Adamas Trust, Inc. Earnings Recaps
Q1 2026
May 4, 2026
Shares jumped 14.7% following better-than-expected earnings growth and book value expansion, driven by strong execution on a diversified portfolio and scaling of the origination platform.
Key takeaways
- GAAP EPS reached $0.41, with Earnings Available for Distribution (EAD) at $0.29 per share, a 26% increase quarter-over-quarter and well above the $0.23 dividend.
- Adjusted book value increased 1.6% quarter-over-quarter despite spread widening, supported by stable credit trends and strategic hedges.
- Investment activity topped $1 billion, split nearly evenly between agency securities ($510 million) and residential credit ($502 million), with record BPL rental acquisitions ($400 million).
- Constructive platform transitioned to profitability, contributing to earnings leverage and recurring income growth.
- Despite strong execution, shares continue to trade at a meaningful discount to intrinsic value, which management aims to close through capital allocation and operational growth.
Q3 2025
Oct 31, 2025
Adamas Trust reported solid earnings growth in Q3 2025, with a notable increase in earnings per share and a strategic pivot towards Agency RMBS, enhancing its balance sheet and dividend capacity.
Key takeaways
- EDA per share rose to $0.24, reflecting the sixth consecutive quarterly increase, supporting a dividend boost to $0.23.
- Quarterly net investment activity hit a record high of $1.8 billion, marking a 20% increase, especially in Agency RMBS.
- Acquired full ownership of Constructive, contributing $14.1 million in mortgage banking income, which positions Adamas strongly in the housing ecosystem.
- Despite a 30% discount to adjusted book value, the company demonstrates strong fundamentals with a focus on earnings stability and liquidity enhancement.