| Cash Flow | 2025-09-30 |
|---|---|
| Net income (loss) | 81,291 |
| Net amortization | -13,365 |
| Depreciation and amortization expense related to operating real estate | 17,759 |
| Realized losses, net | -50,481 |
| Unrealized gains, net | 197,670 |
| Losses (gains) on derivative instruments, net | -86,774 |
| Other losses (gains), net | -8,379 |
| Gains on residential loans held for sale, net | 8,592 |
| Originations of residential loans held for sale | 235,513 |
| Proceeds from sales and repayments of residential loans held for sale | 217,770 |
| Impairment of real estate | 9,437 |
| Loss on reclassification of disposal group | 0 |
| Income from preferred equity, mezzanine loan and equity investments | 7,435 |
| Distributions of income from preferred equity, mezzanine loan and equity investments | 25,425 |
| Stock based compensation expense, net | 5,767 |
| Cash reclassified from assets of disposal group held for sale | -1,612 |
| Changes in operating assets and liabilities | -3,109 |
| Net cash provided by (used in) operating activities | 71,959 |
| Acquisition of businesses, net of cash and restricted cash acquired | 16,733 |
| Proceeds from sales of investment securities | 663,336 |
| Principal paydowns received on investment securities | 392,783 |
| Purchases of investment securities | 3,951,844 |
| Principal repayments received on residential loans-Residential Mortgage Loans | 1,102,826 |
| Proceeds from sales of residential loans-Residential Mortgage Loans | 165,116 |
| Purchases and originations of residential loans-Residential Mortgage Loans | 1,194,262 |
| Principal repayments received on preferred equity and mezzanine loan investments | 14,000 |
| Return of capital from equity investments | 33,150 |
| Funding of preferred equity, mezzanine loan and equity investments | 413 |
| Net variation margin paid for derivative instruments | 104,379 |
| Net payments received from derivative instruments | -24,305 |
| Net proceeds from sale of real estate | 142,299 |
| Proceeds from sales of joint venture equity investments in vies | 500 |
| Decrease in cash from de-consolidation of consolidated vies | 0 |
| Purchases of investments held in consolidated slst | 12,179 |
| Capital expenditures on real estate | 6,887 |
| Purchases of other assets | 674 |
| Net cash used in investing activities | -2,749,056 |
| Net proceeds received from repurchase agreements and warehouse facilities | 2,331,955 |
| Proceeds from issuance of senior unsecured notes, net | 193,505 |
| Proceeds from issuance of collateralized debt obligations, net | 947,788 |
| Repurchases of common stock | 1,502 |
| Proceeds from preferred stock issuance, net | 5,027 |
| Dividends paid on common stock and dividend equivalents | 54,714 |
| Dividends paid on preferred stock | 34,323 |
| Net distributions to non-controlling interests in consolidated vies | -2,291 |
| Payments made on and extinguishment of collateralized debt obligations | 586,071 |
| Payments made on consolidated slst cdos | 55,857 |
| Net payments made on mortgages payable on real estate | -97,729 |
| Net cash provided by financing activities | 2,645,788 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -31,309 |
| Cash and cash equivalents at beginning of period | 329,024 |
| Cash and cash equivalents at end of period | 297,715 |
ADAMAS TRUST, INC. (ADAMG)
ADAMAS TRUST, INC. (ADAMG)