ADAM on Nasdaq
ADAMAS TRUST, INC.
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Last updated Oct 16, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement in the latest annual report, as filed.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $601.9M | $401.3M | $258.7M |
| Interest expense | $452.6M | $317.4M | $192.1M |
| Total net interest income | $149.3M | $83.9M | $66.5M |
| Rental income | $66.0M | $112.5M | $141.1M |
| Other real estate income | $10.3M | $20.2M | $30.7M |
| Total income from real estate | $76.3M | $132.6M | $171.8M |
| Interest expense, mortgages payable on real estate | $21.6M | $60.2M | $90.2M |
| Depreciation and amortization | $23.1M | $39.8M | $24.6M |
| Other real estate expenses | $44.0M | $75.4M | $88.2M |
| Total expenses related to real estate | $88.8M | $175.5M | $203.1M |
| Total net loss from real estate | -$12.4M | -$42.8M | -$31.3M |
| Realized losses, net | -$65.4M | -$29.4M | -$27.1M |
| Unrealized gains (losses), net | $217.4M | -$90.5M | $97.2M |
| (Losses) gains on derivative instruments, net | -$58.3M | $96.0M | -$26.4M |
| Mortgage banking activities, net | $26.6M | $0 | $0 |
| (Loss) income from equity investments | -$3.2M | $16.0M | $17.8M |
| Impairment of real estate | -$9.8M | -$48.9M | -$89.5M |
| Loss on reclassification of disposal group | $0 | -$14.6M | -$16.2M |
| Other income | $16.5M | $29.1M | $4.7M |
| Total other income (loss) | $123.9M | -$42.2M | -$39.4M |
| General and administrative expenses | $72.7M | $48.7M | $49.6M |
| Portfolio operating expenses | $28.0M | $30.7M | $24.0M |
| Loan origination costs | $8.1M | $0 | $0 |
| Financing transaction costs | $14.2M | $12.3M | $0 |
| Total general, administrative and operating expenses | $122.9M | $91.7M | $73.5M |
| INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | $137.8M | -$92.9M | -$77.7M |
| Income tax expense | $145.0K | $1.0M | $75.0K |
| NET INCOME (LOSS) | $137.7M | -$94.0M | -$77.8M |
| Net loss attributable to non-controlling interests | $11.4M | $31.9M | $29.1M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | $149.0M | -$62.0M | -$48.7M |
| Preferred stock dividends | -$47.9M | -$41.8M | -$41.8M |
| Gain on repurchase of preferred stock | $0 | $0 | $467.0K |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $101.1M | -$103.8M | -$90.0M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $101.1M | -$103.8M | -$90.0M |
| Basic earnings (loss) per common share (in dollars per share) | $1.12 | -$1.14 | -$0.99 |
| Diluted earnings (loss) per common share (in dollars per share) | $1.10 | -$1.14 | -$0.99 |
| Weighted average shares outstanding-basic (in shares) | 90.4M shares | 90.8M shares | 91.0M shares |
| Weighted average shares outstanding-diluted (in shares) | 91.5M shares | 90.8M shares | 91.0M shares |
Every line of the balance sheet in the latest annual report, as filed.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Investment securities available for sale, at fair value | $6.9B | $3.8B | |
| Residential loans, at fair value | $4.4B | $3.8B | |
| Residential loans held for sale, at fair value | $80.7M | $0 | |
| Multi-family loans, at fair value | $55.5M | $86.2M | |
| Equity investments, at fair value | $24.7M | $113.5M | |
| Cash and cash equivalents | $210.3M | $167.4M | $187.1M |
| Real estate, net | $553.5M | $623.4M | |
| Assets of disposal group held for sale | $1.3M | $118.6M | |
| Goodwill | $22.4M | $0 | |
| Other assets | $427.5M | $437.9M | |
