as FRLPC divided by network volume. Adjusted Net Income (Loss) is defined as net income (loss) attributable to Pagaya Technologies Ltd. excluding share-based compensation expense, change in fair value of contingent liability, 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 and other one-time expenses. Adjusted EBITDA is defined as net income (loss) attributable to Pagaya Technologies Ltd. excluding share-based compensation expense, change in fair value of contingent liability, 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 and other one-time expenses, interest expense, income tax expense (benefit), and depreciation and amortization. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Total Revenue and Other Income. Core Operating Expenses is defined as operating expenses less share-based compensation, depreciation and amortization, whole loan allowance for losses, transaction-related expenses, restructuring expenses and non- recurring expenses associated with mergers and acquisitions and other one-time expenses. Core Operating Expenses as a % of FRLPC is defined as Core Operating Expenses divided by FRLPC. The foregoing items are excluded from our FRLPC, FRLPC as a % of Network Volume, Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, Core Operating Expenses, and Core Operating Expenses as a % of FRLPC 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 these non-GAAP measures provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we have included these non-GAAP measures because these are key measurements

5 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, these non-GAAP measures are 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 tables below provide reconciliations of these non-GAAP measures to the most directly comparable U.S. GAAP measures. In addition, Pagaya provides an outlook for the second quarter and full year 2026 on a non-GAAP basis. The Company cannot reconcile its expected Adjusted EBITDA to expected net income (loss) attributable to Pagaya Technologies Ltd. or its expected FRLPC as a % of Network Volume to expected operating income without unreasonable effort because certain items that impact net income (loss) attributable to Pagaya Technologies Ltd., operating income, and other reconciling items are out of the Company’s control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s U.S. GAAP financial results. Investors & Analysts Craig Smyth Investor Relations IR@pagaya.com Media & Press Emily Scheer Public Relations Press@pagaya.com

6 PAGAYA TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except share and per share data) Three Months Ended March 31, 2026 2025 Revenue Revenue from fees $ 298,991 $ 282,704 Other Income Interest income 17,666 7,676 Investment income (loss), net 1,287 (391) Total Revenue and Other Income 317,944 289,989 Production costs 177,561 167,083 Technology, data and product development (1) 15,940 19,444 Sales and marketing (1) 11,132 9,594 General and administrative (1) 33,306 46,183 Total Costs and Operating Expenses 237,939 242,304 Operating Income 80,005 47,685 Gains and (losses) on investments in loans and securities (37,996) (29,024) Other expense, net (15,466) (18,709) Gains from extinguishment of debt 767 — Income (Loss) Before Income Taxes 27,310 (48) Income tax expense (benefit) 3,149 (2,540) Net Income Including Noncontrolling Interests 24,161 2,492 Less: Net loss attributable to noncontrolling interests (533) (5,401) Net Income Attributable to Pagaya Technologies Ltd. $ 24,694 $ 7,893 Earnings per share attributable to Pagaya Technologies Ltd.’s ordinary shareholders: Basic $ 0.29 $ 0.10 Diluted $ 0.28 $ 0.10 Non-GAAP adjusted net income (2) $ 67,496 $ 53,189 Non-GAAP adjusted net income per share: Basic $ 0.82 $ 0.70 Diluted $ 0.73 $ 0.69 Weighted average shares outstanding: Basic 82,717,374 75,765,080 Diluted 96,745,000 77,043,464 (1) The following table sets forth share-based compensation for the periods indicated below: Three Months Ended March 31, 2026 2025 Technology, data and product development $ 1,194 $ 1,097 Sales and marketing 1,531 4,780 General and administrative 4,471 7,295 Total $ 7,196 $ 13,172 (2) See “Reconciliation of Non-GAAP Financial Measures.”

7 PAGAYA TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands) March 31, December 31, 2026 2025 Assets Cash and cash equivalents $ 317,813 $ 235,329 Restricted cash and cash equivalents 62,218 53,020 Fees receivables 170,688 153,250 Investments in loans and securities at fair value 941,367 945,269 Equity method and other investments 14,805 13,518 Right-of-use assets 28,965 30,578 Property, equipment and software, net 31,413 30,221 Goodwill 22,903 22,903 Intangible assets, net 6,231 7,661 Other assets 52,240 54,165 Total Assets $ 1,648,643 $ 1,545,914 Liabilities and Shareholders’ Equity Liabilities: Accounts payable $ 3,796 $ 3,931 Accrued expenses and other liabilities 63,472 74,635 Operating lease liabilities 32,619 34,212 Income taxes payable and other tax liabilities 23,561 18,687 Warrant liability 561 4,723 Revolving credit facility 114,700 — Secured borrowing 156,275 193,892 Exchangeable notes 149,416 148,782 Long-term debt 474,988 481,598 Total Liabilities 1,019,388 960,460 Redeemable convertible preferred shares 30,103 30,103 Shareholders’ equity: Ordinary shares — — Additional paid-in capital 1,399,545 1,390,990 Accumulated other comprehensive loss (32,276) (48,319) Accumulated deficit (837,960) (862,654) Total Pagaya Technologies Ltd. shareholders’ equity 529,309 480,017 Noncontrolling interests 69,843 75,334 Total shareholders’ equity 599,152 555,351 Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity $ 1,648,643 $ 1,545,914

