KEY

科凯国际价格

KEY
¥0
+¥0(0.00%)
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*页面数据最近更新时间:2026-04-28 18:09 (UTC+8)

至 2026-04-28 18:09,科凯国际 (KEY) 股票价格报 ¥0,总市值 ¥1715.22亿,市盈率 12.35,股息率 3.74%。 当日股票价格在 ¥0 至 ¥0 之间波动,当前价格较日内低点高 0.00%,较日内高点低 0.00%,成交量 737.52万。 过去 52 周,KEY 股票价格区间为 ¥0 至 ¥0,当前价格距 52 周高点 0.00%。

KEY 关键数据

昨日收盘价¥155
市值¥1715.22亿
成交量737.52万
市盈率12.35
股息收益率 (TTM)3.74%
股息金额¥1
摊薄每股收益 (TTM)1.79
净利润 (财年)¥131.68亿
营收 (财年)¥805.53亿
下次财报日期2027-01-20
每股收益预测0.48
营收预测¥151.50亿
流通股数11.01亿
Beta 值 (1 年)1.071
最近除息日2026-03-03
最近派息日2026-03-13

KEY 简介

KeyCorp 作为 KeyBank National Association 的控股公司,在美国提供各种零售和商业银行产品与服务。它分为两个业务部门:消费者银行和商业银行。公司为个人和中小企业提供各种存款、投资产品和服务;以及个人理财和财务健康、学生贷款再融资、抵押贷款和房屋净值、贷款、信用卡、财务管理、企业咨询、财富管理、资产管理、投资、现金管理、投资组合管理、信托及相关服务。它还提供一系列银行和资本市场产品,如银团融资、债务和股权资本市场产品、商业支付、设备融资、商业抵押贷款银行、衍生品、外汇、财务咨询和公共财政,以及面向中型市场客户的商业抵押贷款,包括消费、能源、医疗、工业、公共部门、房地产和科技贷款。此外,公司还提供社区发展融资、证券承销、经纪和投资银行服务。截至2021年12月31日,它在15个州通过约999个分行和1,317个ATM运营,以及其他办事处、在线和移动银行功能和电话银行呼叫中心。KeyCorp 成立于1849年,总部位于俄亥俄州克利夫兰。
所属板块金融服务
所属行业银行 - 地区
CEOChristopher Marrott Gorman
总部Cleveland,OH,US

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本页面内容仅供参考,不构成投资建议、财务建议或交易推荐。Gate 不对因此类财务决策而造成的任何损失或损害承担责任。此外,请注意 Gate 可能无法在某些市场和司法管辖区提供全部服务,包括但不限于美国、加拿大、伊朗和古巴。有关受限地区的更多信息,请参阅《用户协议》的相关条款。

其他交易市场

科凯国际 (KEY) 今日新闻

2026-04-28 15:27

TON Tech 推出用于自主链上交易的由 AI 驱动智能体

Gate 新闻消息,4 月 28 日——TON Tech(Telegram 首选区块链 TON 的开发团队)已推出由 AI 驱动的智能体,这些智能体能够自主执行关键链上交易。用户可以为该智能体提供一个专用钱包并充值资金,然后该智能体即可进行转账、兑换、DeFi 等活动,包括在设定预算内进行自动化交易、质押以及基础的投资组合管理。 此次发布是在一家大型加密货币交易所推出“智能体化交易”之后进行的:届时,像 Claude 和 ChatGPT 这样的 AI 模型可以与交易账户连接,用于自主监测市场并执行交易。该开发反映出更广泛的趋势:所谓“智能体化 AI(agentic AI)”正在加密领域以及其之外逐渐获得关注。在这一过程中,用户越来越多地赋能 AI 机器人,让其能够访问数字服务并执行交易。TON Tech 负责人 Andrew Grekov 表示:“智能体化钱包(Agentic Wallets)让 AI 智能体从助手变为行动者。Telegram 上的智能体不仅可以沟通,还可以代表用户进行交易——完成付款并与链上服务交互,而用户无需以任何方式接触他们的密钥。” 自 2024 年下半年以来,TON 区块链上的活动已出现显著下降。此前活跃地址曾在短时间内超过 100 万用户;当前的活跃用户数量已降至 10 万以下。与此同时,本月早些时候,Telegram 创始人兼 CEO Pavel Durov 宣布,TON 已完成升级,以实现亚秒级的交易最终确认。

2026-04-28 14:52

BlockCoop SACCO 推出肯尼亚首个基于区块链的合作金融平台,并使用 BLOCKS 代币

Gate News 消息,4 月 28 日——BlockCoop SACCO 已推出肯尼亚首个基于区块链的 SACCO (储蓄和信贷合作社),推出一种以技术驱动为特点的模式,旨在实现传统合作金融的现代化。该倡议利用区块链基础设施来改善流动性,提高透明度,扩大成员参与,并简化信贷获取。 一项关键创新是 BLOCKS,这是一种数字份额代币,可将传统 SACCO 的份额转换为可交易的数字资产。这使得成员能够更高效地买入、卖出和转移持有资产,从而解决合作结构中长期存在的历史性流动性挑战。自 2025 年 10 月 1 日份额交易平台上线以来,SACCO 已报告快速扩张,预计市值约为 KES 13 亿,并且成员规模和投资者参与度持续上升。 BlockCoop SACCO 还推出了一种替代性的信贷评估机制,用来取代传统的担保人要求,利用担保人资金池和基于信任的评分系统,构建更具包容性的贷款可及框架。此外,该组织推出 Lipa na BLOCKS,这是一个忠诚度计划,将日常消费与基于区块链的储蓄及投资机会相连接。参与者可获得 BLOCKS 代币,并在 Till 号码、Paybill 服务以及移动支付交易上获得折扣。 该平台宣布与 Nomachain 和 HF 建立战略合作伙伴关系,以加速整个地区的 SACCO 数字化。HF 将提供合规的基础设施,以确保监管一致性;而 Nomachain 将支持对 SACCO 资产和份额的代币化,从而释放传统上流动性较差的资产(如土地和建筑物)的价值。

2026-04-28 14:32

Chainlink CCIP 每周交易量突破 13 亿美元,一周内增长 260%

Gate 新闻消息,4 月 28 日——截至 4 月 28 日,Chainlink CCIP 录得每周交易量 13 亿美元,较上周增长 260%。跨链通信协议正日益成为区块链基础设施的核心,使得可在多个网络之间进行安全的资产转移。 交易量增长反映出对跨链互操作解决方案的需求上升。主要项目已将 Chainlink CCIP 集成到其系统中,从而提升交易吞吐量。安全性仍是推动采用的关键因素,因为该协议相较过去桥接漏洞,更强调可靠的转移。开发者和机构依赖 Chainlink CCIP,以便在各网络之间毫无摩擦地调动流动性。 该扩展支持更广泛的区块链基础设施发展,使应用能够覆盖多个网络,并提升去中心化金融及其他用例中的效率。

2026-04-28 14:11

马来西亚与 ZenithBlox 完成区块链贸易走廊集成

Gate 新闻消息,4 月 28 日——ZenithBlox 与马来西亚区块链基础设施 Sdn. Bhd. 已完成其区块链平台的全面技术集成,以加强马来西亚—新加坡走廊范围内的跨境贸易运营,并支持更广泛的东盟数字贸易举措。 该集成构建了一个统一的可编程执行层,用于自动化并规范跨境贸易工作流程。系统将合规与治理直接嵌入交易执行之中,确保监管审查发生在区块链结算之前,而不是在交易已被处理之后才进行。关键能力包括:与 TradeTrust 标准对齐的电子提单的实时执行、自动化海关预先验证,以及通过政策控制的结算机制——该机制可在机构与主权金融通道之间强制执行预先设定的规则。 该平台利用两项核心技术:用于传统系统与区块链基础设施之间互操作的通用适配器,从而实现与 SWIFT 网络、企业资源规划系统以及物流平台的安全连接;以及用于在交易最终确定之前,通过二元批准或拒绝决策实施实时政策强制的 FrontierBlox 引擎。该架构旨在降低跨境贸易工作流程中的运营摩擦,同时提升透明度与信任。 目前已开始投入运营,首个阶段聚焦马来西亚—新加坡走廊,并包括与 TradeTrust 对齐的电子提单代币化、自动化海关申报工作流程,以及受监管的稳定币结算系统。此次合作旨在作为未来推动东南亚区域贸易现代化工作的示范范本。

2026-04-28 11:49

比特币ETF资金流出打破9日连涨纪录,跌至76,555美元,临近FOMC会议

Gate News 消息,4月28日——美国现货比特币交易所交易基金(ETF)在4月27日录得2.632亿美元净流出,结束了连续九日的资金流入纪录;就在市场等待本周联邦公开市场委员会(FOMC)会议之际。比特币跌回7万美元以下,交易在约76,555美元,位于美国市场开盘前;不过在4月初触及79,000美元后,本月迄今仍上涨约15%。 ETF 动能的中断发生在一个宏观数据密集的周中:本周将迎来新的通胀数据、GDP 公布、超级市值公司财报,以及欧洲和亚洲各家央行的决策。根据 Glassnode 分析师的说法,比特币呈现“多头动能与谨慎情绪并存,同时进入盘整”的状态;现货累计成交量增量上涨199.1%,表明买方端的承压较为坚实,但现货成交量却下跌13.8%,暗示这波反弹发生时的投机热度比之前更低。QCP Capital 指出,尽管整体局势仍偏建设性,82,000美元仍是关键观察位,而 CME 的缺口将成为下一个真正的检验。GSR 的 Andy Baehr 强调,80,000美元是关键的心理关口,期权头寸在该区间周围形成了“电网式防护”围栏。Bitunix 分析师则提示,$76,000–$77,000 区间的多头清算风险正在重新累积。 更长周期的市场情绪仍有近期政策进展的支撑。Bernstein 认为,加密资产存在不对称的上行空间,并且加密牛市周期在结构上更为持久;白宫加密货币顾问 Bo Hines 也暗示,围绕特朗普总统战略比特币储备的“重大公告”可能会在未来几周内出现。总体而言,比特币在周中进入一个信号相互博弈的阶段:买盘压力仍然保持着强度,投机泡沫低于此前,网络健康状况也有所改善;但机构资金流动已经“眨眼”,交易者越来越多地在为短期流动性做打算,而非继续押注趋势延续。

