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.
This is the complete answer, not a partial one — the list is never padded.
| 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jason Serrano | $8,175,252 | $3,905,297 | $5,646,654 | +4,269,955 |
| Nicholas Mah | 5,539,893 | 3,034,358 | 4,001,401 | +2,505,535 |
| Kristine Nario-Eng | 2,838,724 | 1,459,182 | 1,926,583 | +1,379,542 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jason Serrano | PSU | 2025-01-23 | — | — | — | — | $381,316 |
| Kristine Nario-Eng | PSU | 2025-01-23 | — | — | — | — | 108,553 |
| Nicholas Mah | PSU | 2025-01-23 | — | — | — | — | 220,263 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jason Serrano | $0 | $381,316 | $0 | 100.0% |
| Kristine Nario-Eng | 0 | 108,553 | 0 | 100.0% |
| Nicholas Mah | 0 | 220,263 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Nicholas Mah | RSU | 239,545 | — | $1,748,679 |
| Jason Serrano | PSU | 565,958 | — | 4,131,493 |
| Kristine Nario-Eng | RSU | 108,615 | — | 792,890 |
| Nicholas Mah | PSU | 364,812 | — | 2,663,128 |
| Jason Serrano | RSU | 381,442 | — | 2,784,527 |
| Kristine Nario-Eng | PSU | 163,946 | — | 1,196,806 |
We are committed to providing an executive compensation program that supports the following goals and philosophies:
| CEO STI target (% of salary) | 250% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pearl Meyer |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| 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.
| 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 — “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 — “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.
| Ratio (CEO : median employee) | 33.08 : 1 |
|---|---|
| CEO total compensation | $8,175,252 |
| Median employee compensation | $247,126 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Lisa A. PendergastIndependent · Lead Independent Director · Nominating/Governance | $120,000 | $130,000 | $0 | — | $0 | $250,000 |
| Eugenia R. ChengIndependent · Compensation · Nominating/Governance | 120,000 | 130,000 | 0 | — | 0 | 250,000 |
| Steven G. NorcuttIndependent · Audit (Chair) · Compensation (Chair) | 120,000 | 130,000 | 0 | — | 0 | 250,000 |
| Michael B. ClementIndependent · Audit · Compensation | 120,000 | 130,000 | 0 | — | 0 | 250,000 |
| Audrey E. GreenbergIndependent · Audit · Nominating/Governance (Chair) | 120,000 | 130,000 | 0 | — | 0 | 250,000 |
| Steven R. MummaNot independent · Board Chair | 120,000 | 130,000 | 0 | — | 0 | 250,000 |
| Jason T. SerranoEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| 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 |
| Component | FY2025 |
|---|---|
| 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.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies New York Mortgage Trust 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 New York Mortgage Trust.
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 | Walker & Dunlop, Inc. | 2025 | William Walker | $1,000,000 | $13,170,931 | $0 | $1,324,821 | $15,500,252 |
| 2 | Ladder Capital Corp. | 2025 | Brian Harris | 1,000,000 | 8,816,833 | 0 | 4,124,700 | 13,944,233 |
| 3 | PennyMac Financial Services, Inc. | 2025 | David Spector | 1,483,333 | 5,437,444 | 2,025,687 | 3,608,250 | 12,660,536 |
| 4 | Arbor Realty Trust, Inc. | 2025 | Ivan Kaufman | 1,200,000 | 5,259,152 | 0 | 0 | 11,785,559 |
| 5 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2025 | Jeffrey Lipson | 807,308 | 6,032,138 | 0 | 2,709,875 | 9,566,821 |
| 6 | New York Mortgage Trust | 2025 | Jason Serrano | 920,000 | 4,102,962 | 0 | 2,992,500 | 8,175,252 |
| 7 | Dynex Capital, Inc. | 2025 | Byron Boston | 900,000 | 3,122,248 | 0 | 3,192,480 | 7,771,011 |
| 8 | MFA Financial, Inc. | 2025 | Craig Knutson | 825,000 | 4,080,011 | — | 1,605,123 | 7,079,634 |
| 9 | Chimera Investment Corporation | 2025 | Phillip Kardis II | 900,000 | 3,890,781 | 0 | 1,356,180 | 6,167,961 |
| 10 | Redwood Trust, Inc. | 2025 | Christopher Abate | 975,000 | 3,262,481 | 0 | 1,808,016 | 6,131,948 |
| 11 | Brightspire Capital, Inc. | 2025 | Michael Mazzei | 800,000 | 3,283,905 | 0 | 1,750,000 | 5,849,879 |