8 PAGAYA TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income including noncontrolling interests $ 24,161 $ 2,492 Adjustments to reconcile net income to net cash used in operating activities: Equity method and other investments (income) loss (1,287) 391 Depreciation and amortization 3,862 7,722 Share-based compensation 7,196 13,172 Fair value adjustment to warrant liability (4,162) 1,099 (Gains) and losses on investments in loans and securities 37,995 31,186 Amortization of deferred costs 5,190 2,396 Gains from extinguishment of debt (767) — Write-off of capitalized software and other assets 1,866 — Losses on foreign exchange 176 32 Change in operating assets and liabilities: Fee receivables (17,448) (8,844) Accrued interest on investments (9,263) (6,088) Right-of-use assets 1,613 1,505 Other assets 1,646 1,652 Accounts payable 598 3,016 Accrued expenses and other liabilities (11,263) (11,615) Operating lease liability (1,822) (1,415) Income taxes 4,893 (2,274) Net cash provided by operating activities 43,184 34,427 Cash flows from investing activities Proceeds from the maturity and prepayment of investments in loans and securities 196,329 58,674 Cash and restricted cash acquired from Theorem Technology, Inc. — 159 Purchases of investments in loans and securities (209,069) (81,943) Purchases of property, equipment and software (3,176) (3,776) Net cash used in investing activities (15,916) (26,886) Cash flows from financing activities Proceeds from secured borrowing 49,316 49,162 Proceeds from revolving credit facility 114,700 — Proceeds from exercise of stock options, warrants and contributions to ESPP 802 2,859 Distributions made to noncontrolling interests (6,126) (4,442) Payments made to secured borrowing (87,994) (46,919) Payments made to long-term debt (6,463) (4,439) Net cash provided by (used in) financing activities 64,235 (3,779) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 179 (646) Net increase in cash and cash equivalents, and restricted cash and cash equivalents 91,682 3,116 Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period 288,349 226,518 Cash and cash equivalents, and restricted cash and cash equivalents, end of period $ 380,031 $ 229,634

9 PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) ($ in thousands, unless otherwise noted) Three Months Ended March 31, 2026 2025 Net Income Attributable to Pagaya Technologies Ltd. $ 24,694 $ 7,893 Adjusted to exclude the following: Share-based compensation 7,196 13,172 Fair value adjustment to contingent liability — (3,184) Fair value adjustment to warrant liability (4,162) 1,099 Impairment loss on certain investments, net 36,376 27,803 Write-off of capitalized software and other assets 1,866 1,708 Restructuring expenses — 962 Transaction-related expenses — 14 Non-recurring expenses 1,526 3,722 Adjusted Net Income $ 67,496 $ 53,189 Adjusted to exclude the following: Interest expenses 19,659 21,212 Income tax expense (benefit) 3,149 (2,540) Depreciation and amortization 3,862 7,722 Adjusted EBITDA $ 94,166 $ 79,583 Adjusted EBITDA Margin % 30 % 27 % Three Months Ended March 31, 2026 2025 Operating Income $ 80,005 $ 47,685 Add: Technology, data and product development 15,940 19,444 Add: Sales and marketing 11,132 9,594 Add: General and administrative 33,306 46,183 Less: Interest income 17,666 7,676 Less: Investment income (loss), net 1,287 (391) Fee Revenue Less Production Costs (FRLPC) $ 121,430 $ 115,621 Network Volume (in millions) 2,624 2,400 Fee Revenue Less Production Costs % (FRLPC %) 4.6 % 4.8 % Three Months Ended March 31, 2026 2025 Operating expenses $ 60,378 $ 75,221 Adjusted to exclude the following: Share-based compensation 7,196 13,172 Depreciation and amortization 3,862 7,722 Whole loan allowance for losses — 5,620 Write-off of capitalized software 109 — Transaction-related expenses — 14 Restructuring expenses — 962 Non-recurring expenses 2,293 3,722 Core operating expenses $ 46,918 $ 44,009 Core operating expenses as a % of FRLPC 39 % 38 %

Pagaya Appoints Chief Strategy Officer Jonathan Dobres as CFO, Succeeding Evangelos Perros NEW YORK May 7, 2026-- Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or the “Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, announced today the appointment of Chief Strategy Officer Jonathan Dobres, as Chief Financial Officer, effective June 15, 2026. Dobres will be succeeding Evangelos Perros, who will remain in his current role until June 15, 2026. Perros will remain with the Company through December 31st, 2026 serving as a Strategic Executive Advisor to Gal Krubiner, Chief Executive Officer, with a focus on building out the Company’s long term funding strategy. “We are excited to announce Jon Dobres as Chief Financial Officer” said CEO Gal Krubiner. “Jon brings a strong combination of financial discipline, strategic insight and deep familiarity with our business, having played an integral role in our strategic planning, capital allocation, and execution. He is a trusted partner to the leadership team and I am confident in his ability to lead our finance organization and advance our financial goals.” "On behalf of the Board and the entire team, I want to thank Evangelos for his leadership and dedication over the past 4.5 years," Krubiner continued. "Under Evangelos Perros’s tenure, we have achieved significant milestones, including the full build of Pagaya’s financial organization and leading it to deliver GAAP Net Income profitability, sustainably and consistently. We appreciate his commitment to a smooth transition. He will continue to support me as a Strategic Executive Advisor through the year end." Mr. Dobres joined Pagaya in 2021 as Head of Strategy and Corporate Development before becoming its Chief Strategy Officer. He previously served in senior investment roles at Hudson Executive Capital, including as CFO of several Hudson sponsored investment vehicles, Flexis Capital and P. Schoenfeld Asset Management. Mr. Dobres started his career as a bank regulatory and M&A lawyer at Sullivan & Cromwell and as a Vice President in technology investment banking at Bear Stearns & Co. Mr. Dobres majored in finance at Emory University where he graduated with distinction and received a JD with honors from Georgetown Law School. 0