科凯国际 (KEY) 热门帖子

SelfRugger

SelfRugger

1 分钟前
This is a paid press release. Contact the press release distributor directly with any inquiries. Adamas Trust, Inc. Reports Fourth Quarter and Full Year 2025 Results ==================================================================== Adamas Trust, Inc. Thu, February 19, 2026 at 6:06 AM GMT+9 26 min read In this article: ADAM -0.86% ADAMG -0.04% ADAMH -0.02% ADAML -0.81% ADAMM +0.12% Adamas Trust, Inc. NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months and year ended December 31, 2025, respectively. **Management Update To Our Stockholders** Jason Serrano, Chief Executive Officer, commented: “2025 was a pivotal year for Adamas, defined by substantial investment portfolio expansion, greater profitability and our strategic acquisition of Constructive. Over the course of the year, we increased quarterly EAD by 44%, generated more than $100 million in net income, expanded the portfolio by $3.1 billion, and raised the dividend by 15%, all while increasing book value. Through the disciplined execution of our strategy, we increased Company recurring income, enhanced liquidity and established a more durable earnings foundation. We begin 2026 with meaningful momentum and strong conviction in our ability to further grow EAD and create long-term value for our stockholders.” **Summary of ****Fourth**** Quarter and Full Year ****2025****: ** _(dollar amounts in thousands, except per share data)_ | | **For the Three Months Ended December 31, 2025 ** | | | | **For the Year Ended December 31, 2025 ** | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Net income attributable to Company's common stockholders | $ | 41,605 | | | $ | 101,106 | | | Net income attributable to Company's common stockholders per share (basic) | $ | 0.46 | | | $ | 1.12 | | | Earnings available for distribution attributable to Company's common stockholders (1) | $ | 20,414 | | | $ | 80,624 | | | Earnings available for distribution per common share (1) | $ | 0.23 | | | $ | 0.89 | | | Yield on average interest earning assets (1) (2) | | 6.23 | % | | | 6.36 | % | | Interest income | $ | 170,680 | | | $ | 601,948 | | | Interest expense | $ | 127,510 | | | $ | 452,647 | | | Net interest income | $ | 43,170 | | | $ | 149,301 | | | Net interest spread (1) (3) | | 1.52 | % | | | 1.46 | % | | Book value per common share at the end of the period | $ | 9.60 | | | $ | 9.60 | | | Adjusted book value per common share at the end of the period (1) | $ | 10.63 | | | $ | 10.63 | | | Economic return on book value (4) | | 6.85 | % | | | 12.72 | % | | Economic return on adjusted book value (5) | | 4.62 | % | | | 11.01 | % | | Dividends per common share | $ | 0.23 | | | $ | 0.86 | | | (1) | | Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information." | | --- | --- | --- | | (2) | | Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company. | | (3) | | Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation. | | (4) | | Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period. | | (5) | | Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period. | | | | | **Key Developments:** Fourth Quarter 2025 Story continues * Purchased approximately $412.1 million of investment securities, including $346.7 million of Agency RMBS. * Acquired approximately $462.4 million of residential loans. Full Year 2025 Investing Activities * Purchased approximately $4.4 billion of investment securities, including $4.1 billion of Agency investments. * Acquired approximately $1.7 billion of residential loans. * Exited remaining multi-family joint venture equity investments in disposal group. * Received approximately $79.2 million in proceeds from redemptions of Mezzanine Lending investments. * Acquired the outstanding 50% ownership interests in Constructive that were not previously owned by the Company through the consummation of a membership interest purchase agreement on July 15, 2025. Full Year 2025 Financing Activities * Completed the issuance of $82.5 million in aggregate principal amount of our 9.125% Senior Notes due 2030 in an underwritten public offering. The total net proceeds to us from the offering of the notes, after deducting the underwriters' discount and commissions and offering expenses, were approximately $79.3 million. * Completed the issuance of $115.0 million in aggregate principal amount of our 9.875% Senior Notes due 2030 in public offerings. The total net proceeds to us from the offerings of the notes, after deducting the underwriters' discount and commissions and offering expenses, as applicable, were approximately $111.4 million. * Completed four securitizations of residential loans, resulting in approximately $945.5 million in aggregate net proceeds to us after deducting expenses associated with the securitization transactions. * Exercised our right to optional redemptions of three residential loan securitizations with aggregate outstanding principal balances of $424.6 million at the time of redemption. * Increased common stock dividend declared to $0.23 per common share for the final two quarters of 2025. Subsequent Developments * On January 13, 2026, we completed the issuance of $90.0 million in aggregate principal amount of our 9.25% Senior Notes due 2031 in an underwritten public offering. The total net proceeds to us from the offering of the notes, after deducting the underwriters' discount and commissions and offering expenses, were approximately $86.6 million. * In January 2026, we completed a new securitization of residential loans resulting in approximately $309.1 million of net proceeds to us after deducting expenses associated with the transaction. We utilized the net proceeds to repay approximately $287.3 million on outstanding repurchase agreements related to residential loans. * On February 2, 2026, we redeemed our 5.75% Senior Notes due 2026 at 100% of the $100.0 million principal amount, plus accrued but unpaid interest, to, but excluding, the redemption date, for a total payment of $101.5 million. * On February 16, 2026, our Board of Directors approved extensions of our common stock repurchase program, under which $188.2 million of the approved amount remained available for repurchase, and our preferred stock repurchase program, under which $97.6 million of the approved amount remained available for repurchase. The expiration dates of both stock repurchase programs were extended from March 31, 2026 to March 31, 2027. **Capital Allocation** The following table sets forth our allocated capital at December 31, 2025 (dollar amounts in thousands): | | **Investment Portfolio ****(1)** | | | | **Constructive** | | | | **Corporate/Other** | | | | **Total** | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Investment securities available for sale | $ | 6,904,781 | | | $ | — | | | $ | — | | | $ | 6,904,781 | | | Residential loans | | 4,224,864 | | | | 133,311 | | | | — | | | | 4,358,175 | | | Consolidated SLST CDOs | | (1,006,919 | ) | | | — | | | | — | | | | (1,006,919 | ) | | Residential loans held for sale | | — | | | | 80,707 | | | | — | | | | 80,707 | | | Multi-family loans | | 55,476 | | | | — | | | | — | | | | 55,476 | | | Equity investments | | 24,711 | | | | — | | | | — | | | | 24,711 | | | Equity investments in consolidated multi-family properties (2) | | 152,953 | | | | — | | | | — | | | | 152,953 | | | Equity investments in disposal group held for sale (3) | | 524 | | | | — | | | | — | | | | 524 | | | Single-family rental properties | | 128,841 | | | | — | | | | — | | | | 128,841 | | | Mortgage servicing rights | | 20,868 | | | | 25 | | | | — | | | | 20,893 | | | Total investments | | 10,506,099 | | | | 214,043 | | | | — | | | | 10,720,142 | | | Liabilities: | | | | | | | | | | | | | | | | | Repurchase agreements and warehouse facilities | | (6,557,825 | ) | | | (195,592 | ) | | | — | | | | (6,753,417 | ) | | Collateralized debt obligations | | | | | | | | | | | | | | | | | Residential loan securitization CDOs | | (2,439,607 | ) | | | — | | | | — | | | | (2,439,607 | ) | | Non-Agency RMBS re-securitization | | (65,276 | ) | | | — | | | | — | | | | (65,276 | ) | | Senior unsecured notes | | — | | | | — | | | | (360,437 | ) | | | (360,437 | ) | | Subordinated debentures | | — | | | | — | | | | (45,000 | ) | | | (45,000 | ) | | Cash, cash equivalents and restricted cash (4) | | 113,478 | | | | 16,282 | | | | 196,650 | | | | 326,410 | | | Goodwill | | — | | | | 22,396 | | | | | | | | 22,396 | | | Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | | (42,222 | ) | | | — | | | | — | | | | (42,222 | ) | | Other | | 119,554 | | | | 10,682 | | | | (66,303 | ) | | | 63,933 | | | Net Company capital allocated | $ | 1,634,201 | | | $ | 67,811 | | | $ | (275,090 | ) | | $ | 1,426,922 | | | | | | | | | | | | | | | | | | | | Company Recourse Leverage Ratio (5) | | | | | | | | | | | | | 5.0x | | | | Portfolio Recourse Leverage Ratio (6) | | | | | | | | | | | | | 4.7x | | | | (1) | | The Company, through its ownership of certain securities, has determined it is the primary beneficiary of Consolidated SLST and has consolidated the assets and liabilities of Consolidated SLST in the Company’s consolidated financial statements. Consolidated SLST is primarily presented on our consolidated balance sheets as residential loans, at fair value and collateralized debt obligations, at fair value. Our investment in Consolidated SLST as of December 31, 2025 was limited to the RMBS comprised of first loss subordinated securities and certain IOs issued by the respective securitizations with an aggregate net carrying value of $151.5 million. | | --- | --- | --- | | (2) | | Represents the Company's equity investments in consolidated multi-family properties that are not in disposal group held for sale. See "Reconciliation of Financial Information" section below for a reconciliation of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's consolidated financial statements. | | (3) | | Represents the Company's equity investments in multi-family properties that are held for sale in disposal group. See "Reconciliation of Financial Information" section below for a reconciliation of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's consolidated financial statements. | | (4) | | Excludes cash in the amount of $4.4 million held in the Company's equity investments in consolidated multi-family properties and equity investments in consolidated multi-family properties in disposal group held for sale. Restricted cash of $132.0 million is included in the Company’s accompanying consolidated balance sheets in other assets. | | (5) | | Represents the Company's total outstanding recourse repurchase agreement and warehouse facility financing, senior unsecured notes and subordinated debentures, divided by the Company's total stockholders' equity. Does not include Consolidated SLST CDOs amounting to $1.0 billion, residential loan securitization CDOs amounting to $2.4 billion, non-Agency RMBS re-securitization CDOs amounting to $65.3 million and mortgages payable on real estate totaling $332.1 million as they are non-recourse debt. | | (6) | | Represents the Company's outstanding recourse repurchase agreement and