NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) ("Adamas," the "Company," "we," "our" or "us") today reported results for the three and six months ended June 30, 2026.
Financial Highlights for the Second Quarter 2026:
GAAP basic earnings per share of $0.48;
Earnings available for distribution (or "EAD") (1) per common share of $0.30, up 36.4% year-over-year and 3.4% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum;
Quarterly economic return (2) of 4.51%; Quarterly economic return on adjusted book value (1)(2) of 4.81%;
Book value per share of $10.16, up 1.8% quarter-over-quarter;
Adjusted book value (1) per share of $11.05, up 2.3% quarter-over-quarter;
Total net interest income of $50.2 million, up 3.7% quarter-over-quarter; Total adjusted net interest income (1) of $50.3 million, up 4.4% quarter-over-quarter;
Declared second quarter common stock dividend of $0.27 per share, representing a 11.5% annualized yield (3);
Cumulative stockholder return (4) of 31.2% for the quarter; 58.5% over the last twelve months; and
Company Recourse Leverage Ratio of 5.5x; Portfolio Recourse Leverage Ratio of 5.2x.
Management Update To Our Stockholders
Jason Serrano, Chief Executive Officer, commented: "The second quarter marked another significant step forward in Adamas' evolution. Over the past eighteen months, we have built a larger and more diversified investment platform, strengthened our earnings power, sharpened our competitive edge with the addition of Constructive, and preserved the financial flexibility to keep growing across market environments. This quarter's results, with sustained growth in earnings, book value, and our investment portfolio, reflect the efficacy and durability of our business model. As we move into the second half of the year, we believe that continued execution of our strategy will build on this momentum, driving further shareholder value and reinforcing the intrinsic value of the Company."
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(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 June 30, 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.
Business Highlights:
Investing & Origination Activity
Acquired $1.5 billion of new single-family residential investments during the quarter, including $798.3 million of Agency investments and $632.3 million of business purpose loans (5)
Expanded Agency investment portfolio to $7.2 billion, with 89% of holdings in specified pools and an average coupon of 5.48%
BPL-Rental portfolio grew to $2.3 billion in UPB, supported by strong credit fundamentals, including average FICO of 750, average LTV of 71% and average DSCR of 1.35x
Constructive originated $427.6 million of business purpose loans in the quarter, surpassing $6.9 billion in cumulative originations since inception in 2017 (6)
Received approximately $11.4 million in proceeds from the redemption of a Mezzanine Lending investment
Financing & Capital
Issued $521.2 million of BPL-Rental securitizations across two transactions with a 5.48% effective cost (7)
Redeemed a residential loan securitization with an outstanding principal balance at the time of redemption of approximately $243.6 million
Increased warehouse capacity to $3.7 billion, up $250.0 million in the quarter
Stockholder Value
Raised common stock dividend to $0.27, an increase of 17.4%
$1.5 billion in cumulative common stock dividends declared since June 2004
Subsequent Events
Priced $341 million BPL-Rental securitization with a 5.73% effective cost (7)
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(5) Acquired business purpose loans include $381.5 million of loans originated by Constructive and transferred at fair value to the Company's investment portfolio.
(6) Origination amounts represent total loan commitments.
(7) Effective cost represents the weighted average yield at issuance of all tranches sold in the securitizations, weighted by the issuance proceeds of each tranche, and reflecting the modeling assumptions set forth in the related offering documents.
