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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Schedule III - Real Estate and Accumulated Depreciation
| Initial Cost to Company · Gross Amount at Close of Period (1) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Market · Number of Properties · Encumbrances · Land · Buildings and Improvements · Total Adjustment to Basis (2) · Land · Buildings and Improvements · Total · Accumulated Depreciation · Date of Construction · Date Acquired · Depreciable Period (Years) | ||||||||||||||
| Operating Real Estate | ||||||||||||||
| Multi-Family - Operating | ||||||||||||||
| Collierville, TN | 1 | $38,752 | $3,113 | $45,616 | $2,840 | $3,113 | $48,456 | $51,569 | $(7,831) | 2000 | 2021 | 5 | - | 30 |
| Corpus Christi, TX | 1 | 45,131 | 4,900 | 49,539 | 2,807 | 4,900 | 52,346 | 57,246 | (3,826) | 1976 | 2023 | 5 | - | 30 |
| Dallas, TX | 1 | 25,433 | 5,728 | 34,635 | 1,780 | 5,728 | 36,415 | 42,143 | (5,741) | 2014 | 2021 | 5 | - | 30 |
| Houston, TX | 1 | 22,910 | 6,406 | 25,211 | 1,669 | 6,406 | 26,880 | 33,286 | (4,626) | 1993 | 2021 | 5 | - | 30 |
| Little Rock, AR | 1 | 24,986 | 2,366 | 27,229 | 1,357 | 2,366 | 28,586 | 30,952 | (4,545) | 1999 | 2021 | 5 | - | 30 |
| Louisville, KY | 1 | 40,726 | 5,567 | 52,819 | 1,241 | 5,567 | 54,060 | 59,627 | (7,978) | 2017 | 2021 | 5 | - | 30 |
| Montgomery, AL | 1 | 20,408 | 3,367 | 26,967 | 1,617 | 3,367 | 28,584 | 31,951 | (4,435) | 1988 - 1994 | 2022 | 5 | - | 30 |
| San Antonio, TX | 1 | 23,817 | 3,116 | 35,223 | 836 | 3,116 | 36,059 | 39,175 | (5,491) | 2015 | 2021 | 5 | - | 30 |
| San Antonio, TX | 1 | 34,834 | 6,827 | 43,240 | 3,065 | 6,827 | 46,305 | 53,132 | (6,885) | 2014 | 2021 | 5 | - | 30 |
| Total Multi-Family - Operating | 9 | $276,997 | $41,390 | $340,479 | $17,212 | $41,390 | $357,691 | $399,081 | $(51,358) | |||||
| Single-Family Rental - Operating | ||||||||||||||
| Chicago, IL | 216 | $30,715 | $9,593 | $47,204 | $10,892 | $9,593 | $58,096 | $67,689 | $(7,769) | 1890 - 2010 | 2021- 2022 | 5 | - | 30 |
| Baltimore, MD | 108 | 16,682 | 8,592 | 23,480 | 4,096 | 8,569 | 27,599 | 36,168 | (3,220) | 1921 - 2006 | 2021- 2022 | 5 | - | 30 |
| Houston, TX | 67 | 10,262 | 3,374 | 15,874 | 2,262 | 3,374 | 18,136 | 21,510 | (2,212) | 1954 - 2019 | 2021 - 2022 | 5 | - | 30 |
| Monroe, GA | 21 | — | 527 | 2,654 | 283 | 527 | 2,937 | 3,464 | (205) | 2004 - 2019 | 2023 | 5 | - | 30 |
| Pittsburgh, PA | 12 | — | 509 | 3,172 | (1,677) | 322 | 1,682 | 2,004 | (70) | 1940 - 1991 | 2022 | 5 | - | 30 |
| Indianapolis, IN | 7 | — | 208 | 577 | 908 | 208 | 1,485 | 1,693 | (96) | 1913 - 1935 | 2024 | 5 | - | 30 |
| Tampa, FL | 6 | 1,115 | 477 | 1,503 | 259 | 477 | 1,762 | 2,239 | (202) | 1951 - 2008 | 2022 | 5 | - | 30 |
| Total Single-Family Rental - Operating | 437 | $58,774 | $23,280 | $94,464 | $17,023 | $23,070 | $111,697 | $134,767 | $(13,774) | |||||
