The firm's debt-to-equity ratio has surged to 7.65 as of 2026Q1, reflecting a rapid accumulation of assets that grew to $12.8 billion from $7.4 billion in 2023Q4.
| Total Assets | 12.79B | 12.64B | 9.22B | 7.4B | 6.24B | 5.66B | 4.66B |
| Asset Growth % | 132.46% | 37.12% | 24.54% | 18.6% | 10.29% | 21.54% | - |
| Real Estate & Other Assets | 433.86M | 428.77M | -3.97B | -2.17B | -287.14M | -489.25M | -21.38M |
| PP&E (Net) | 0 | 0 | 5.46M | 6.58M | 7.83M | 9.01M | 10.1M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 208.91M | 210.33M | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 208.91M | 210.33M | 167.42M | 187.11M | 244.72M | 289.6M | 304.49M |
| Receivables | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | 0 | 0 | -4.16B | -2.28B | -419.05M | -574.42M | -304.49M |
| Intangible Assets | 22.4M | 22.4M | 21M | 2.38M | 0 | 39.77M | 0 |
| Total Liabilities | 11.33B | 11.21B | 7.81B | 5.77B | 4.38B | 3.23B | 2.35B |
| Total Debt | 11.15B | 11B | 3.56B | 2.81B | 2.65B | 2.52B | 2.22B |
| Net Debt | 10.94B | 10.79B | 3.39B | 2.62B | 2.4B | 2.23B | 1.92B |
| Long-Term Debt | 4.13B | 4.25B | 3.55B | 2.8B | 2.64B | 2.51B | 1.8B |
| Short-Term Borrowings | 7.02B | 6.75B | 0 | 0 | 0 | 0 | 405.53M |
| Capital Lease Obligations | 10.27M | 0 | 5.93M | 7.1M | 8.38M | 9.58M | 10.6M |
| Total Current Liabilities | 7.02B | 6.75B | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 41.02M | 23.65M | 10.63M | 9.05M | 0 |
| Deferred Revenue | 0 | 0 | 5.82M | 5.47M | 7.13M | 13.02M | 0 |
| Other Liabilities | 183.88M | 205.62M | -3.57B | -2.81B | -2.66B | -2.54B | -1.81B |
| Total Equity | 1.46B | 1.43B | 1.41B | 1.63B | 1.86B | 2.43B | 2.31B |
| Equity Growth % | -5.06% | 1.37% | -13.33% | -12.66% | -23.34% | 5.38% | - |
| Shareholders Equity | 1.46B | 1.43B | 1.39B | 1.58B | 1.77B | 2.34B | 2.3B |
| Minority Interest | 1.36M | 3.52M | 16.41M | 48.51M | 96.89M | 90.75M | 6.37M |
| Common Stock | 899K | 903K | 906K | 907K | 912K | 3.79M | 3.78M |
| Additional Paid-in Capital | 2.31B | 2.29B | 2.29B | 2.3B | 2.28B | 2.36B | 2.34B |
| Retained Earnings | -1.39B | -1.41B | -1.43B | -1.25B | -1.05B | -559.34M | -551.27M |
| Preferred Stock | 540.47M | 540.47M | 535.45M | 535.45M | 538.35M | 538.22M | 504.76M |
| Return on Assets (ROA) | 1.29% | 1.36% | -0.75% | -0.71% | -5.02% | 3.75% | -6.2% |
| Return on Equity (ROE) | 10.93% | 10.49% | -4.08% | -2.79% | -13.9% | 8.15% | -12.5% |
| Debt / Assets | 87.16% | 87.06% | 38.57% | 37.9% | 42.43% | 44.55% | 47.69% |
| Debt / Equity | 7.65x | 7.69x | 2.52x | 1.72x | 1.42x | 1.04x | 0.96x |
| Net Debt / EBITDA | 48.43x | 60.80x | - | - | - | 9.21x | - |
| Book Value per Share | 15.84 | 15.63 | 15.54 | 17.88 | 19.76 | 25.53 | 24.88 |
Excessive leverage and liquidity
As reported in recent financial statements, ADAM's total assets surged to $12.8 billion in 2026Q1, representing a significant expansion from the $7.4 billion recorded in 2023Q4, a trend that appears driven by a rapid accumulation of mortgage-related credit assets and increased reliance on debt financing.
The rapid growth in total assets has not been matched by a proportional increase in equity, which has remained relatively stagnant near $1.4 billion to $1.5 billion over the same period. This trajectory suggests that the firm is aggressively scaling its balance sheet to capture yield, which may heighten sensitivity to market volatility.
Based on the provided quarterly figures, ADAM's debt-to-equity ratio has climbed to 7.65 in 2026Q1, a substantial increase from the 1.72 ratio observed in 2023Q4, indicating a significant shift toward higher leverage to support the firm's expanded investment portfolio.
The sharp rise in the debt-to-equity ratio warrants close monitoring, as it suggests that the firm's capital structure has become increasingly reliant on debt financing. Investors should consider whether this leverage is sustainable given the potential for interest rate fluctuations to impact the cost of repo and securitized debt.
According to the balance sheet data, ADAM's cash position declined to $208.9 million in 2026Q1 from a peak of $4.8 billion in 2025Q1, suggesting that the firm has deployed significant liquidity into its investment pipeline over the past year.
The rapid depletion of cash reserves, coupled with the high debt load, may indicate a tightening of liquidity buffers. This transition from a cash-heavy position to a fully deployed portfolio suggests that the firm may have limited flexibility to navigate potential market dislocations without further capital raises.
Financial disclosures indicate that ADAM's reported debt-to-equity ratio of 7.65 may not fully capture the leverage embedded within its securitization vehicles, as noted in industry analysis regarding the distinction between corporate-level recourse debt and non-recourse financing.
The potential for off-balance-sheet leverage within these vehicles suggests that the firm's true risk profile may be more complex than the headline debt-to-equity figures imply. Analysts should investigate the recourse nature of these obligations to determine if the firm faces significant margin call risks in a stressed credit environment.
Quick answers to the most common questions about buying ADAM stock.
As of 2025, Adamas Trust, Inc. (ADAM) had total assets of $12.64B including $210.3M in current assets.
Adamas Trust, Inc. (ADAM) carries total debt of $11.00B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Adamas Trust, Inc. (ADAM) has total shareholders' equity (book value) of $1.43B ($15.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Adamas Trust, Inc. (ADAM) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.