“I’m honored to take on this role at such an exciting time for Pagaya and our shareholders,” said Jon Dobres. “EP and I have worked closely over the past two years to position Pagaya’s balance sheet into a strategic asset for the company, and I look forward to building on the strong finance infrastructure he has put in place. I remain focused on executing our financial strategy, maintaining disciplined capital allocation, and delivering durable, profitable growth.” “We owe a great deal of our success to Evangelos’s commitment over the years, and while he will be missed, he leaves behind a remarkably strong foundation. I am thrilled to see Jon take on this new challenge. After two years of close collaboration with Evangelos, Jon has proven himself, and I have full confidence that he is the right man for the job,” said Sanjiv Das, President of Pagaya. Evangelos Perros commented, "It has been a pleasure to serve as CFO of Pagaya. I am incredibly proud of what we have accomplished together and the strong foundation we have built. After much reflection, I have decided it is the right time for me to turn to other career opportunities, knowing I leave the company on the best footing in its history. I remain confident in the company’s strategy, its talented team, and in Jon’s ability to continue to deliver for our shareholders, employees and end consumers." Today, Pagaya also announced its first quarter 2026 results. You can read the full press release and shareholder letter on pagaya.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding expected leadership transitions. Forward-looking statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, which are described in more detail in the “Risk Factors” and other sections of our Annual Report on Form 10-K filed on March 2, 2026 and our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date hereof, and the Company assumes no obligation and does not intend to update these forward-looking statements. 0

About Pagaya Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides consumer credit and other products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. For more information, visit pagaya.com. Pagaya Contacts Investors & Analysts ir@pagaya.com Media & Press press@pagaya.com 0

Q1  Letter to Shareholders May 7, 2026

2 Q1 Financial Highlights Gal Krubiner | Co-founder and CEO Our results this quarter demonstrate our resilient business model. Once again, Pagaya shows that profitability and disciplined risk management are not in tension — they are part of the same strategy. As we expand our partner network and deepen product adoption, we are building a durable, through-the-cycle business that will bridge Wall Street and Main Street for the long run. $2.6B Network volume of $2.6 billion compared to our outlook of $2.5 - $2.7 billion and grew 9% year-over-year and 23% ex-SFR, with a focus on prudent growth. $318M Total revenue & other income of $318 million compared to our outlook of $315 - $335 million and grew 10% year-over-year, driven by 130% growth in interest income. $121M Revenue from fees less production costs (“FRLPC”) of $121 million increased 5% year-over-year. FRLPC as a percentage of network volume (“FRLPC %”) declined 19bps year-over-year to 4.6%. $94M Adjusted EBITDA of $94 million compared to our outlook of $80 - $95 million and grew 18% year-over-year, well ahead of revenue and FRLPC growth, demonstrating continued strong operating leverage. Adjusted EBITDA margin rose more than 2 points to 30%. GAAP operating income was $80 million. $25M GAAP net income attributable to Pagaya shareholders of $25 million, an 8% margin, compared to our outlook of $15 - $35 million, up $17 million year-over-year driven by fee revenue growth and operating leverage. “

3 Delivered another quarter of profitability while maintaining a disciplined risk posture. We reported $25 million in GAAP net income while application- to-volume conversion fell below 1% driven by the proactive cuts we made last quarter and the continued underwriting of a higher quality borrower. Achieved a step-change in our ABS program with an inaugural AAA Fitch rating in Personal Loan. Our PAID resecuritization program now carries dual AAA ratings from KBRA and Fitch — enhancing secondary market liquidity and opening up additional pockets of institutional capital. This quarter we completed two resecuritization transactions totaling more than $800 million including our first in Auto, accelerating capital return through a repeatable capital markets mechanism. Continued operational execution with four partners onboarded year-to-date. We onboarded Upstart, GLS, Sezzle and Flex Pay, a Buy Now, Pay Later solution from Upgrade, bringing our total partners onboarded to five in the last 6 months. We have multiple additional partners in the queue, including regional banks, that we expect to complete this year. Growing adoption of new products and features validating Pagaya’s value proposition to lenders. This quarter we onboarded a top 5 partner to Experian Activate. Additionally, we saw a separate top 5 partner grow their Pagaya volumes by 37% after being onboarded to a leading affiliate marketplace and completed 12 Prescreen campaigns on behalf of our lending partners. Q1 Operating Highlights

4 Gal Krubiner Co-founder and CEO Dear Fellow Shareholders, Our first quarter results demonstrate the disciplined execution and fundamental resilience of the Pagaya business model. Despite a macro environment characterized by volatility, we remained focused on core business drivers, delivering another strong quarter with GAAP net income of $25 million and are increasing our full year GAAP net income guidance due to our accelerated momentum in our auto business. These results reflect a team executing a clear plan to drive sustained profitability through expanding our partner network and building differentiated products on a platform designed to perform through cycles. We see a resilient consumer, supported by a stable labor market and credit conditions. Our first quarter credit performance remains in line with expectations, bolstered by seasonal tax refund trends. However, we are not relying on these tailwinds to extend risk and we continue to maintain our selective posture. As a reminder, in the fourth quarter of 2025, we intentionally moderated origination volumes in select segments. We remain data-dependent and flexible, operating with the belief that a measured approach today secures our scale for tomorrow. Our funding strategy continues to demonstrate strength in our ability to attract capital, raising $2.1 billion this quarter, attracting five new investors into our deals, and expanding our investor base through our first-ever auto resecuritization. As part of that, we have reached an important milestone by launching our inaugural AAA Fitch-rated ABS deal, marking the first time we have added a major rating agency alongside Kroll. This expansion provides enhanced stability to our capital market presence and reinforces confidence in our asset performance. While private credit markets undergo a period of repricing, we have strategically leaned into the public ABS markets. It is this same focused execution that continues to drive our B2B business and enterprise growth forward. • We onboarded a record four new partners, and are making progress with regional banks in the pipeline, which is further testament to the progression of our platform. • Our auto business reached record performance, with volumes hitting all-time highs. Auto has become a structural growth engine for Pagaya, enhanced by product enhancements and network pricing efficiency. • Our PL business offered expanded platform capabilities with the addition of Experian Activate and continue to operate across the significant affiliate marketplaces in consumer lending to broaden the reach of our partners. • POS continues to mature with two additional partners onboarded. With Pagaya’s longer-term, larger-ticket lending capabilities, our partners can deliver a complete lending solution to enterprise merchants — creating meaningful differentiation within their verticals. We have built a business that operates through volatility with clarity and purpose. As we approach our 10-year anniversary, we are reminded that the companies that endure are those that build through the cycle. We are capital disciplined, and by proving our model yet again, we are separating Pagaya as the preferred technology partner for every major consumer lender in the U.S. Thank you for your continued confidence in our team and our mission.

