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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Contents
EX-99.1 · (Dollar amounts in thousands, except share data)
(Dollar amounts in thousands, except share data)
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| (unaudited) | ||
| ASSETS | ||
| Investment securities available for sale, at fair value | $7,343,161 | $6,904,781 |
| Residential loans, at fair value | 4,788,939 | 4,358,175 |
| Residential loans held for sale, at fair value | 150,969 | 80,707 |
| Multi-family loans, at fair value | 36,868 | 55,476 |
| Equity investments, at fair value | 17,926 | 24,711 |
| Cash and cash equivalents | 262,360 | 210,333 |
| Real estate, net | 439,590 | 553,496 |
| Goodwill | 22,396 | 22,396 |
| Other assets | 461,966 | 428,772 |
| Total Assets (1) | $13,524,175 | $12,638,847 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Repurchase agreements and warehouse facilities | $7,460,119 | $6,753,417 |
| Collateralized debt obligations ($3,463,270 at fair value and $328,681 at amortized cost, net as of September 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025) | 3,791,951 | 3,511,802 |
| Senior unsecured notes ($434,607 at fair value as of September 30, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025) | 434,607 | 360,437 |
| Subordinated debentures | 45,000 | 45,000 |
| Mortgages payable on real estate, net | 274,923 | 332,131 |
| Other liabilities | 244,595 | 205,623 |
| Total liabilities (1) | 12,251,195 | 11,208,410 |
| Commitments and Contingencies | ||
| Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | 80 | 3,016 |
| Stockholders' Equity: | ||
| Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, 22,385,674 shares issued and outstanding ($559,642 aggregate liquidation preference) | 540,472 | 540,472 |
| Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,304,746 and 90,303,863 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 903 | 903 |
| Additional paid-in capital | 2,308,848 | 2,294,194 |
| Accumulated deficit | (1,574,072) | (1,408,647) |
| Company's stockholders' equity | 1,276,151 | 1,426,922 |
| Non-controlling interests | (3,251) | 499 |
| Total equity | 1,272,900 | 1,427,421 |
| Total Liabilities and Equity | $13,524,175 | $12,638,847 |
(1)Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,441,415 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $4,101,990 and $3,881,273, respectively.
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