ADAMAS TRUST (ADAM) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for ADAMAS TRUST.

Q3 2025

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Analyst Coverage

Research analysts who have asked questions during ADAMAS TRUST earnings calls.

Frank Libetti

KBW

2 questions for ADAM

Marissa Lobel

UBS

2 questions for ADAM

Timothy D'Agostino

B. Riley Securities

2 questions for ADAM

Also covers: AOMR, ARR, BRSP +12 more

Matthew Erdner

JonesTrading Institutional Services

1 question for ADAM

Also covers: ACR, AGNC, AOMR +23 more

Matthew Ertner

JonesTrading

1 question for ADAM

Latest news

Recent press releases and 8-K filings for ADAM.

Adamas Trust Reports Strong Q4 and Full-Year 2025 Results, Highlights Strategic Transformation

ADAM

Earnings

Dividends

M&A

Adamas Trust reported Q4 2025 GAAP net income of $41.6 million, or $0.46 per share, and earnings available for distribution (EAAD) of $0.23 per share, fully covering its quarterly dividend.
For the full year 2025, the company achieved a $3.1 billion investment portfolio expansion, a 44% increase in EAAD year-over-year, generated over $100 million in net income, and increased its common dividend by 15%.
The Agency RMBS portfolio doubled in size to $6.6 billion in 2025, now representing 56% of equity capital, with plans to grow to 60%-70% in 2026.
The full acquisition of Constructive, which originated $1.8 billion in loans in 2025, is expected to become a positive contributor to EAAD in Q1 2026 after incurring a $2 million standalone loss in Q4 2025 due to integration costs.
At year-end, Adamas Trust maintained $206 million in available cash and $420 million in total liquidity capacity, with shares trading at a 31% discount to book value.

Feb 19, 2026, 2:00 PM

Transcript

Adamas Trust Reports Q4 2025 Results with Strong Stockholder Returns and Portfolio Growth

ADAM

Earnings

Dividends

New Projects/Investments

Adamas Trust reported Earnings per share (basic) of $0.46 and Earnings Available for Distribution (EAD) per share of $0.23 for Q4 2025, contributing to a Total 2025 Cumulative Stockholder Return of 36.41%. The company also declared a fourth quarter common stock dividend of $0.23 per share, resulting in a 12.60% dividend yield as of December 31, 2025.
The Adjusted Book Value per share increased by 2.4% QoQ to $10.63 in Q4 2025, with the total investment portfolio growing to $10.5 billion. In Q4 2025, Adamas acquired $810 million of new single-family residential investments, including $458 million of BPLs and $347 million of Agency RMBS.
Adamas maintained $420 million in excess liquidity capacity and extended its share repurchase program through March 31, 2027, with $188 million of common stock and $98 million of preferred stock remaining available for repurchase. The company also issued $90 million of 9.250% senior unsecured notes and redeemed $100 million of 5.75% senior unsecured notes.
A key strategic priority for 2026 is to accelerate EAD growth by fully integrating Constructive, which was acquired in Q3 2025 and has originated over $6.1 billion of BPLs since its inception.

Feb 19, 2026, 2:00 PM

Presentation

Adamas Trust Reports Q4 2025 Results

ADAM

Earnings

M&A

Debt Issuance

Adamas Trust reported GAAP net income of $41.6 million or $0.46 per share and earnings available for distribution (EAAD) of $0.23 per share for Q4 2025, fully covering its quarterly dividend.
For the full year 2025, the company generated over $100 million of net income, increased its common dividend by 15%, and achieved a 36% cumulative total stockholder return.
The investment portfolio expanded by $3.1 billion in 2025, with the Agency RMBS portfolio growing by $3.4 billion to $6.6 billion, now representing 63% of the investment portfolio and 56% of company capital.
The full acquisition of Constructive, while incurring a $2 million standalone loss in Q4 2025 due to integration costs, is anticipated to be a positive contributor to EAAD in Q1 2026.
The company strengthened its balance sheet by issuing $198 million in senior unsecured notes in 2025 and redeeming $100 million of 5.75% senior unsecured notes due 2026, eliminating corporate debt maturities for the next three years and maintaining $206 million in available cash at year-end.

Feb 19, 2026, 2:00 PM

Transcript

Adamas Trust Reports Strong Q4 and Full-Year 2025 Results, Highlights Strategic Expansion and Balance Sheet Strengthening

ADAM

Earnings

New Projects/Investments

Debt Issuance

Adamas Trust reported Q4 2025 GAAP net income of $41.6 million or $0.46 per share and earnings available for distribution (EAAD) of $0.23 per share, which fully covered its quarterly dividend.
For the full year 2025, the company achieved a $3.1 billion investment portfolio expansion, a 44% increase in EAAD year-over-year, and over $100 million in net income, contributing to a 36% cumulative total stockholder return.
The full acquisition of Constructive is expected to be a positive contributor to EAAD in Q1 2026, despite incurring a $2 million standalone loss in Q4 2025 due to integration costs.
The company issued $90 million of 9.25% senior unsecured notes due 2031 and redeemed $100 million of 5.75% senior unsecured notes due 2026, resulting in no corporate debt maturities for the next three years.
Adamas Trust's agency RMBS portfolio expanded by $3.4 billion in 2025, now representing 56% of company capital, with a strategic goal to increase this to 60% to 70% of equity capital through 2026.

