ADAMAS TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Schedule IV - Mortgage Loans on Real Estate
(dollar amounts in thousands)
| Asset Type | Number of Loans | Interest Rate | Maturity Date | Carrying Value (1) | Principal Amount of Loans Subject to Delinquent Principal or Interest (2) |
|---|---|---|---|---|---|
| Residential loans | |||||
| First lien loans | |||||
| Original loan amount $0 - $99,999 | 155 | 0% - 12.50% | 06/01/2024 - 09/01/2061 | $3,106 | $1,109 |
| Original loan amount $100,000 - $199,999 | 40 | 3.57% - 10.25% | 02/03/2029 - 09/06/2063 | 3,747 | 1,454 |
| Original loan amount over $299,999 | 11 | 2.00% - 6.63% | 06/01/2035 - 12/01/2065 | 2,708 | 728 |
| Second lien loans | |||||
| Original loan amount $0 - $99,999 | 7 | 5.00% - 8.25% | 04/01/2035 - 04/01/2065 | 176 | 178 |
| Original loan amount $100,000 - $199,999 | 1 | 7.75% - 7.75% | 11/01/2049 - 11/01/2049 | 220 | 252 |
| Business purpose loans | |||||
| Original loan amount $0 - $99,999 | 749 | 5.63% - 11.99% | 04/12/2020 - 04/01/2056 | 62,299 | 1,850 |
| Original loan amount $100,000 - $199,999 | 1,517 | 5.08% - 11.99% | 05/29/2020 - 02/01/2056 | 266,851 | 6,290 |
| Original loan amount over $299,999 | 432 | 5.60% - 13.00% | 09/01/2021 - 02/01/2056 | 244,856 | 33,197 |
| Residential loans held in securitization trusts | |||||
| First lien loans | |||||
| Original loan amount $0 - $99,999 | 1,079 | 1.63% - 14.29% | 06/01/2025 - 10/01/2064 | 67,356 | 1,846 |
| Original loan amount $100,000 - $199,999 | 2,370 | 0% - 12.63% | 03/01/2027 - 06/01/2064 | 306,296 | 2,829 |
| Original loan amount over $299,999 | 1,200 | 1.88% - 9.40% | 08/01/2027 - 10/01/2065 | 406,863 | 4,503 |
| Second lien loans | |||||
| Original loan amount $0 - $99,999 | 115 | 5.75% - 8.75% | 10/01/2032 - 08/01/2062 | 3,436 | — |
| Original loan amount $100,000 - $199,999 | 10 | 6.75% - 8.63% | 11/01/2032 - 03/01/2050 | 1,227 | — |
| Business purpose loans | |||||
| Original loan amount $0 - $99,999 | 1,865 | 4.00% - 13.65% | 05/01/2024 - 09/01/2055 | 176,744 | 9,756 |
| Original loan amount $100,000 - $199,999 | 3,505 | 3.50% - 13.63% | 02/01/2023 - 05/01/2064 | 631,684 | 10,350 |
| Original loan amount over $299,999 | 1,436 | 3.49% - 12.99% | 02/01/2023 - 09/01/2055 | 1,014,929 | 44,615 |
| Consolidated SLST | |||||
| First lien loans | 8,641 | 1.38% - 10.50% | 03/01/2021 - 10/01/2065 | 1,165,677 | 134,691 |
|---|---|---|---|---|---|
| Residential loans held for sale | |||||
| Original loan amount $0 - $99,999 | 81 | 6.25% - 8.88% | 11/01/2055 - 01/01/2056 | 6,580 | — |
| Original loan amount $100,000 - $199,999 | 206 | 5.75% - 8.70% | 07/01/2055 - 02/01/2056 | 34,994 | — |
| Original loan amount over $299,999 | 69 | 5.75% - 9.00% | 05/01/2055 - 02/01/2056 | 39,133 | — |
| $4,438,882 | $253,648 | ||||
(1)The aggregate cost for U.S. federal income tax purposes of consolidated mortgage loans in the table above, excluding Consolidated SLST, is approximately$1.2 billion as of December 31, 2025. The Company invests in first loss subordinated securities and certain IOs issued by Consolidated SLST. Consolidated SLST carrying value in the table above represents the carrying value of the residential loans in the securitization that have been consolidated in accordance with GAAP.
(2)Of this amount, approximately$11.1 million was acquired from controlled and other affiliates.
Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate
| For the year ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Beginning balance | $3,841,738 | $3,084,303 | $3,525,080 |
| Additions during period: | |||
| Purchases (1) | 1,568,569 | 2,177,949 | 620,277 |
| Repurchases | 4,738 | — | — |
| Accretion of purchase discount | 3,980 | 5,539 | 6,689 |
| Transfers in (2) | 146,328 | — | — |
| Gains/losses on mortgage banking activities, net | 17,641 | — | — |
| Originations of residential loans held for sale | 840,069 | — | — |
| Change in realized and unrealized gains | 103,042 | 10,378 | 65,485 |
| Deductions during period: | |||
| Repayments of principal | (1,416,754) | (1,179,999) | (1,062,930) |
| Transfer to REO | (49,032) | (85,342) | (42,485) |
| Transfer to SFR | — | (3,120) | — |
| Cost of loans sold | (620,167) | (162,883) | (25,144) |
| Amortization of premium | (1,270) | (5,087) | (2,669) |
| Balance at end of period | $4,438,882 | $3,841,738 | $3,084,303 |
(1)On July 15, 2025, the Company acquired the outstanding membership interests in Constructive that were not previously owned by the Company (see Note 24). Prior to July 15, 2025, the Company purchased approximately $299.6 million of residential loans from the entity during the year ended December 31, 2025, and $307.8 million and $80.8 million of residential loans from the entity during the years ended December 31, 2024 and 2023, respectively.
(2)Includes residential loans and residential loans held for sale consolidated by the Company following its acquisition of the outstanding membership interests in Constructive that were not previously owned by the Company.
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