warehouse facility financing divided by the Company's total stockholders' equity. | | | | | **Net Interest Spread** The following table sets forth certain information about our interest earning assets by category and their related adjusted interest income, adjusted interest expense, adjusted net interest income (loss), yield on average interest earning assets, average financing cost and net interest spread for the three months ended December 31, 2025 (dollar amounts in thousands): **Three Months Ended December 31, 2025** | | **Agency** | | | | **Single-Family Credit** | | | | **Multi-Family Credit** | | | | **Corporate/Other** | | | | **Total** | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Adjusted Interest Income (1) (2) | $ | 94,755 | | | $ | 60,745 | | | $ | 1,711 | | | $ | 2,526 | | | $ | 159,737 | | | Adjusted Interest Expense (1) | | (60,862 | ) | | | (41,650 | ) | | | — | | | | (10,878 | ) | | | (113,390 | ) | | Adjusted Net Interest Income (Loss) (1) | $ | 33,893 | | | $ | 19,095 | | | $ | 1,711 | | | $ | (8,352 | ) | | $ | 46,347 | | | | | | | | | | | | | | | | | | | | | | | | Average Interest Earning Assets (3) | $ | 6,555,816 | | | $ | 3,428,641 | | | $ | 59,372 | | | $ | 215,170 | | | $ | 10,258,999 | | | Average Interest Bearing Liabilities (4) | $ | 5,906,266 | | | $ | 3,037,293 | | | $ | — | | | $ | 617,580 | | | $ | 9,561,139 | | | | | | | | | | | | | | | | | | | | | | | | Yield on Average Interest Earning Assets (1) (5) | | 5.78 | % | | | 7.09 | % | | | 11.53 | % | | | 4.70 | % | | | 6.23 | % | | Average Financing Cost (1) (6) | (4.09)% | | | | (5.44)% | | | | | — | | | (6.99)% | | | | (4.71)% | | | | Net Interest Spread (1) (7) | | 1.69 | % | | | 1.65 | % | | | 11.53 | % | | (2.29)% | | | | | 1.52 | % | | (1) | | Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information." | | --- | --- | --- | | (2) | | Includes interest income earned on cash accounts held by the Company. | | (3) | | Average Interest Earning Assets for the period include residential loans, residential loans held for sale, multi-family loans and investment securities and cost basis of outstanding TBAs and exclude all Consolidated SLST assets other than those securities owned by the Company. Average Interest Earning Assets is calculated based on the daily average amortized cost for the period. | | (4) | | Average Interest Bearing Liabilities for the period include repurchase agreements and warehouse facilities, residential loan securitization and non-Agency RMBS re-securitization CDOs, senior unsecured notes and subordinated debentures and exclude Consolidated SLST CDOs and mortgages payable on real estate as the Company does not directly incur interest expense on these liabilities that are consolidated for GAAP purposes. Average Interest Bearing Liabilities is calculated based on the daily average outstanding balance for the period. | | (5) | | Yield on Average Interest Earning Assets is calculated by dividing our annualized adjusted interest income relating to our portfolio of interest earning assets by our Average Interest Earning Assets for the period. | | (6) | | Average Financing Cost is calculated by dividing our annualized adjusted interest expense by our Average Interest Bearing Liabilities. | | (7) | | Net Interest Spread is the difference between our Yield on Average Interest Earning Assets and our Average Financing Cost. | | | | | **Segment Information** The following tables present summarized financial information by reportable segment for the three months and year ended December 31, 2025, respectively, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands): | | | **For the Three Months Ended December 31, 2025** | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | **Investment Portfolio** | | | | **Constructive** | | | | **Corporate/Other** | | | | **Total** | | | | Total net interest income (loss) | | $ | 51,712 | | | $ | 209 | | | $ | (8,751 | ) | | $ | 43,170 | | | Total net loss from real estate | | | (3,292 | ) | | | — | | | | — | | | | (3,292 | ) | | Total other income | | | 34,833 | | | | 12,516 | | | | 5,219 | | | | 52,568 | | | Total general, administrative and operating expenses (1) | | | 6,888 | | | | 17,591 | | | | 11,644 | | | | 36,123 | | | Income (loss) from operations before income taxes | | | 76,365 | | | | (4,866 | ) | | | (15,176 | ) | | | 56,323 | | | Income tax (benefit) expense | | | (108 | ) | | | — | | | | 64 | | | | (44 | ) | | Net income (loss) | | | 76,473 | | | | (4,866 | ) | | | (15,240 | ) | | | 56,367 | | | Net income attributable to non-controlling interests | | | (2,840 | ) | | | — | | | | — | | | | (2,840 | ) | | Net income (loss) attributable to Company | | | 73,633 | | | | (4,866 | ) | | | (15,240 | ) | | | 53,527 | | | Preferred stock dividends | | | — | | | | — | | | | (11,922 | ) | | | (11,922 | ) | | Net income (loss) attributable to Company's common stockholders | | $ | 73,633 | | | $ | (4,866 | ) | | $ | (27,162 | ) | | $ | 41,605 | | | (1) | | General, administrative and operating expenses of the Constructive segment include $10.2 million of direct general and administrative expenses and $4.3 million of direct loan origination costs incurred by Constructive. | | --- | --- | --- | | | | | | | | **For the Year Ended December 31, 2025** | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | **Investment Portfolio** | | | | **Constructive ****(1)** | | | | **Corporate/Other** | | | | **Total** | | | | Total net interest income (loss) | | $ | 177,699 | | | $ | 334 | | | $ | (28,732 | ) | | $ | 149,301 | | | Total net loss from real estate | | | (12,417 | ) | | | — | | | | — | | | | (12,417 | ) | | Total other income | | | 93,578 | | | | 24,678 | | | | 5,603 | | | | 123,859 | | | Total general, administrative and operating expenses (2) | | | 34,367 | | | | 33,538 | | | | 55,036 | | | | 122,941 | | | Income (loss) from operations before income taxes | | | 224,493 | | | | (8,526 | ) | | | (78,165 | ) | | | 137,802 | | | Income tax (benefit) expense | | | (82 | ) | | | — | | | | 227 | | | | 145 | | | Net income (loss) | | | 224,575 | | | | (8,526 | ) | | | (78,392 | ) | | | 137,657 | | | Net loss attributable to non-controlling interests | | | 11,391 | | | | — | | | | — | | | | 11,391 | | | Net income (loss) attributable to Company | | | 235,966 | | | | (8,526 | ) | | | (78,392 | ) | | | 149,048 | | | Preferred stock dividends | | | — | | | | **—** | | | | (47,942 | ) | | | (47,942 | ) | | Net income (loss) attributable to Company's common stockholders | | $ | 235,966 | | | $ | (8,526 | ) | | $ | (126,334 | ) | | $ | 101,106 | | | (1) | | Represents information for Constructive from July 15, 2025 to December 31, 2025. | | --- | --- | --- | | (2) | | General, administrative and operating expenses of the Constructive segment include $18.3 million of direct general and administrative expenses and $8.1 million of direct loan origination costs incurred by Constructive. | | | | | **Conference Call** On Thursday, February 19, 2026 at 9:00 a.m., Eastern Time, Adamas Trust's executive management is scheduled to host a conference call and audio webcast to discuss the Company’s financial results for the three months and year ended December 31, 2025. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details. A live audio webcast of the conference call can be accessed, on a listen-only basis, at the Investor Relations section of the Company's website at www.adamasreit.com or using this link.  Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. A webcast replay link of the conference call will be available on the Investor Relations section of the Company’s website approximately two hours after the call and will be available for 12 months. In connection with the release of these financial results, the Company will also post a supplemental financial presentation that will accompany the conference call on its website at www.adamasreit.com under the "Investors — Events and Presentations" section. Full year 2025 financial and operating data can be viewed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. A copy of the Form 10-K will be posted at the Company’s website as soon as reasonably practicable following its filing with the Securities and Exchange Commission. **About Adamas Trust** Adamas Trust, Inc. is an internally managed real estate investment trust (“REIT”) focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets. For a list of defined terms used from time to time in this press release, see “Defined Terms” below. **Defined Terms** The following defines certain of the commonly used terms that may appear in this press release: "Constructive" refers to Constructive Loans, LLC, the Company's wholly-owned origination platform; “RMBS” refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate, or fixed-rate residential loans; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of residential loans guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “TBAs” refers to to-be-announced securities that are forward contracts for the purchase or sale of Agency fixed-rate RMBS at a predetermined price, face amount, issuer, coupon, and stated maturity on an agreed-upon future date; “Agency investments” refer to Agency RMBS and TBAs; “TBA dollar roll income” refers to the difference in price between two TBA contracts with the same terms but different settlement dates that are simultaneously bought and sold; “non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or any GSE; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, the Company's residential loans held in securitization trusts and a non-Agency RMBS re-securitization that we consolidate or consolidated in our financial statements in accordance with GAAP; “Consolidated SLST” refers to Freddie Mac-sponsored residential loan securitizations, comprised of seasoned re-performing and non-performing residential loans, of which we own the first loss subordinated securities and certain IOs, that we consolidate in our financial statements in accordance with GAAP; “Consolidated VIEs” refers to variable interest entities ("VIE") where the Company is the primary beneficiary, as it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE and that we consolidate in our financial statements in accordance with GAAP; “Consolidated Real Estate VIEs” refers to Consolidated VIEs that own multi-family properties; “business purpose loans” refers to (i) short-term loans that are collateralized by residential properties and are made to investors who intend to rehabilitate and sell the residential property for a profit or (ii) loans that finance (or refinance) non-owner occupied residential properties that are rented to one or more tenants; “Mezzanine Lending” refers, collectively, to preferred equity and mezzanine loan investments in multi-family properties; “Cross-Collateralized Mezzanine Lending” refers to a cross-collateralized preferred equity and joint venture equity investment in multi-family properties; “Multi-Family Credit” includes Mezzanine Lending; “Single-Family Credit” includes residential loans, residential loans held for sale, non-Agency RMBS and single-family rental properties; and “Corporate/Other” includes, or