We continue to stay focused on driving GAAP Net Income by diversifying across partners, products, and acquisition channels. As we expand to the top of the origination funnel with our products, we are becoming deeply embedded with our lending partners — strengthening the foundation for durable, bottom-line growth. When we provided outlook for 2026, we emphasized that disciplined risk management is essential for sustaining GAAP net income growth, which drove our decision to reduce our marginal risk exposure late last quarter. While consumer behavior is currently in line with expectations, we continue to closely monitor performance. Our growth levers are durable as they are driven by the combination of existing and new partners without expanding our credit box. We are focused on execution as we are driving adoption of our products across partners and onboarding new partners to the network. Our relevance for lending partners remains high: banks continue to solve for non-interest income growth and maximizing customer lifetime value while fintechs are focused on maximizing their return on acquisition spend - and this is exactly what Pagaya enables for its lending partners. Sanjiv Das Co-founder and President 5 Update on our Operating Business Our product suite is robust and market tested. Product expansion is driving our growth in 2026, whereas new partners are setting the stage for growth in the back half of 2026 and beyond. We are building a sustainable platform for long- term growth with a unique data advantage as well as underwriting and funding excellence as fundamentals. The sections below will provide more details on our recent accomplishments as we continue to execute on our profitable growth plans, and what we are on track to executing in the next few quarters. New Partners We continue to work through our onboarding pipeline that we announced end of last year, which represents a healthy mix of banks, Fintechs and auto players. Year-to-date, we completed the onboarding of four partners: Global Lending Services or GLS, Upstart, Sezzle, and Flex Pay, a Buy Now, Pay Later solution from Upgrade. While early, these new partners are showing healthy progression in their respective ramps. Additionally, we are in the process of onboarding regional banks that we expect to announce soon. Our onboarding process is industrial grade of all new partners: it includes pre-built integrations with all of our products which significantly accelerates scaling.

6 Existing Partners We are continuing to expand our existing partner relationships by rolling out new products. Our products have proven value for partners, and now we are in execution mode: building a multi- product enterprise that is increasingly embedded into our partners’ businesses and loan origination funnels through products such as our Affiliate Optimizer Engine and Direct Marketing Engine. We are evolving from a single product, single channel company into a multi-product, multi- channel platform across the entire cycle of our lenders underwriting process. Our largest lending partners continue to move through the Pagaya lifecycle by adopting more products, which leads to more volume and revenue for both partners and Pagaya. As discussed in the previous shareholder letters, partners who adopt our products see material growth in the partnership. For example, we increased volume with one of our partners by 37% in Q1 2026 compared to the same period a year ago by onboarding them on a leading affiliate marketplace, highlighting value-add on the affiliate channels. We continue to deepen our affiliate ecosystem, most notably through our strategic integration with Experian Activate. This partnership allows our Personal Loan partners to tap directly into Experian’s high-intent marketplace, fueling a mutual increase in volume and profitability. Pagaya’s Platform: Deep embeddedness in partner origination flow leads to accelerated growth for partners Visibility into the entire partner loan lifecycle All acquisition channels across 3 asset classes Deep embeddedness into lending partners’ infrastructure: Multiproduct relationships with leading partners Lending funnel Acquisition channels Asset classes Application Verification Activation Funding Servicing Organic Leads (website, branch etc.) Affiliates Leads from ~10 major affiliate marketplaces Personal Loans Auto Loans Point of Sale Loans Pagaya’s products Decline Monetization Direct Marketing Engine Affiliate Optimizer Engine Other Product Initiatives Pagaya’s deep embeddedness in partner flow unlocks volume, revenue and customer retention for our lending partners

Following the successful launch of a top-five partner this quarter, we have a robust pipeline of major lenders scheduled for onboarding throughout the remainder of the year. Looking at our Direct Marketing Engine, we continue to onboard more partners to the Prescreen solution across Email and Direct Mail. So far, we have completed 12 campaigns with 5 partners, allowing us additional insights to further enhance our response models to drive higher efficiency. Turning to our asset classes, we are increasingly operating a diversified platform across Personal Loan, Auto and Point-of-Sale (POS). We are rebalancing our products and channels with more stable and scalable economics. We continue to optimize our existing flow across channels through pricing and activation tests across asset classes and channels. Personal Loans remains our flagship asset class and represented 63% of total production this quarter, driven by Affiliate Optimizer Engine in the near term and Direct Marketing Engine longer term. Auto continues to demonstrate significant growth and strong profitability supported by tax season tailwinds. Strong momentum in Auto is driven by our extensive ongoing engagement with lending partners that allowed us to unlock access to additional high-quality flow sources. In parallel, we continue to optimize dealer experience by refining our offers and pricing. As a result, our volumes are not only growing but are also shifting towards tiers that have lower risk. In fact, our Auto volumes currently stand at a record high annualized run rate of $2.3B – significantly increasing compared to 1Q’25. 7 Growing Auto network volumes annual run-rate as of 1Q’26 $2.3B Auto: In Point-of-Sale, we are diversifying across lending partners. We just onboarded two new partners - Flex Pay (a Buy Now, Pay Later solution from Upgrade) and Sezzle. Pagaya brings longer- term, larger-ticket lending capability to our partners. Together, we can pursue enterprise merchants with a full lending solution that further differentiates the partner within their verticals. Funding and financing remains robust across asset classes. This quarter we closed four ABS transactions and $2.1 billion in funding across our PAID and RPM shelves despite the increased market volatility. Our foundation remains strong as we continue to build a resilient B2B2C business. Our continued diversification across partners and products drives the value of our platform: we have unique access to data and insights that provide us with an unparalleled vantage point and allow us to stay nimble. As we continue to maintain positive GAAP Net income and Cash flow, we are strengthening the fundamentals for our long-term.

