ADAMAS TRUST, INC.

Listed Company

ADAMNCIK 0001273685NasdaqAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$149.05M

Total Assets

$12.64B

Equity

$1.43B

Shares Out

90.47M

Op. Cash Flow

$134.04M

Business

ADAMAS TRUST, INC. is an internally-managed REIT that acquires, invests in, finances and manages primarily mortgage-related single-family and multi-family residential assets. It offers investments in residential loans (including business-purpose and second mortgages), Agency and non‑Agency RMBS, structured multi‑family investments such as preferred equity and mezzanine loans, single‑family rental properties and other mortgage- and credit-related assets, and provides asset and portfolio management services. Key business segments include single‑family investments, multi‑family investments (mezzanine lending, preferred equity, joint ventures) and other/ABS and strategic equity investments. The company operates across U.S. markets using proprietary and third‑party sourcing, third‑party subservicing, repurchase and structured financing channels and participates in HUD voucher rental programs in selected cities.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	602	401	259	258	207
Interest expense	453	317	192	129	—
Total net interest income	149	84	67	129	128
Rental income	66	112	141	126	14
Other real estate income	10	20	31	15	927,000
Total income from real estate	76	133	172	142	15
Interest expense, mortgages payable on real estate	22	60	90	56	4
Depreciation and amortization	23	40	25	127	19
Other real estate expenses	44	75	88	72	10
Total expenses related to real estate	89	175	203	255	33
Total net loss from real estate	−12	−43	−31	−114	−18
Realized losses, net	−65	−29	−27	27	21
Unrealized gains (losses), net	217	−91	97	−347	96
(Losses) gains on derivative instruments, net	−58	96	−26	27	0
Mortgage banking activities, net	27	0	0	—	—
(Loss) income from equity investments	−3	16	18	15	34
Impairment of real estate	−10	−49	−90	−2	0
Loss on reclassification of disposal group	0	−15	−16	0	0
Other income	17	29	5	19	6
Total other income (loss)	124	−42	−39	−262	157
General and administrative expenses	73	49	50	52	49
Portfolio operating expenses	28	31	24	41	27
Loan origination costs	8	0	0	—	—
Financing transaction costs	14	12	0	0	—
Total general, administrative and operating expenses	123	92	74	93	76
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	138	−93	−78	−340	191
Income tax expense	145,000	1	75,000	542,000	2
NET INCOME (LOSS)	138	−94	−78	−341	188
Net loss attributable to non-controlling interests	11	32	29	42	5
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY	149	−62	−49	−299	193
Preferred stock dividends	−48	−42	−42	−42	−43
Gain on repurchase of preferred stock	0	0	467,000	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	101	−104	−90	−341	144
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	101	−104	−90	−341	144
Basic earnings (loss) per common share (in dollars per share)	1.12	−1.14	−0.99	−3.61	1.52
Diluted earnings (loss) per common share (in dollars per share)	1.1	−1.14	−0.99	−3.61	1.51
Weighted average shares outstanding-basic (in shares)	90	91	91	94	95
Weighted average shares outstanding-diluted (in shares)	92	91	91	94	95

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment securities available for sale, at fair value	6,905	3,829	—	—	—
Residential loans, at fair value	4,358	3,842	—	—	—
Residential loans held for sale, at fair value	81	0	—	—	—
Multi-family loans, at fair value	55	86	—	—	—
Equity investments, at fair value	25	113	147	180	240
Cash and cash equivalents	210	167	187	245	290
Real estate, net	553	623	1,132	693	1,018
Assets of disposal group held for sale	1	119	426	1,152	0
Goodwill	22	0	—	—	—
Other assets	428	438	315	259	215
Total assets	12,639	9,217	7,401	6,241	5,658
Repurchase agreements and warehouse facilities	6,753	4,012	—	—	—
Collateralized debt obligations ($3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024)	3,512	2,978	1,871	2,103	—
Senior unsecured notes ($260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024)	360	159	98	97	97
Subordinated debentures	45	45	45	45	45
Mortgages payable on real estate, net	332	367	784	395	709
Liabilities of disposal group held for sale	122,000	97	386	884	0
Other liabilities	206	148	118	116	161
Total liabilities	11,208	7,806	5,773	4,377	3,227
Commitments and Contingencies (See Note 16)	—	—	—	—	—
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities	3	12	28	64	66
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 and 22,164,414 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively ($559,642 and $554,110 aggregate liquidation preference as of December 31, 2025 and December 31, 2024, respectively)	540	535	535	538	538
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,303,863 and 90,574,996 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	903,000	906,000	907,000	912,000	4
Additional paid-in capital	2,294	2,289	2,297	2,283	2,357
Accumulated other comprehensive loss	0	0	−4,000	−2	2
Accumulated deficit	−1,409	−1,431	−1,254	−1,053	−559
Company's stockholders' equity	1,427	1,395	1,580	1,767	2,341
Non-controlling interests	499,000	4	20	33	24
Total equity	1,427	1,399	1,600	1,800	2,365
Total Liabilities and Equity	12,639	9,217	7,401	6,241	5,658

