Sanjiv Das
About Sanjiv Das
Sanjiv Das, 63, is President of Pagaya Technologies, joining in 2023 to oversee strategy and growth of the company’s commercial business; he holds a bachelor’s in Mathematics from Delhi University and an MBA from the Indian Institute of Management Ahmedabad . Pagaya’s recent performance context includes revenue of $812.0M in 2023 (up from $748.9M in 2022) and Adjusted EBITDA of $82.0M in 2023 (vs. -$4.8M in 2022) . Annual incentives are tied to company-level metrics (Revenue, Adjusted EBITDA, FRLPC) with defined targets and weightings, indicating a pay-for-performance framework .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Caliber Home Loans (NewRez-owned) | CEO | — | Delivered record year-over-year growth in non-banking sector |
| Citi Mortgage Division | CEO, President, Chairman | — | Senior leadership in mortgage operations |
| First Data (KKR-owned) | Head of International Businesses | — | Led international businesses |
| Morgan Stanley; American Express; Bank of America | Senior roles | — | Senior roles across leading financial institutions |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | — | $650,000 |
| Additional Payment ($) | — | $750,000 (per employment agreement) |
| Target Annual Bonus ($) | — | $600,000 (eligibility per A&R agreement) |
| Actual Bonus Paid ($) | $127,000 (paid in 2024 for 2023 performance) | $1,100,000 (paid in 2025 for 2024 performance) |
| Stock Awards (Grant-Date Fair Value, $) | — | $729,000 |
| Option Awards (Grant-Date Fair Value, $) | — | $6,206,000 |
| All Other Compensation ($) | — | $27,000 |
| Total ($) | — | $8,489,000 |
- On Nov 6, 2025, the company amended Das’s employment agreement to extend the $750,000 “Additional Payment” indefinitely, paid annually in equal payroll installments .
Performance Compensation
| Metric | Weighting | 2024 Target | Payout/Multiplier | Notes |
|---|---|---|---|---|
| Revenue | 35% | $925M | Payouts scaled by 0–300% multiplier | Targets grounded in 2024 guidance |
| FRLPC (Fee Revenue Less Production Costs) | 35% | $275M | Payouts scaled by 0–300% multiplier | Internal productivity metric |
| Adjusted EBITDA | 30% | $150M | Payouts scaled by 0–300% multiplier | Targets grounded in 2024 guidance |
| 2024 Actual Bonus Paid (Das) | — | — | $1,100,000 | Paid in Q1 2025; below formula-eligible amounts companywide |
Equity Ownership & Alignment
| Category | Amount | Detail/Status |
|---|---|---|
| Direct Class A Shares | 91,163 | As of March 31, 2025 |
| RSUs vesting within 60 days of Mar 31, 2025 | 31,454 | Near-term vesting |
| Total Class A (reported table) | 122,617 | Less than 1% ownership |
| Options (unexercisable) | 700,000 @ $15.00 | Vests 25% annually on Oct 16, 2025–2028; expires 10/16/2034 |
| RSUs Granted (Apr 2024) | 183,333 | 25% vested 4/16/2024; 12.5% vests every three months thereafter |
| RSUs (second grant) | 68,306 | 25% vested 10/1/2024; 25% on 1/1/2025; 12.5% quarterly thereafter |
| Hedging policy | Prohibited | Company bans hedging; pledging requires Board approval |
- No specific pledges by Mr. Das are disclosed in filings reviewed .
- Section 16(a) late filing note: a Form 4 for Sanjiv Das was filed late (Aug 21) relative to expected dates; filings complied except noted delays .
Employment Terms
| Provision | Standard Termination (Without Cause/Good Reason) | Change-in-Control (within 12 months; double-trigger) |
|---|---|---|
| Salary Continuation | 6 months base salary continuation | 12 months base salary lump sum |
| Bonus | Pro-rated annual bonus at target | Full annual bonus at target plus any unpaid prior-year target bonus |
| Health (COBRA) | Company pays portion for up to 6 months | Company pays portion for up to 12 months |
| Equity | — | Accelerated vesting of all outstanding equity awards |
| Non-compete/Non-solicit | Included in executive agreements; enforceability subject to limitations | |
| Clawback | Policy adopted Nov 29, 2023, per SEC/Nasdaq Rule 10D-1 |
Investment Implications
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Alignment: A large portion of Das’s compensation is equity/options with multi-year schedules; accelerated vesting upon change-in-control aligns senior leadership to value realization in a sale but increases potential deal-related expense .
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Retention risk vs guarantees: The indefinite $750,000 additional annual payment raises guaranteed cash, potentially reducing at-risk mix and signaling retention priority; it may modestly dilute pay-for-performance purity .
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Incentive structure: Explicit Revenue/Adjusted EBITDA/FRLPC targets and capped multipliers support disciplined pay outcomes; the 2024 actual bonuses being below formula-eligible amounts suggests Compensation Committee discretion aimed at shareholder alignment .
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Trading signals: No 10b5-1 plan adoption disclosed for Das in Q3 2025, while several other executives adopted plans; limited visibility into his Form 4 activity beyond a noted late filing, constraining insider-selling pressure assessment .
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Governance safeguards: Hedging is prohibited and pledging requires Board approval; a robust clawback policy is in place, reducing risk of misaligned incentive payouts in restatement scenarios –.