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ADAMAS TRUST, INC.

ADAM · FY2025

MISALIGNED

CEO Package

$8.2M

Pay Ratio

—

Jason T. Serrano

Pay outran TSR by +59.9 pts

Prologis, Inc.

PLD · FY2025

ALIGNED

CEO Package

$15.2M

Pay Ratio

—

Daniel Letter

Returns outran pay growth by +17.9 pts

SBA Communications Corporation

SBAC · FY2025

MIXED

CEO Package

$11.4M

Pay Ratio

—

Brendan T. Cavanagh

Pay and TSR both rose, but not in lockstep

CEOTotal Compensation — All Companies

ADAM$8.2MPLD$15.2MSBAC$11.4M

All values are grant-date fair value as reported in proxy statements.

Key Differences

The fastest way to read this comparison before dropping into the tables.

PLD carries the largest package at $15.2M, about 1.9x ADAM.
ADAM reads misaligned, while PLD looks aligned.

Pay Component Breakdown

Latest CEO package mix by company. This stays on the CEO package even if the chart above is showing Top 5 pay.

ADAM

Jason T. Serrano

$8.2M

base salary11%
stock awards50%
non-equity incentive compensation37%
other compensation2%

PLD

Daniel Letter

$15.2M

base salary5%
stock awards82%
other compensation0%

SBAC

Brendan T. Cavanagh

$11.4M

base salary8%
stock awards76%
non-equity incentive compensation15%
other compensation0%

Quick Comparison

CompanyCEOLatest YearTotal Comp
ADAMAS TRUST, INC.(ADAM)Jason T. Serrano2025$8.2M
Prologis, Inc.(PLD)Daniel Letter2025$15.2M
SBA Communications Corporation(SBAC)Brendan T. Cavanagh2025$11.4M

Note: All compensation values shown are grant-date fair value as reported in proxy statements. Direct comparisons should account for differences in company size, industry, and compensation structure.

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