ADAMAS TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(Dollar amounts in thousands, except share data)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Investment securities available for sale, at fair value | $6,904,781 | $3,828,544 |
| Residential loans, at fair value | 4,358,175 | 3,841,738 |
| Residential loans held for sale, at fair value | 80,707 | — |
| Multi-family loans, at fair value | 55,476 | 86,192 |
| Equity investments, at fair value | 24,711 | 113,492 |
| Cash and cash equivalents | 210,333 | 167,422 |
| Real estate, net | 553,496 | 623,407 |
| Assets of disposal group held for sale | 1,256 | 118,613 |
| Goodwill | 22,396 | — |
| Other assets | 427,516 | 437,874 |
| Total Assets (1) | $12,638,847 | $9,217,282 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Repurchase agreements and warehouse facilities | $6,753,417 | $4,012,225 |
| 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) | 3,511,802 | 2,978,444 |
| 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) | 360,437 | 159,196 |
| Subordinated debentures | 45,000 | 45,000 |
| Mortgages payable on real estate, net | 332,131 | 366,606 |
| Liabilities of disposal group held for sale | 122 | 97,065 |
| Other liabilities | 205,501 | 147,612 |
| Total liabilities (1) | 11,208,410 | 7,806,148 |
| Commitments and Contingencies (See Note 16) | ||
| Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | 3,016 | 12,359 |
| Stockholders' Equity: | ||
| 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) | 540,472 | 535,445 |
| 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 | 906 |
| Additional paid-in capital | 2,294,194 | 2,289,044 |
| Accumulated other comprehensive loss | — | — |
| Accumulated deficit | (1,408,647) | (1,430,675) |
| Company's stockholders' equity | 1,426,922 | 1,394,720 |
| Non-controlling interests | 499 | 4,055 |
| Total equity | 1,427,421 | 1,398,775 |
| Total Liabilities and Equity | $12,638,847 | $9,217,282 |
(1)Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of December 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,367,560 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,881,273 and $3,477,211, respectively. See Note 7 for further discussion.
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