ADAM ADAMAS TRUST, INC.

Overview and Growth

In fiscal 2025, ADAMAS TRUST, INC. reported net income of $149.05M. On a per-share basis, diluted EPS was $1.10, which connects the reported earnings outcome with the company’s diluted share count. The diluted weighted-average share count was 91.51M, linking total earnings with the per-share result received by shareholders. The diluted share count was 0.8% higher than fiscal 2024, when diluted shares averaged 90.81M, adding context to the EPS comparison. Total assets stood at $12.64B, showing the scale of resources supporting revenue, earnings, liquidity, and financing.

Profitability

Operations produced $137.80M of income after the reported operating expense base, before the remaining non-operating and tax effects. The bottom-line result was net income of $149.05M, after the operating, financing, tax, and other items recognized for the period. Reported EBITDA totaled $160.93M, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. The company recognized $145.00K of income tax for the period, completing the transition from pretax income to net income. The relationship between net income and period-end equity was 10.4%, indicating the profitability achieved on book capital. Net income represented 1.2% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from a $62.03M net loss in fiscal 2024 to net income of $149.05M.

Liquidity and Capital Structure

The company held $12.64B of assets against $11.21B of liabilities and $1.43B of equity, revealing how the asset base was financed. The company held $210.33M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $735.83M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.52x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 5.8% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 11.3%, placing book capital against the total resource base. The liabilities-to-assets relationship was 88.7%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 1.7%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 37.1% higher than fiscal 2024 assets of $9.22B, measuring the company’s own balance-sheet change. Against $1.40B of equity in fiscal 2024, the current book-equity balance moved 2.0% and ended higher. Cash and equivalents were 25.6% higher than fiscal 2024 cash of $167.42M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $134.04M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 0.9x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $8.15M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 6.1% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $125.89M, leaving a positive amount after capital expenditures. Free cash flow equaled 1.0% of total assets, relating post-investment cash generation to the company’s resource base. Operating cash flow of $134.04M finished above fiscal 2024 operating cash flow of $14.07M, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.