Feb 19, 2026, 2:00 PM

Transcript

Adamas Trust, Inc. Reports Strong Q4 and Full Year 2025 Results

ADAM

Earnings

Dividends

M&A

Adamas Trust, Inc. reported net income attributable to common stockholders of $41.6 million and $0.46 per share for Q4 2025, and $101.1 million and $1.12 per share for the full year 2025.
The company achieved a 44% increase in quarterly Earnings Available for Distribution (EAD) per share and expanded its investment portfolio by $3.1 billion during 2025.
The dividend per common share was raised by 15% to $0.23 for Q4 2025, with the book value per common share at $9.60 as of December 31, 2025.
Adamas completed the acquisition of the remaining 50% ownership interests in Constructive on July 15, 2025.
The Board of Directors extended the common stock repurchase program, with $188.2 million remaining available, and the preferred stock repurchase program until March 31, 2027.

Feb 18, 2026, 9:24 PM

8-K

Adamas Trust, Inc. Completes Issuance of 9.250% Senior Notes

ADAM

Debt Issuance

Adamas Trust, Inc. completed the issuance and sale of $90 million aggregate principal amount of its 9.250% Senior Notes due 2031 on January 13, 2026.
The Notes will bear interest at a rate of 9.250% per year, payable quarterly, with an expected maturity date of April 1, 2031.
The net proceeds from the offering are approximately $86.6 million, which the Company intends to use for general corporate purposes, potentially including acquiring targeted assets and/or repaying existing indebtedness.
The Company has applied to have these Senior Notes listed for trading on the NASDAQ.

Jan 13, 2026, 9:13 PM

8-K

Adamas Reports Strong Q3 2025 Earnings with Significant Portfolio Growth and Dividend Increase

ADAM

Earnings

Dividends

New Projects/Investments

Adamas reported Earnings per share (basic) of $0.36 and Earnings Available for Distribution (EAD) per share of $0.24 for Q3 2025, marking the sixth consecutive quarter of EAD growth.
The company's total investment portfolio increased by $1.8 billion (+20% QoQ) to $10.4 billion in Q3 2025, driven by $2.3 billion in new single-family residential investments.
Adamas declared a third quarter common stock dividend of $0.23 per share, representing a 15% increase QoQ, and acquired the remaining 50% ownership interest in Constructive Loans, LLC.
As of September 30, 2025, Adamas' stock price of $6.97 was discounted by 33% to its Adjusted Book Value of $10.38 per share.

Oct 30, 2025, 1:00 PM

Presentation

Adamis Trust Reports Strong Q3 2025 Results with Earnings Growth and Strategic Acquisitions

ADAM

Earnings

Dividends

M&A

Adamis Trust reported EAD of $0.24 per share for Q3 2025, marking its sixth consecutive quarterly increase, and raised its dividend to $0.23 per share.
The company's investment portfolio expanded to $10.4 billion in Q3 2025, with agency RMBS now comprising 57% of total capital, nearly tripling its allocation from a year prior.
Adamis Trust completed the acquisition of the remaining 50% interest in Constructive, which generated $14.1 million in mortgage banking income but resulted in a $3.8 million net loss for the segment in Q3 2025 due to transitional integration costs.
Adjusted book value per share reached $10.38 at the end of Q3 2025, with an estimated increase of 2.5% to 3% as of October 28th.

Oct 30, 2025, 1:00 PM

Transcript

Adamas Trust, Inc. Reports Strong Q3 2025 Results and Portfolio Growth

ADAM

Earnings

Dividends

New Projects/Investments

Adamas Trust, Inc. reported net income attributable to common stockholders of $32.7 million, or $0.36 per basic share, and Earnings Available for Distribution (EAD) of $0.24 per common share for the third quarter ended September 30, 2025.
The company declared a common stock dividend of $0.23 per share for Q3 2025, marking a 15% increase quarter-over-quarter.
The total investment portfolio grew by $1.8 billion to $10.4 billion in Q3 2025, primarily through the acquisition of $1.8 billion in Agency investments and $525.7 million in residential loans.
Adamas completed the acquisition of the remaining 50% ownership in Constructive Loans, LLC and issued $115.0 million in 9.875% Senior Notes due 2030.
As of September 30, 2025, the book value per common share was $9.20 and the adjusted book value per common share was $10.38, with the stock price trading at a 33% discount to its adjusted book value.