Business
Adamas Trust, Inc. Reports First Quarter 2026 Results
NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2026. Financial Highlights: GAAP basic earnings per share of $0.41Earnings available for distribution (or "EAD") (1) per common share of $0.29, up 45% year-over-year and 26% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentumQuarterly economic return (2) of 6.35%; Quarterly econom
About this update from Adamas Trust, Inc.
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(Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2026.","length":191,"tagName":"p"},{"type":"text","content":" Financial Highlights: ","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP basic earnings per share of $0.41","length":38,"tagName":"p"}]},{"val":[{"type":"text","content":"Earnings available for distribution (or "EAD") (1) per common share of $0.29, up 45% year-over-year and 26% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum","length":208,"tagName":"p"}]},{"val":[{"type":"text","content":"Quarterly economic return (2) of 6.35%; Quarterly economic return on adjusted book value (1)(2) of 3.76%","length":104,"tagName":"p"}]},{"val":[{"type":"text","content":"Book value per share of $9.98, up 4.0% quarter-over-quarter","length":59,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted book value (1) per share of $10.80, up 1.6% quarter-over-quarter","length":73,"tagName":"p"}]},{"val":[{"type":"text","content":"Total net interest income of $48.4 million, up 12.1% quarter-over-quarter; Total adjusted net interest income (1) of $48.2 million, up 3.9% quarter-over-quarter","length":160,"tagName":"p"}]},{"val":[{"type":"text","content":"Declared first quarter common stock dividend of $0.23 per share, representing a 12.50% annualized yield (3) ","length":107,"tagName":"p"}]},{"val":[{"type":"text","content":"Cumulative stockholder return (4) of 4.06% for the quarter; 28.58% over the last twelve months","length":94,"tagName":"p"}]},{"val":[{"type":"text","content":"Company Recourse Leverage Ratio of 5.2x; Portfolio Recourse Leverage Ratio of 4.9x","length":82,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":925,"olType":false},{"type":"text","content":" Management Update To Our Stockholders ","length":37,"tagName":"p"},{"type":"text","content":"Jason Serrano, Chief Executive Officer, commented: “Adamas delivered strong first quarter results, with continued growth in earnings and book value despite a volatile macro environment. We delivered GAAP earnings of $0.41 per share and EAD of $0.29 per share, well ahead of our dividend, highlighting the strength and scalability of our platform. Our diversified strategy, pairing Agency RMBS with a growing credit and origination business, has performed as designed, generating stable book value and expanded earnings. We also saw meaningful contribution and operating leverage from our Constructive platform during the quarter. We are energized by the flexibility of our balance sheet and its ability to drive long-term stockholder value.”","length":747,"tagName":"p"},{"type":"text","content":"_______________ (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 "Non-GAAP Financial Measures." (2) Economic return on book value and economic return on adjusted book value are based on the periodic change in GAAP book value and adjusted book value, respectively, per common share plus dividends declared per common share, if any, during the period. (3) Annualized yield is calculated using the current quarter dividend declared on common stock (annualized) and the closing share price of the Company's common stock on March 31, 2026. (4) Cumulative stockholder return includes common stock price appreciation and common stock dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date.","length":874,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Business Highlights: ","length":20,"tagName":"p"},{"type":"text","content":" Investing & Origination Activity ","length":36,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Acquired $1.0 billion of new single-family residential investments during the quarter, including $510.1 million of Agency investments and $487.2 million of business purpose loans (5) ","length":182,"tagName":"p"}]},{"val":[{"type":"text","content":"Expanded Agency investment portfolio to $6.8 billion, with 96% of holdings in specified pools and an average coupon of 5.50%","length":124,"tagName":"p"}]},{"val":[{"type":"text","content":"BPL-Rental portfolio grew to $1.8 billion in UPB, supported by strong credit fundamentals, including average FICO of 748, average LTV of 71% and average DSCR of 1.35x","length":166,"tagName":"p"}]},{"val":[{"type":"text","content":"Constructive originated $422.2 million of business purpose loans in the quarter, surpassing $6.5 billion in cumulative originations since inception in 2017 (6) ","length":159,"tagName":"p"}]},{"val":[{"type":"text","content":"Sold a property within our Cross-collateralized mezzanine lending investment, resulting in a net gain attributable to Adamas of $13.8 million","length":146,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":777,"olType":false},{"type":"text","content":" Financing & Capital ","length":23,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Issued $90.0 million of 9.250% senior unsecured notes due 2031","length":62,"tagName":"p"}]},{"val":[{"type":"text","content":"Redeemed $100.0 million of 5.75% senior unsecured notes due 2026","length":64,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed a $310.4 million BPL-Rental securitization at a 4.88% effective cost (7) ","length":82,"tagName":"p"}]},{"val":[{"type":"text","content":"Subsequent to quarter end, completed an additional $261.5 million BPL-Rental securitization at a 5.54% effective cost (7) ","length":121,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":329,"olType":false},{"type":"text","content":" Stockholder Value ","length":17,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Repurchased 612,464 shares of common stock at an accretive price of $8.17 per share","length":83,"tagName":"p"}]},{"val":[{"type":"text","content":"$1.5 billion in cumulative common stock dividends declared since June 2004","length":74,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":157,"olType":false},{"type":"text","content":"_______________ (5) Acquired business purpose loans include $252.6 million of loans originated by Constructive and transferred at fair value to the Company's investment portfolio. 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