Adamas Trust Inc 2026年季度报告

FORM 10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______ to ____________ ADAMAS TRUST, INC. Maryland47-0934168(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.) 90 Park Avenue, New York, New York 10016(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). Table of Contents Yes☒No☐ 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 April24, 2026 was89,861,108. 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 March31, 2026 and December31, 2025, assets of consolidated VIEstotaled $4,238,982 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,775,241 and $3,881,273,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 OPERATIONS(Amounts in thousands, except per share data)(unaudited) ADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollar amounts in thousands)(unaudited) The accompanying notes are an integral part of the condensed consolidated financial statements.8 ADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)(Dollar amounts in thousands)(unaudited) Non-Cash Investing Activities: Dividends declared on common stock and dividend equivalents to be paid in subsequent period$21,446$19,967Dividends declared on preferred stock to be paid in subsequent period$11,719$11,885 ADAMAS TRUST, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSMarch31, 2026(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 credit sensitive single-family andmulti-family assets, as well as other types of fixed-income investments such as Agency RMBS. Through our wholly-owned subsidiary,Constructive Loans, LLC ("Constructive"), we also originate business purpose loans for residential real estate investors. The Company conducts its business through the parent company, Adamas Trust, Inc., and several subsidiaries, including taxableREIT subsidiaries (“TRSs”), qualified REIT subsidiaries (“QRSs”) and special purpose subsidiaries established for securitizationpurposes. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States ofA