Evangelos Perros
About Evangelos Perros
Evangelos Perros, 49, is Pagaya’s Chief Financial Officer (CFO), serving in the role since February 2024 after joining the company in 2021 as Deputy CFO and Head of Strategic Finance, and later Interim CFO. He previously held senior finance roles at J.P. Morgan (Managing Director) and Apollo Global Management (Managing Director and Head of Business Planning & Analysis). He holds a B.Sc. in Business Administration and Management from the University of Piraeus and an MBA from Yale School of Management . Under his tenure, Pagaya delivered record quarterly results in Q3 2025: Total Revenue and Other Income of $350.2 million (+36% YoY), FRLPC of $139.3 million (+39% YoY), Adjusted EBITDA of $107.0 million, and GAAP net income of $22.5 million, reflecting profitable growth and monetization efficiency .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| J.P. Morgan Chase | Managing Director (finance and investment banking leadership positions) | Not disclosed | Senior leadership across finance/investment banking |
| Apollo Global Management | Managing Director; Head of Business Planning & Analysis | Not disclosed | Led planning/analysis; corporate finance leadership |
Fixed Compensation
| Year | Base Salary | Target Bonus | Actual Bonus Paid | Notes |
|---|---|---|---|---|
| 2024 | $650,000 (effective Mar 1, 2024) | $600,000 target annual cash bonus | $1,150,000 cash bonus paid in Q1 2025 (for 2024 performance) | Employment agreement also provided a $250,000 performance cash bonus for 2024 |
Performance Compensation
| Component | Metric | Weighting | 2024 Target | Actual | Payout |
|---|---|---|---|---|---|
| Annual Incentive (company metrics) | Total Revenue | 35% | $925 million | Not disclosed | Actual bonus paid to Perros: $1,150,000 |
| Annual Incentive (company metrics) | FRLPC | 35% | $275 million | Not disclosed | Actual bonus paid to Perros: $1,150,000 |
| Annual Incentive (company metrics) | Adjusted EBITDA | 30% | $150 million | Not disclosed | Actual bonus paid to Perros: $1,150,000 |
| Discretionary Component | Board/Comp Committee discretion per policy | — | — | Not disclosed | Part of final payout (Company noted paid bonuses were below formulaic eligibility) |
Vesting reference for equity awards used in incentives:
- RSU grant in April 2024: 273,224 RSUs; 1/6 vested Aug 1, 2024; 1/6 vested Jan 1, 2025; remaining 2/3 vest in equal quarterly installments on Apr 1, 2025; Jul 1, 2025; Oct 1, 2025; Jan 1, 2026; Apr 1, 2026; Jul 1, 2026; Oct 1, 2026; Jan 1, 2027 .
Equity Ownership & Alignment
- Hedging/Pledging: Hedging prohibited; any pledging requires Board approval .
- Perquisites: No perquisites ≥$10,000 provided to Perros in 2024 .
Beneficial Ownership (as of March 31, 2025)
| Holder | Class A Shares | % of Class A | Notes |
|---|---|---|---|
| Evangelos Perros | 100,623 | <1% | Footnote detail: 54,029 Class A shares; 23,822 options (vested or vesting within 60 days); 22,772 RSUs vesting within 60 days |
Outstanding Equity Awards at Fiscal Year-End 2024 (12/31/2024)
| Security | Status | Quantity | Strike Price | Expiration | Market Value (12/31/2024) |
|---|---|---|---|---|---|
| Options | Exercisable | 7,175 | $51.36 | 12/29/2031 | — |
| Options | Unexercisable | 4,670 | $51.36 | 12/29/2031 | — |
| Options | Exercisable | 14,311 | $12.24 | 2/24/2033 | — |
| RSUs | Unvested | 231,844 | — | — | $2,153,831 (at $9.29/share close) |
Equity Award Vesting Schedules (detail)
- Options: 11,845 total with tranche vesting (7,175 vested 11/30/2024; 1,168 vest every three months thereafter) and a separate 14,311 fully vested option lot (strike $12.24; exp. 2/24/2033) .
- RSUs (2024 grant): see schedule above; dates create quarterly vesting events through Jan 1, 2027 .
Employment Terms
| Term | Key Provision |
|---|---|
| Agreement Date | Amended & Restated Employment Agreement signed March 12, 2025 |
| Base Salary | $650,000 |
| Target Annual Bonus | $600,000 |
| 2024 Performance Cash Bonus | $250,000 (per agreement) |
| Severance (without Cause / for Good Reason) | 6 months base salary continuation; pro‑rated annual bonus at target; Company pays portion of COBRA premiums for up to 6 months; requires executed release and 12‑month non‑compete/non‑solicit compliance |
| Change-in-Control (termination within 12 months; double‑trigger) | Lump sum: 12 months base salary; full annual bonus at target plus any unpaid prior‑year bonus at target; Company pays portion of COBRA premiums up to 12 months; accelerated vesting of all outstanding equity awards |
| Clawback | Incentive Compensation Recoupment Policy adopted Nov 29, 2023 (Section 10D/Rule 10D‑1/Nasdaq 5608 compliant); no recoupment actions to date |
| Non‑Compete / Non‑Solicit | 12 months post‑employment covenants (as condition to severance) |
Performance & Track Record
Company performance around Q3 2025 (indicative of operating discipline under CFO oversight):
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Total Revenue & Other Income ($000s) | $257,234 | $350,165 |
| FRLPC ($000s) | $100,318 | $139,313 |
| FRLPC % of Network Volume | 4.3% | 5.0% |
| Adjusted EBITDA ($000s) | $56,085 | $107,038 |
| GAAP Net Income attributable to Pagaya ($000s) | $(67,476) | $22,545 |
| Network Volume ($mm) | $2,351 | $2,802 |
Management commentary emphasized monetization outpacing volume growth and disciplined underwriting; CFO letter noted 36% YoY revenue growth and record FRLPC %, alongside third consecutive quarter of positive GAAP net income .
Compensation Committee & Governance Notes
- Compensation Committee: Members Avi Zeevi and Dan Petrozzo; both independent under Nasdaq rules .
- Consultant: Semler Brossy engaged in 2024; no conflicts; provided market practice advice and program design support .
- Hedging/Pledging policy: Hedging prohibited; pledging requires Board approval .
Investment Implications
- Pay-for-performance alignment: 2024 bonus tied to revenue, FRLPC, and adjusted EBITDA (35%/35%/30% weighting) with disclosed targets; Perros’ actual payout of $1.15 million in 2025 signals strong company performance against disciplined metrics .
- Equity vesting cadence: Large RSU grant (273,224) vests quarterly through January 1, 2027, creating predictable potential supply events around April 1, July 1, October 1, and January 1; monitor Form 4 filings for sales around these dates .
- Ownership alignment: Beneficial ownership <1% suggests limited personal capital at risk; alignment is primarily through ongoing RSU vesting rather than significant stock holdings .
- Change-in-control economics: Double-trigger accelerated vesting, 12 months base salary, and full target bonus reinforce retention through transactions but increase potential dilution risk at deal close due to acceleration .
- Governance safeguards: Clawback policy in place; hedging banned and pledging controlled, reducing misalignment and speculative risk .
Note: No Form 4 or Form 144 filings for Perros were identified in the indexed 2025 document set; continue monitoring for insider activity to assess near-term selling pressure around vest dates.