Capital Allocation
The following table sets forth our allocated capital at June 30, 2026 (dollar amounts in thousands):
Investment Portfolio (1) | Constructive | Corporate/Other | Total | ||||||||||||
Investment securities available for sale and TBAs (2) | $ | 7,647,797 | $ | — | $ | — | $ | 7,647,797 | |||||||
Residential loans | 4,722,364 | 59,071 | — | 4,781,435 | |||||||||||
Consolidated SLST CDOs | (956,329 | ) | — | — | (956,329 | ) | |||||||||
Residential loans held for sale | — | 59,002 | — | 59,002 | |||||||||||
Multi-family loans | 45,079 | — | — | 45,079 | |||||||||||
Equity investments | 22,767 | — | — | 22,767 | |||||||||||
Equity investments in consolidated multi-family properties (3) | 123,944 | — | — | 123,944 | |||||||||||
Single-family rental properties | 110,438 | — | — | 110,438 | |||||||||||
Mortgage servicing rights | 19,093 | — | — | 19,093 | |||||||||||
Total investments | 11,735,153 | 118,073 | — | 11,853,226 | |||||||||||
Liabilities: | |||||||||||||||
Repurchase agreements, warehouse facilities and TBA cost basis (4) | (7,626,127 | ) | (104,080 | ) | — | (7,730,207 | ) | ||||||||
Collateralized debt obligations | |||||||||||||||
Residential loan securitization CDOs | (2,564,684 | ) | — | — | (2,564,684 | ) | |||||||||
Non-Agency RMBS re-securitization | (60,843 | ) | — | — | (60,843 | ) | |||||||||
Senior unsecured notes | — | — | (347,537 | ) | (347,537 | ) | |||||||||
Subordinated debentures | — | — | (45,000 | ) | (45,000 | ) | |||||||||
Cash, cash equivalents and restricted cash (5) | 75,692 | 22,357 | 188,167 | 286,216 | |||||||||||
Goodwill | — | 22,396 | — | 22,396 | |||||||||||
Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | (28,225 | ) | — | — | (28,225 | ) | |||||||||
Other | 129,063 | 12,016 | (53,958 | ) | 87,121 | ||||||||||
Net Company capital allocated | $ | 1,660,029 | $ | 70,762 | $ | (258,328 | ) | $ | 1,472,463 | ||||||
Company Recourse Leverage Ratio (6) | 5.5x | ||||||||||||||
Portfolio Recourse Leverage Ratio | 5.2x |
(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 condensed consolidated financial statements. Consolidated SLST is primarily presented on our condensed consolidated balance sheets as residential loans, at fair value and collateralized debt obligations, at fair value. Our investment in Consolidated SLST as of June 30, 2026 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 $139.4 million. | |
(2) | Includes implied fair value of outstanding TBAs of $664.4 million. TBAs are recorded as derivative instruments in the Company's condensed consolidated financial statements. As of June 30, 2026, our TBAs had a net carrying value of $1.4 million reported in other assets on the Company's condensed consolidated balance sheets. The net carrying value represents the difference between the implied fair value of the underlying security in the TBA contract and the price to be paid or received for the underlying security (or cost basis). | |
(3) | Represents the Company's equity investments in consolidated multi-family properties. See "Reconciliation of Financial Information" section below for a reconciliation of equity investments in consolidated multi-family properties to the Company's condensed consolidated financial statements. | |
(4) | Includes repurchase agreements and warehouse facilities with a carrying value of $7.1 billion and outstanding TBAs with a cost basis of $663.0 million. | |
(5) | Excludes cash in the amount of $3.9 million held in the Company's equity investments in consolidated multi-family properties. Restricted cash of $96.9 million is included in the Company's accompanying condensed consolidated balance sheets in other assets. | |
(6) | Company Recourse Leverage Ratio does not include Consolidated SLST CDOs amounting to $956.3 million, residential loan securitization CDOs amounting to $2.6 billion, non-Agency RMBS re-securitization CDOs amounting to $60.8 million and mortgages payable on real estate totaling $274.9 million as they are non-recourse debt. | |
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 June 30, 2026 (dollar amounts in thousands):
Three Months Ended June 30, 2026
Agency | Single-Family Credit | Multi-Family Credit | Corporate/Other | Total | |||||||||||||||
Adjusted Interest Income (1) (2) | $ | 96,856 | $ | 64,770 | $ | 1,714 | $ | 4,034 | $ | 167,374 | |||||||||
Adjusted Interest Expense (1) | (59,979 | ) | (44,277 | ) | — | (12,844 | ) | (117,100 | ) | ||||||||||
Adjusted Net Interest Income (Loss) (1) | $ | 36,877 | $ | 20,493 | $ | 1,714 | $ | (8,810 | ) | $ | 50,274 | ||||||||
Average Interest Earning Assets (3) | $ | 6,875,264 | $ | 3,826,140 | $ | 55,752 | $ | 351,156 | $ | 11,108,312 | |||||||||
Average Interest Bearing Liabilities (4) | $ | 6,177,150 | $ | 3,416,367 | $ | — | $ | 735,769 | $ | 10,329,286 | |||||||||
Yield on Average Interest Earning Assets (1) (5) | 5.64 | % | 6.77 | % | 12.30 | % | 4.60 | % | 6.03 | % | |||||||||
Average Financing Cost (1) (6) | (3.89)% | (5.20)% | — | (7.00)% | (4.55)% | ||||||||||||||
Net Interest Spread (1) (7) | 1.75 | % | 1.57 | % | 12.30 | % | (2.40)% | 1.48 | % |
(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, investment securities and cost basis of outstanding TBAs, to the extent applicable, 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, subordinated debentures and cost basis of outstanding TBAs, to the extent applicable, 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 our two reportable segments, investment portfolio and Constructive, for the three and six months ended June 30, 2026, respectively (dollar amounts in thousands). The activities within Corporate/Other are reconciling items to the condensed consolidated financial statements and primarily consist of general and administrative expenses not directly attributable to the investment portfolio or Constructive, interest expense on senior unsecured notes and subordinated debentures, financing transaction costs unrelated to securitizations and preferred stock dividends.
