Adamas Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Adamas Trust Inc reported net income of $149.0M (+340.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $601.9M | $401.3M | $258.7M | $258.4M |
| Interest expense | $452.6M | $317.4M | $192.1M | $129.4M |
| Total net interest income | $149.3M | $83.9M | $66.5M | $129.0M |
| Rental income | $66.0M | $112.5M | $141.1M | $126.3M |
| Other real estate income | $10.3M | $20.2M | $30.7M | $15.4M |
| Total income from real estate | $76.3M | $132.6M | $171.8M | — |
| Interest expense, mortgages payable on real estate | $21.6M | $60.2M | $90.2M | $56.0M |
| Depreciation and amortization | $23.1M | $39.8M | $24.6M | $126.8M |
| Other real estate expenses | $44.0M | $75.4M | $88.2M | $72.4M |
| Total expenses related to real estate | $88.8M | $175.5M | $203.1M | $255.2M |
| Total net loss from real estate | ($12.4M) | ($42.8M) | ($31.3M) | $141.7M |
| Realized losses, net | ($65.4M) | ($29.4M) | ($27.1M) | $27.5M |
| Unrealized gains (losses), net | $217.4M | ($90.5M) | $97.2M | ($321.1M) |
| (Losses) gains on derivative instruments, net | ($58.3M) | $96.0M | ($26.4M) | — |
| Mortgage banking activities, net | $26.6M | — | — | — |
| (Loss) income from equity investments | ($3.2M) | $16.0M | $17.8M | $15.1M |
| 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 | $16.3M |
| Total other income (loss) | $123.9M | ($42.2M) | ($39.4M) | ($120.5M) |
| General and administrative expenses | $72.7M | $48.7M | $49.6M | $52.4M |
| Portfolio operating expenses | $28.0M | $30.7M | $24.0M | $40.9M |
| Loan origination costs | $8.1M | — | — | — |
| Financing transaction costs | $14.2M | $12.3M | — | — |
| Total general, administrative and operating expenses | $122.9M | $91.7M | $73.5M | $348.6M |
| INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | $137.8M | ($92.9M) | ($77.7M) | ($340.1M) |
| Income tax expense | $145.0K | $1.0M | $75.0K | $542.0K |
| NET INCOME (LOSS) | $137.7M | ($94.0M) | ($77.8M) | ($340.6M) |
| Net loss attributable to non-controlling interests | $11.4M | $31.9M | $29.1M | $42.0M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | $149.0M | ($62.0M) | ($48.7M) | ($298.6M) |
| Preferred stock dividends | ($47.9M) | ($41.8M) | ($41.8M) | ($42.0M) |
| 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) | ($340.6M) |
| Basic earnings (loss) per common share (in dollars per share) | $1.12 | -$1.14 | -$0.99 | -$0.90 |
| Diluted earnings (loss) per common share (in dollars per share) | $1.10 | -$1.14 | -$0.99 | -$0.90 |
| Weighted average shares outstanding-basic (in shares) | 90.4M | 90.8M | 91.0M | 377.3M |
| Weighted average shares outstanding-diluted (in shares) | 91.5M | 90.8M | 91.0M | 377.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $174.4M | $172.1M | $160.6M | $140.9M |
| Interest expense | $124.2M | $123.7M | $124.0M | $104.5M |
| Total net interest income | $50.2M | $48.4M | $36.6M | $36.4M |
| Rental income | $12.0M | $12.6M | $16.6M | $17.8M |
| Other real estate income | $2.0M | $1.9M | $2.5M | $2.8M |
| Total income from real estate | $14.0M | $14.6M | $19.1M | $20.6M |
| Interest expense, mortgages payable on real estate | $3.4M | $3.8M | $5.4M | $5.9M |
| Depreciation expense | $4.5M | $4.6M | $5.9M | $5.9M |
| Other real estate expenses | $8.5M | $8.7M | $11.6M | $11.8M |
| Total expenses related to real estate | $16.3M | $17.2M | $23.0M | $23.7M |
| Total net loss from real estate | ($2.3M) | ($2.6M) | ($3.9M) | ($3.0M) |