| 12 | Two Harbors Investment Corp. | 2024 | William Greenberg | 919,038 | 3,066,561 | 0 | 1,799,680 | 5,785,279 |
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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| New York Mortgage Trust | 130% | PSU 60 · RSU 40 | Yes — relative total stockholder return (TSR) | Pearl Meyer |
| Arbor Realty Trust, Inc. | not disclosed | RSU 100 | Yes — Total Shareholder Return (TSR) | not disclosed |
| Brightspire Capital, Inc. | 97.2% | RSU 50 · PSU 50 | Yes | Ferguson Partners |
| Chimera Investment Corporation | 65% | RSU 50 · PSU 50 | Yes — Relative TSR | Frederic W. Cook & Co. |
| Dynex Capital, Inc. | 355% | PSU 60 · RSU 40 | No | FPC |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 190% | LTIP Units 100 | Yes — Relative TSR | Pay Governance |
| Ladder Capital Corp. | not disclosed | RSU 100 | not disclosed | FTI Consulting, Inc. |
| MFA Financial, Inc. | 107.0% | PSU 60 · RSU 40 | Yes — Absolute TSR | Frederic W. Cook & Co., Inc. (FW Cook) |
| PennyMac Financial Services, Inc. | 84.9% | PSU 50 · RSU 25 · Options 25 | No | Pearl Meyer |
| Redwood Trust, Inc. | 86% | PSU 55 · RSU 45 | Yes — relative TSR (rTSR) | Semler Brossy Consulting Group LLC |
| Two Harbors Investment Corp. | 94.7% | PSU 50 · RSU 50 | Yes — Three-year Absolute TSR | Pay Governance LLC |
| Walker & Dunlop, Inc. | 132% | not disclosed | No | Pay 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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jason Serrano | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Summary Compensation Table”. As printed: 8,175,252. Filing ↗machine: span 827801–827810 |
| 2 | Section 01, Nicholas Mah | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Summary Compensation Table”. As printed: 5,539,893. Filing ↗machine: span 840178–840187 |
| 3 | Section 01, Kristine Nario-Eng | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Summary Compensation Table”. As printed: 2,838,724. Filing ↗machine: span 852520–852529 |
| 4 | Section 03, Jason Serrano PSU | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t125 · r4 · c15 · span 942432–942439 |
| 5 | Section 03, Kristine Nario-Eng PSU | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t125 · r10 · c15 · span 965170–965177 |
| 6 | Section 03, Nicholas Mah PSU | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t125 · r7 · c15 · span 953786–953793 |
| 7 | Section 07, pay ratio | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “CEO Pay Ratio”. As printed: 33.08 : 1. Filing ↗ |
| 8 | Section 08, Lisa A. Pendergast | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r7 · c11 · span 512143–512150 |
| 9 | Section 08, Eugenia R. Cheng | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r3 · c11 · span 503865–503872 |
| 10 | Section 08, Steven G. Norcutt | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r6 · c11 · span 510074–510081 |
| 11 | Section 08, Michael B. Clement | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r4 · c11 · span 505935–505942 |
| 12 | Section 08, Audrey E. Greenberg | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r5 · c11 · span 508006–508013 |
| 13 | Section 08, Steven R. Mumma | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t70 · r2 · c11 · span 501772–501779 |
| 14 | Section 08, Jason T. Serrano | DEF 14A | 2026-04-24 | 0001273685-26-000038 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 15 | Section 06, 2026 vote | Form 8-K | 2026-06-11 | 0001273685-26-000048 | Item 5.07 · say-on-pay result. As reported: 94.46% (votes for as printed: 51,685,136). Filing ↗ |
| 16 | Section 06, 2025 vote | Form 8-K | 2025-06-12 | 0001273685-25-000050 | Item 5.07 · say-on-pay result. As reported: 96.58% (votes for as printed: 50,840,821). Filing ↗ |
| 17 | Section 06, 2024 vote | Form 8-K | 2024-06-24 | 0001273685-24-000057 | Item 5.07 · say-on-pay result. As reported: 94.5% (votes for as printed: 47,452,684). Filing ↗ |
| 18 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 19 | Section 03b vehicle mix (computed) | 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 |
| 20 | Section 09b board cost (computed) | 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 |
