Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-23

ADAMAS TRUST, INC. (ADAM)

CEO Jason Serrano was paid $8,175,252 in fiscal year 2025, ↑ up 109.3% from fiscal year 2024, the 50th percentile of its disclosed peer group (SEC filing 0001273685-26-000038 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,175,252 ↑
Jason Serrano total, FY2025
50th
CEO pay percentile vs peers
33.08:1
CEO-to-median pay ratio
94.46%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Jason Serrano (Chief Executive Officer), FY2025 total compensation $8,175,252 (base salary $920,000) [exec_comp, SEC accession 0001273685-26-000038, filed 2026-04-24]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

ADAM's next annual pay disclosure, estimated April 20, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jason Serrano$920,000$0$4,102,962$0$2,992,500$0$159,790$8,175,252
Chief Executive Officer
Nicholas Mah720,00002,370,03002,341,9570107,9065,539,893
President
Kristine Nario-Eng550,00001,168,02601,073,397047,3012,838,724
Chief Financial Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jason Serrano$8,175,252$3,905,297$5,646,654↑ +4,269,955
Nicholas Mah5,539,8933,034,3584,001,401↑ +2,505,535
Kristine Nario-Eng2,838,7241,459,1821,926,583↑ +1,379,542

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$8,175,252 Jason Serrano total, FY2025

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Data as of June 23, 2026 · Source: 0001273685-26-000038 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Jason SerranoCEO$8,175,252
Kristine Nario-EngCFO$2,838,724
Nicholas MahPresident$5,539,893
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Audrey E. GreenbergIndependent Director$250,000
Eugenia R. ChengIndependent Director$250,000
Lisa A. PendergastIndependent Director$250,000
Michael B. ClementIndependent Director$250,000
Steven G. NorcuttIndependent Director$250,000
Steven R. MummaChair of the Board$250,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael B. ClementDirector2026-06-10A18,678——CommonForm 4 ↗
Michael B. ClementDirector2026-06-10D18,67800Derivative, Class A CommonForm 4 ↗
Michael B. ClementDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Steven R. MummaDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Lisa A. PendergastDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Steven G. NorcuttDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Audrey E. GreenbergDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Eugenia R. ChengDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jason SerranoPSU2025-01-23190,658381,316—762,632$2,600,575
Kristine Nario-EngRSU2025-01-23——72,368—427,695
Kristine Nario-EngPSU2025-01-2354,277108,553—217,106740,331
Jason SerranoRSU2025-01-23——254,211—1,502,387
Nicholas MahRSU2025-01-23——146,842—867,836
Nicholas MahPSU2025-01-23110,132220,263—440,5261,502,194
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jason Serrano$1,502,387$2,600,575$063.4%
Kristine Nario-Eng427,695740,331063.4%
Nicholas Mah867,8361,502,194063.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kristine Nario-EngRSU108,615—$792,890
Jason SerranoPSU565,958—4,131,493
Jason SerranoRSU381,442—2,784,527
Nicholas MahPSU364,812—2,663,128
Nicholas MahRSU239,545—1,748,679
Kristine Nario-EngPSU163,946—1,196,806
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation program is designed to align management team interests with stockholders' expectations of return on investment, motivate and reward the management team through compensation opportunities that align with annual performance and long-term value creation, strategic objectives and sound corporate governance practices, and attract and retain an experienced and effective management team while also maintaining an appropriate expense structure.