8 Evangelos Perros Chief Financial Officer First Quarter Results We delivered our fifth consecutive quarter of GAAP net income, generating $25 million while maintaining our disciplined approach to risk. Our results continue to strengthen the durability of our model—balancing credit risk, growth, and operating efficiency. We continue to focus on disciplined risk management and we remain cautious given the broader macroeconomic environment and elevated cost of capital. For the first quarter of 2026, we reported revenue of $318 million, FRLPC of $121 million, and adjusted EBITDA of $94 million. NETWORK VOLUME & REVENUE Network volume grew 9% year-over-year to $2.6 billion driven by strength across all asset classes - and partially offset by zero volume in SFR. Excluding SFR, volume grew 23% year-over-year. Application- to-volume conversion fell below 1% reflecting our deliberate shift toward higher-quality borrowers and tighter underwriting standards. Revenue and other income grew 10% year-over- year to $318 million. Revenue from fees grew 6% to $299 million, supported by higher volume and partially offset by lower FRLPC % rate. Interest and investment income almost doubled in the period, as a result of our continued growth in our investments. FRLPC grew 5% year-over-year in the first quarter to $121 million. As previously communicated, FRLPC as a % of network volume (“FRLPC %”) contracted by 19 basis points year-over-year to 4.6% driven by tighter pricing in our funding reflecting higher cost of capital, and changes in asset class mix. PROFITABILITY & OPERATING EFFICIENCY Adjusted EBITDA increased by 18%, or by $15 million, to $94 million with a margin of 29.6%, up 2 points year-over-year. Core operating expenses remained well controlled, flat sequentially and $3 million higher vs. same quarter last year. As a percentage of FRLPC, Core Opex was 39% broadly in line with prior year. Operating leverage continues to drive high flow-through of incremental fees to our bottom- line supported by our inherent structure and disciplined expense management. First quarter incremental net income margin exceeded 100% of year-over-year FRLPC growth. Operating income was $80 million in the quarter, up 68% year-over-year. We reported $25 million of GAAP net income in the first quarter, up $17 million compared to 1Q’25. This was driven primarily by 6% growth in fee revenue and interest income alongside lower levels of operating expenses and interest expense. This equated to a 8% margin, compared to 3% in the year-ago quarter.

9 CREDIT PERFORMANCE Credit performance remains in line with underwriting expectations across all verticals. Performance for 2025 vintages reflects a more normalized production and approximately 200 bps improvement in investors’ cost of capital versus 2024. Compared to other historical vintages, personal loans cumulative net losses (“CNLs”) for quarterly vintages from 4Q’24 through 3Q’25 are trending approximately 30 - 35% lower than historically peak levels in the fourth quarter of 2021 at month-on-book (“MOB”) 5 - 14. Similarly for auto loans, CNLs across the same vintages are trending approximately 40% - 60% below comparable 2022 periods at MOB 5 - 14. For POS as well, credit trends remain stable and in line with expectations. Auto CNLs vs comparable 2022 peak period Personal Loan CNLs vs 4Q’21 peak (59%) MOB 14 11 8 5 MOB 14 11 8 5 (64%) (60%) (42%) (30%) (29%) (34%) (36%) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’24 1Q’25 2Q’25 3Q’25

10 Funding & Capital Markets Demand for our production remains strong. During the first quarter, we issued $2.1 billion through our ABS program across 4 transactions, marketed to our network of more than 160 institutional funding partners. We achieved a key milestone with our first AAA rating from Fitch on our personal loan resecuritization shelf, and successfully executed our first auto resecuritization. These transactions further validate the strength of our platform. Resecuritization has become an increasingly important component of our capital markets strategy and a source of cash. It provides two key benefits: • Lower cost of capital through refinancing seasoned assets with more predictable credit performance • A repeatable mechanism to generate cash and value through return of capital from prior vintages As we have stated before, funding diversification is a priority and we are able to pivot between different funding channels - prefunding ABS, revolving ABS, whole loan sale and other funding structures. We continue to broaden our funding network to maintain this flexibility. Increasingly diversified across funding sources giving flexibility in volatile environment (Based on funding issuance) FY2024 FY2025 1Q’2026 Prefunding ABS Forward Flow Other (e.g. Pass Throughs)Revolver ABS

11 Last 12 Months (“LTM”) Capital Efficiency Total Investments in Loans & Securities as % of Network Volume ABS Risk Retention & Other Resecuritization Risk Retention Balance sheet The quality and mix of investments on our balance sheet over the past twelve months continues to improve, providing us additional access to liquidity and flexibility. As of March 31, 2026, our balance sheet consisted primarily of $318 million in cash and cash equivalents and $941 million of Investments in Loans and Securities. During the quarter, we fully drew down on our Revolver as a precaution against the worsening geopolitical and macro backdrop, and we paid it back in full in late April. Approximately 35% of Investments in Loans and Securities represent investments in bonds from our sponsored ABS transactions. During the first quarter, the fair value of the overall investment portfolio and allowances, prior to new additions, was adjusted downward by $21 million compared to $50 million in the prior quarter. We also added $13 million of new investments in loans & securities, net of paydowns from prior investments. In February, we also repurchased $7 million of our corporate notes, consistent with our stated objective of opportunistic capital deployment. In April, we repurchased another $4 million. 3.5% 1.7% 2.0% 7.2% -1.0% -2.2% -1.3% 2.7% 0.5% Additional Investments (ABS Bonds) Total Gross Investments in Loans & Securities Prefunding Release Resecuritization Cash Release Other LTM Total Investments in Loans & Securities, Net of Return of Capital 1Q26 Total Investments in Loans & Securities, Net of Return of Capital LTM 1Q’26 Note: excludes SFR volume; sale of certificate presented net

