Companies Adamas Trust, Inc
Adamas Trust (NYMT): executive pay, fiscal 2025
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CEO pay, last three years
- $3,905,297FY2024
- $8,175,252FY2025
CEO total pay was $8,175,252 in fiscal 2025, up from $3,905,297 in fiscal 2024.
FY2025: salary $920,000 · bonus $0 · stock awards $4,102,962 · option awards $0
Executives and directors
Frequently asked questions
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.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jason Serrano | $920,000 | $0 | $4,102,962 | $0 | $2,992,500 | $0 | $159,790 | $8,175,252 |
| Chief Executive Officer | ||||||||
| Nicholas Mah | 720,000 | 0 | 2,370,030 | 0 | 2,341,957 | 0 | 107,906 | 5,539,893 |
| President | ||||||||
| Kristine Nario-Eng | 550,000 | 0 | 1,168,026 | 0 | 1,073,397 | 0 | 47,301 | 2,838,724 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jason Serrano | $8,175,252 | $3,905,297 | — | ↑ +4,269,955 |
| Nicholas Mah | 5,539,893 | 3,034,358 | — | ↑ +2,505,535 |
| Kristine Nario-Eng | 2,838,724 | 1,459,182 | — | ↑ +1,379,542 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company aims to provide an executive compensation program that supports the recruitment and retention of key employees, rewards performance relative to a peer group over the longer-term, and aligns executive interests with stockholders by linking a significant portion of compensation to corporate financial performance and individual contributions.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pearl Meyer |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Kristine Nario-Eng | RSU | 108,615 | — | $792,890 |
| Kristine Nario-Eng | PSU | 163,946 | — | 1,196,806 |
| Nicholas Mah | RSU | 239,545 | — | 1,748,679 |
| Nicholas Mah | PSU | 364,812 | — | 2,663,128 |
| Jason Serrano | RSU | 381,442 | — | 2,784,527 |
| Jason Serrano | PSU | 565,958 | — | 4,131,493 |
Director compensation
No director compensation table is on file for fiscal year 2025.
Board fee structure and ownership guideline
| Annual cash retainer | $120,000 |
|---|---|
| Annual equity retainer | $130,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | $360,000 |
Peer group, and who names Adamas Trust as a peer
Companies that benchmark against NYMT
13 companies name NYMT as a compensation peer
- CHIMERA INVESTMENT CORPCIMFY2025
- TWO HARBORS INVESTMENT CORP.TWO-PCFY2024
Each company listed discloses NYMT 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 NYMT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Adamas Trust, Inc | 2025 | Jason Serrano | $920,000 | $4,102,962 | $0 | $2,992,500 | $8,175,252 |
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.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-11 | 51,685,136 | 3,029,838 | 280,882 | 94.46% | Passed |
| 2025 | 2025-06-12 | 50,840,821 | 1,801,297 | 411,859 | 96.58% | Passed |
| 2024 | 2024-06-24 | 47,452,684 | 2,759,953 | 323,128 | 94.5% | Passed |
| 2023 | 2023-06-06 | 30,156,671 | 18,491,160 | 301,175 | 61.99% | Passed |
| 2022 | 2022-06-06 | 204,124,211 | 7,239,604 | 2,224,270 | 96.57% | Passed |
| 2021 | 2021-06-14 | 190,037,898 | 7,466,458 | 1,778,963 | 96.22% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-11 | 94.46%a |
| 2025 | 2025-06-12 | 96.58%b |
| 2024 | 2024-06-24 | 94.5%c |
a. Approved under the standard stated in the filing — “With respect to the advisory vote to approve named executive officer compensation, the affirmative vote of a majority of the votes cast on this proposal at the Annual Meeting is necessary for approval, on an advisory basis, of our named executive officer compensation. || 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.”.
b. Approved under the standard stated in the filing — “With respect to the advisory vote to approve named executive officer compensation and the advisory vote regarding the frequency of future advisory votes on named executive officer compensation, the affirmative vote of a majority of the votes cast on these proposals at the Annual Meeting is necessary for approval, on an advisory basis, of our named executive officer compensation and the frequency of future advisory votes on named executive officer compensation. || 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.
CEO pay ratio
| Ratio (CEO : median employee) | 33.08 : 1 |
|---|---|
| CEO total compensation | $8,175,252 |
| Median employee compensation | $247,126 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (9 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Jason Serrano. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · page 83. As printed: 8,175,252. View filing ↗
- Section 01, Nicholas Mah. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · page 83. As printed: 5,539,893. View filing ↗
- Section 01, Kristine Nario-Eng. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · page 83. As printed: 2,838,724. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-24. Section “CEO Pay Ratio”. As printed: 33.08 : 1. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-11. Item 5.07 · say-on-pay result. As reported: 94.46% (votes for as printed: 51,685,136). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-12. Item 5.07 · say-on-pay result. As reported: 96.58% (votes for as printed: 50,840,821). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-24. Item 5.07 · say-on-pay result. As reported: 94.5% (votes for as printed: 47,452,684). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Adamas Trust, Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Adamas Trust, Inc's own proxy. As printed: 8,175,252. View filing ↗