Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 48

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 48
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We are an internally-managed real estate investment trust, or REIT, for U.S. federal income tax purposes, in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets. Our targeted investments currently include (i) residential loans, including business purpose loans, (ii) Agency RMBS, (iii) non-Agency RMBS, and certain other mortgage-, residential housing- and credit-related assets and strategic investments in companies from which we purchase, or may in the future purchase, our targeted assets. We previously also targeted structured multi-family property investments such as preferred equity in, and mezzanine loans to, owners of multi-family properties. Our hybrid investment strategy and the mortgage REIT industry in which we operate require that we maintain a highly qualified executive management team with strong operational skills.

The information set forth under this Compensation Discussion and Analysis (“CD&A”) section describes the executive compensation program that was in place for 2024 for our Chief Executive Officer (Jason T. Serrano), our President (Nicholas Mah) and our Chief Financial Officer (Kristine R. Nario-Eng) (collectively, our NEOs). We had no other NEOs in 2024.

This CD&A explains the overall objectives, elements and policies underlying our named executive officer compensation program for 2024. This discussion contains forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Future compensation programs that we adopt may differ materially from current programs.

#### Stockholder Engagement and Say-on-Pay
At our 2023 Annual Meeting of Stockholders, the advisory vote to approve our named executive officer compensation for the year ended December 31, 2022 (the “2023 Say-on-Pay Proposal”) received approval from approximately 62% of the shares voted, a level of approval that was notably lower than the approximately 95%, 96% and 97% approval received for the advisory vote on executive compensation at our 2020, 2021 and 2022 Annual Meetings of Stockholders, respectively. In response to this vote, the Compensation Committee and our full Board of Directors considered the voting results for that proposal and undertook an extensive evaluation of our executive compensation program and made a concerted effort to reach out to our top ten largest stockholders prior to the 2024 Annual Meeting of Stockholders, including multiple outreach communications, to understand their views on our executive compensation program and Company. The engagement process provided valuable opportunities to