Our second quarter and updated full-year 2026 outlook reflects the momentum in our business balanced with being cautious in the near term given persistent uncertainty. We expect network volume growth to continue, driven by deeper engagement with existing partners - particularly in Auto - contributions from new partners, and new product initiatives. FRLPC % is expected to be between 4.0% and 5.0% for the year. For purposes of our outlook, we assume cost of capital remains at the levels we currently see in the market, which is elevated relative to last year. We believe our consistent profitability, disciplined risk management, and diversified funding strategy position us well to navigate the current environment while continuing to build a durable, next-generation financial platform. 2026 Financial Outlook 2Q26 Network Volume Total Revenue & Other Income Adjusted EBITDA GAAP Net Income FY26 12 $2,875 - $3,075M $11,450 - $13,000M $345 - $365M $1,400 - $1,575M $100 - $115M $420 - 460M $25 - $45M $110 - $160M

13 Conference Call and Webcast Information The Company will hold a webcast and conference call today, May 7, 2026, at 8:30 a.m. Eastern Time. A live webcast of the call will be available via the Investor Relations section of the Company’s website at investor.pagaya.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly before the call, the accompanying materials will be made available on the Company’s website. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website. The conference call can also be accessed by dialing 1-833-316-2483 or 1-785-838-9284. The telephone replay can be accessed by dialing 1-844- 512-2921 or 1-412-317-6671 and providing the conference ID# 11161536. The telephone replay will be available starting shortly after the call until Thursday, May 21, 2026. A replay will also be available on the Investor Relations website following the call. About Pagaya Technologies Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate solutions for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com. INVESTORS & ANALYSTS Craig Smyth Investor Relations ir@pagaya.com MEDIA & PRESS Emily Scheer Public Relations press@pagaya.com

14 This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “future,” “strategy,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. All statements other than statements of historical fact are forward-looking statements, including statements regarding: the Company’s strategy and future operations, including expanding its partner network and deepening product adoption; the strength of our operating model; navigating the current macro environment; building a durable, through- the-cycle business for the long-term; the Company’s plans to onboard additional partners in 2026; our proactive risk management strategy; our funding strategy and attracting new capital; leveraging public ABS markets in the near- term; growth in 2026 driven by product expansion and new partners; drawing on and repaying our revolving credit facility; expected management transitions; and the Company’s financial outlook for Network Volume, Total Revenue and Other Income, Adjusted EBITDA, and GAAP Net Income in the second quarter and for the full year 2026, and for FRLPC as a % of Network Volume for the full year 2026. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions include factors relating to: our rapid growth and our ability to effectively manage our growth and maintain profitability; adverse global economic conditions and other catastrophic events; adverse developments impacting the banking and financial services industries, consumer credit activity, and the availability of equity and debt financing; our reliance on services provided by third-party vendors; our dependence on our AI technology; our reliance on a limited number of partners which presents concentration risk for Network Volume and Revenue; retaining and attracting new partners by improving our platform and offering new and relevant products; our ability to raise capital from investors; developing and maintaining robust and diverse funding sources; the competitive nature of our industry; changes to our accounting policies or financial reporting standards; maintaining our brand image and reputation; managing risks related to fraudulent activity; our reliance on key employees including our founders; effectively managing conflicts of interest related to our financing vehicles; legal proceedings, investigations, or claims; maintaining adequate insurance coverage; the effectiveness of our risk management processes; realizing the intended benefits of any strategic transactions; the regulation of AI technologies by the FTC, CFPB, and other governmental agencies; enforcing our intellectual property rights; our use of open-source software components; our ability to continue receiving accurate data from our partners; cyberattacks and other security breaches; risks related to our single-family rental operations including volatility in the single-family rental market, lease renewal and default rates, HOA regulations, the accuracy of resident-supplied information, leasing fraud, renovation and maintenance costs, and regulations impacting the single- family rental business; our compliance with laws related to consumer protection, consumer finance, lending, fair lending, data protection and privacy, cybersecurity, and investment advisory services, and maintaining required licenses to operate; heightened regulation of the financial services industry; the risks that we are deemed to be an investment company or that we cannot rely on exemptions under various laws to conduct the funding component of our business; our ability to continue accessing the securitization market; our compliance with anti-corruption, anti-bribery, anti-money laundering, economic and trade sanctions and similar laws; the risk that we would be deemed the true lender for loans originated by our partners; the enforceability of assets we acquire from our partners; risks related to ongoing conflicts including between Russia and Ukraine and Israel, the United States, and Iran; risks related to our operations in Israel including regional hostilities and our employees’ required military service; risks related to being a public company including limited management experience and increased costs; covenants in our indebtedness arrangements that could limit our ability to operate our business; changes in tax laws and the outcome of potential tax audits; and other risks that are described in the Company’s Annual Report on Form 10-K filed on March 2, 2026 and our subsequent filings with the U.S. Securities and Exchange Commission. Cautionary Note About Forward-Looking Statements