| Repurchase agreements and warehouse facilities | $6.8B | $4.0B | |
| 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) | $360.4M | $159.2M | |
| Subordinated debentures | $45.0M | $45.0M | |
| Mortgages payable on real estate, net | $332.1M | $366.6M | |
| Liabilities of disposal group held for sale | $122.0K | $97.1M | |
| Other liabilities | $205.5M | $147.6M | |
| Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | $3.0M | $12.4M | |
| 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) | $540.5M | $535.4M | |
| 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 | $903.0K | $906.0K | |
| Additional paid-in capital | $2.3B | $2.3B | |
| Accumulated other comprehensive loss | $0 | $0 | |
| Accumulated deficit | -$1.4B | -$1.4B | |
| Company's stockholders' equity | $1.4B | $1.4B | |
| Non-controlling interests | $499.0K | $4.1M | |
| Total equity | $1.4B | $1.4B | $1.6B |
| Total Liabilities and Equity | $12.6B | $9.2B | |
| Collateralized debt obligations | $3.5B | $3.0B | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | |
| Common stock, shares issued (in shares) | 90.3M shares | 90.6M shares | |
| Common stock, shares outstanding (in shares) | 90.3M shares | 90.6M shares | |
| Total assets | $12.6B | $9.2B | |
| Total liabilities | $11.2B | $7.8B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $137.7M | -$94.0M | -$77.8M |
| Net amortization | $16.6M | $20.2M | $27.5M |
| Depreciation and amortization expense related to operating real estate | $23.1M | $39.8M | $24.6M |
| Realized losses, net | $65.4M | $29.4M | $27.1M |
| Unrealized (gains) losses, net | -$217.4M | $90.5M | -$97.2M |
| Losses (gains) on derivative investments, net | $58.3M | -$96.0M | $26.4M |
| Other gains, net | -$98.0K | -$31.1M | -$4.0M |
| Gains on residential loans held for sale, net | -$14.4M | $0 | $0 |
| Originations of residential loans held for sale | -$432.7M | $0 | $0 |
| Repurchases of residential loans | -$4.7M | $0 | $0 |
| Proceeds from sales and repayments of residential loans held for sale | $450.2M | $0 | $0 |
| Impairment of real estate | $9.8M | $48.9M | $89.5M |
| Loss on reclassification of disposal group | $0 | $14.6M | $16.2M |
| Income from preferred equity, mezzanine loan and equity investments | -$5.4M | -$26.8M | -$28.8M |
| Distributions of income from preferred equity, mezzanine loan and equity investments | $25.4M | $24.2M | $26.1M |
| Stock based compensation expense, net | $8.2M | $6.1M | $8.8M |
| Cash reclassified from assets of disposal group held for sale | $2.0M | $3.2M | $8.3M |
| Changes in operating assets and liabilities | $12.2M | -$15.0M | -$16.7M |
| Net cash provided by operating activities | $134.0M | $14.1M | $30.0M |
| Acquisition of businesses, net of cash and restricted cash acquired | -$16.7M | $0 | $0 |
| Proceeds from sales of investment securities | $724.5M | $5.3M | $64.7M |
| Principal paydowns received on investment securities | $696.5M | $296.6M | $56.5M |
| Purchases of investment securities | -$4.4B | -$2.2B | -$2.0B |
| Principal repayments received on preferred equity and mezzanine loan investments | $29.2M | $5.1M | $8.5M |
| Return of capital from equity investments | $33.1M | $25.1M | $74.3M |
| Funding of preferred equity, mezzanine loan and equity investments | -$413.0K | -$1.5M | -$52.4M |
| Cash received from initial consolidation of VIEs | $0 | $0 | $102.0K |
| Proceeds from sales of joint venture equity investments in VIEs | $500.0K | $2.0M | $0 |
