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

Adamas Trust, INC. (ADAM)

Fiscal year 2025 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
55th
CEO pay percentile vs peers
33.08:1
CEO-to-median pay ratio
94.46%
Say-on-pay support, latest vote
Companies that benchmark against ADAM
12 companies name ADAM as a compensation peer

Each company listed discloses ADAM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ADAM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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 FY20242025
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.

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. ClementDirector2026-06-10D18,678$0$0Derivative, Class A CommonForm 4 ↗
Michael B. ClementDirector2026-06-10A18,678CommonForm 4 ↗
Audrey E. GreenbergDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Steven G. NorcuttDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Steven R. MummaDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Michael B. ClementDirector2026-06-19A14,23800Derivative, Class A CommonForm 4 ↗
Lisa A. PendergastDirector2026-06-19A14,23800Derivative, 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 SerranoPSU2025-01-23190,658381,316762,632$381,316
Nicholas MahPSU2025-01-23110,132220,263440,526220,263
Kristine Nario-EngPSU2025-01-2354,277108,553217,106108,553
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jason Serrano$0$381,316$0100.0%
Nicholas Mah0220,2630100.0%
Kristine Nario-Eng0108,5530100.0%

% 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
Nicholas MahRSU239,545$1,748,679
Jason SerranoPSU565,9584,131,493
Jason SerranoRSU381,4422,784,527
Kristine Nario-EngPSU163,9461,196,806
Nicholas MahPSU364,8122,663,128
Kristine Nario-EngRSU108,615792,890
05

Incentive-plan design — the Compensation Discussion & Analysis

We are committed to providing an executive compensation program that supports the following goals and philosophies: attract, retain and motivate qualified senior executives; align the interests of our executive officers with those of our stockholders; reward performance that creates stockholder value; and provide competitive compensation opportunities.

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
Steven R. MummaNot independent · Board Chair$120,000$130,000$0$0$0$250,000
Michael B. ClementIndependent · Audit · Compensation120,000130,000000250,000
Eugenia R. ChengIndependent · Compensation · Nominating/Governance120,000130,000000250,000
Steven G. NorcuttIndependent · Audit · Compensation120,000130,000000250,000
Audrey E. GreenbergIndependent · Audit · Nominating/Governance120,000130,000000250,000
Lisa A. PendergastIndependent · Lead Independent Director · Nominating/Governance120,000130,000000250,000
Jason T. SerranoEmployee director00000
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 Knutson825,0004,080,0111,605,1237,079,634
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 Mazzei800,0003,283,90501,750,0005,849,879
12Two Harbors Investment Corp.2024William Greenberg919,0383,066,56101,799,6805,785,279

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%PSU 60 · RSU 40YesPearl Meyer
Arbor Realty Trust, Inc.not disclosedRSU 100Yes — Total Shareholder Return (TSR)not disclosed
Brightspire Capital, Inc.97.2%RSU 50 · PSU 50YesFerguson Partners
Chimera Investment Corporation65%RSU 50 · PSU 50Yes — Relative TSRFrederic W. Cook & Co.
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 100not disclosedFTI 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.94.7%PSU 50 · RSU 50Yes — Three-year Absolute TSRPay 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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Adamas Trust, INC. in fiscal 2025?
As disclosed, the highest-paid executive was Jason Serrano, who served as Chief Executive Officer with total compensation of $8,175,252.
How does Adamas Trust, INC.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay was at the 55th percentile of the disclosed peer group.
What is Adamas Trust, INC.'s CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 33.08:1.
How did shareholders vote on Adamas Trust, INC.'s executive compensation?
Shareholders voted 94.46% in support of the executive compensation plan.
How much does Adamas Trust, INC. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $1,500,000.

