NEW YORK MTG(NYMTL) - 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]. - Economic return on book value was 6.85% for Q4 2025 and 12.72% for the full year, reflecting effective capital management [4][8]. - 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]. - The company experienced a net loss from real estate of $12.4 million for the year ended December 31, 2025, an improvement from a loss of $42.8 million in 2024 [30]. - The company recorded unrealized gains of $19.726 million in Q4 2025, contrasting with unrealized losses of $131.576 million in Q4 2024 [46]. Investment and Asset 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 in residential loans, enhancing its market position [3][8]. - The company exited its remaining multi-family joint venture equity investments, streamlining its investment strategy [8]. - 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 equity investments at fair value decreased to $24.7 million as of December 31, 2025, down from $113.5 million in 2024 [27]. Income and Expenses - Total net interest income for the three months ended December 31, 2025, was $43,170,000, with a net loss from real estate of $3,292,000 [15]. - For the year ended December 31, 2025, total net interest income was $149,301,000, with a net loss from real estate of $12,417,000 [16]. - 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]. 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) attributable to common stockholders was $20.414 million for Q4 2025, up from $14.178 million in Q4 2024 [46]. - The Board of Directors considers EAD among other factors when determining dividends on common stock, but it should not be viewed as a guarantee of dividend payments [45]. Conference and Future Outlook - The Company will host a conference call on February 19, 2026, to discuss financial results for the three months and year ended December 31, 2025 [17]. - A supplemental financial presentation will accompany the conference call and will be available on the Company's website [18]. - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projections [22]. Share Performance - Basic earnings per common share increased to $0.46 from $0.36, marking a 27.8% rise [32]. - The weighted average shares outstanding for basic earnings were 90.4 million for Q4 2025, slightly down from 90.6 million in Q4 2024 [30]. - Adjusted book value per common share increased to $10.63 as of December 31, 2025, from $10.35 as of December 31, 2024 [52].