| Decrease in cash from de-consolidation of Consolidated VIEs | $0 | -$4.0M | $0 |
| Net variation margin (paid) received for derivative instruments | -$70.1M | $70.7M | -$27.4M |
| Net payments received from derivative instruments | $24.8M | $29.7M | $24.2M |
| Net proceeds from sale of real estate | $201.4M | $157.2M | $222.0M |
| Purchases of and capital expenditures on real estate | -$8.2M | -$24.6M | -$50.4M |
| Purchases of investments held in Consolidated SLST | -$12.2M | -$9.9M | $0 |
| Purchases of mortgage servicing rights | $0 | -$9.5M | $0 |
| Purchases of other assets | -$845.0K | -$2.1M | -$63.0K |
| Net cash used in investing activities | -$2.9B | -$2.2B | -$1.2B |
| Net proceeds received from repurchase agreements and warehouse facilities | $2.6B | $1.5B | $1.7B |
| Proceeds from issuance of senior unsecured notes, net | $193.5M | $60.0M | $0 |
| Proceeds from issuance of collateralized debt obligations, net | $947.8M | $1.4B | $0 |
| Repurchases of common stock | -$1.5M | -$3.5M | -$8.6M |
| Proceeds from preferred stock issuance, net | $5.0M | $0 | $0 |
| Repurchases of preferred stock | $0 | $0 | -$2.4M |
| Dividends paid on common stock and dividend equivalents | -$75.5M | -$74.9M | -$128.8M |
| Dividends paid on preferred stock | -$46.5M | -$41.8M | -$41.9M |
| Net distributions to non-controlling interests in Consolidated VIEs | -$2.6M | -$11.9M | -$8.4M |
| Redemptions of redeemable non-controlling interest in Consolidated VIE | -$500.0K | -$626.0K | -$485.0K |
| Payments made on and extinguishment of collateralized debt obligations | -$644.9M | -$469.0M | -$204.6M |
| Payments made on Consolidated SLST CDOs | -$74.1M | -$61.1M | -$46.5M |
| Net payments made on mortgages payable on real estate | -$128.5M | -$54.3M | -$148.9M |
| Net cash provided by financing activities | $2.8B | $2.2B | $1.1B |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | $13.4M | -$1.6M | -$50.3M |
| Cash paid for interest | $448.3M | $344.7M | $249.9M |
| Cash paid (refunds received) for income taxes | $218.0K | -$32.0K | $225.0K |
| Consolidation of liabilities assumed in business combination | $235.2M | $275.2M | $0 |
| De-consolidation of real estate held in Consolidated VIEs | $0 | $622.7M | $0 |
| De-consolidation of mortgages payable on real estate held in Consolidated VIEs | $0 | $629.8M | $0 |
| Consolidation of residential loans held in Consolidated SLST | $247.4M | $285.1M | $0 |
| Consolidation of real estate held in Consolidated VIEs | $0 | $0 | $54.4M |
| Consolidation of mortgages payable on real estate held in Consolidated VIEs | $0 | $0 | $45.1M |
| Transfer from residential loans to real estate owned | $49.0M | $85.3M | $42.5M |
| Transfer from residential loans to real estate, net | $0 | $2.6M | $0 |
| Transfer from residential loans held for sale to residential loans | $474.9M | $0 | $0 |
| Distribution of mortgage servicing rights from equity investment | $3.4M | $10.9M | $0 |
| Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs | $0 | $24.1M | $0 |
| Net loss attributable to redeemable noncontrolling interest | -$9.6M | -$16.9M | -$17.1M |
Former names
Recent filings
- Sep 28, 2026S-3ASR
- Sep 10, 20268-K
- Aug 25, 2026SCHEDULE 13D/A
- Aug 14, 20268-A12B
- Aug 14, 2026CERT
- Aug 14, 20268-K
- Aug 12, 20268-K
- Aug 12, 2026424B5
- Aug 11, 20268-K
- Aug 11, 2026424B5
- Aug 11, 2026FWP
- Jul 31, 202610-Q
- Jul 29, 20268-K
- Jul 2, 2026S-8
- Jun 23, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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