CEO STI target (% of salary)250%
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1151,685,1363,029,838280,88294.46%Passed
20252025-06-1250,840,8211,801,297411,85996.58%Passed
20242024-06-2447,452,6842,759,953323,12894.5%Passed
20232023-06-0630,156,67118,491,160301,17561.99%Passed
20222022-06-06204,124,2117,239,6042,224,27096.57%Passed
20212021-06-14190,037,8987,466,4581,778,96396.22%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1194.46%a
20252025-06-1296.58%b
20242024-06-2494.5%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not count as votes cast on these proposals, and thus will have no effect on the result of the vote on these proposals.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not count as votes cast on this proposal, and thus will have no effect on the result of the vote on this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)33.08 : 1
CEO total compensation$8,175,252
Median employee compensation$247,126
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lisa A. PendergastIndependent$120,000$130,000$0$0$0$250,000
Steven R. MummaEmployee director · Board Chair120,000130,000000250,000
Eugenia R. ChengIndependent · Compensation120,000130,000000250,000
Michael B. ClementIndependent · Audit (Chair) · Compensation120,000130,000000250,000
Steven G. NorcuttIndependent · Audit · Compensation (Chair)120,000130,000000250,000
Audrey E. GreenbergIndependent · Audit120,000130,000000250,000
Jason T. SerranoEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$120,000
Annual equity retainer$120,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$360,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$720,000
Equity awards (grant-date value)$780,000
All other compensation$0
Total cost of the board$1,500,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies ADAMAS TRUST, INC. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including ADAMAS TRUST, INC..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Walker & Dunlop, Inc.2025William Walker$1,000,000$13,170,931$0$1,324,821$15,500,252
2Ladder Capital Corp.2025Brian Harris1,000,0008,816,83304,124,70013,944,233
3PennyMac Financial Services, Inc.2025David Spector1,483,3335,437,4442,025,6873,608,25012,660,536
4Arbor Realty Trust, Inc.2025Ivan Kaufman1,200,0005,259,1520011,785,559
5Hannon Armstrong Sustainable Infrastructure Capital, Inc.2025Jeffrey Lipson807,3086,032,13802,709,8759,566,821
6ADAMAS TRUST, INC.2025Jason Serrano920,0004,102,96202,992,5008,175,252
7Dynex Capital, Inc.2025Byron Boston900,0003,122,24803,192,4807,771,011
8MFA Financial, Inc.2025Craig Knutson825,0004,080,011—1,605,1237,079,634
9Chimera Investment Corporation2025Phillip Kardis II900,0003,890,78101,356,1806,167,961
10Redwood Trust, Inc.2025Christopher Abate975,0003,262,48101,808,0166,131,948
11Brightspire Capital, Inc.2025Michael Mazzei800,0003,182,20901,701,0005,699,383
—Two Harbors Investment Corp.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
ADAMAS TRUST, INC.130%not disclosedYesPearl Meyer
Arbor Realty Trust, Inc.not disclosedPerformance-vesting restricted stock units (RSUs) 80 · Time-based vesting restricted stock 20Yes — Total Shareholder Return (TSR)not disclosed
Brightspire Capital, Inc.97.2%RSU 50 · PRSU 50YesFerguson Partners
Chimera Investment Corporation65%not disclosedYes — Relative TSRFW Cook
Dynex Capital, Inc.355%PSU 60 · RSU 40NoFPC
Hannon Armstrong Sustainable Infrastructure Capital, Inc.190%LTIP Units 100Yes — Relative TSRPay Governance
Ladder Capital Corp.not disclosedRSU 50 · PSU 50NoFTI Consulting, Inc.
MFA Financial, Inc.107.0%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc. (FW Cook)
PennyMac Financial Services, Inc.84.9%PSU 50 · RSU 25 · Options 25NoPearl Meyer
Redwood Trust, Inc.86%PSU 55 · RSU 45Yes — relative TSR (rTSR)Semler Brossy Consulting Group, LLC
Two Harbors Investment Corp.not disclosedPSU 50 · RSU 50not disclosedPay Governance LLC
Walker & Dunlop, Inc.132%not disclosedNoPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at ADAMAS TRUST, INC. in fiscal 2025?
As disclosed, Jason Serrano (Chief Executive Officer) was the highest-paid executive at ADAMAS TRUST, INC. in fiscal 2025, with total compensation of $8,175,252.
