ADAMAS TRUST, INC.
For the period ended Oct 28, 2026. Filed Oct 28, 2026.
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Oct 28, 2026 · Filed Oct 28, 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 EndedSeptember 30, | For the Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| NET INTEREST INCOME: | ||||
| Interest income | $181,234 | $160,633 | $527,692 | $431,268 |
| Interest expense | 132,437 | 124,047 | 380,275 | 325,137 |
| Total net interest income | 48,797 | 36,586 | 147,417 | 106,131 |
| NET LOSS FROM REAL ESTATE: | ||||
| Rental income | 11,263 | 16,600 | 35,871 | 51,940 |
| Other real estate income | 1,995 | 2,504 | 5,972 | 8,457 |
| Total income from real estate | 13,258 | 19,104 | 41,843 | 60,397 |
| Interest expense, mortgages payable on real estate | 3,281 | 5,409 | 10,452 | 17,298 |
| Depreciation expense | 4,503 | 5,936 | 13,612 | 17,759 |
| Other real estate expenses | 8,235 | 11,637 | 25,430 | 34,466 |
| Total expenses related to real estate | 16,019 | 22,982 | 49,494 | 69,523 |
| Total net loss from real estate | (2,761) | (3,878) | (7,651) | (9,126) |
| OTHER (LOSS) INCOME: | ||||
| Realized losses, net | (6,063) | (5,610) | (29,703) | (50,481) |
| Unrealized (losses) gains, net | (471,875) | 54,852 | (542,942) | 197,670 |
| Gains (losses) on derivative instruments, net | 298,961 | (13,006) | 435,565 | (86,774) |
| Mortgage banking activities, net | 10,856 | 14,103 | 42,394 | 14,103 |
| (Loss) income from equity investments | (3,196) | (1,595) | (2,706) | 567 |
| Impairment of real estate | (98) | (1,619) | (2,489) | (9,437) |
| Other income | 3,183 | 1,479 | 57,754 | 5,644 |
| Total other (loss) income | (168,232) | 48,604 | (42,127) | 71,292 |
| GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | ||||
| General and administrative expenses | 24,262 | 23,349 | 74,363 | 47,549 |
| Portfolio operating expenses | 5,835 | 6,747 | 18,400 | 21,307 |
| Loan origination costs | 4,198 | 3,788 | 13,070 | 3,788 |
| Financing transaction costs | 5,661 | 7,941 | 14,168 | 14,173 |
| Total general, administrative and operating expenses | 39,956 | 41,825 | 120,001 | 86,817 |
| (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (162,152) | 39,487 | (22,362) | 81,480 |
| Income tax (benefit) expense | (22) | (298) | 150 | 189 |
| NET (LOSS) INCOME | (162,130) | 39,785 | (22,512) | 81,291 |
| Net loss (income) attributable to non-controlling interests | 2,996 | 5,035 | (32,840) | 14,231 |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (159,134) | 44,820 | (55,352) | 95,522 |
| Preferred stock dividends | (11,849) | (12,118) | (35,311) | (36,021) |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $(170,983) | $32,702 | $(90,663) | $59,501 |
| Basic (loss) earnings per common share | $(1.89) | $0.36 | $(1.01) | $0.66 |
| Diluted (loss) earnings per common share | $(1.89) | $0.36 | $(1.01) | $0.65 |
| Weighted average shares outstanding-basic | 90,275 | 90,406 | 90,202 | 90,437 |
| Weighted average shares outstanding-diluted | 90,275 | 91,614 | 90,202 | 91,352 |
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