For the Three Months Ended June 30, 2026 | ||||||||||||||||
Investment Portfolio | Constructive | Corporate/Other | Total | |||||||||||||
Total net interest income (loss) | $ | 58,779 | $ | 470 | $ | (9,040 | ) | $ | 50,209 | |||||||
Total net loss from real estate | (2,289 | ) | — | — | (2,289 | ) | ||||||||||
Total other income (loss) | 43,634 | 15,623 | (14,099 | ) | 45,158 | |||||||||||
Total general, administrative and operating expenses (1) | 15,203 | 16,752 | 8,057 | 40,012 | ||||||||||||
Income (loss) from operations before income taxes | 84,921 | (659 | ) | (31,196 | ) | 53,066 | ||||||||||
Income tax expense (benefit) | 12 | 8 | (7 | ) | 13 | |||||||||||
Net income (loss) | 84,909 | (667 | ) | (31,189 | ) | 53,053 | ||||||||||
Net loss attributable to non-controlling interests | 2,129 | — | — | 2,129 | ||||||||||||
Net income (loss) attributable to Company | 87,038 | (667 | ) | (31,189 | ) | 55,182 | ||||||||||
Preferred stock dividends | — | — | (11,758 | ) | (11,758 | ) | ||||||||||
Net income (loss) attributable to Company's common stockholders | $ | 87,038 | $ | (667 | ) | $ | (42,947 | ) | $ | 43,424 |
(1) | General, administrative and operating expenses of the Constructive segment include $9.8 million of direct general and administrative expenses and $4.8 million of direct loan origination costs incurred by Constructive. | |
For the Six Months Ended June 30, 2026 | ||||||||||||||||
Investment Portfolio | Constructive | Corporate/Other | Total | |||||||||||||
Total net interest income (loss) | $ | 116,039 | $ | 979 | $ | (18,397 | ) | $ | 98,621 | |||||||
Total net loss from real estate | (4,891 | ) | — | — | (4,891 | ) | ||||||||||
Total other income | 50,112 | 31,392 | 44,602 | 126,106 | ||||||||||||
Total general, administrative and operating expenses (1) | 29,240 | 32,373 | 18,434 | 80,047 | ||||||||||||
Income (loss) from operations before income taxes | 132,020 | (2 | ) | 7,771 | 139,789 | |||||||||||
Income tax expense | 27 | 8 | 137 | 172 | ||||||||||||
Net income (loss) | 131,993 | (10 | ) | 7,634 | 139,617 | |||||||||||
Net income attributable to non-controlling interests | (35,836 | ) | — | — | (35,836 | ) | ||||||||||
Net income (loss) attributable to Company | 96,157 | (10 | ) | 7,634 | 103,781 | |||||||||||
Preferred stock dividends | — | — | (23,461 | ) | (23,461 | ) | ||||||||||
Net income (loss) attributable to Company's common stockholders | $ | 96,157 | $ | (10 | ) | $ | (15,827 | ) | $ | 80,320 |
(1) | General, administrative and operating expenses of the Constructive segment include $19.1 million of direct general and administrative expenses and $8.9 million of direct loan origination costs incurred by Constructive. | |
Conference Call
On Thursday, July 30, 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 and six months ended June 30, 2026. 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. Second Quarter 2026 financial and operating data can be viewed in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. A copy of the Form 10-Q 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: "UPB" refers to unpaid principal balance; "LTV" refers to loan-to-value ratio; "DSCR" refers to debt service coverage ratio; "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 transaction" refers to a transaction where two TBA contracts with the same terms but different settlement dates are simultaneously bought and sold; "TBA dollar roll income" refers to the difference in price between TBA contracts in TBA dollar roll transactions; "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 "BPL-Bridge") or (ii) loans that finance (or refinance) non-owner occupied residential properties that are rented to one or more tenants (or "BPL-Rental"); "Mezzanine Lending" refers to preferred equity investments in multi-family properties; "Cross-collateralized mezzanine lending investment" 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; "Corporate/Other" includes, or included, other investment securities and our equity investment in Constructive (prior to July 15, 2025); "Company Recourse Leverage" represents the Company's total outstanding recourse repurchase agreement and warehouse facility financing, subordinated debentures, senior unsecured notes and cost basis of outstanding TBAs, to the extent applicable, divided by the Company's total stockholders' equity; and "Portfolio Recourse Leverage" represents the Company's outstanding recourse repurchase agreement and warehouse facility financing and cost basis of outstanding TBAs, to the extent applicable, divided by the Company's total stockholders' equity.
