Here are the 10-K annual reports from Adamas Trust, Inc. (ADAM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ADAM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ADAM filings page.
Adamas Trust, Inc. files its annual report detailing operations as an internally managed mortgage REIT focused on single-family and multi-family credit assets and Agency RMBS. The company targets diversified, leveraged exposure to residential credit while maintaining REIT and Investment Company Act compliance.
The investment portfolio emphasizes Agency RMBS and residential loans, including business purpose loans originated through wholly owned subsidiary Constructive Loans, now fully acquired after buying the remaining 50% interest on July 15, 2025. As of December 31, 2025, 63% of the portfolio was Agency RMBS and about 31% was residential loans and non-Agency RMBS.
Adamas is shifting capital toward single-family assets and away from multi-family joint venture equity, retaining multi-family exposure mainly through preferred equity and a cross-collateralized mezzanine structure. It owned 471 single-family rental properties as of December 31, 2025 and reported a company recourse leverage ratio of about 5.0 to 1.
The report highlights use of repurchase agreements, securitizations and interest rate derivatives such as swaps and TBAs, along with detailed risk factors around interest rates, prepayments, credit performance, financing access and regulatory requirements. Adamas had 221 full-time employees and a non-affiliate common equity market value of $595,566,089 as of June 30, 2025.