Adamas Trust Inc 2025年季度报告

FORM10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______ to ____________ (Exact Name of Registrant as Specified in Its Charter) Maryland47-0934168(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.) 90 Park Avenue,New York,New York10016(Address of Principal Executive Office) (Zip Code) (212)792-0107(Registrant’s Telephone Number, Including Area Code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Table of Contents Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☐Accelerated Filer☒Non-Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding on October24, 2025 was90,307,776. ADAMAS TRUST, INC. FORM 10-Q PART I.FINANCIAL INFORMATION Item 1.Condensed Consolidated Financial Statements ADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except share data) Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as theCompany is the primary beneficiary of these VIEs. As of September30, 2025 and December31, 2024, assets of consolidatedVIEs 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 7for further discussion.(1) The accompanying notes are an integral part of the condensed consolidated financial statements.4 ADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Dollar amounts in thousands)(unaudited) ADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollar amounts in thousands)(unaudited) ADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)(Dollar amounts in thousands)(unaudited) Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(31,309)1,355Cash, Cash Equivalents and Restricted Cash - Beginning of Period329,024330,642Cash, Cash Equivalents and Restricted Cash - End of Period$297,715$331,997 Supplemental Disclosure: Cash paid for interest$322,497$248,939Cash paid (refunds received) for income taxes$506$(105) Non-Cash Investing Activities: Dividends declared on common stock and dividend equivalents to be paid in subsequent period$23,758$20,186Dividends declared on preferred stock to be paid in subsequent period$12,133$10,454Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs$—$24,073 Cash and cash equivalents$185,285$195,066Restricted cash included in other assets112,430136,931Total cash, cash equivalents, and restricted cash$297,715$331,997 The accompanying notes are an integral part of the condensed consolidated financial statements.11 ADAMAS TRUST, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember30, 2025(unaudited) 1. Organization Adamas Trust, Inc., together with its consolidated subsidiaries (“Adamas,” “we,” “our,” or the “Company”), is an internally-managed real estate investment trust (“REIT”) focused on strategically deploying capital across complementary businesses to generatedurable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed tocapture opportunities across real estate and capital markets. Our current investment portfolio includes