| Realized losses, net | ($13.0M) | ($10.7M) | ($5.6M) | ($3.8M) |
| Unrealized (losses) gains, net | ($8.5M) | ($62.6M) | $54.9M | $24.6M |
| Gains (losses) on derivative instruments, net | $48.8M | $87.8M | ($13.0M) | ($27.0M) |
| Mortgage banking activities, net | $16.2M | $15.3M | $14.1M | — |
| (Loss) income from equity investments | ($231.0K) | $721.0K | ($1.6M) | ($1.4M) |
| Impairment of real estate | ($161.0K) | ($2.2M) | ($1.6M) | ($3.9M) |
| Other income | $2.0M | $52.6M | $1.5M | — |
| Total other income (loss) | $45.2M | $80.9M | $48.6M | ($9.3M) |
| General and administrative expenses | $25.6M | $24.5M | $23.3M | $11.8M |
| Portfolio operating expenses | $6.4M | $6.1M | $6.7M | $7.4M |
| Loan origination costs | $4.8M | $4.0M | $3.8M | — |
| Financing transaction costs | $3.1M | $5.4M | $7.9M | $750.0K |
| Total general, administrative and operating expenses | $40.0M | $40.0M | $41.8M | $19.9M |
| INCOME FROM OPERATIONS BEFORE INCOME TAXES | $53.1M | $86.7M | $39.5M | $4.3M |
| Income tax expense (benefit) | $13.0K | $159.0K | ($298.0K) | ($161.0K) |
| NET INCOME | $53.1M | $86.6M | $39.8M | $4.4M |
| Net loss (income) attributable to non-controlling interests | $2.1M | ($38.0M) | $5.0M | $4.1M |
| NET INCOME ATTRIBUTABLE TO COMPANY | $55.2M | $48.6M | $44.8M | $8.5M |
| Preferred stock dividends | ($11.8M) | ($11.7M) | ($12.1M) | ($12.0M) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $43.4M | $36.9M | $32.7M | ($3.5M) |
| Basic earnings (loss) per common share (in dollars per share) | $0.48 | $0.41 | $0.36 | -$0.04 |
| Diluted earnings (loss) per common share (in dollars per share) | $0.47 | $0.40 | $0.36 | -$0.04 |
| Weighted average shares outstanding-basic (in shares) | 90.0M | 90.4M | 90.4M | 90.3M |
| Weighted average shares outstanding-diluted (in shares) | 92.3M | 92.1M | 91.6M | 90.3M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Investment securities available for sale, at fair value | $6.9B | $3.8B | $2.0B | $99.6M |
| Residential loans, at fair value | $4.4B | $3.8B | $3.1B | $3.5B |
| Residential loans held for sale, at fair value | $80.7M | — | — | — |
| Multi-family loans, at fair value | $55.5M | $86.2M | $95.8M | $87.5M |
| Equity investments, at fair value | $24.7M | $113.5M | $147.1M | $179.7M |
| Cash and cash equivalents | $210.3M | $167.4M | $187.1M | $244.7M |
| Real estate, net | $553.5M | $623.4M | $1.1B | $693.0M |
| Assets of disposal group held for sale | $1.3M | $118.6M | $426.0M | $1.2B |
| Goodwill | $22.4M | — | — | — |
| Other assets | $427.5M | $437.9M | $315.4M | $259.4M |
| Total assets | $12.6B | $9.2B | $7.4B | $6.2B |
| Repurchase agreements and warehouse facilities | $6.8B | — | — | — |
| 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) | $3.5B | $3.0B | $1.9B | $2.1B |
| 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 | $98.1M | $97.4M |
| Subordinated debentures | $45.0M | $45.0M | $45.0M | $45.0M |
| Mortgages payable on real estate, net | $332.1M | $366.6M | $784.4M | $394.7M |
| Liabilities of disposal group held for sale | $122.0K | $97.1M | $386.0M | $883.8M |
| Other liabilities | $205.5M | $147.6M | $118.0M | $116.0M |
| Total liabilities | $11.2B | $7.8B | $5.8B | $4.4B |
| Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | $3.0M | $12.4M | $28.1M | $63.8M |
| 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) | $540472000.00 | $535445000.00 | $535445000.00 | $538351000.00 |
| 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 | $903000.00 | $906000.00 | $907000.00 | $3648000.00 |
