Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 57

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 57
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 input from its compensation consultants, developed a peer group that extends beyond mortgage REITs. This peer group also includes other real estate-focused or related finance companies, each of which have similarity to us based on business focus, size (based on equity market capitalization) and/or geography and the executives of which are required to have similar skills and experience as our executives. In addition, this peer group may include companies that have, in prior years, been identified by proxy advisory firms as comparable to us in their evaluation of us in connection with developing their annual say-on-pay vote recommendation, or that we may compete with in recruiting talent.

In considering the peer group analysis provided by FPL, the Compensation Committee focused on developing a peer group comprised of between 8 and 20 companies that were between 0.5 times and 2.0 times our size and were either direct competitors to us or who were otherwise industry-relevant. With input from Pearl Meyer, the Compensation Committee has updated the composition of the peer group from time to time. The current peer group identified by the Compensation Committee and set forth below is comprised of 11 companies that have equity market capitalizations between $700 million and $4.5 billion as of December 31, 2023. The Company's equity market capitalization as of December 31, 2023 was $773 million. The Compensation Committee has determined to exclude externally-managed mortgage REITs from our peer group due to the limited publicly available comparative compensation data for their executives. We sometimes refer to the industry groups identified by the Compensation Committee for benchmarking purposes as our "peer group."

| Arbor Realty Trust, Inc.                                  |     | MFA Financial, Inc.               |
| Brightspire Capital, Inc.                                 |     | PennyMac Financial Services, Inc. |
| Chimera Investment Corporation                            |     | Redwood Trust, Inc.               |
| Dynex Capital, Inc.                                       |     | Two Harbors Investment Corp.      |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |     | Walker & Dunlop, Inc.             |
| Ladder Capital Corp.                                      |     |                                   |

The Compensation Committee believes that a carefully selected and assembled peer group can provide information that is critical to decision making on compensation—both the level of compensation and the underpinnings for short- and long-term pay program design. While the Compensation Committee recognizes that a peer group must evolve with the business and cannot remain static, it also believes that size (based on equity market capital