15 These forward-looking statements reflect the Company’s views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, reflect the Company’s current beliefs and are based on information currently available as of the date they are made, and the Company assumes no obligation and does not intend to update these forward-looking statements. Financial Information; Non-GAAP Financial Measures Some of the unaudited financial information and data contained in this shareholder letter, our earnings press release and Form 8-K, such as Fee Revenue Less Production Costs (“FRLPC”), FRLPC as a % of Network Volume, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Core Operating Expenses and Core Operating Expenses as a % of FRLPC, have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). To supplement the unaudited consolidated financial statements prepared and presented in accordance with U.S. GAAP, management uses the non-GAAP financial measures FRLPC, FRLPC as a % of Network Volume, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Core Operating Expenses and Core Operating Expenses as a % of FRLPC 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. Management believes these non-GAAP measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods. 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 unaudited consolidated financial statements prepared and presented in accordance with U.S. GAAP. To address these limitations, management provides a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to net income (loss) attributable to Pagaya Technology Ltd., a reconciliation of FRLPC to operating income, and a reconciliation of Core Operating Expenses to operating expenses, and calculations of Adjusted EBITDA Margin, FRLPC as a % of network volume and Core Operating Expenses as a % of FRLPC. Management encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view the non-GAAP financial measures in conjunction with the respective related GAAP financial measures. Non-GAAP financial measures include the following items: Fee Revenue Less Production Costs (“FRLPC”) is defined as operating income plus technology, data and product development, sales and marketing, and general and administrative costs, and less interest income and net investment income (loss). FRLPC as a % of Network Volume is defined as FRLPC divided by network volume. Adjusted Net Income (Loss) is defined as net income (loss) attributable to Pagaya Technologies Ltd. excluding share- based compensation expense, change in fair value of contingent liability, 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 and other one-time expenses. Adjusted EBITDA is defined as net income (loss) attributable to Pagaya Technologies Ltd. excluding share-based compensation expense, change in fair value of contingent liability, 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 and other one-time expenses, interest expense, income tax expense (benefit), and depreciation and amortization. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Total Revenue and Other Income. Core Operating Expenses is defined as operating expenses less share-based compensation, depreciation and amortization, whole loan allowance for losses, transaction- related expenses, restructuring expenses and non-recurring expenses associated with mergers and acquisitions and other one-time expenses. Core Operating Expenses as a % of FRLPC is defined as Core Operating Expenses divided by FRLPC. The foregoing items are excluded from our FRLPC, FRLPC as a % of Network Volume, Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, Core Operating Expenses, and Core Operating Expenses as a % of FRLPC 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 these non-GAAP measures provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing

16 useful measures for period-to-period comparisons of our business performance. Moreover, we have included these non-GAAP measures 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, these non-GAAP measures are 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 tables below provide reconciliations of these non-GAAP measures to the most directly comparable U.S. GAAP measures. In addition, Pagaya provides an outlook for the second quarter and full year 2026 on a non-GAAP basis. The Company cannot reconcile its expected Adjusted EBITDA to expected net income (loss) attributable to Pagaya Technologies Ltd. or its expected FRLPC as a % of Network Volume to expected operating income without unreasonable effort because certain items that impact net income (loss) attributable to Pagaya Technologies Ltd., operating income, and other reconciling items are out of the Company’s control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s U.S. GAAP financial results.

1 PAGAYA TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except share and per share data) Three Months Ended March 31, 2026 2025 Revenue Revenue from fees $ 298,991 $ 282,704 Other Income Interest income 17,666 7,676 Investment income (loss), net 1,287 (391) Total Revenue and Other Income 317,944 289,989 Production costs 177,561 167,083 Technology, data and product development (1) 15,940 19,444 Sales and marketing (1) 11,132 9,594 General and administrative (1) 33,306 46,183 Total Costs and Operating Expenses 237,939 242,304 Operating Income 80,005 47,685 Gains and (losses) on investments in loans and securities (37,996) (29,024) Other expense, net (15,466) (18,709) Gains from extinguishment of debt 767 — Income (Loss) Before Income Taxes 27,310 (48) Income tax expense (benefit) 3,149 (2,540) Net Income Including Noncontrolling Interests 24,161 2,492 Less: Net loss attributable to noncontrolling interests (533) (5,401) Net Income Attributable to Pagaya Technologies Ltd. $ 24,694 $ 7,893 Earnings per share attributable to Pagaya Technologies Ltd.’s ordinary shareholders: Basic $ 0.29 $ 0.10 Diluted $ 0.28 $ 0.10 Non-GAAP adjusted net income (2) $ 67,496 $ 53,189 Non-GAAP adjusted net income per share: Basic $ 0.82 $ 0.70 Diluted $ 0.73 $ 0.69 Weighted average shares outstanding: Basic 82,717,374 75,765,080 Diluted 96,745,000 77,043,464 (1) The following table sets forth share-based compensation for the periods indicated below: Three Months Ended March 31, 2026 2025 Technology, data and product development $ 1,194 $ 1,097 Sales and marketing 1,531 4,780 General and administrative 4,471 7,295 Total $ 7,196 $ 13,172 (2) See “Reconciliation of Non-GAAP Financial Measures.”

2 PAGAYA TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands) March 31, December 31, 2026 2025 Assets Cash and cash equivalents $ 317,813 $ 235,329 Restricted cash and cash equivalents 62,218 53,020 Fees receivables 170,688 153,250 Investments in loans and securities at fair value 941,367 945,269 Equity method and other investments 14,805 13,518 Right-of-use assets 28,965 30,578 Property, equipment and software, net 31,413 30,221 Goodwill 22,903 22,903 Intangible assets, net 6,231 7,661 Other assets 52,240 54,165 Total Assets $ 1,648,643 $ 1,545,914 Liabilities and Shareholders’ Equity Liabilities: Accounts payable $ 3,796 $ 3,931 Accrued expenses and other liabilities 63,472 74,635 Operating lease liabilities 32,619 34,212 Income taxes payable and other tax liabilities 23,561 18,687 Warrant liability 561 4,723 Revolving credit facility 114,700 — Secured borrowing 156,275 193,892 Exchangeable notes 149,416 148,782 Long-term debt 474,988 481,598 Total Liabilities 1,019,388 960,460 Redeemable convertible preferred shares 30,103 30,103 Shareholders’ equity: Ordinary shares — — Additional paid-in capital 1,399,545 1,390,990 Accumulated other comprehensive loss (32,276) (48,319) Accumulated deficit (837,960) (862,654) Total Pagaya Technologies Ltd. shareholders’ equity 529,309 480,017 Noncontrolling interests 69,843 75,334 Total shareholders’ equity 599,152 555,351 Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity $ 1,648,643 $ 1,545,914