| Additional paid-in capital | $2.3B | $2.3B | $2.3B | $2.3B |
| Accumulated other comprehensive loss | $0 | $0 | ($4.0K) | ($2.0M) |
| Accumulated deficit | ($1.4B) | ($1.4B) | ($1.3B) | ($1.1B) |
| Company's stockholders' equity | $1.4B | $1.4B | $1.6B | $1.8B |
| Non-controlling interests | $499.0K | $4.1M | $20.5M | $33.1M |
| Total equity | $1.4B | $1.4B | $1.6B | $1.8B |
| Total Liabilities and Equity | $12.6B | $9.2B | $7.4B | $6.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Investment securities available for sale, at fair value | $7.0B | $7.0B | $6.8B | $5.1B |
| Residential loans, at fair value | $4.8B | $4.5B | $4.2B | $4.0B |
| Residential loans held for sale, at fair value | $59.0M | $121.6M | $105.0M | — |
| Multi-family loans, at fair value | $45.1M | $55.9M | $68.6M | $75.0M |
| Equity investments, at fair value | $22.8M | $23.5M | $28.8M | $91.4M |
| Cash and cash equivalents | $212.3M | $208.9M | $185.3M | $160.4M |
| Real estate, net | $451.8M | $465.8M | $601.7M | $610.7M |
| Goodwill | $22.4M | $22.4M | $22.4M | — |
| Other assets | $385.7M | $433.9M | $398.2M | $367.7M |
| Total Assets | $13.0B | $12.8B | $12.4B | $10.6B |
| Repurchase agreements and warehouse facilities | $7.1B | $7.0B | $6.5B | — |
| Collateralized debt obligations ($3,240,220 at fair value and $341,636 at amortized cost, net as of June 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025) | $3.6B | $3.5B | $3.6B | $3.4B |
| Senior unsecured notes ($347,537 at fair value as of June 30, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025) | $347.5M | $339.6M | $356.9M | $236.4M |
| Subordinated debentures | $45.0M | $45.0M | $45.0M | $45.0M |
| Mortgages payable on real estate, net | $274.9M | $276.0M | $362.7M | $364.1M |
| Other liabilities | $175.3M | $183.9M | $173.9M | $146.0M |
| Total Liabilities | $11.5B | $11.3B | $11.0B | $9.2B |
| Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | $2.5M | $4.1M | $13.7M | $12.8M |
| Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, 22,385,674 shares issued and outstanding ($559,642 aggregate liquidation preference) | $540472000.00 | $540472000.00 | $540472000.00 | $539414000.00 |
| Common stock, par value $0.01 per share, 200,000,000 shares authorized, 89,879,786 and 90,303,863 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | $899000.00 | $899000.00 | $903000.00 | $903000.00 |
| Additional paid-in capital | $2.3B | $2.3B | $2.3B | $2.3B |
| Accumulated deficit | ($1.4B) | ($1.4B) | ($1.4B) | ($1.4B) |
| Company's stockholders' equity | $1.5B | $1.5B | $1.4B | $1.4B |
| Non-controlling interests | ($3.0M) | ($2.7M) | $288.0K | $2.7M |
| Total equity | $1.5B | $1.5B | $1.4B | $1.4B |
| Total Liabilities and Equity | $13.0B | $12.8B | $12.4B | $10.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $137.7M | ($94.0M) | ($77.8M) | ($340.6M) |
| Net amortization | $16.6M | $20.2M | $27.5M | $26.1M |
| Depreciation and amortization expense related to operating real estate | $23.1M | $39.8M | $24.6M | $126.8M |
| Realized losses, net | $65.4M | $29.4M | $27.1M | ($27.5M) |
| Unrealized (gains) losses, net | ($217.4M) | $90.5M | ($97.2M) | $321.1M |
| Losses (gains) on derivative investments, net | $58.3M | ($96.0M) | $26.4M | — |
| Other gains, net | ($98.0K) | — | — | — |
| Gains on residential loans held for sale, net | ($14.4M) | — | — | — |
| Originations of residential loans held for sale | ($432.7M) | — | — | — |
