Adamas Trust (ADAM) risk factors

Item 1A of every Adamas Trust, Inc. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.

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FY2025 10-K risk factors
67 risks4 new4 dropped14 reworded
New risks focus on TBA dollar rolls, margin calls, and uncertainty over whether TBA income qualifies under REIT tests.
Filed Feb 20, 2026
FY2024 10-K risk factors
67 risks
Adamas Trust faces substantial interest rate, credit, and leverage risks across its residential and business purpose mortgage portfolio. The company relies heavily on repurchase agreements, short-term borrowings, and unsecured debt to finance its investments. Market volatility and changing real estate valuations directly impact asset values, liquidity, and earnings.
Filed Feb 21, 2025