ADAMAS TRUST, INC.
For the period ended Jul 29, 2026. Filed Jul 29, 2026.
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Jul 29, 2026 · Filed Jul 29, 2026
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ADAM$5.69-3.9%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · (Amounts in thousands, except per share data)
(Amounts in thousands, except per share data)
(unaudited)
| For the Three Months EndedJune 30, | For the Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| NET INTEREST INCOME: | ||||
| Interest income | $174,393 | $140,901 | $346,459 | $270,636 |
| Interest expense | 124,184 | 104,454 | 247,838 | 201,091 |
| Total net interest income | 50,209 | 36,447 | 98,621 | 69,545 |
| NET LOSS FROM REAL ESTATE: | ||||
| Rental income | 11,983 | 17,806 | 24,607 | 35,340 |
| Other real estate income | 2,033 | 2,832 | 3,977 | 5,953 |
| Total income from real estate | 14,016 | 20,638 | 28,584 | 41,293 |
| Interest expense, mortgages payable on real estate | 3,350 | 5,882 | 7,171 | 11,890 |
| Depreciation expense | 4,486 | 5,928 | 9,109 | 11,823 |
| Other real estate expenses | 8,469 | 11,842 | 17,195 | 22,829 |
| Total expenses related to real estate | 16,305 | 23,652 | 33,475 | 46,542 |
| Total net loss from real estate | (2,289) | (3,014) | (4,891) | (5,249) |
| OTHER INCOME (LOSS): | ||||
| Realized losses, net | (12,960) | (3,771) | (23,640) | (44,871) |
| Unrealized (losses) gains, net | (8,499) | 24,614 | (71,067) | 142,818 |
| Gains (losses) on derivative instruments, net | 48,789 | (26,966) | 136,604 | (73,768) |
| Mortgage banking activities, net | 16,208 | — | 31,537 | — |
| (Loss) income from equity investments | (231) | (1,428) | 491 | 2,161 |
| Impairment of real estate | (161) | (3,913) | (2,391) | (7,818) |
| Other income | 2,012 | 2,200 | 54,572 | 4,167 |
| Total other income (loss) | 45,158 | (9,264) | 126,106 | 22,689 |
| GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | ||||
| General and administrative expenses | 25,613 | 11,786 | 50,103 | 24,201 |
| Portfolio operating expenses | 6,427 | 7,354 | 12,565 | 14,560 |
| Loan origination costs | 4,847 | — | 8,872 | — |
| Financing transaction costs | 3,125 | 750 | 8,507 | 6,232 |
| Total general, administrative and operating expenses | 40,012 | 19,890 | 80,047 | 44,993 |
| INCOME FROM OPERATIONS BEFORE INCOME TAXES | 53,066 | 4,279 | 139,789 | 41,992 |
| Income tax expense (benefit) | 13 | (161) | 172 | 487 |
| NET INCOME | 53,053 | 4,440 | 139,617 | 41,505 |
| Net loss (income) attributable to non-controlling interests | 2,129 | 4,106 | (35,836) | 9,196 |
| NET INCOME ATTRIBUTABLE TO COMPANY | 55,182 | 8,546 | 103,781 | 50,701 |
| Preferred stock dividends | (11,758) | (12,032) | (23,461) | (23,902) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $43,424 | $(3,486) | $80,320 | $26,799 |
| Basic earnings (loss) per common share | $0.48 | $(0.04) | $0.89 | $0.30 |
| Diluted earnings (loss) per common share | $0.47 | $(0.04) | $0.87 | $0.29 |
| Weighted average shares outstanding-basic | 89,979 | 90,324 | 90,165 | 90,453 |
| Weighted average shares outstanding-diluted | 92,348 | 90,324 | 92,202 | 91,222 |
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