| 21 | Walker & Dunlop, Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001104659-26-038515 | CEO total compensation as printed in Walker & Dunlop, Inc.'s own proxy. As printed: 15,500,252. Filing ↗machine: t197 · r6 · c14 · span 849398–849408 |
| 22 | Ladder Capital Corp., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001577670-26-000018 | CEO total compensation as printed in Ladder Capital Corp.'s own proxy. As printed: 13,944,233. Filing ↗machine: r3 · c36 · span 603013–603023 |
| 23 | PennyMac Financial Services, Inc., Section 10b CEO total | DEF 14A | 2026-04-20 | 0001193125-26-164086 | CEO total compensation as printed in PennyMac Financial Services, Inc.'s own proxy. As printed: 12,660,536. Filing ↗machine: r3 · c26 · span 1032650–1032660 |
| 24 | Arbor Realty Trust, Inc., Section 10b CEO total | DEF 14A | 2026-04-16 | 0001253986-26-000027 | CEO total compensation as printed in Arbor Realty Trust, Inc.'s own proxy. As printed: 11,785,559. Filing ↗machine: span 343111–343121 |
| 25 | Hannon Armstrong Sustainable Infrastructure Capital, Inc., Section 10b CEO total | DEF 14A | 2026-04-13 | 0001561894-26-000061 | CEO 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 |
| 26 | New York Mortgage Trust (subject), Section 10b CEO total | DEF 14A | 2026-04-24 | 0001273685-26-000038 | CEO total compensation as printed in New York Mortgage Trust's own proxy. As printed: 8,175,252. Filing ↗machine: span 827801–827810 |
| 27 | Dynex Capital, Inc., Section 10b CEO total | DEF 14A | 2026-04-07 | 0001104659-26-040189 | CEO total compensation as printed in Dynex Capital, Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498 |
| 28 | MFA Financial, Inc., Section 10b CEO total | DEF 14A | 2026-04-17 | 0001140361-26-015388 | CEO total compensation as printed in MFA Financial, Inc.'s own proxy. As printed: 7,079,634. Filing ↗machine: r2 · c22 · span 815805–815814 |
| 29 | Chimera Investment Corporation, Section 10b CEO total | DEF 14A | 2026-04-23 | 0001206774-26-000238 | CEO total compensation as printed in Chimera Investment Corporation's own proxy. As printed: 6,167,961. Filing ↗machine: t63 · r1 · c7 · span 507844–507854 |
| 30 | Redwood Trust, Inc., Section 10b CEO total | DEF 14A | 2026-03-31 | 0000930236-26-000011 | CEO total compensation as printed in Redwood Trust, Inc.'s own proxy. As printed: 6,131,948. Filing ↗machine: span 755087–755096 |
| 31 | Brightspire Capital, Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001717547-26-000026 | CEO total compensation as printed in Brightspire Capital, Inc.'s own proxy. As printed: 5,849,879. Filing ↗machine: t89 · r7 · c18 · span 543725–543734 |
| 32 | Two Harbors Investment Corp., Section 10b CEO total | DEF 14A | 2025-04-02 | 0001465740-25-000090 | CEO total compensation as printed in Two Harbors Investment Corp.'s own proxy. As printed: 5,785,279. Filing ↗machine: r2 · c42 · span 566941–566950 |
| 33 | Section 10a, Brightspire Capital, Inc. reciprocity | DEF 14A | — | 0001717547-26-000026 | Brightspire Capital, Inc.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 34 | Section 10a, Chimera Investment Corporation reciprocity | DEF 14A | — | 0001206774-26-000238 | Chimera Investment Corporation's most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 35 | Section 10a, Dynex Capital, Inc. reciprocity | DEF 14A | — | 0001104659-26-040189 | Dynex Capital, Inc.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 36 | Section 10a, Ladder Capital Corp. reciprocity | DEF 14A | — | 0001577670-26-000018 | Ladder Capital Corp.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 37 | Section 10a, Two Harbors Investment Corp. reciprocity | DEF 14A | — | 0001465740-25-000090 | Two Harbors Investment Corp.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 38 | Section 10a, MFA Financial, Inc. reciprocity | DEF 14A | — | 0001140361-26-015388 | MFA Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 39 | Section 10a, Redwood Trust, Inc. reciprocity | DEF 14A | — | 0000930236-26-000011 | Redwood Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |
| 40 | Section 10a, Walker & Dunlop, Inc. reciprocity | DEF 14A | — | 0001104659-26-038515 | Walker & Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include New York Mortgage Trust. Filing ↗ |