included, other investment securities and an equity investment in an entity that originates residential loans. **_Cautionary Statement Regarding Forward-Looking Statements_** When used in this press release, in future filings with the Securities and Exchange Commission (the “SEC”) or in other written or oral communications, statements which are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “could,” “would,” “should,” “may” or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results and outcomes could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation: changes in the Company’s business and investment strategy; inflation and changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; general volatility of the markets in which the Company invests; changes in prepayment rates on the loans the Company owns or that underlie the Company’s investment securities; increased rates of default, delinquency or vacancy and/or decreased recovery rates on or at the Company’s assets; the Company’s ability to identify and acquire targeted assets, including assets in its investment pipeline; the Company's ability to dispose of assets from time to time on terms favorable to it; changes in relationships with the Company’s financing counterparties and the Company’s ability to borrow to finance its assets and the terms thereof; changes in the Company's relationships with and/or the performance of its operating partners; the Company’s ability to predict and control costs; changes in laws, regulations or policies affecting the Company’s business; the Company’s ability to make distributions to its stockholders in the future; the Company’s ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; impairments and declines in the value of the collateral underlying the Company's investments; changes in the benefits the Company anticipates from the acquisition of Constructive; the Company's ability to effectively integrate Constructive into the Company and the risks associated with the ongoing operation thereof; the Company's ability to manage or hedge credit risk, interest rate risk, and other financial and operational risks; the Company's exposure to liquidity risk, risks associated with the use of leverage, and market risks; and risks associated with investing in real estate assets and/or operating companies, including changes in business conditions and the general economy, the availability of investment opportunities and conditions in markets for residential loans, mortgage-backed securities, structured multi-family investments and other assets that the Company owns or in which the Company invests. These and other risks, uncertainties and factors, including the risk factors and other information described in the Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. **For Further Information** CONTACT: AT THE COMPANY         Phone: 212-792-0107 Email: InvestorRelations@adamasreit.com FINANCIAL TABLES FOLLOW | **ADAMAS TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share data) ** | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | **December 31, 2025** | | | | **December 31, 2024** | | | | | (unaudited) | | | | | | | | **ASSETS** | | | | | | | | | Investment securities available for sale, at fair value | $ | 6,904,781 | | | $ | 3,828,544 | | | Residential loans, at fair value | | 4,358,175 | | | | 3,841,738 | | | Residential loans held for sale, at fair value | | 80,707 | | | | — | | | Multi-family loans, at fair value | | 55,476 | | | | 86,192 | | | Equity investments, at fair value | | 24,711 | | | | 113,492 | | | Cash and cash equivalents | | 210,333 | | | | 167,422 | | | Real estate, net | | 553,496 | | | | 623,407 | | | Assets of disposal group held for sale | | 1,256 | | | | 118,613 | | | Goodwill | | 22,396 | | | | — | | | Other assets | | 427,516 | | | | 437,874 | | | **Total Assets ****(1)** | $ | 12,638,847 | | | $ | 9,217,282 | | | **LIABILITIES AND EQUITY** | | | | | | | | | **Liabilities:** | | | | | | | | | Repurchase agreements and warehouse facilities | $ | 6,753,417 | | | $ | 4,012,225 | | | Collateralized debt obligations ($3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025 and $2,135,680 at fair value and $842,764 at amortized cost, net as of December 31, 2024) | | 3,511,802 | | | | 2,978,444 | | | Senior unsecured notes ($260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025 and $60,310 at fair value and $98,886 at amortized cost, net as of December 31, 2024) | | 360,437 | | | | 159,196 | | | Subordinated debentures | | 45,000 | | | | 45,000 | | | Mortgages payable on real estate, net | | 332,131 | | | | 366,606 | | | Liabilities of disposal group held for sale | | 122 | | | | 97,065 | | | Other liabilities | | 205,501 | | | | 147,612 | | | **Total liabilities**** (1)** | | 11,208,410 | | | | 7,806,148 | | | | | | | | | | | | **Commitments and Contingencies ** | | | | | | | | | | | | | | | | | | **Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities** | | 3,016 | | | | 12,359 | | | | | | | | | | | | **Stockholders' Equity:** | | | | | | | | | Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 and 22,164,414 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively ($559,642 and $554,110 aggregate liquidation preference as of December 31, 2025 and December 31, 2024, respectively) | | 540,472 | | | | 535,445 | | | Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,303,863 and 90,574,996 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | | 903 | | | | 906 | | | Additional paid-in capital | | 2,294,194 | | | | 2,289,044 | | | Accumulated other comprehensive loss | | — | | | | — | | | Accumulated deficit | | (1,408,647 | ) | | | (1,430,675 | ) | | **Company's stockholders' equity** | | 1,426,922 | | | | 1,394,720 | | | Non-controlling interests | | 499 | | | | 4,055 | | | **Total equity** | | 1,427,421 | | | | 1,398,775 | | | **Total Liabilities and Equity** | $ | 12,638,847 | | | $ | 9,217,282 | | | (1) | | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of December 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,364,305 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,881,273 and $3,477,211, respectively. | | --- | --- | --- | | | | | | **ADAMAS TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) **(unaudited) | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | **For the Three Months Ended** **December 31,** | | | | | | | | **For the Years Ended December 31,** | | | | | | | | | | **2025** | | | | **2024** | | | | **2025** | | | | **2024** | | | NET INTEREST INCOME: | | | | | | | | | | | | | | | | | Interest income | $ | 170,680 | | | $ | 118,253 | | | $ | 601,948 | | | $ | 401,280 | | | Interest expense | | 127,510 | | | | 91,542 | | | | 452,647 | | | | 317,425 | | | Total net interest income | | 43,170 | | | | 26,711 | | | | 149,301 | | | | 83,855 | | | | | | | | | | | | | | | | | | | | NET LOSS FROM REAL ESTATE: | | | | | | | | | | | | | | | | | Rental income | | 14,084 | | | | 22,135 | | | | 66,025 | | | | 112,488 | | | Other real estate income | | 1,852 | | | | 4,058 | | | | 10,309 | | | | 20,151 | | | Total income from real estate | | 15,936 | | | | 26,193 | | | | 76,334 | | | | 132,639 | | | Interest expense, mortgages payable on real estate | | 4,283 | | | | 10,235 | | | | 21,581 | | | | 60,232 | | | Depreciation and amortization | | 5,366 | | | | 6,879 | | | | 23,125 | | | | 39,822 | | | Other real estate expenses | | 9,579 | | | | 14,950 | | | | 44,045 | | | | 75,426 | | | Total expenses related to real estate | | 19,228 | | | | 32,064 | | | | 88,751 | | | | 175,480 | | | Total net loss from real estate | | (3,292 | ) | | | (5,871 | ) | | | (12,417 | ) | | | (42,841 | ) | | | | | | | | | | | | | | | | | | | OTHER INCOME (LOSS): | | | | | | | | | | | | | | | | | Realized losses, net | | (14,947 | ) | | | (9,947 | ) | | | (65,428 | ) | | | (29,351 | ) | | Unrealized gains (losses), net | | 19,726 | | | | (131,576 | ) | | | 217,395 | | | | (90,530 | ) | | Gains (losses) on derivative instruments, net | | 28,471 | | | | 91,954 | | | | (58,303 | ) | | | 95,996 | | | Mortgage banking activities, net | | 12,518 | | | | — | | | | 26,621 | | | | — | | | (Loss) income from equity investments | | (3,735 | ) | | | 5,985 | | | | (3,168 | ) | | | 16,011 | | | Impairment of real estate | | (330 | ) | | | (733 | ) | | | (9,767 | ) | | | (48,875 | ) | | Loss on reclassification of disposal group | | — | | | | — | | | | — | | | | (14,636 | ) | | Other income | | 10,865 | | | | 12,607 | | | | 16,509 | | | | 29,149 | | | Total other income (loss) | | 52,568 | | | | (31,710 | ) | | | 123,859 | | | | (42,236 | ) | | | | | | | | | | | | | | | | | | | GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | | | | | | | | | | | | | | | | | General and administrative expenses | | 25,107 | | | | 12,030 | | | | 72,656 | | | | 48,672 | | | Portfolio operating expenses | | 6,703 | | | | 7,016 | | | | 28,011 | | | | 30,688 | | | Loan origination costs | | 4,313 | | | | — | | | | 8,101 | | | | — | | | Financing transaction costs | | — | | | | 1,883 | | | | 14,173 | | | | 12,335 | | | Total general, administrative and operating expenses | | 36,123 | | | | 20,929 | | | | 122,941 | | | | 91,695 | | | | | | | | | | | | | | | | | | | | INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | | 56,323 | | | | (31,799 | ) | | | 137,802 | | | | (92,917 | ) | | Income tax (benefit) expense | | (44 | ) | | | (1,520 | ) | | | 145 | | | | 1,036 | | | | | | | | | | | | | | | | | | | | NET INCOME (LOSS) | | 56,367 | | | | (30,279 | ) | | | 137,657 | | | | (93,953 | ) | | Net (income) loss attributable to non-controlling interests | | (2,840 | ) | | | (1,110 | ) | | | 11,391 | | | | 31,924 | | | NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | | 53,527 | | | | (31,389 | ) | | | 149,048 | | | | (62,029 | ) | | Preferred stock dividends | | (11,922 | ) | | | (10,439 | ) | | | (47,942 | ) | | | (41,756 | ) | | NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 41,605 | | | $ | (41,828 | ) | | $ | 101,106 | | | $ | (103,785 | ) | | | | | | | | | | | | | | | | | | | Basic earnings (loss) per common share | $ | 0.46 | | | $ | (0.46 | ) | | $ | 1.12 | | | $ | (1.14 | ) | | Diluted earnings (loss) per common share | $ | 0.45 | | | $ | (0.46 | ) | | $ | 1.10 | | | $ | (1.14 | ) | | Weighted average shares outstanding-basic | | 90,399 | | | | 90,579 | | | | 90,427 | | | | 90,815 | | | Weighted average shares outstanding-diluted | | 91,986 | | | | 90,579 | | | | 91,510 | | | | 90,815 | | | | | | | | | | | | | | | | | | | | **ADAMAS TRUST, INC. AND SUBSIDIARIES SUMMARY OF QUARTERLY EARNINGS (LOSS) (Dollar amounts in thousands, except per share data) **(unaudited) | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | | | | | **For the Three Months Ended** | | | | | | | | | | | | | | | | | | | | | | **December 31, 2025** | | | | **September 30, 2025** | | | | **June 30, 2025** | | | | **March 31, 2025** | | | | **December 31, 2024** | | | | | Interest income | $ | 170,680 | | | $ | 160,633 | | | $ | 140,901 | | | $ | 129,734 | | | $ | 118,253 | | | | Interest expense | | 127,510 | | | | 124,047 | | | | 104,454 | | | | 96,636 | | | | 91,542 | | | | Total net interest