ADAMAS TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
ADAM$5.45-4.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $137,657 | $(93,953) | $(77,799) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Net amortization | 16,579 | 20,219 | 27,500 |
| Depreciation and amortization expense related to operating real estate | 23,125 | 39,822 | 24,620 |
| Realized losses, net | 65,428 | 29,351 | 27,059 |
| Unrealized (gains) losses, net | (217,395) | 90,530 | (97,196) |
| Losses (gains) on derivative investments, net | 58,303 | (95,996) | 26,378 |
| Other gains, net | (98) | (31,086) | (3,967) |
| Gains on residential loans held for sale, net | (14,443) | — | — |
| Originations of residential loans held for sale | (432,719) | — | — |
| Repurchases of residential loans | (4,738) | — | — |
| Proceeds from sales and repayments of residential loans held for sale | 450,175 | — | — |
| Impairment of real estate | 9,767 | 48,875 | 89,548 |
| Loss on reclassification of disposal group | — | 14,636 | 16,163 |
| Income from preferred equity, mezzanine loan and equity investments | (5,426) | (26,796) | (28,774) |
| Distributions of income from preferred equity, mezzanine loan and equity investments | 25,441 | 24,222 | 26,076 |
| Stock based compensation expense, net | 8,197 | 6,068 | 8,825 |
| Cash reclassified from assets of disposal group held for sale | 1,951 | 3,215 | 8,267 |
| Changes in operating assets and liabilities | 12,236 | (15,036) | (16,747) |
| Net cash provided by operating activities | 134,040 | 14,071 | 29,953 |
| Cash Flows from Investing Activities: | |||
| Acquisition of businesses, net of cash and restricted cash acquired | (16,733) | — | — |
| Proceeds from sales of investment securities | 724,474 | 5,284 | 64,690 |
| Principal paydowns received on investment securities | 696,455 | 296,611 | 56,459 |
| Purchases of investment securities | (4,363,994) | (2,210,935) | (2,014,385) |
| Principal repayments received on residential loans | 1,428,808 | 1,147,168 | 1,062,247 |
| Proceeds from sales of residential loans | 169,850 | 162,883 | 25,144 |
| Purchases and originations of residential loans | (1,733,373) | (1,883,708) | (612,784) |
| Principal repayments received on preferred equity and mezzanine loan investments | 29,250 | 5,100 | 8,460 |
| Return of capital from equity investments | 33,150 | 25,061 | 74,275 |
| Funding of preferred equity, mezzanine loan and equity investments | (413) | (1,498) | (52,400) |
| Cash received from initial consolidation of VIEs | — | — | 102 |
| Proceeds from sales of joint venture equity investments in VIEs | 500 | 2,050 | — |
| Decrease in cash from de-consolidation of Consolidated VIEs | — | (3,956) | — |
| Net variation margin (paid) received for derivative instruments | (70,124) | 70,656 | (27,447) |
| Net payments received from derivative instruments | 24,847 | 29,691 | 24,215 |
| Net proceeds from sale of real estate | 201,358 | 157,203 | 221,968 |
| Purchases of and capital expenditures on real estate | (8,154) | (24,647) | (50,412) |
| Purchases of investments held in Consolidated SLST | (12,179) | (9,857) | — |
| Purchases of mortgage servicing rights | — | (9,470) | — |
| Purchases of other assets | (845) | (2,071) | (63) |
| Net cash used in investing activities | (2,897,123) | (2,244,435) | (1,219,931) |
| Cash Flows from Financing Activities: | |||
| Net proceeds received from repurchase agreements and warehouse facilities | 2,604,209 | 1,535,749 | 1,730,366 |
| Proceeds from issuance of senior unsecured notes, net | 193,505 | 60,000 | — |
| Proceeds from issuance of collateralized debt obligations, net | 947,788 | 1,350,153 | — |
| Repurchases of common stock | (1,502) | (3,493) | (8,615) |
| Proceeds from preferred stock issuance, net | 5,027 | — | — |
| Repurchases of preferred stock | — | — | (2,439) |
|---|---|---|---|
| Dividends paid on common stock and dividend equivalents | (75,507) | (74,945) | (128,801) |
| Dividends paid on preferred stock | (46,460) | (41,756) | (41,894) |
| Net distributions to non-controlling interests in Consolidated VIEs | (2,557) | (11,893) | (8,377) |
| Redemptions of redeemable non-controlling interest in Consolidated VIE | (500) | (626) | (485) |
| Payments made on and extinguishment of collateralized debt obligations | (644,876) | (469,017) | (204,649) |
| Payments made on Consolidated SLST CDOs | (74,146) | (61,130) | (46,476) |
| Net payments made on mortgages payable on real estate | (128,544) | (54,296) | (148,948) |
| Net cash provided by financing activities | 2,776,437 | 2,228,746 | 1,139,682 |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 13,354 | (1,618) | (50,296) |
| Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 329,024 | 330,642 | 380,938 |
| Cash, Cash Equivalents and Restricted Cash - End of Period | $342,378 | $329,024 | $330,642 |
| Supplemental Disclosure: | |||
| Cash paid for interest | $448,294 | $344,725 | $249,854 |
| Cash paid (refunds received) for income taxes | $218 | $(32) | $225 |
| Non-Cash Investing Activities: | |||
| Non-cash consideration for acquisition of business | $36,259 | $— | $— |
| Consolidation of assets acquired in business combination | $188,102 | $— | $— |
| Consolidation of liabilities assumed in business combination | $142,714 | $— | $— |
| De-consolidation of real estate held in Consolidated VIEs | $— | $622,708 | $— |
| De-consolidation of mortgages payable on real estate held in Consolidated VIEs | $— | $629,763 | $— |
| Consolidation of residential loans held in Consolidated SLST | $247,405 | $285,057 | $— |
| Consolidation of Consolidated SLST CDOs | $235,226 | $275,200 | $— |
| Consolidation of real estate held in Consolidated VIEs | $— | $— | $54,439 |
| Consolidation of mortgages payable on real estate held in Consolidated VIEs | $— | $— | $45,142 |
| Transfer from residential loans to real estate owned | $49,032 | $85,342 | $42,485 |
| Transfer from residential loans to real estate, net | $— | $2,640 | $— |
| Transfer from residential loans held for sale to residential loans | $474,922 | $— | $— |
| Distribution of mortgage servicing rights from equity investment | $3,405 | $10,917 | $— |
| Non-Cash Financing Activities: | |||
| Dividends declared on common stock and dividend equivalents to be paid in subsequent period | $23,414 | $19,844 | $21,716 |
| Dividends declared on preferred stock to be paid in subsequent period | $11,918 | $10,435 | $10,435 |
| Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs | $— | $24,073 | $— |
| Cash, Cash Equivalents and Restricted Cash Reconciliation: | |||
| Cash and cash equivalents | $210,333 | $167,422 | $187,107 |
| Restricted cash included in other assets | 132,045 | 161,602 | 143,535 |
| Total cash, cash equivalents, and restricted cash | $342,378 | $329,024 | $330,642 |
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