ADAMAS TRUST, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Operating expenses | $122.9M | $91.7M | $73.5M | $93.3M | $75.6M |
| Operating income | $137.8M | -$92.9M | -$77.7M | -$340.1M | $190.9M |
| Interest expense | — | — | $192.1M | $129.4M | $79.3M |
| Income tax expense | $145,000 | $1.0M | $75,000 | $542,000 | $2.5M |
| Net income | $149.0M | -$62.0M | -$48.7M | -$298.6M | $193.2M |
| Balance Sheet | |||||
| Cash and equivalents | $210.3M | $167.4M | $187.1M | $244.7M | $289.6M |
| Total assets | $12.6B | $9.2B | $7.4B | $6.2B | $5.7B |
| Total liabilities | $11.2B | $7.8B | $5.8B | $4.4B | $3.2B |
| Stockholders' equity | $1.4B | $1.4B | $1.6B | $1.8B | $2.3B |
| Cash Flow Statement | |||||
| Cash from operations | $134.0M | $14.1M | $30.0M | $91.8M | $138.9M |
| Depreciation and amortization | $23.1M | $39.8M | $24.6M | $126.8M | $19.2M |
| Stock-based compensation | $8.2M | $6.1M | $8.8M | $11.9M | $10.2M |
| Capital expenditure | $8.2M | $24.6M | $50.4M | $209.4M | $46.1M |
| Free cash flow | $125.9M | -$10.6M | -$20.5M | -$117.6M | $92.9M |
| Dividends paid | $75.5M | $74.9M | $128.8M | $151.8M | $151.6M |
| Share repurchases | $1.5M | $3.5M | $8.6M | $44.4M | $0 |
| Impairments | — | — | — | $0 | $0 |
Shares outstanding 89.9M · Free float 90.0%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.