| Total Operating Real Estate | 446 | $335,771 | $64,670 | $434,943 | $34,235 | $64,460 | $469,388 | $533,848 | $(65,132) | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Real Estate Held for Sale | ||||||||||||||
| Multi-Family - Held for Sale | ||||||||||||||
| St Petersburg, FL | 1 | $55,134 | $9,823 | $74,801 | $4,491 | $9,823 | $79,292 | $89,115 | $(12,183) | 2014 | 2021 | 5 | - | 30 |
| Total Multi-Family - Held for Sale | 1 | $55,134 | $9,823 | $74,801 | $4,491 | $9,823 | $79,292 | $89,115 | $(12,183) | |||||
| Single-Family Rental - Held for Sale | ||||||||||||||
| Baltimore, MD | 11 | $1,377 | $727 | $1,984 | $(232) | $589 | $1,890 | $2,479 | $— | 1952 - 1983 | 2021 - 2022 | 5 | - | 30 |
| Houston, TX | 10 | 1,702 | 650 | 2,550 | (699) | 486 | 2,015 | 2,501 | — | 1957 - 2021 | 2021 - 2022 | 5 | - | 30 |
| Chicago, IL | 7 | 1,113 | 413 | 2,057 | (717) | 332 | 1,421 | 1,753 | — | 1926 - 1995 | 2021 -2022 | 5 | - | 30 |
| Tampa, FL | 3 | 611 | 246 | 827 | (300) | 176 | 597 | 773 | — | 2001 - 2010 | 2022 | 5 | - | 30 |
| Pittsburgh, PA | 2 | 189 | 63 | 298 | (62) | 44 | 255 | 299 | — | 1955 - 2004 | 2022 | 5 | - | 30 |
| Indianapolis, IN | 1 | — | 11 | 104 | (72) | 4 | 39 | 43 | — | 1920 | 2024 | 5 | - | 30 |
| Total Single-Family Rental - Held for Sale | 34 | $4,992 | $2,110 | $7,820 | $(2,082) | $1,631 | $6,217 | $7,848 | $— | |||||
| Total Real Estate Held for Sale | 35 | $60,126 | $11,933 | $82,621 | $2,409 | $11,454 | $85,509 | $96,963 | $(12,183) | |||||
| Total Real Estate, Net | 481 | $395,897 | $76,603 | $517,564 | $36,644 | $75,914 | $554,897 | $630,811 | $(77,315) | |||||
(1)The aggregate cost of consolidated real estate in the table above for U.S. federal income tax purposes was approximately$543 million as of December 31, 2025.
(2)Consists of costs capitalized subsequent to acquisition and impairment charges.
Notes to Schedule III (Dollar amounts in thousands)
- Reconciliation of Operating Real Estate
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Balance at beginning of period | $678,339 | $1,197,066 | $714,192 |
| Transfers in (1) | — | 2,640 | 59,198 |
| Acquisitions | — | — | — |
| Improvements | 5,271 | 6,238 | 31,441 |
| Reclassification to held and used | — | 65,458 | 392,235 |
| Reclassification to held for sale or disposal group held for sale | (149,762) | (593,063) | — |
| Balance at end of period | $533,848 | $678,339 | $1,197,066 |
(1)Transfers in represent transfers into operating real estate due to consolidation of a VIE (see Note 7) or from real estate owned or residential loans.
- Reconciliation of Accumulated Depreciation for Operating Real Estate
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Balance at beginning of period | $(61,834) | $(65,247) | $(21,224) |
| Depreciation | (23,125) | (37,444) | (24,620) |
| Reclassification to held and used | — | (1,266) | (19,403) |
| Reclassification to held for sale or disposal group held for sale | 19,827 | 42,123 | — |
| Balance at end of period | $(65,132) | $(61,834) | $(65,247) |
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