| Cash Flow | 2026-03-31 | 2025-12-31 |
|---|---|---|
| Net income | 86,566 | 137,657 |
| Net amortization | -5,377 | -16,579 |
| Depreciation expense related to operating real estate | 4,623 | 23,125 |
| Realized losses, net | -10,680 | -65,428 |
| Unrealized losses (gains), net | -62,568 | 217,395 |
| (gains) losses on derivative instruments, net | 87,814 | -58,303 |
| Other (gains) losses, net | 45,422 | 98 |
| Gains on residential loans held for sale, net | 9,216 | 14,443 |
| Originations of residential loans held for sale | 161,175 | 432,719 |
| Repurchases of residential loans | 2,929 | 4,738 |
| Proceeds from sales and repayments of residential loans held for sale | 132,493 | 450,175 |
| Impairment of real estate | 2,231 | 9,767 |
| Loss on reclassification of disposal group | - | 0 |
| Income from preferred equity, mezzanine loan and equity investments | - | 5,426 |
| Income from multi-family loans and equity investments | 2,353 | - |
| Distributions of income from preferred equity, mezzanine loan and equity investments | - | 25,441 |
| Distributions of income from multi-family loans and equity investments | -1,589 | - |
| Stock based compensation expense, net | 175 | 8,197 |
| Cash reclassified from assets of disposal group held for sale | - | -1,951 |
| Changes in operating assets and liabilities | 14,107 | -12,236 |
| Net cash (used in) provided by operating activities | -16,714 | 134,040 |
| Acquisition of businesses, net of cash and restricted cash acquired | - | 16,733 |
| Proceeds from sales of investment securities | 0 | 724,474 |
| Principal paydowns received on investment securities | 300,126 | 696,455 |
| Purchases of investment securities | 422,527 | 4,363,994 |
| Principal repayments received on residential loans-Residential Mortgage Loans | - | 1,428,808 |
| Proceeds from sales of residential loans-Residential Mortgage Loans | - | 169,850 |
| Principal repayments received on residential loans | 292,282 | - |
| Purchases and originations of residential loans-Residential Mortgage Loans | - | 1,733,373 |
| Proceeds from sales of residential loans | 10,301 | - |
| Principal repayments received on preferred equity and mezzanine loan investments | - | 29,250 |
| Purchases and originations of residential loans | 483,242 | - |
| Return of capital from equity investments | 1,570 | 33,150 |
| Funding of preferred equity, mezzanine loan and equity investments | - | 413 |
| Cash received from initial consolidation of vies | - | 0 |
| Proceeds from sales of joint venture equity investments in vies | - | 500 |
| Decrease in cash from de-consolidation of consolidated vies | - | 0 |
| Funding of multi-family loan and equity investments | 0 | - |
| Net variation margin (paid) received for derivative instruments | - | 70,124 |
| Net variation margin received (paid) for derivative instruments | -59,398 | - |
| Net payments received from derivative instruments | -31,620 | -24,847 |
| Net proceeds from sale of real estate | 144,520 | 201,358 |
| Purchases of and capital expenditures on real estate | - | 8,154 |
| Purchases of investments held in consolidated slst | - | 12,179 |
| Purchases of mortgage servicing rights | - | 0 |
| Capital expenditures on real estate | 969 | - |
| Purchases of other assets | 71 | 845 |
| Net cash used in investing activities | -66,992 | -2,897,123 |
| Net proceeds received from repurchase agreements and warehouse facilities | 265,471 | 2,604,209 |
| Proceeds from issuance of senior unsecured notes, net | 86,565 | 193,505 |
| Repayment of senior unsecured notes | 100,000 | - |
| Proceeds from issuance of collateralized debt obligations, net | 308,455 | 947,788 |
| Repurchases of common stock | 5,005 | 1,502 |
| Proceeds from preferred stock issuance, net | - | 5,027 |
| Repurchases of preferred stock | - | 0 |
| Dividends paid on common stock and dividend equivalents | 21,414 | 75,507 |
| Dividends paid on preferred stock | 11,903 | 46,460 |
| Net distributions to non-controlling interests in consolidated vies | -21,206 | -2,557 |
| Redemptions of redeemable non-controlling interest in consolidated vie | - | 500 |
| Payments made on and extinguishment of collateralized debt obligations | 319,043 | 644,876 |
| Payments made on consolidated slst cdos | 18,336 | 74,146 |
| Net payments made on mortgages payable on real estate | -56,862 | -128,544 |
| Net cash provided by financing activities | 106,722 | 2,776,437 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 23,016 | 13,354 |
| Cash, cash equivalents and restricted cash - beginning of period | 342,378 | - |
| Cash, cash equivalents and restricted cash - end of period | 365,394 | - |
ADAMAS TRUST, INC. (ADAMO)
ADAMAS TRUST, INC. (ADAMO)