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	138	−94	−78	−341	188
Net amortization	17	20	28	26	32
Depreciation and amortization expense related to operating real estate	23	40	25	127	19
Other gains, net	−98,000	−31	−4	—	—
Gains on residential loans held for sale, net	−14	0	0	—	—
Originations of residential loans held for sale	−433	0	0	—	—
Repurchases of residential loans	−5	0	0	—	—
Proceeds from sales and repayments of residential loans held for sale	450	0	0	—	—
Impairment of real estate	10	49	90	2	0
Income from preferred equity, mezzanine loan and equity investments	−5	−27	−29	−30	−55
Distributions of income from preferred equity, mezzanine loan and equity investments	25	24	26	50	62
Stock based compensation expense, net	8	6	9	12	10
Cash reclassified from assets of disposal group held for sale	2	3	8	−14	0
Changes in operating assets and liabilities	12	−15	−17	−15	−4
Net cash provided by operating activities	134	14	30	92	139
Acquisition of businesses, net of cash and restricted cash acquired	−17	0	0	—	—
Proceeds from sales of investment securities	724	5	65	85	433
Principal paydowns received on investment securities	696	297	56	25	144
Purchases of investment securities	−4,364	−2,211	−2,014	−25	−54
Principal repayments received on preferred equity and mezzanine loan investments	29	5	8	29	78
Return of capital from equity investments	33	25	74	60	123
Funding of preferred equity, mezzanine loan and equity investments	−413,000	−1	−52	−28	−145
Cash received from initial consolidation of VIEs	0	0	102,000	—	—
Proceeds from sales of joint venture equity investments in VIEs	500,000	2	0	0	—
Decrease in cash from de-consolidation of Consolidated VIEs	0	−4	0	0	—
Net variation margin (paid) received for derivative instruments	−70	71	−27	0	0
Net payments received from derivative instruments	25	30	24	2	0
Net proceeds from sale of real estate	201	157	222	101	8
Purchases of and capital expenditures on real estate	−8	−25	−50	−209	−46
Purchases of investments held in Consolidated SLST	−12	−10	0	0	—
Purchases of mortgage servicing rights	0	−9	0	0	—
Purchases of other assets	−845,000	−2	−63,000	−100,000	−98,000
Net cash used in investing activities	−2,897	−2,244	−1,220	−509	−133
Net proceeds received from repurchase agreements and warehouse facilities	2,604	1,536	1,730	179	147
Proceeds from issuance of senior unsecured notes, net	194	60	0	0	96
Proceeds from issuance of collateralized debt obligations, net	948	1,350	0	—	—
Repurchases of common stock	−2	−3	−9	−44	0
Proceeds from preferred stock issuance, net	5	0	0	0	211
Repurchases of preferred stock	0	0	−2	0	0
Dividends paid on common stock and dividend equivalents	−76	−75	−129	−152	−152
Dividends paid on preferred stock	−46	−42	−42	−41	−43
Net distributions to non-controlling interests in Consolidated VIEs	−3	−12	−8	−11	−81,000
Redemptions of redeemable non-controlling interest in Consolidated VIE	−500,000	−626,000	−485,000	−2	0
Payments made on and extinguishment of collateralized debt obligations	−645	−469	−205	−189	−323
Payments made on Consolidated SLST CDOs	−74	−61	−46	−115	−161
Net payments made on mortgages payable on real estate	−129	−54	−149	3	2
Net cash provided by financing activities	2,776	2,229	1,140	460	27
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	13	−2	−50	43	33
Cash paid for interest	448	345	250	161	72
Cash paid (refunds received) for income taxes	218,000	−32,000	225,000	3	—
Consolidation of liabilities assumed in business combination	235	275	0	0	—
De-consolidation of real estate held in Consolidated VIEs	0	623	0	0	—
De-consolidation of mortgages payable on real estate held in Consolidated VIEs	0	630	0	0	—
Consolidation of residential loans held in Consolidated SLST	247	285	0	0	—
Consolidation of real estate held in Consolidated VIEs	0	0	54	664	927
Consolidation of mortgages payable on real estate held in Consolidated VIEs	0	0	45	524	670
Transfer from residential loans to real estate owned	49	85	42	19	4
Transfer from residential loans to real estate, net	0	3	0	0	—
Transfer from residential loans held for sale to residential loans	475	0	0	—	—
Distribution of mortgage servicing rights from equity investment	3	11	0	0	—
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs	0	24	0	0	0

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