| Repurchases of residential loans | ($4.7M) | — | — | — |
| Proceeds from sales and repayments of residential loans held for sale | $450.2M | — | — | — |
| Impairment of real estate | $9.8M | $48.9M | $89.5M | $2.4M |
| 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) | ($30.2M) |
| Distributions of income from preferred equity, mezzanine loan and equity investments | $25.4M | $24.2M | $26.1M | $49.8M |
| Stock based compensation expense, net | $8.2M | $6.1M | $8.8M | $11.9M |
| Cash reclassified from assets of disposal group held for sale | $2.0M | — | — | — |
| Changes in operating assets and liabilities | $12.2M | ($15.0M) | ($16.7M) | ($28.7M) |
| Net cash provided by operating activities | $134.0M | $14.1M | $30.0M | $91.8M |
| Acquisition of businesses, net of cash and restricted cash acquired | ($16.7M) | — | — | — |
| Proceeds from sales of investment securities | $724.5M | $5.3M | $64.7M | $85.4M |
| Principal paydowns received on investment securities | $696.5M | $296.6M | $56.5M | $24.7M |
| Purchases of investment securities | ($4.4B) | ($2.2B) | ($2.0B) | ($24.9M) |
| Principal repayments received on residential loans | $1.4B | $1.1B | $1.1B | $1.4B |
| Proceeds from sales of residential loans | $169.8M | $162.9M | $25.1M | $0 |
| Purchases and originations of residential loans | ($1.7B) | ($1.9B) | ($612.8M) | ($1.7B) |
| Principal repayments received on preferred equity and mezzanine loan investments | $29.3M | $5.1M | $8.5M | $29.1M |
| Return of capital from equity investments | $33.1M | $25.1M | $74.3M | $60.1M |
| Funding of preferred equity, mezzanine loan and equity investments | ($413.0K) | ($1.5M) | ($52.4M) | ($28.1M) |
| Cash received from initial consolidation of VIEs | $0 | $0 | $102.0K | $6.9M |
| Proceeds from sales of joint venture equity investments in VIEs | $500.0K | $2.0M | — | — |
| Decrease in cash from de-consolidation of Consolidated VIEs | $0 | ($4.0M) | — | — |
| Net variation margin (paid) received for derivative instruments | ($70.1M) | — | — | — |
| Net payments received from derivative instruments | $24.8M | $29.7M | $24.2M | $1.9M |
| Net proceeds from sale of real estate | $201.4M | $157.2M | $222.0M | $100.7M |
| Purchases of and capital expenditures on real estate | ($8.2M) | ($24.6M) | ($50.4M) | ($209.4M) |
| Purchases of investments held in Consolidated SLST | ($12.2M) | ($9.9M) | — | — |
| Purchases of mortgage servicing rights | $0 | ($9.5M) | — | — |
| Purchases of other assets | ($845.0K) | ($2.1M) | ($63.0K) | ($100.0K) |
| Net cash used in investing activities | ($2.9B) | ($2.2B) | ($1.2B) | ($508.8M) |
| Net proceeds received from repurchase agreements and warehouse facilities | $2.6B | $1.5B | $1.7B | $179.0M |
| Proceeds from issuance of senior unsecured notes, net | $193.5M | $60.0M | $0 | $0 |
| Proceeds from issuance of collateralized debt obligations, net | $947.8M | — | $0 | $970.0M |
| Repurchases of common stock | ($1.5M) | ($3.5M) | ($8.6M) | ($44.4M) |
| Proceeds from preferred stock issuance, net | $5.0M | — | $0 | $0 |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $139.6M | $86.6M | $81.3M | $41.5M |
| Net amortization | $11.9M | $5.4M | $13.4M | $8.9M |
| Depreciation expense related to operating real estate | $9.1M | $4.6M | $17.8M | $11.8M |
| Realized losses, net | $23.6M | $10.7M | $50.5M | $44.9M |
| Unrealized losses (gains), net | $71.1M | $62.6M | ($197.7M) | ($142.8M) |
| (Gains) losses on derivative instruments, net | ($136.6M) | ($87.8M) | $86.8M | $73.8M |
