ADAMO: the cash flow

Cash Flow Overview

Change in Cash

-$56,179K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

Net income

53,051

86,566

137,657

Net amortization

-6,547

-5,377

-16,579

Depreciation expense related to operating real estate

4,486

4,623

23,125

Realized losses, net

-12,960

-10,680

-65,428

Unrealized losses (gains), net

-8,499

-62,568

217,395

(gains) losses on derivative instruments, net

48,790

87,814

-58,303

Other (gains) losses, net

-3,500

45,422

Gains on residential loans held for sale, net

9,847

9,216

14,443

Originations of residential loans held for sale

84,956

161,175

432,719

Repurchases of residential loans

1,339

2,929

4,738

Proceeds from sales and repayments of residential loans held for sale

156,804

132,493

450,175

Impairment of real estate

160

2,231

9,767

Loss on reclassification of disposal group

Income from preferred equity, mezzanine loan and equity investments

5,426

Income from multi-family loans and equity investments

1,450

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

-4,471

-1,589

Stock based compensation expense, net

2,706

175

8,197

Cash reclassified from assets of disposal group held for sale

-1,951

Changes in operating assets and liabilities

903

14,107

-12,236

Net cash provided by operating activities

105,899

-16,714

134,040

Acquisition of businesses, net of cash and restricted cash acquired

16,733

Proceeds from sales of investment securities

293,348

724,474

Principal paydowns received on investment securities

334,765

300,126

696,455

Purchases of investment securities

675,107

422,527

4,363,994

Principal repayments received on residential loans-Residential Mortgage Loans

1,428,808

Principal repayments received on residential loans

261,834

292,282

Proceeds from sales of residential loans-Residential Mortgage Loans

169,850

Proceeds from sales of residential loans

10,083

10,301

Purchases and originations of residential loans-Residential Mortgage Loans

1,733,373

Purchases and originations of residential loans

583,985

483,242

Principal repayments received on preferred equity and mezzanine loan investments

29,250

Principal repayments received on multi-family loans

8,500

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

Proceeds from sales of joint venture equity investments in vies

500

Decrease in cash from de-consolidation of consolidated vies

Funding of multi-family loan and equity investments

Net variation margin (paid) received for derivative instruments

70,124

Net variation margin received (paid) for derivative instruments

8,599

-59,398

Net payments received from derivative instruments

-33,394

-31,620

-24,847

Net proceeds from sale of real estate

26,304

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

Capital expenditures on real estate

849

969

Purchases of other assets

217

845

Net cash used in investing activities

-300,529

-66,992

-2,897,123

Net proceeds received from repurchase agreements and warehouse facilities

48,181

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

517,994

308,455

947,788

Repurchases of common stock

5,005

1,502

Proceeds from preferred stock issuance, net

5,027

Repurchases of preferred stock

Dividends paid on common stock and dividend equivalents

20,789

21,414

75,507

Dividends paid on preferred stock

11,722

11,903

46,460

Net distributions to non-controlling interests in consolidated vies

-4,613

-21,206

-2,557

Redemptions of redeemable non-controlling interest in consolidated vie

500

Payments made on and extinguishment of collateralized debt obligations

368,785

319,043

644,876

Payments made on consolidated slst cdos

20,649

18,336

74,146

Net payments made on mortgages payable on real estate

-1,166

-56,862

-128,544

Net cash provided by financing activities

138,451

106,722

2,776,437

Net decrease in cash, cash equivalents and restricted cash

-56,179

23,016

13,354

Cash, cash equivalents and restricted cash - beginning of period

365,394

342,378

Cash, cash equivalents and restricted cash - end of period

309,215

365,394

Time Plot

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Cash Flow Overview

Change in Cash

-$56,179K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

Net income

53,051

86,566

137,657

Net amortization

-6,547

-5,377

-16,579

Depreciation expense related to operating real estate

4,486

4,623

23,125

Realized losses, net

-12,960

-10,680

-65,428

Unrealized losses (gains), net

-8,499

-62,568

217,395

(gains) losses on derivative instruments, net

48,790

87,814

-58,303

Other (gains) losses, net

-3,500

45,422

Gains on residential loans held for sale, net

9,847

9,216

14,443

Originations of residential loans held for sale

84,956

161,175

432,719

Repurchases of residential loans

1,339

2,929

4,738

Proceeds from sales and repayments of residential loans held for sale

156,804

132,493

450,175

Impairment of real estate

160

2,231

9,767

Loss on reclassification of disposal group

Income from preferred equity, mezzanine loan and equity investments

5,426

Income from multi-family loans and equity investments

1,450

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

-4,471

-1,589

Stock based compensation expense, net

2,706

175

8,197

Cash reclassified from assets of disposal group held for sale

-1,951

Changes in operating assets and liabilities

903

14,107

-12,236

Net cash provided by operating activities

105,899

-16,714

134,040

Acquisition of businesses, net of cash and restricted cash acquired

16,733

Proceeds from sales of investment securities

293,348

724,474

Principal paydowns received on investment securities

334,765

300,126

696,455

Purchases of investment securities

675,107

422,527

4,363,994

Principal repayments received on residential loans-Residential Mortgage Loans

1,428,808

Principal repayments received on residential loans

261,834

292,282

Proceeds from sales of residential loans-Residential Mortgage Loans

169,850

Proceeds from sales of residential loans

10,083

10,301

Purchases and originations of residential loans-Residential Mortgage Loans

1,733,373

Purchases and originations of residential loans

583,985

483,242

Principal repayments received on preferred equity and mezzanine loan investments

29,250

Principal repayments received on multi-family loans

8,500

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

Proceeds from sales of joint venture equity investments in vies

500

Decrease in cash from de-consolidation of consolidated vies

Funding of multi-family loan and equity investments

Net variation margin (paid) received for derivative instruments

70,124

Net variation margin received (paid) for derivative instruments

8,599

-59,398

Net payments received from derivative instruments

-33,394

-31,620

-24,847

Net proceeds from sale of real estate

26,304

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

Capital expenditures on real estate

849

969

Purchases of other assets

217

845

Net cash used in investing activities

-300,529

-66,992

-2,897,123

Net proceeds received from repurchase agreements and warehouse facilities

48,181

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

517,994

308,455

947,788

Repurchases of common stock

5,005

1,502

Proceeds from preferred stock issuance, net

5,027

Repurchases of preferred stock

Dividends paid on common stock and dividend equivalents

20,789

21,414

75,507

Dividends paid on preferred stock

11,722

11,903

46,460

Net distributions to non-controlling interests in consolidated vies

-4,613

-21,206

-2,557

Redemptions of redeemable non-controlling interest in consolidated vie

500

Payments made on and extinguishment of collateralized debt obligations

368,785

319,043

644,876

Payments made on consolidated slst cdos

20,649

18,336

74,146

Net payments made on mortgages payable on real estate

-1,166

-56,862

-128,544

Net cash provided by financing activities

138,451

106,722

2,776,437

Net decrease in cash, cash equivalents and restricted cash

-56,179

23,016

13,354

Cash, cash equivalents and restricted cash - beginning of period

365,394

342,378

Cash, cash equivalents and restricted cash - end of period

309,215

365,394

Time Plot

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