Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 0

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Item 1.  Condensed Consolidated Financial Statements

The accompanying notes are an integral part of the condensed consolidated financial statements.3

Table of Contents

ADAMAS TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except share data)

September 30, 2025December 31, 2024(unaudited) ASSETS  Investment securities available for sale, at fair value$6,838,715 $3,828,544 Residential loans, at fair value4,151,647 3,841,738 Residential loans held for sale, at fair value105,036 — Multi-family loans, at fair value68,647 86,192 Equity investments, at fair value28,825 113,492 Cash and cash equivalents185,285 167,422 Real estate, net601,748 623,407 Assets of disposal group held for sale1,383 118,613 Goodwill22,396 — Other assets398,180 437,874 Total Assets (1)$12,401,862 $9,217,282 LIABILITIES AND EQUITY  Liabilities:  Repurchase agreements and warehouse facilities$6,481,072 $4,012,225 Collateralized debt obligations ($3,202,295 at fair value and $375,164 at amortized cost, net as of September 30, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024)3,577,459 2,978,444 Senior unsecured notes ($257,590 at fair value and $99,275 at amortized cost, net as of September 30, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024)356,865 159,196 Subordinated debentures45,000 45,000 Mortgages payable on real estate, net 362,747 366,606 Liabilities of disposal group held for sale78 97,065 Other liabilities 173,863 147,612 Total liabilities (1)10,997,084 7,806,148 Commitments and Cont