income | | 43,170 | | | | 36,586 | | | | 36,447 | | | | 33,098 | | | | 26,711 | | | | Total net loss from real estate | | (3,292 | ) | | | (3,878 | ) | | | (3,014 | ) | | | (2,235 | ) | | | (5,871 | ) | | | Total other income (loss) | | 52,568 | | | | 48,604 | | | | (9,264 | ) | | | 31,952 | | | | (31,710 | ) | | | Total general, administrative and operating expenses | | 36,123 | | | | 41,825 | | | | 19,890 | | | | 25,102 | | | | 20,929 | | | | Income (loss) from operations before income taxes | | 56,323 | | | | 39,487 | | | | 4,279 | | | | 37,713 | | | | (31,799 | ) | | | Income tax (benefit) expense | | (44 | ) | | | (298 | ) | | | (161 | ) | | | 648 | | | | (1,520 | ) | | | Net income (loss) | | 56,367 | | | | 39,785 | | | | 4,440 | | | | 37,065 | | | | (30,279 | ) | | | Net (income) loss attributable to non-controlling interests | | (2,840 | ) | | | 5,035 | | | | 4,106 | | | | 5,090 | | | | (1,110 | ) | | | Net income (loss) attributable to Company | | 53,527 | | | | 44,820 | | | | 8,546 | | | | 42,155 | | | | (31,389 | ) | | | Preferred stock dividends | | (11,922 | ) | | | (12,118 | ) | | | (12,032 | ) | | | (11,870 | ) | | | (10,439 | ) | | | Net income (loss) attributable to Company's common stockholders | | 41,605 | | | | 32,702 | | | | (3,486 | ) | | | 30,285 | | | | (41,828 | ) | | | | | | | | | | | | | | | | | | | | | | | | | Basic earnings (loss) per common share | $ | 0.46 | | | $ | 0.36 | | | $ | (0.04 | ) | | $ | 0.33 | | | $ | (0.46 | ) | | | Diluted earnings (loss) per common share | $ | 0.45 | | | $ | 0.36 | | | $ | (0.04 | ) | | $ | 0.33 | | | $ | (0.46 | ) | | | Weighted average shares outstanding - basic | | 90,399 | | | | 90,406 | | | | 90,324 | | | | 90,583 | | | | 90,579 | | | | Weighted average shares outstanding - diluted | | 91,986 | | | | 91,614 | | | | 90,324 | | | | 91,091 | | | | 90,579 | | | | | | | | | | | | | | | | | | | | | | | | | | Yield on average interest earning assets (1) | | 6.23 | % | | | 6.33 | % | | | 6.48 | % | | | 6.47 | % | | | 6.57 | % | | | Net interest spread (1) | | 1.52 | % | | | 1.50 | % | | | 1.50 | % | | | 1.32 | % | | | 1.37 | % | | | Earnings available for distribution attributable to Company's common stockholders (1) | $ | 20,414 | | | $ | 21,991 | | | $ | 20,024 | | | $ | 18,194 | | | $ | 14,178 | | | | Earnings available for distribution per common share - basic (1) | $ | 0.23 | | | $ | 0.24 | | | $ | 0.22 | | | $ | 0.20 | | | $ | 0.16 | | | | Book value per common share | $ | 9.60 | | | $ | 9.20 | | | $ | 9.11 | | | $ | 9.37 | | | $ | 9.28 | | | | Adjusted book value per common share (1) | $ | 10.63 | | | $ | 10.38 | | | $ | 10.26 | | | $ | 10.43 | | | $ | 10.35 | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends declared per common share | $ | 0.23 | | | $ | 0.23 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.20 | | | | Dividends declared per preferred share on Series D Preferred Stock | $ | 0.50 | | | $ | 0.50 | | | $ | 0.50 | | | $ | 0.50 | | | $ | 0.50 | | | | Dividends declared per preferred share on Series E Preferred Stock | $ | 0.68 | | | $ | 0.70 | | | $ | 0.69 | | | $ | 0.69 | | | $ | 0.49 | | | | Dividends declared per preferred share on Series F Preferred Stock | $ | 0.43 | | | $ | 0.43 | | | $ | 0.43 | | | $ | 0.43 | | | $ | 0.43 | | | | Dividends declared per preferred share on Series G Preferred Stock | $ | 0.44 | | | $ | 0.44 | | | $ | 0.44 | | | $ | 0.44 | | | $ | 0.44 | | | | (1) | | Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information." | | --- | --- | --- | | | | | **Reconciliation of Financial Information** **Non-GAAP Financial Measures** In addition to the results presented in accordance with GAAP, this press release includes certain non-GAAP financial measures, including adjusted interest income, adjusted interest expense, adjusted net interest income (loss), yield on average interest earning assets, average financing cost, net interest spread, earnings available for distribution and adjusted book value per common share. Our management team believes that these non-GAAP financial measures, when considered with our GAAP financial statements, provide supplemental information useful for investors as it enables them to evaluate our current performance and trends using the metrics that management uses to operate our business. Our presentation of non-GAAP financial measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. Because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP should be carefully evaluated. _Adjusted__ Net Interest Income (Loss) and Net Interest Spread_ Financial results for the Company during a given period include the net interest income earned on our investments, such as residential loans, residential loans held for sale, investment securities and preferred equity investments and mezzanine loans, where the risks and payment characteristics are equivalent to and accounted for as loans (collectively, our “interest earning assets”). Adjusted net interest income (loss) and net interest spread (both supplemental non-GAAP financial measures) are impacted by factors such as our cost of financing, including our hedging costs, and the interest rate that our investments bear. Furthermore, the amount of premium or discount paid on purchased investments and the prepayment rates on investments will impact adjusted net interest income (loss) as such factors will be amortized over the expected term of such investments. We provide the following non-GAAP financial measures, in total and by investment category, for the respective periods: * adjusted interest income – calculated as our GAAP interest income reduced by the interest expense recognized on Consolidated SLST CDOs and adjusted to include TBA dollar roll income, * adjusted interest expense – calculated as our GAAP interest expense reduced by the interest expense recognized on Consolidated SLST CDOs and adjusted to include the net interest component of interest rate swaps, * adjusted net interest income (loss) – calculated by subtracting adjusted interest expense from adjusted interest income, * yield on average interest earning assets – calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company, * average financing cost – calculated as the quotient of our adjusted interest expense and the average outstanding balance of our interest bearing liabilities, excluding Consolidated SLST CDOs and mortgages payable on real estate, and * net interest spread – calculated as the difference between our yield on average interest earning assets and our average financing cost. These measures remove the impact of Consolidated SLST that we consolidate in accordance with GAAP and include both the net interest component of interest rate swaps utilized to hedge the variable cash flows associated with our variable-rate borrowings and dollar roll income associated with TBAs, which are included in (losses) gains on derivative instruments, net in the Company's consolidated statements of operations. With respect to Consolidated SLST, we only include the interest income earned by the Consolidated SLST securities that are actually owned by the Company as the Company only receives income or absorbs losses related to the Consolidated SLST securities actually owned by the Company. We include the net interest component of interest rate swaps in these measures to more fully represent the cost of our financing strategy. We include TBA dollar roll income as it represents the economic equivalent of net interest income on the underlying Agency RMBS over the TBA dollar roll period (interest income less implied financing cost). We provide the non-GAAP financial measures listed above because we believe these non-GAAP financial measures provide investors and management with additional detail and enhance their understanding of our interest earning asset yields, in total and by investment category, relative to the cost of our financing and the underlying trends within our portfolio of interest earning assets. In addition to the foregoing, our management team uses these measures to assess, among other things, the performance of our interest earning assets in total and by asset, possible cash flows from our interest earning assets in total and by asset, our ability to finance or borrow against the asset and the terms of such financing and the composition of our portfolio of interest earning assets, including acquisition and disposition determinations. A reconciliation of GAAP interest income to adjusted interest income, GAAP interest expense to adjusted interest expense and GAAP total net interest income (loss) to adjusted net interest income (loss) for the three months ended as of the dates indicated is presented below (dollar amounts in thousands): | | **December 31, 2025** | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **Agency** | | | | **Single-Family Credit** | | | | **Multi-Family Credit** | | | **Corporate/Other** | | | | **Total** | | | | GAAP interest income | $ | 94,743 | | | $ | 71,700 | | | $ | 1,711 | | $ | 2,526 | | | $ | 170,680 | | | GAAP interest expense | | (63,766 | ) | | | (52,710 | ) | | | — | | | (11,034 | ) | | | (127,510 | ) | | GAAP total net interest income (loss) | $ | 30,977 | | | $ | 18,990 | | | $ | 1,711 | | $ | (8,508 | ) | | $ | 43,170 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest income | $ | 94,743 | | | $ | 71,700 | | | $ | 1,711 | | $ | 2,526 | | | $ | 170,680 | | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | (10,955 | ) | | | — | | | — | | | | (10,955 | ) | | TBA dollar roll income | | 12 | | | | — | | | | — | | | — | | | | 12 | | | Adjusted interest income | $ | 94,755 | | | $ | 60,745 | | | $ | 1,711 | | $ | 2,526 | | | $ | 159,737 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest expense | $ | (63,766 | ) | | $ | (52,710 | ) | | $ | — | | $ | (11,034 | ) | | $ | (127,510 | ) | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | 10,955 | | | | — | | | — | | | | 10,955 | | | Net interest benefit of interest rate swaps | | 2,904 | | | | 105 | | | | — | | | 156 | | | | 3,165 | | | Adjusted interest expense | $ | (60,862 | ) | | $ | (41,650 | ) | | $ | — | | $ | (10,878 | ) | | $ | (113,390 | ) | | | | | | | | | | | | | | | | | | | | | | Adjusted net interest income (loss) (1) | $ | 33,893 | | | $ | 19,095 | | | $ | 1,711 | | $ | (8,352 | ) | | $ | 46,347 | | | | **September 30, 2025** | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **Agency** | | | | **Single-Family Credit** | | | | **Multi-Family Credit** | | | **Corporate/Other** | | | | **Total** | | | | GAAP interest income | $ | 85,975 | | | $ | 70,504 | | | $ | 2,124 | | $ | 2,030 | | | $ | 160,633 | | | GAAP interest expense | | (60,472 | ) | | | (53,080 | ) | | | — | | | (10,495 | ) | | | (124,047 | ) | | GAAP total net interest income (loss) | $ | 25,503 | | | $ | 17,424 | | | $ | 2,124 | | $ | (8,465 | ) | | $ | 36,586 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest income | $ | 85,975 | | | $ | 70,504 | | | $ | 2,124 | | $ | 2,030 | | | $ | 160,633 | | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | (11,199 | ) | | | — | | | — | | | | (11,199 | ) | | TBA dollar roll income | | 66 | | | | — | | | | — | | | — | | | | 