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 14A2026-04-240001273685-26-000038Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t125 · r4 · c15 · span 942432–942439
5Section 03, Nicholas Mah PSUDEF 14A2026-04-240001273685-26-000038Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t125 · r7 · c15 · span 953786–953793
6Section 03, Kristine Nario-Eng PSUDEF 14A2026-04-240001273685-26-000038Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t125 · r10 · c15 · span 965170–965177
7Section 07, pay ratioDEF 14A2026-04-240001273685-26-000038Section “CEO Pay Ratio”. As printed: 33.08 : 1. Filing ↗machine: span 1083750–1083755
8Section 08, Steven R. MummaDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r2 · c11 · span 501772–501779
9Section 08, Michael B. ClementDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r4 · c11 · span 505935–505942
10Section 08, Eugenia R. ChengDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r3 · c11 · span 503865–503872
11Section 08, Steven G. NorcuttDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r6 · c11 · span 510074–510081
12Section 08, Audrey E. GreenbergDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r5 · c11 · span 508006–508013
13Section 08, Lisa A. PendergastDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r7 · c11 · span 512143–512150
14Section 08, Jason T. SerranoDEF 14A2026-04-240001273685-26-000038Section “Director Compensation”. As printed: 0. Filing ↗
15Section 02, Michael B. Clement 2026-06-10Form 42026-06-120001273685-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Michael B. Clement 2026-06-10Form 42026-06-120001273685-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Audrey E. Greenberg 2026-06-19Form 42026-06-230001273685-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Steven G. Norcutt 2026-06-19Form 42026-06-230001273685-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Steven R. Mumma 2026-06-19Form 42026-06-230001273685-26-000057Insider 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, Lisa A. Pendergast 2026-06-19Form 42026-06-230001273685-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Eugenia R. Cheng 2026-06-19Form 42026-06-230001273685-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
23Section 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 ↗
24Section 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 ↗
25Section 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 ↗
26Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
27Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
28Section 09b board cost (computed)ComputedcomputedCash 720,000 + equity 780,000 + all other 0 = 1,500,000, summed across the director compensation table rows.machine: formula: Σ = 1,500,000
29Walker & 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
30Ladder 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
31PennyMac 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
32Arbor 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
33Hannon 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
34Adamas 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
35Dynex 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
36MFA 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
37Chimera 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
38Redwood 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
39Brightspire Capital, Inc., Section 10b CEO totalDEF 14A2026-04-010001717547-26-000026CEO total compensation as printed in Brightspire Capital, Inc.'s own proxy. As printed: 5,849,879. Filing ↗machine: t89 · r7 · c18 · span 543725–543734
40Two Harbors Investment Corp., Section 10b CEO totalDEF 14A2025-04-020001465740-25-000090CEO total compensation as printed in Two Harbors Investment Corp.'s own proxy. As printed: 5,785,279. Filing ↗machine: r2 · c42 · span 566941–566950
41Section 10a, MFA Financial, Inc. reciprocityDEF 14A0001140361-26-015388MFA Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Adamas Trust, INC.. Filing ↗
42Section 10a, Redwood Trust, Inc. reciprocityDEF 14A0000930236-26-000011Redwood Trust, Inc. names Adamas Trust, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Brightspire Capital, Inc. reciprocityDEF 14A0001717547-26-000026Brightspire Capital, Inc. names Adamas Trust, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Two Harbors Investment Corp. reciprocityDEF 14A0001465740-25-000090Two Harbors Investment Corp. names Adamas Trust, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Dynex Capital, Inc. reciprocityDEF 14A0001104659-26-040189Dynex Capital, Inc. names Adamas Trust, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Chimera Investment Corporation reciprocityDEF 14A0001206774-26-000238Chimera Investment Corporation names Adamas Trust, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Walker & Dunlop, Inc. reciprocityDEF 14A0001104659-26-038515Walker & Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include Adamas Trust, INC.. Filing ↗
48Section 10a, Ladder Capital Corp. reciprocityDEF 14A0001577670-26-000018Ladder Capital Corp. names Adamas Trust, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