ADAMAS TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 16. Form 10-K Summary
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ADAMAS TRUST, INC. | |||
| Date: | February 20, 2026 | By: | /s/ Jason T. Serrano |
|---|---|---|---|
| Jason T. Serrano | |||
| Chief Executive Officer | |||
| (Principal Executive Officer) | |||
| Date: | February 20, 2026 | By: | /s/ Kristine R. Nario-Eng |
| Kristine R. Nario-Eng | |||
| Chief Financial Officer | |||
| (Principal Financial and Accounting Officer) | |||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Signature | Title | Date |
|---|---|---|
| /s/ Jason T. Serrano | Chief Executive Officer and Director | February 20, 2026 |
| Jason T. Serrano | (Principal Executive Officer) | |
| /s/ Kristine R. Nario-Eng | Chief Financial Officer | February 20, 2026 |
| Kristine R. Nario-Eng | (Principal Financial and Accounting Officer) | |
| /s/ Steven R. Mumma | Chairman of the Board | February 20, 2026 |
| Steven R. Mumma | ||
| /s/ Eugenia R. Cheng | Director | February 20, 2026 |
| Eugenia R. Cheng | ||
| /s/ Michael B. Clement | Director | February 20, 2026 |
| Michael B. Clement | ||
| /s/ Audrey E. Greenberg | Director | February 20, 2026 |
| Audrey E. Greenberg | ||
| /s/ Steven G. Norcutt | Director | February 20, 2026 |
| Steven G. Norcutt | ||
| /s/ Lisa A. Pendergast | Director | February 20, 2026 |
| Lisa A. Pendergast | ||
AND
REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
For Inclusion in Form 10-K
Filed with
United States Securities and Exchange Commission
Index to Consolidated Financial Statements
| FINANCIAL STATEMENTS: | PAGE |
|---|---|
| Reports of Independent Registered Public Accounting Firm (PCAOB ID: 248) | F-2 |
| Consolidated Balance Sheets | F-5 |
| Consolidated Statements of Operations | F-6 |
| Consolidated Statements of Comprehensive Income (Loss) | F-7 |
| Consolidated Statements of Changes in Stockholders' Equity | F-8 |
| Consolidated Statements of Cash Flows | F-10 |
| Notes to Consolidated Financial Statements | F-12 |
| Note 1. Organization | F-13 |
| Note 2. Summary of Significant Accounting Policies | F-14 |
| Note 3. Investment Securities Available For Sale, at Fair Value | F-25 |
| Note 4. Residential Loans and Residential Loans Held for Sale, at Fair Value | F-27 |
| Note 5. Multi-family Loans, at Fair Value | F-30 |
| Note 6. Equity Investments, at Fair Value | F-31 |
| Note 7. Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | F-34 |
| Note 8. Real Estate, Net | F-41 |
| Note 9. Assets and Liabilities of Disposal Group Held for Sale | F-44 |
| Note 10. Derivative Instruments | F-46 |
| Note 11. Mortgage Servicing Rights | F-52 |
| Note 12. Other Assets and Other Liabilities | F-53 |
| Note 13. Repurchase Agreements and Warehouse Facilities | F-54 |
| Note 14. Collateralized Debt Obligations | F-57 |
| Note 15. Debt | F-59 |
| Note 16. Commitments and Contingencies | F-63 |
| Note 17. Fair Value of Financial Instruments | F-64 |
| Note 18. Stockholders' Equity | F-75 |
| Note 19. Earnings (Loss) Per Common Share | F-81 |
| Note 20. Stock Based Compensation | F-82 |
| Note 21. Income Taxes | F-86 |
| Note 22. Net Interest Income | F-89 |
| Note 23. Other Income | F-90 |
| Note 24. Business Combination | F-91 |
| Note 25. Segment Reporting | F-94 |
| Note 26. Subsequent Events | F-97 |
| Schedule III - Real Estate and Accumulated Depreciation | F-98 |
| Schedule IV - Mortgage Loans on Real Estate | F-101 |
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