66 | | | Adjusted interest income | $ | 86,041 | | | $ | 59,305 | | | $ | 2,124 | | $ | 2,030 | | | $ | 149,500 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest expense | $ | (60,472 | ) | | $ | (53,080 | ) | | $ | — | | $ | (10,495 | ) | | $ | (124,047 | ) | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | 11,199 | | | | — | | | — | | | | 11,199 | | | Net interest benefit of interest rate swaps | | 5,204 | | | | 504 | | | | — | | | 392 | | | | 6,100 | | | Adjusted interest expense | $ | (55,268 | ) | | $ | (41,377 | ) | | $ | — | | $ | (10,103 | ) | | $ | (106,748 | ) | | | | | | | | | | | | | | | | | | | | | | Adjusted net interest income (loss) (1) | $ | 30,773 | | | $ | 17,928 | | | $ | 2,124 | | $ | (8,073 | ) | | $ | 42,752 | | | | **June 30, 2025** | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **Agency** | | | | **Single-Family Credit** | | | | **Multi-Family Credit** | | | **Corporate/Other** | | | | **Total** | | | | GAAP interest income | $ | 69,743 | | | $ | 67,506 | | | $ | 2,203 | | $ | 1,449 | | | $ | 140,901 | | | GAAP interest expense | | (48,564 | ) | | | (48,637 | ) | | | — | | | (7,253 | ) | | | (104,454 | ) | | GAAP total net interest income (loss) | $ | 21,179 | | | $ | 18,869 | | | $ | 2,203 | | $ | (5,804 | ) | | $ | 36,447 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest income | $ | 69,743 | | | $ | 67,506 | | | $ | 2,203 | | $ | 1,449 | | | $ | 140,901 | | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | (8,429 | ) | | | — | | | — | | | | (8,429 | ) | | TBA dollar roll income | | 7 | | | | — | | | | — | | | — | | | | 7 | | | Adjusted interest income | $ | 69,750 | | | $ | 59,077 | | | $ | 2,203 | | $ | 1,449 | | | $ | 132,479 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest expense | $ | (48,564 | ) | | $ | (48,637 | ) | | $ | — | | $ | (7,253 | ) | | $ | (104,454 | ) | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | 8,429 | | | | — | | | — | | | | 8,429 | | | Net interest benefit of interest rate swaps | | 3,149 | | | | 183 | | | | — | | | 322 | | | | 3,654 | | | Adjusted interest expense | $ | (45,415 | ) | | $ | (40,025 | ) | | $ | — | | $ | (6,931 | ) | | $ | (92,371 | ) | | | | | | | | | | | | | | | | | | | | | | Adjusted net interest income (loss) (1) | $ | 24,335 | | | $ | 19,052 | | | $ | 2,203 | | $ | (5,482 | ) | | $ | 40,108 | | | | **March 31, 2025** | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **Agency** | | | | **Single-Family Credit** | | | | **Multi-Family Credit** | | | **Corporate/Other** | | | | **Total** | | | | GAAP interest income | $ | 55,668 | | | $ | 67,266 | | | $ | 2,605 | | $ | 4,195 | | | $ | 129,734 | | | GAAP interest expense | | (38,367 | ) | | | (48,308 | ) | | | — | | | (9,961 | ) | | | (96,636 | ) | | GAAP total net interest income (loss) | $ | 17,301 | | | $ | 18,958 | | | $ | 2,605 | | $ | (5,766 | ) | | $ | 33,098 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest income | $ | 55,668 | | | $ | 67,266 | | | $ | 2,605 | | $ | 4,195 | | | $ | 129,734 | | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | (6,964 | ) | | | — | | | — | | | | (6,964 | ) | | Adjusted interest income | $ | 55,668 | | | $ | 60,302 | | | $ | 2,605 | | $ | 4,195 | | | $ | 122,770 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest expense | $ | (38,367 | ) | | $ | (48,308 | ) | | $ | — | | $ | (9,961 | ) | | $ | (96,636 | ) | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | 6,964 | | | | — | | | — | | | | 6,964 | | | Net interest benefit of interest rate swaps | | 2,180 | | | | 258 | | | | — | | | 674 | | | | 3,112 | | | Adjusted interest expense | $ | (36,187 | ) | | $ | (41,086 | ) | | $ | — | | $ | (9,287 | ) | | $ | (86,560 | ) | | | | | | | | | | | | | | | | | | | | | | Adjusted net interest income (loss) (1) | $ | 19,481 | | | $ | 19,216 | | | $ | 2,605 | | $ | (5,092 | ) | | $ | 36,210 | | | | **December 31, 2024** | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **Agency** | | | | **Single-Family Credit** | | | | **Multi-Family Credit** | | | **Corporate/Other** | | | | **Total** | | | | GAAP interest income | $ | 45,054 | | | $ | 65,026 | | | $ | 2,683 | | $ | 5,490 | | | $ | 118,253 | | | GAAP interest expense | | (34,393 | ) | | | (47,054 | ) | | | — | | | (10,095 | ) | | | (91,542 | ) | | GAAP total net interest income (loss) | $ | 10,661 | | | $ | 17,972 | | | $ | 2,683 | | $ | (4,605 | ) | | $ | 26,711 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest income | $ | 45,054 | | | $ | 65,026 | | | $ | 2,683 | | $ | 5,490 | | | $ | 118,253 | | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | (6,563 | ) | | | — | | | — | | | | (6,563 | ) | | Adjusted interest income | $ | 45,054 | | | $ | 58,463 | | | $ | 2,683 | | $ | 5,490 | | | $ | 111,690 | | | | | | | | | | | | | | | | | | | | | | | GAAP interest expense | $ | (34,393 | ) | | $ | (47,054 | ) | | $ | — | | $ | (10,095 | ) | | $ | (91,542 | ) | | Adjusted for: | | | | | | | | | | | | | | | | | | | | Consolidated SLST CDO interest expense | | — | | | | 6,563 | | | | — | | | — | | | | 6,563 | | | Net interest benefit of interest rate swaps | | 4,243 | | | | 195 | | | | — | | | 1,402 | | | | 5,840 | | | Adjusted interest expense | $ | (30,150 | ) | | $ | (40,296 | ) | | $ | — | | $ | (8,693 | ) | | $ | (79,139 | ) | | | | | | | | | | | | | | | | | | | | | | Adjusted net interest income (loss) (1) | $ | 14,904 | | | $ | 18,167 | | | $ | 2,683 | | $ | (3,203 | ) | | $ | 32,551 | | | (1) | | Adjusted net interest income (loss) is calculated by subtracting adjusted interest expense from adjusted interest income. | | --- | --- | --- | | | | | _Earnings Available for Distribution_ Beginning with the quarter ended March 31, 2025, we present earnings available for distribution attributable to Company's common stockholders ("EAD") (and by calculation, EAD per common share) as a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company's common stockholders. EAD is defined as GAAP net income (loss) attributable to Company's common stockholders excluding (a) realized and unrealized gains (losses) on our investment portfolio, (b) gains (losses) on derivative instruments (excluding the net interest benefit of interest rate swaps and TBA dollar roll income), (c) impairment of real estate, (d) loss on reclassification of disposal group, (e) other non-recurring gains (losses), (f) depreciation and amortization of operating real estate, (g) non-cash expenses, (h) financing transaction costs, (i) non-recurring restructuring and transaction expenses, (j) the income tax effect of non-EAD income (loss) items and (k) EAD attributable to non-controlling interests. When presented in prior periods, undepreciated earnings (loss) was calculated as GAAP net income (loss) attributable to Company's common stockholders excluding the Company's share in depreciation expense and lease intangible amortization expense, if any, related to operating real estate, net for which an impairment has not been recognized. Over the past few years, we have executed a strategic repositioning of our business through the disposition of certain joint venture equity investments in multi-family properties and acquisition of assets that expand our interest income levels, such as Agency RMBS and business purpose loans.  As a result, we believe EAD provides a clearer indication of the current income generating capacity of the Company's business operations than undepreciated earnings (loss) and we present EAD and EAD per common share as supplemental non-GAAP financial measures. We believe EAD provides management, analysts and investors with additional details regarding our underlying operating results and investment trends by excluding certain unrealized, non-cash or non-recurring components of GAAP net income (loss) in order to provide additional transparency into our operating performance. In addition, EAD serves as a useful indicator for investors in evaluating our performance and facilitates comparisons to industry peers and period to period. EAD should not be utilized in isolation, nor should it be considered as a substitute for or superior to GAAP net income (loss) attributable to Company's common stockholders or GAAP net income (loss) attributable to Company's common stockholders per basic share.  Our presentation of EAD may not be comparable to similarly-titled measures of other companies, who may use different calculations. We may add additional reconciling items to our EAD calculation as appropriate. We view EAD as one measure of our ability to generate income for distribution to common stockholders. EAD is one factor, but not the exclusive factor, that our Board of Directors uses to determine the amount, if any, of dividends on our common stock. Other factors that our Board of Directors may consider when determining the amount, if any, of dividends on our common stock include, among others, our earnings and financial condition, capital requirements, maintenance of our REIT qualification, restrictions on making distributions under Maryland law and such other factors as our Board of Directors deems relevant. EAD should not be considered as an indication of our REIT taxable income, a guaranty of our ability to pay dividends, or as a proxy for the amount of dividends we may pay, as EAD excludes certain items that impact our liquidity. A reconciliation of GAAP net income (loss) attributable to Company's common stockholders to EAD for the respective periods ended is presented below (amounts in thousands, except per share data): | | **For the Three Months Ended** | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **December 31, 2025** | | | | **September 30, 2025** | | | | **June 30, 2025** | | | | **March 31, 2025** | | | | **December 31, 2024** | | | | | GAAP net income (loss) attributable to Company's common stockholders | $ | 41,605 | | | $ | 32,702 | | | $ | (3,486 | ) | | $ | 30,285 | | | $ | (41,828 | ) | | | Adjustments: | | | | | | | | | | | | | | | | | | | | | | Realized losses, net | | 14,947 | | | | 5,610 | | | | 3,771 | | | | 41,100 | | | | 9,947 | | | | Unrealized (gains) losses, net | | (19,726 | ) | | | (54,852 | ) | | | (24,614 | ) | | | (118,203 | ) | | | 131,576 | | | | (Gains) losses on derivative instruments, net (1) | | (25,294 | ) | | | 19,172 | | | | 30,627 | | | | 49,914 | | | | (86,114 | ) | | | Unrealized losses (gains), net on equity investments (2) | | 4,505 | | | | 2,860 | | | | 3,352 | | | | 1,098 | | | | (1,570 | ) | | | Impairment of real estate | | 330 | | | | 1,619 | | | | 3,913 | | | | 3,905 | | | | 733 | | | | Other (gains) losses (3) | | (8,691 | ) | | | 358 | | | | (535 | ) | | | (775 | ) | | | (12,261 | ) | | | Depreciation and amortization of operating real estate | | 5,366 | | | | 5,936 | | | | 5,928 | | | | 5,895 | | | | 6,879 | | | | Non-cash expenses (4) | | 3,096 | | | | 2,961 | | | | 2,561 | | | | 2,199 | | | | 2,664 | | | | Financing transaction costs | | — | | | | 7,941 | | | | 750 | | | | 5,482 | | | | 1,883 | | | | Restructuring and transaction expenses (5) | | 109 | | | | 1,245 | | | | 577 | | | | 835 | | | | — | | | | Income tax effect of adjustments | | (75 | ) | | | (336 | ) | | | (173 | ) | | | 486 | | | | (1,478 | ) | | | EAD adjustments attributable to non-controlling interests | | 4,242 | | | | (3,225 | ) | | | (2,647 | ) | | | (4,027 | ) | | | 3,747 | | | | Earnings available for distribution attributable to Company's common stockholders | $ | 20,414 | | | $ | 21,991 | | | $ | 20,024 | | | $ | 18,194 | | | $ | 14,178 | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding - basic | | 90,399 | | | | 90,406 | | | | 90,324 | | | | 90,583 | | | | 90,579 | | | | GAAP net income (loss) attributable to Company's common stockholders per common share - basic | | 0.46 | | | $ | 0.36 | | | $ | (0.04 | ) | | $ | 0.33 | | | $ | (0.46 | ) | | | EAD per common share - basic | | 0.23 | | | $ | 0.24 | | | $ | 0.22 | | | $ | 0.20 | | | $ | 0.16 | | | | (1) | | Excludes net interest benefit of interest rate swaps of approximately $3.2 million, $6.1 million, $3.7 million, $3.1 million and $5.8 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively. Also excludes TBA dollar roll income of approximately $12.0 thousand, $66.2 thousand and $7.0 thousand for the three months ended December 31, 2025, September 30, 2025 and June 30, 2025, respectively. | | --- | --- | --- | | (2) | | Included in income from equity investments on the Company's consolidated statements of operations. | | (3) | | Primarily includes non-recurring items such as gains (losses) on sales of real estate, gains (losses) on de-consolidation, gains (losses) on extinguishment of debt, preferred equity premiums resulting from early redemption, property loss insurance proceeds and provision for uncollectible receivables. | | (4) | | Includes stock-based compensation and intangible asset amortization. | | (5) | | Includes non-recurring expenses such as restructuring expenses and transaction expenses related to our acquisition of Constructive, professional fees incurred related to our name change and other non-recurring transaction expenses. | | | | | _Adjusted Book Value Per Common Share_ Adjusted book value per common share is a supplemental non-GAAP financial measure calculated by making the following adjustments to GAAP book value: (i) exclude the Company's share of cumulative depreciation and lease intangible amortization expenses related to real estate held at the end of the period for which an impairment has not been recognized, (ii) exclude the cumulative adjustment of redeemable non-controlling interests to estimated redemption value and (iii) adjust our amortized cost liabilities that finance our investments to fair value. Our rental property portfolio includes, or has included, fee simple interests in single-family rental homes and joint venture equity interests and a Cross-Collateralized Mezzanine Lending investment in multi-family properties owned by Consolidated Real Estate VIEs. By excluding our share of cumulative non-cash depreciation and amortization expenses related to real estate held at the end of the period for which an impairment has not been recognized, adjusted book value reflects the value, at their undepreciated basis, of our single-family rental properties, joint venture equity investments and Cross-Collateralized Mezzanine Lending investment that the Company has determined to be recoverable at the end of the period. Additionally, in connection with third party ownership of certain of the non-controlling interests in our Cross-Collateralized Mezzanine Lending investment, we record redeemable non-controlling interests as mezzanine equity on our consolidated balance sheets. The holders of the redeemable non-controlling interests may elect to sell their ownership interests to us at fair value once a year, subject to annual minimum and maximum amount limitations, resulting in an adjustment of the redeemable non-controlling interests to fair value that is accounted for by us as an equity transaction in accordance with GAAP. A key component of the estimation of fair value of the redeemable non-controlling interests is the estimated fair value of the multi-family apartment properties held by our Cross-Collateralized Mezzanine Lending investment.  However, because the corresponding real estate assets are not reported at fair value and thus not adjusted to reflect unrealized gains or losses in our consolidated financial statements, the cumulative adjustment of the redeemable non-controlling interests to fair value directly affects our GAAP book value.  By excluding the cumulative adjustment of redeemable non-controlling interests to estimated redemption value, adjusted book value more closely aligns the accounting treatment applied to these real estate assets and reflects our Cross-Collateralized Mezzanine Lending investment at its undepreciated basis. The substantial majority of our remaining assets are financial or similar instruments that are carried at fair value in accordance with the fair value option in our consolidated financial statements. However, unlike our use of the fair value option for these assets, certain CDOs issued by our residential loan securitizations, certain senior unsecured notes and subordinated debentures that finance our investments are carried at amortized cost in our consolidated financial statements. By adjusting these financing instruments to fair value, adjusted book value reflects the Company's net equity in investments on a comparable fair value basis. We believe that the presentation of adjusted book value per common share provides a useful measure for investors and us as it provides a consistent measure of our value, allows management to effectively consider our financial position and facilitates the comparison of our financial performance to that of our peers. A reconciliation of GAAP book value to adjusted book value and calculation of adjusted book value per common share as of the dates indicated is presented below (amounts in thousands, except per share data): | | | **December 31, 2025** | | | | **September 30, 2025** | | | | **June 30, 2025** | | | | **March 31, 2025** | | | | **December 31, 2024** | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Company's stockholders' equity | | $ | 1,426,922 | | | $ | 1,390,777 | | | $ | 1,381,203 | | | $ | 1,401,946 | | | $ | 1,394,720 | | | Preferred stock liquidation preference | | | (559,642 | ) | | | (559,642 | ) | | | (558,498 | ) | | | (554,110 | ) | | | (554,110 | ) | | GAAP book value | | | 867,280 | | | | 831,135 | | | | 822,705 | | | | 847,836 | | | | 840,610 | | | Add: | | | | | | | | | | | | | | | | | | | | | | Cumulative depreciation expense on real estate (1) | | | 26,864 | | | | 26,357 | | | | 25,170 | | | | 22,989 | | | | 20,837 | | | Cumulative amortization of lease intangibles related to real estate (1) | | | 4,106 | | | | 4,620 | | | | 4,620 | | | | 4,620 | | | | 4,620 | | | Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | | | 42,222 | | | | 54,782 | | | | 49,574 | | | | 46,011 | | | | 40,675 | | | Adjustment of amortized cost liabilities to fair value | | | 19,202 | | | | 20,481 | | | | 24,153 | | | | 22,488 | | | | 30,619 | | | Adjusted book value | | $ | 959,674 | | | $ | 937,375 | | | $ | 926,222 | | | $ | 943,944 | | | $ | 937,361 | | | | | | | | | | | | | | | | | | | | | | | | | Common shares outstanding | | | 90,304 | | | | 90,308 | | | | 90,314 | | | | 90,529 | | | | 90,575 | | | GAAP book value per common share (2) | | $ | 9.60 | | | $ | 9.20 | | | $ | 9.11 | | | $ | 9.37 | | | $ | 9.28 | | | Adjusted book value per common share (3) | | $ | 10.63 | | | $ | 10.38 | | | $ | 10.26 | | | $ | 10.43 | | | $ | 10.35 | | | (1)  | | Represents cumulative adjustments for the Company's share of depreciation expense and amortization of lease intangibles related to real estate held as of the end of the period presented for which an impairment has not been recognized. | | --- | --- | --- | | (2) | | GAAP book value per common share is calculated using the GAAP book value and the common shares outstanding for the periods indicated. | | (3) | | Adjusted book value per common share is calculated using the adjusted book value and the common shares outstanding for the periods indicated. | | | | | **_Equity Investments in Multi-Family Entities_** We own, and have owned, a Cross-Collateralized Mezzanine Lending and joint venture equity investments in entities that own multi-family properties. We determined that these entities are VIEs and that we are or was the primary beneficiary of these VIEs, resulting in consolidation of the VIEs, including their assets, liabilities, income and expenses, in our consolidated financial statements with non-controlling interests for the third-party ownership of the entities' membership interests. We completed the disposition of the real property held by our joint venture equity investments in multi-family properties during the year ended December 31, 2025. Accordingly, assets and liabilities of disposal group held for sale as of December 31, 2025 consisted of assets and liabilities held by the respective joint venture equity investments for the conclusion of business operations after the aforementioned real property sales. We also own a preferred equity investment in a VIE that owns a multi-family property and for which, as of December 31, 2025, the Company is the primary beneficiary, resulting in consolidation of the assets, liabilities, income and expenses of the VIE in our consolidated financial statements with a non-controlling interest for the third-party ownership of the VIE's membership interests. A reconciliation of our net equity investments in consolidated multi-family properties and disposal group held for sale to our consolidated financial statements as of December 31, 2025 is shown below (dollar amounts in thousands): | Cash and cash equivalents | | $ | 3,853 | | | --- | --- | --- | --- | --- | | Real estate, net | | | 424,655 | | | Assets of disposal group held for sale (1) | | | 1,256 | | | Other assets | | | 26,667 | | | Total assets | | $ | 456,431 | | | | | | | | | Mortgages payable on real estate, net | | $ | 332,131 | | | Liabilities of disposal group held for sale (1) | | | 122 | | | Other liabilities | | | 9,533 | | | Total liabilities | | $ | 341,786 | | | | | | | | | Redeemable non-controlling interest in Consolidated VIEs | | $ | 3,016 | | | Less: Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | | | (42,222 | ) | | Non-controlling interest in Consolidated VIEs | | | (236 | ) | | Non-controlling interest in disposal group held for sale | | | 610 | | | Net equity investment (2) | | $ | 153,477 | | | (1) | | Assets and liabilities of disposal group held for sale as of December 31, 2025 consisted of assets and liabilities held by the respective Consolidated Real Estate VIEs for the conclusion of business operations after real property sales that occurred during the year ended December 31, 2025. | | --- | --- | --- | | (2) | | The Company's net equity investment as of December 31, 2025 consists of $153.0 million of net equity investments in consolidated multi-family properties and $0.5 million of net equity investments in disposal group held for sale. |     Terms and Privacy Policy Privacy Dashboard More Info
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SelfRugger

