ADAMAS TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
ADAM$5.690.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(Amounts in thousands, except per share data)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| NET INTEREST INCOME: | |||
| Interest income | $601,948 | $401,280 | $258,660 |
| Interest expense | 452,647 | 317,425 | 192,134 |
| Total net interest income | 149,301 | 83,855 | 66,526 |
| NET LOSS FROM REAL ESTATE: | |||
| Rental income | 66,025 | 112,488 | 141,057 |
| Other real estate income | 10,309 | 20,151 | 30,717 |
| Total income from real estate | 76,334 | 132,639 | 171,774 |
| Interest expense, mortgages payable on real estate | 21,581 | 60,232 | 90,221 |
| Depreciation and amortization | 23,125 | 39,822 | 24,620 |
| Other real estate expenses | 44,045 | 75,426 | 88,235 |
| Total expenses related to real estate | 88,751 | 175,480 | 203,076 |
| Total net loss from real estate | (12,417) | (42,841) | (31,302) |
| OTHER INCOME (LOSS): | |||
| Realized losses, net | (65,428) | (29,351) | (27,059) |
| Unrealized gains (losses), net | 217,395 | (90,530) | 97,196 |
| (Losses) gains on derivative instruments, net | (58,303) | 95,996 | (26,378) |
| Mortgage banking activities, net | 26,621 | — | — |
| (Loss) income from equity investments | (3,168) | 16,011 | 17,785 |
| Impairment of real estate | (9,767) | (48,875) | (89,548) |
| Loss on reclassification of disposal group | — | (14,636) | (16,163) |
| Other income | 16,509 | 29,149 | 4,736 |
| Total other income (loss) | 123,859 | (42,236) | (39,431) |
| GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||
| General and administrative expenses | 72,656 | 48,672 | 49,565 |
| Portfolio operating expenses | 28,011 | 30,688 | 23,952 |
| Loan origination costs | 8,101 | — | — |
| Financing transaction costs | 14,173 | 12,335 | — |
| Total general, administrative and operating expenses | 122,941 | 91,695 | 73,517 |
| INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 137,802 | (92,917) | (77,724) |
| Income tax expense | 145 | 1,036 | 75 |
| NET INCOME (LOSS) | 137,657 | (93,953) | (77,799) |
| Net loss attributable to non-controlling interests | 11,391 | 31,924 | 29,134 |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | 149,048 | (62,029) | (48,665) |
| Preferred stock dividends | (47,942) | (41,756) | (41,837) |
| Gain on repurchase of preferred stock | — | — | 467 |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $101,106 | $(103,785) | $(90,035) |
| Basic earnings (loss) per common share | $1.12 | $(1.14) | $(0.99) |
| Diluted earnings (loss) per common share | $1.10 | $(1.14) | $(0.99) |
| Weighted average shares outstanding-basic | 90,427 | 90,815 | 91,042 |
| Weighted average shares outstanding-diluted | 91,510 | 90,815 | 91,042 |
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