| Balance Sheets | 2025-09-30 | |||
|---|---|---|---|---|
| Investment securities available for sale, at fair value | 6,838,715 | |||
| Residential loans, at fair value | 4,151,647 | |||
| Residential loans held for sale | 105,036 | |||
| Multi-family loans, at fair value | 68,647 | |||
| Equity investments, at fair value | 28,825 | |||
| Cash and cash equivalents | 185,285 | |||
| Real estate, net | 601,748 | |||
| Assets of disposal group held for sale | 1,383 | |||
| Goodwill | 22,396 | |||
| Restricted cash | 112,430 | |||
| Accrued interest receivable | 72,887 | |||
| Real estate owned | 42,669 | |||
| Collections receivable from residential loan servicers | 34,082 | |||
| Other receivables | 30,096 | |||
| Mortgage servicing rights | 21,896 | |||
| Intangible assets | 17,882 | |||
| Other assets in consolidated multi-family properties | 16,101 | |||
| Recoverable advances on residential loans | 14,589 | |||
| Receivables from derivative counterparties | 11,500 | |||
| Deferred tax assets | 9,373 | |||
| Operating lease right-of-use assets | 4,571 | |||
| Derivative assets | 2,612 | |||
| Other | 7,492 | |||
| Other assets | 398,180 | |||
| Total assets | 12,401,862 | |||
| Repurchase agreements and warehouse facilities | 6,481,072 | |||
| Collateralized debt obligations (3,202,295 at fair value and 375,164 at amortized cost, net as of september30, 2025 and 2,135,680 at fair value and 842,764 at amortized cost, net as of december31, 2024) | 3,577,459 | |||
| Senior unsecured notes (257,590 at fair value and 99,275 at amortized cost, net as of september30, 2025 and 60,310 at fair value and 98,886 at amortized cost, net as of december31, 2024) | 356,865 | |||
| Subordinated debentures | 45,000 | |||
| Mortgages payable on real estate, net | 362,747 | |||
| Liabilities of disposal group held for sale | 78 | |||
| Other liabilities | 173,863 | |||
| Total liabilities | 10,997,084 | |||
| Redeemable non-controlling interest in consolidated variable interest entities | 13,713 | |||
| 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 september30, 2025 and december31, 2024, respectively (559,642 and 554,110 aggregate liquidation preference as of september30, 2025 and december31, 2024, respectively) | 540,472 | |||
| 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 september30, 2025 and december31, 2024, respectively | 903 | |||
| Additional paid-in capital | 2,279,204 | |||
| Accumulated other comprehensive loss | 0 | |||
| Accumulated deficit | -1,429,802 | |||
| Company's stockholders' equity | 1,390,777 | |||
| Non-controlling interests | 288 | |||
| Total equity | 1,391,065 | |||
| Total liabilities and equity | 12,401,862 | |||
ADAMAS TRUST, INC. (ADAM)
ADAMAS TRUST, INC. (ADAM)