SelfRugger

5 分钟前
这是付费新闻稿。如有任何疑问,请直接联系新闻稿发布商。 Anika将在Canaccord Genuity 2026肌肉骨骼会议上发表演讲 ========================================================================= Anika Therapeutics Inc. 周四,2026年2月19日 上午6:01 GMT+9 1分钟阅读 本文涉及: ANIK +0.96% Anika Therapeutics Inc. 贝德福德,马萨诸塞州,2026年2月18日 (环球新闻稿) -- Anika Therapeutics, Inc. (纳斯达克:ANIK),一家专注于早期干预骨科的全球关节保护公司,今日宣布,Anika的总裁兼首席执行官Steve Griffin将于2026年3月2日星期一在新奥尔良的Canaccord Genuity 2026肌肉骨骼会议上发表演讲,时间为中部时间11:30 / 东部时间12:30。管理层还将在整个活动期间参加一对一投资者会议。 演讲将通过Anika Therapeutics网站“投资者”部分的“活动与网络直播”页面进行现场直播,演讲结束后将存档30天。如需了解更多关于本次活动的信息或安排与Anika高层管理人员的一对一会谈,请联系Anika的投资者关系邮箱:investorrelations@anika.com。 **关于Anika** Anika Therapeutics, Inc. (纳斯达克:ANIK),是一家专注于早期干预骨科护理的全球关节保护公司,致力于在关节早期干预方面实现有意义的突破。我们利用在透明质酸和植入解决方案方面的核心专业知识,与临床医生合作,提供微创产品,帮助全球人群恢复活跃生活。我们的重点是骨科领域的高潜力市场,包括骨关节炎疼痛管理和再生解决方案,我们的产品在门诊手术中心等关键护理场所高效交付。Anika的全球运营总部位于马萨诸塞州波士顿郊外。如需了解更多关于Anika的信息,请访问www.anika.com。 ANIKA、ANIKA THERAPEUTICS、CINGAL、HYALOFAST、INTEGRITY、MONOVISC、ORTHOVISC、TACTOSET以及Anika标志是Anika Therapeutics, Inc.或其子公司的商标,或已获得Anika Therapeutics, Inc.的许可使用。 **投资者咨询:** Anika Therapeutics, Inc. Matt Hall,781-457-9554 企业发展与投资者关系总监 investorrelations@anika.com 条款与隐私政策 隐私仪表板 更多信息
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