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ADAMAS TRUST, INC.

For the period ended Dec 31, 2025. Filed Feb 20, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

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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Contents

Consolidated Balance Sheets

(Dollar amounts in thousands, except share data)

December 31, 2025December 31, 2024
ASSETS
Investment securities available for sale, at fair value$6,904,781$3,828,544
Residential loans, at fair value4,358,1753,841,738
Residential loans held for sale, at fair value80,707—
Multi-family loans, at fair value55,47686,192
Equity investments, at fair value24,711113,492
Cash and cash equivalents210,333167,422
Real estate, net553,496623,407
Assets of disposal group held for sale1,256118,613
Goodwill22,396—
Other assets427,516437,874
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)3,511,8022,978,444
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)360,437159,196
Subordinated debentures45,00045,000
Mortgages payable on real estate, net332,131366,606
Liabilities of disposal group held for sale12297,065
Other liabilities205,501147,612
Total liabilities (1)11,208,4107,806,148
Commitments and Contingencies (See Note 16)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities3,01612,359
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)540,472535,445
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, respectively903906
Additional paid-in capital2,294,1942,289,044
Accumulated other comprehensive loss——
Accumulated deficit(1,408,647)(1,430,675)
Company's stockholders' equity1,426,9221,394,720
Non-controlling interests4994,055
Total equity1,427,4211,398,775
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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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.