How does ADAMAS TRUST, INC.'s chief executive pay compare to its disclosed peer group?
As disclosed, Jason Serrano's total compensation ranked at the 50th percentile of ADAMAS TRUST, INC.'s disclosed peer group.
What is ADAMAS TRUST, INC.'s CEO-to-median employee pay ratio?
As disclosed, ADAMAS TRUST, INC.'s CEO-to-median employee pay ratio was 33.08:1.
How did shareholders vote on ADAMAS TRUST, INC.'s executive compensation?
As disclosed, 94.46% of shareholders supported ADAMAS TRUST, INC.'s executive compensation in the latest say-on-pay vote.
How much does ADAMAS TRUST, INC. spend in total on board compensation for fiscal 2025?
As disclosed, ADAMAS TRUST, INC. reported total board compensation of $1,500,000 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jason SerranoDEF 14A2026-04-240001273685-26-000038Section “Summary Compensation Table”. As printed: 8,175,252. Filing ↗machine: span 827801–827810
2Section 01, Nicholas MahDEF 14A2026-04-240001273685-26-000038Section “Summary Compensation Table”. As printed: 5,539,893. Filing ↗machine: span 840178–840187
3Section 01, Kristine Nario-EngDEF 14A2026-04-240001273685-26-000038Section “Summary Compensation Table”. As printed: 2,838,724. Filing ↗machine: span 852520–852529
4Section 03, Jason Serrano PSUDEF 14A1900-01-010001273685-26-000038Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 943523–943532
5Section 03, Kristine Nario-Eng RSUDEF 14A1900-01-010001273685-26-000038Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 969932–969939
6Section 03, Kristine Nario-Eng PSUDEF 14A1900-01-010001273685-26-000038Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 966261–966268
7Section 03, Jason Serrano RSUDEF 14A1900-01-010001273685-26-000038Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 947197–947206
8Section 03, Nicholas Mah RSUDEF 14A1900-01-010001273685-26-000038Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 958551–958558
9Section 03, Nicholas Mah PSUDEF 14A1900-01-010001273685-26-000038Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 954877–954886
10Section 07, pay ratioDEF 14A2026-04-240001273685-26-000038Section “CEO Pay Ratio”. As printed: 33.08 : 1. Filing ↗machine: span 1083750–1083755
11Section 08, Lisa A. PendergastDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: span 512034–512163
12Section 08, Steven R. MummaDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: span 501663–501792
13Section 08, Eugenia R. ChengDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: span 503756–503885
14Section 08, Michael B. ClementDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: span 505826–505955
15Section 08, Steven G. NorcuttDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: span 509965–510094
16Section 08, Audrey E. GreenbergDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: span 507897–508026
17Section 08, Jason T. SerranoDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Michael B. Clement 2026-06-10Form 42026-06-120001273685-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Michael B. Clement 2026-06-10Form 42026-06-120001273685-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Michael B. Clement 2026-06-19Form 42026-06-230001273685-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Steven R. Mumma 2026-06-19Form 42026-06-230001273685-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Lisa A. Pendergast 2026-06-19Form 42026-06-230001273685-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Steven G. Norcutt 2026-06-19Form 42026-06-230001273685-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Audrey E. Greenberg 2026-06-19Form 42026-06-230001273685-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Eugenia R. Cheng 2026-06-19Form 42026-06-230001273685-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
26Section 06, 2026 voteForm 8-K2026-06-110001273685-26-000048Item 5.07 · say-on-pay result. As reported: 94.46% (votes for as printed: 51,685,136). Filing ↗
27Section 06, 2025 voteForm 8-K2025-06-120001273685-25-000050Item 5.07 · say-on-pay result. As reported: 96.58% (votes for as printed: 50,840,821). Filing ↗
