Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 1

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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ingencies (See Note 16)Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities13,713 12,359 Stockholders' Equity:  Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 and 22,164,414 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively ($559,642 and $554,110 aggregate liquidation preference as of September 30, 2025 and December 31, 2024, respectively)540,472 535,445 Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,307,776 and 90,574,996 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively903 906 Additional paid-in capital2,279,204 2,289,044 Accumulated other comprehensive loss— — Accumulated deficit(1,429,802)(1,430,675)Company's stockholders' equity1,390,777 1,394,720 Non-controlling interests288 4,055 Total equity1,391,065 1,398,775 Total Liabilities and Equity$12,401,862 $9,217,282 

(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, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,478,542 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,981,131 and $3,477,211, respectively. See Note 7 for further discussion.

The accompanying notes are an integral part of the condensed consolidated financial statements.4

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ADAMAS TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(unaudited)

For the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024NET INTEREST INCOME:    Interest income$160,633