3 PAGAYA TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income including noncontrolling interests $ 24,161 $ 2,492 Adjustments to reconcile net income to net cash used in operating activities: Equity method and other investments (income) loss (1,287) 391 Depreciation and amortization 3,862 7,722 Share-based compensation 7,196 13,172 Fair value adjustment to warrant liability (4,162) 1,099 (Gains) and losses on investments in loans and securities 37,995 31,186 Amortization of deferred costs 5,190 2,396 Gains from extinguishment of debt (767) — Write-off of capitalized software and other assets 1,866 — Losses on foreign exchange 176 32 Change in operating assets and liabilities: Fee receivables (17,448) (8,844) Accrued interest on investments (9,263) (6,088) Right-of-use assets 1,613 1,505 Other assets 1,646 1,652 Accounts payable 598 3,016 Accrued expenses and other liabilities (11,263) (11,615) Operating lease liability (1,822) (1,415) Income taxes 4,893 (2,274) Net cash provided by operating activities 43,184 34,427 Cash flows from investing activities Proceeds from the maturity and prepayment of investments in loans and securities 196,329 58,674 Cash and restricted cash acquired from Theorem Technology, Inc. — 159 Purchases of investments in loans and securities (209,069) (81,943) Purchases of property, equipment and software (3,176) (3,776) Net cash used in investing activities (15,916) (26,886) Cash flows from financing activities Proceeds from secured borrowing 49,316 49,162 Proceeds from revolving credit facility 114,700 — Proceeds from exercise of stock options, warrants and contributions to ESPP 802 2,859 Distributions made to noncontrolling interests (6,126) (4,442) Payments made to secured borrowing (87,994) (46,919) Payments made to long-term debt (6,463) (4,439) Net cash provided by (used in) financing activities 64,235 (3,779) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 179 (646) Net increase in cash and cash equivalents, and restricted cash and cash equivalents 91,682 3,116 Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period 288,349 226,518 Cash and cash equivalents, and restricted cash and cash equivalents, end of period $ 380,031 $ 229,634

4 PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) ($ in thousands, unless otherwise noted) Three Months Ended March 31, 2026 2025 Net Income Attributable to Pagaya Technologies Ltd. $ 24,694 $ 7,893 Adjusted to exclude the following: Share-based compensation 7,196 13,172 Fair value adjustment to contingent liability — (3,184) Fair value adjustment to warrant liability (4,162) 1,099 Impairment loss on certain investments, net 36,376 27,803 Write-off of capitalized software and other assets 1,866 1,708 Restructuring expenses — 962 Transaction-related expenses — 14 Non-recurring expenses 1,526 3,722 Adjusted Net Income $ 67,496 $ 53,189 Adjusted to exclude the following: Interest expenses 19,659 21,212 Income tax expense (benefit) 3,149 (2,540) Depreciation and amortization 3,862 7,722 Adjusted EBITDA $ 94,166 $ 79,583 Adjusted EBITDA Margin % 30 % 27 % Three Months Ended March 31, 2026 2025 Operating Income $ 80,005 $ 47,685 Add: Technology, data and product development 15,940 19,444 Add: Sales and marketing 11,132 9,594 Add: General and administrative 33,306 46,183 Less: Interest income 17,666 7,676 Less: Investment income (loss), net 1,287 (391) Fee Revenue Less Production Costs (FRLPC) $ 121,430 $ 115,621 Network Volume (in millions) 2,624 2,400 Fee Revenue Less Production Costs % (FRLPC %) 4.6 % 4.8 % Three Months Ended March 31, 2026 2025 Operating expenses $ 60,378 $ 75,221 Adjusted to exclude the following: Share-based compensation 7,196 13,172 Depreciation and amortization 3,862 7,722 Whole loan allowance for losses — 5,620 Write-off of capitalized software 109 — Transaction-related expenses — 14 Restructuring expenses — 962 Non-recurring expenses 2,293 3,722 Core operating expenses $ 46,918 $ 44,009 Core operating expenses as a % of FRLPC 39 % 38 %

FAQ

How did Pagaya (PGY) perform financially in Q1 2026?

Pagaya reported solid Q1 2026 results, with total revenue and other income of $317.9 million, up 10% year-over-year. GAAP net income attributable to shareholders was $24.7 million, compared with $7.9 million a year earlier, reflecting higher fee revenue and operating leverage.

What were Pagaya (PGY)'s key profitability metrics for Q1 2026?

Pagaya generated GAAP operating income of $80.0 million, up 68% year-over-year. Adjusted EBITDA reached $94.2 million, an 18% increase, and the Adjusted EBITDA margin improved to 30%, supported by fee growth, lower operating expenses, and disciplined cost management.

What guidance did Pagaya (PGY) provide for Q2 2026 and full-year 2026?

For Q2 2026, Pagaya expects network volume of $2.875–$3.075 billion, revenue and other income of $345–$365 million, Adjusted EBITDA of $100–$115 million, and GAAP net income of $25–$45 million. Full-year 2026 GAAP net income guidance is $110–$160 million.

How is Pagaya (PGY)'s loan network volume trending?

In Q1 2026, Pagaya’s network volume was $2.6 billion, within its outlook range of $2.5–$2.7 billion. This represented 9% year-over-year growth, or 23% excluding single-family rental, driven by strength in auto and point-of-sale verticals with a focus on prudent underwriting.

What leadership change did Pagaya (PGY) announce for the CFO role?

Pagaya announced that CFO Evangelos Perros will step down effective June 15, 2026. Chief Strategy Officer Jonathan Dobres will become CFO on that date. Perros will stay through December 31, 2026 as Strategic Executive Advisor to support long-term funding strategy and ensure continuity.

What compensation package was disclosed for incoming CFO Jonathan Dobres at Pagaya (PGY)?

Jonathan Dobres’ employment agreement provides an annual base salary of $650,000 and eligibility for an annual cash incentive bonus. He will receive an upfront $350,000 portion of his 2026 bonus and scheduled RSU grants valued at $500,000, $500,000, and $1,000,000 between 2026 and 2028, subject to vesting.

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