28Section 06, 2024 voteForm 8-K2024-06-240001273685-24-000057Item 5.07 · say-on-pay result. As reported: 94.5% (votes for as printed: 47,452,684). Filing ↗
29Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)Computed——Cash 720,000 + equity 780,000 + all other 0 = 1,500,000, summed across the director compensation table rows.machine: formula: Σ = 1,500,000
32Walker & Dunlop, Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038515CEO total compensation as printed in Walker & Dunlop, Inc.'s own proxy. As printed: 15,500,252. Filing ↗machine: t197 · r6 · c14 · span 849398–849408
33Ladder Capital Corp., Section 10b CEO totalDEF 14A2026-04-210001577670-26-000018CEO total compensation as printed in Ladder Capital Corp.'s own proxy. As printed: 13,944,233. Filing ↗machine: r3 · c36 · span 603013–603023
34PennyMac Financial Services, Inc., Section 10b CEO totalDEF 14A2026-04-200001193125-26-164086CEO total compensation as printed in PennyMac Financial Services, Inc.'s own proxy. As printed: 12,660,536. Filing ↗machine: r3 · c26 · span 1032650–1032660
35Arbor Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001253986-26-000027CEO total compensation as printed in Arbor Realty Trust, Inc.'s own proxy. As printed: 11,785,559. Filing ↗machine: span 343111–343121
36Hannon Armstrong Sustainable Infrastructure Capital, Inc., Section 10b CEO totalDEF 14A2026-04-130001561894-26-000061CEO total compensation as printed in Hannon Armstrong Sustainable Infrastructure Capital, Inc.'s own proxy. As printed: 9,566,821. Filing ↗machine: r2 · c18 · span 998911–998920
37ADAMAS TRUST, INC. (subject), Section 10b CEO totalDEF 14A2026-04-240001273685-26-000038CEO total compensation as printed in ADAMAS TRUST, INC.'s own proxy. As printed: 8,175,252. Filing ↗machine: span 827801–827810
38Dynex Capital, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040189CEO total compensation as printed in Dynex Capital, Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
39MFA Financial, Inc., Section 10b CEO totalDEF 14A2026-04-170001140361-26-015388CEO total compensation as printed in MFA Financial, Inc.'s own proxy. As printed: 7,079,634. Filing ↗machine: r2 · c22 · span 815805–815814
40Chimera Investment Corporation, Section 10b CEO totalDEF 14A2026-04-230001206774-26-000238CEO total compensation as printed in Chimera Investment Corporation's own proxy. As printed: 6,167,961. Filing ↗machine: t63 · r1 · c7 · span 507844–507854
41Redwood Trust, Inc., Section 10b CEO totalDEF 14A2026-03-310000930236-26-000011CEO total compensation as printed in Redwood Trust, Inc.'s own proxy. As printed: 6,131,948. Filing ↗machine: span 755087–755096
42Brightspire Capital, Inc., Section 10b CEO totalDEF 14A2026-04-010001717547-26-000026CEO total compensation as printed in Brightspire Capital, Inc.'s own proxy. As printed: 5,699,383. Filing ↗machine: t89 · r7 · c18 · span 543725–543734
43Section 10a, Brightspire Capital, Inc. reciprocityDEF 14A—0001717547-26-000026Brightspire Capital, Inc. names ADAMAS TRUST, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Chimera Investment Corporation reciprocityDEF 14A—0001206774-26-000238Chimera Investment Corporation's most recent proxy was read; its disclosed peer group does not include ADAMAS TRUST, INC.. Filing ↗
45Section 10a, Redwood Trust, Inc. reciprocityDEF 14A—0000930236-26-000011Redwood Trust, Inc. names ADAMAS TRUST, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, MFA Financial, Inc. reciprocityDEF 14A—0001140361-26-015388MFA Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include ADAMAS TRUST, INC.. Filing ↗
47Section 10a, Dynex Capital, Inc. reciprocityDEF 14A—0001104659-26-040189Dynex Capital, Inc. names ADAMAS TRUST, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Walker & Dunlop, Inc. reciprocityDEF 14A—0001104659-26-038515Walker & Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include ADAMAS TRUST, INC.. Filing ↗
49Section 10a, Ladder Capital Corp. reciprocityDEF 14A—0001577670-26-000018Ladder Capital Corp. names ADAMAS TRUST, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗

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