| Other (gains) losses, net | ($41.9M) | ($45.4M) | $8.4M | — |
| Gains on residential loans held for sale, net | ($19.1M) | ($9.2M) | ($8.6M) | — |
| Originations of residential loans held for sale | ($246.1M) | ($161.2M) | ($235.5M) | — |
| Repurchases of residential loans | ($4.3M) | ($2.9M) | — | — |
| Proceeds from sales and repayments of residential loans held for sale | $289.3M | $132.5M | $217.8M | — |
| Impairment of real estate | $2.4M | $2.2M | $9.4M | $7.8M |
| Income from multi-family loans and equity investments | ($3.8M) | ($2.4M) | — | — |
| Distributions of income from multi-family loans and equity investments | $6.1M | $1.6M | — | — |
| Stock based compensation expense, net | $2.9M | $175.0K | $5.8M | $3.3M |
| Changes in operating assets and liabilities | ($15.0M) | ($14.1M) | $3.1M | $9.4M |
| Net cash provided by operating activities | $89.2M | ($16.7M) | $72.0M | $65.0M |
| Proceeds from sales of investment securities | $293.3M | $0 | $663.3M | $663.3M |
| Principal paydowns received on investment securities | $634.9M | $300.1M | $392.8M | $238.9M |
| Purchases of investment securities | ($1.1B) | ($422.5M) | ($4.0B) | ($2.1B) |
| Principal repayments received on residential loans | $554.1M | $292.3M | $1.1B | $743.2M |
| Proceeds from sales of residential loans | $20.4M | $10.3M | $165.1M | $37.0M |
| Purchases and originations of residential loans | ($1.1B) | ($483.2M) | ($1.2B) | — |
| Principal repayments received on multi-family loans | $8.5M | — | — | — |
| Return of capital from equity investments | $1.6M | $1.6M | $33.1M | $16.9M |
| Funding of multi-family loan and equity investments | $0 | $0 | — | — |
| Net variation margin received (paid) for derivative instruments | $50.8M | $59.4M | ($104.4M) | — |
| Net payments received from derivative instruments | $65.0M | $31.6M | $24.3M | $34.2M |
| Net proceeds from sale of real estate | $170.8M | $144.5M | $142.3M | $20.9M |
| Purchases of investments held in Consolidated SLST | $0 | — | ($12.2M) | ($12.2M) |
| Capital expenditures on real estate | ($1.8M) | ($969.0K) | ($6.9M) | ($5.3M) |
| Purchases of other assets | ($288.0K) | ($71.0K) | ($674.0K) | ($13.0K) |
| Net cash used in investing activities | ($367.5M) | ($67.0M) | ($2.7B) | ($1.2B) |
| Net proceeds received from repurchase agreements and warehouse facilities | $313.7M | $265.5M | $2.3B | $894.3M |
| Proceeds from issuance of senior unsecured notes, net | $86.6M | $86.6M | $193.5M | $82.1M |
| Repayment of senior unsecured notes | ($100.0M) | ($100.0M) | — | — |
| Proceeds from issuance of collateralized debt obligations, net | $826.4M | $308.5M | $947.8M | — |
| Repurchases of common stock | ($5.0M) | ($5.0M) | ($1.5M) | ($1.5M) |
| Proceeds from preferred stock issuance, net | $0 | — | $5.0M | $4.0M |
| Dividends paid on common stock and dividend equivalents | ($42.2M) | ($21.4M) | ($54.7M) | ($36.6M) |
| Dividends paid on preferred stock | ($23.6M) | ($11.9M) | ($34.3M) | ($22.3M) |
| Net distributions to non-controlling interests in Consolidated VIEs | ($25.8M) | ($21.2M) | ($2.3M) | ($665.0K) |
| Payments made on and extinguishment of collateralized debt obligations | ($687.8M) | ($319.0M) | ($586.1M) | ($179.3M) |
| Payments made on Consolidated SLST CDOs | ($39.0M) | ($18.3M) | ($55.9M) | ($34.6M) |
| Net payments made on mortgages payable on real estate | ($58.0M) | ($56.9M) | ($97.7M) | ($6.7M) |
Adamas Trust Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.