Real Estate
Adamas Trust Executive Compensation (FY25)
ADAM · New York, NY · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 11, 2026
159 figures on this page: 148 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jason Serrano: $3,905,297 → $8,175,252 (109.3% higher)
Say-on-pay support: 96.6% → 94.5% (2.1 points lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Adamas Trust's chief executive and what were they paid?
Jason Serrano, Chief Executive Officer, received $8,175,252 in total compensation for fiscal 2025. Serrano's total was 109.3% higher than the $3,905,297 reported for fiscal 2024.
What was Adamas Trust's say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.5% of votes cast for or against in favor at the meeting held June 11, 2026 for fiscal 2025.
Which companies are in Adamas Trust's peer group?
The disclosed peer group names Arbor Realty Trust, Inc., Brightspire Capital, Inc., Chimera Investment Corporation, Dynex Capital, Inc. and Hannon Armstrong Sustainable Infrastructure Capital, Inc., among others.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jason Serrano Chief Executive Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Kristine Nario-Eng Chief Financial Officer, Principal Accounting Officer, Secretary | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Steven Mumma Executive Chairman | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Nathan Reese Former Chief Operating Officer and Secretary Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jason Serrano Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Nicholas Mah President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Kristine Nario-Eng Chief Financial Officer, Principal Accounting Officer, Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Nathan Reese Former Chief Operating Officer and Secretary Departed during or after this year | ◇ | — | — | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jason Serrano Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Nicholas Mah President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Kristine Nario-Eng Chief Financial Officer, Principal Accounting Officer, Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jason Serrano Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Nicholas Mah President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Kristine Nario-Eng Chief Financial Officer and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Jason T. Serrano | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Kristine R. Nario-Eng | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Nicholas Mah | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Nicholas Mah | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Jason Serrano | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Kristine Nario-Eng | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Lisa A. Pendergast Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Audrey E. Greenberg | ◇ | ◇ | — | — | — | — | ◇ |
Steven G. Norcutt | ◇ | ◇ | — | — | — | — | ◇ |
Steven R. Mumma Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Eugenia R. Cheng | ◇ | ◇ | — | — | — | — | ◇ |
Michael B. Clement | ◇ | ◇ | — | — | — | — | ◇ |
Jason T. Serrano served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Arbor Realty Trust, Inc. ABR
- Brightspire Capital, Inc. BRSP
- Chimera Investment Corporation CIM
- Dynex Capital, Inc. DX
- Hannon Armstrong Sustainable Infrastructure Capital, Inc. HASI
- Ladder Capital Corp. LADR
- MFA Financial, Inc. MFA
- PennyMac Financial Services, Inc. PFSI
- Redwood Trust, Inc. RWT
- Two Harbors Investment Corp. TWO
- Walker & Dunlop, Inc. WD
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 11, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 12, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | June 24, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | June 6, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | June 6, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | June 14, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | June 29, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | June 28, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | June 4, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | May 11, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | May 12, 2016 | = | ◇ | ◇ | ◇ |
What this page does not include
Everything above is a fact Adamas Trust disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Adamas Trust sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
159 figures on this page: 148 cited to the filing that reported them, 11 calculated from figures it prints.
148 cited to the filing
11 calculated from the filing
Documents cited
- 0001273685-26-000048Item 5.07. Submission of Matters to a Vote of Security Holders.
- 0001273685-26-000038COMPENSATION OF DIRECTORS · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year End · Summary Compensation Table
- 0001273685-25-000050Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-25-000038Summary Compensation Table
- 0001273685-24-000057Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-24-000047Summary Compensation Table
- 0001273685-23-000077Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-23-000066Summary Compensation Table
- 0001273685-22-000048Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-21-000059Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-20-000064Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-19-000054Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-18-000045Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-17-000032Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001273685-16-000043Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Adamas Trust executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ADAM (accessed 2026).
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Real Estate rankings
Peers Adamas Trust discloses
The companies named in ADAM's own disclosed peer group.
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}