NEW YORK MORTGAG(NYMTZ) - 2025 Q4 - Annual Results

Financial Performance - In Q4 2025, Adamas Trust, Inc. reported a net income of $41.6 million, with a full-year net income of $101.1 million, representing a significant increase in profitability [4]. - The company increased its quarterly earnings available for distribution by 44% year-over-year, reaching $20.4 million in Q4 2025 and $80.6 million for the full year [3][4]. - Interest income for 2025 was reported at $601.9 million, while interest expense was $452.6 million, resulting in a net interest income of $149.3 million [4]. - Net interest income for the year ended December 31, 2025, was $149.3 million, a 78.5% increase from $83.9 million in 2024 [30]. - The company reported a net income attributable to common stockholders of $41.6 million for Q4 2025, compared to a net loss of $41.8 million in Q4 2024 [30]. - Net income attributable to the Company for the three months ended December 31, 2025, was $53,527,000, and for the year it was $149,048,000 [15][16]. Investment and Portfolio Management - Adamas expanded its investment portfolio by $3.1 billion in 2025, with total investments amounting to $10.7 billion by year-end [3][10]. - The company completed the acquisition of Constructive for approximately $462.4 million, enhancing its strategic position in the market [3][8]. - The company executed four securitizations of residential loans, generating approximately $945.5 million in net proceeds [8]. - The company executed a strategic repositioning by disposing of certain joint venture equity investments and acquiring assets to enhance interest income levels [43]. Dividends and Shareholder Returns - The company raised its dividend by 15%, declaring $0.23 per common share for the last two quarters of 2025, totaling $0.86 for the full year [3][4]. - Earnings available for distribution (EAD) for Q4 2025 was $20.414 million, with EAD per common share at $0.23, slightly down from $0.24 in Q3 2025 [46]. - The Board of Directors considers EAD among other factors when determining dividends on common stock [45]. Assets and Liabilities - Total assets increased to $12.64 billion as of December 31, 2025, up from $9.22 billion in 2024, representing a 37.5% growth [27]. - Total liabilities increased to $11.21 billion as of December 31, 2025, from $7.81 billion in 2024, marking a 43.5% rise [27]. - The company’s stockholders' equity was reported at $1.426 billion as of December 31, 2025 [52]. Operational Efficiency - General, administrative and operating expenses for the three months ended December 31, 2025, totaled $36,123,000, while for the year it was $122,941,000 [15][16]. - General and administrative expenses increased to $72.7 million for the year ended December 31, 2025, compared to $48.7 million in 2024, reflecting a 49.3% increase [30]. - Total general, administrative, and operating expenses decreased to $36,123,000 from $41,825,000 in the previous quarter, a reduction of approximately 13% [32]. Market Outlook and Risks - Forward-looking statements indicate potential risks including changes in interest rates, credit spreads, and market volatility that could impact future performance [21][22]. - The company focuses on generating durable earnings and long-term value through disciplined portfolio management and strategic capital deployment [19]. Financial Metrics - The yield on average interest-earning assets was 6.36% for the full year, with a net interest spread of 1.46% [4][11]. - Basic earnings per common share increased to $0.46 from $0.36 quarter-over-quarter [32]. - Adjusted book value per common share increased to $10.63 as of December 31, 2025, up from $10.35 a year earlier [52]. - The company reported unrealized gains of $217.4 million for the year ended December 31, 2025, compared to unrealized losses of $90.5 million in 2024 [30]. Conference Call and Presentations - The Company plans to host a conference call on February 19, 2026, to discuss financial results and future outlook [17]. - A supplemental financial presentation will accompany the conference call, providing additional insights into the financial results [18].