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 | |
FINANCIAL TABLES FOLLOW
ADAMAS TRUST, INC. AND SUBSIDIARIES | |||||||
June 30, 2026 | December 31, 2025 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Investment securities available for sale, at fair value | $ | 6,983,403 | $ | 6,904,781 | |||
Residential loans, at fair value | 4,781,435 | 4,358,175 | |||||
Residential loans held for sale, at fair value | 59,002 | 80,707 | |||||
Multi-family loans, at fair value | 45,079 | 55,476 | |||||
Equity investments, at fair value | 22,767 | 24,711 | |||||
Cash and cash equivalents | 212,307 | 210,333 | |||||
Real estate, net | 451,790 | 553,496 | |||||
Goodwill | 22,396 | 22,396 | |||||
Other assets | 385,719 | 428,772 | |||||
Total Assets (1) | $ | 12,963,898 | $ | 12,638,847 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Repurchase agreements and warehouse facilities | $ | 7,067,223 | $ | 6,753,417 | |||
Collateralized debt obligations ($3,240,220 at fair value and $341,636 at amortized cost, net as of June 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025) | 3,581,856 | 3,511,802 | |||||
Senior unsecured notes ($347,537 at fair value as of June 30, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025) | 347,537 | 360,437 | |||||
Subordinated debentures | 45,000 | 45,000 | |||||
Mortgages payable on real estate, net | 274,940 | 332,131 | |||||
Other liabilities | 175,343 | 205,623 | |||||
Total liabilities (1) | 11,491,899 | 11,208,410 | |||||
Commitments and Contingencies | |||||||
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | 2,529 | 3,016 | |||||
Stockholders' Equity: | |||||||
Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, 22,385,674 shares issued and outstanding ($559,642 aggregate liquidation preference) | 540,472 | 540,472 | |||||
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 89,879,786 and 90,303,863 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 899 | 903 | |||||
Additional paid-in capital | 2,306,071 | 2,294,194 | |||||
Accumulated deficit | (1,374,979 | ) | (1,408,647 | ) | |||
Company's stockholders' equity | 1,472,463 | 1,426,922 | |||||
Non-controlling interests | (2,993 | ) | 499 | ||||
Total equity | 1,469,470 | 1,427,421 | |||||
Total Liabilities and Equity | $ | 12,963,898 | $ | 12,638,847 |
(1) | Our condensed 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 June 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,343,904 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,887,010 and $3,881,273, respectively. | |
ADAMAS TRUST, INC. AND SUBSIDIARIES | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
NET INTEREST INCOME: | |||||||||||||||
Interest income | $ | 174,393 | $ | 140,901 | $ | 346,459 | $ | 270,636 | |||||||
Interest expense | 124,184 | 104,454 | 247,838 | 201,091 | |||||||||||
Total net interest income | 50,209 | 36,447 | 98,621 | 69,545 | |||||||||||
NET LOSS FROM REAL ESTATE: | |||||||||||||||
Rental income | 11,983 | 17,806 | 24,607 | 35,340 | |||||||||||
Other real estate income | 2,033 | 2,832 | 3,977 | 5,953 | |||||||||||
Total income from real estate | 14,016 | 20,638 | 28,584 | 41,293 | |||||||||||
Interest expense, mortgages payable on real estate | 3,350 | 5,882 | 7,171 | 11,890 | |||||||||||
Depreciation expense | 4,486 | 5,928 | 9,109 | 11,823 | |||||||||||
Other real estate expenses | 8,469 | 11,842 | 17,195 | 22,829 | |||||||||||
Total expenses related to real estate | 16,305 | 23,652 | 33,475 | 46,542 | |||||||||||
Total net loss from real estate | (2,289 | ) | (3,014 | ) | (4,891 | ) | (5,249 | ) | |||||||
OTHER INCOME (LOSS): | |||||||||||||||
Realized losses, net | (12,960 | ) | (3,771 | ) | (23,640 | ) | (44,871 | ) | |||||||
Unrealized (losses) gains, net | (8,499 | ) | 24,614 | (71,067 | ) | 142,818 | |||||||||
Gains (losses) on derivative instruments, net | 48,789 | (26,966 | ) | 136,604 | (73,768 | ) | |||||||||
Mortgage banking activities, net | 16,208 | — | 31,537 | — | |||||||||||
(Loss) income from equity investments | (231 | ) | (1,428 | ) | 491 | 2,161 | |||||||||
Impairment of real estate | (161 | ) | (3,913 | ) | (2,391 | ) | (7,818 | ) | |||||||
Other income | 2,012 | 2,200 | 54,572 | 4,167 | |||||||||||
Total other income (loss) | 45,158 | (9,264 | ) | 126,106 | 22,689 | ||||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 25,613 | 11,786 | 50,103 | 24,201 | |||||||||||
Portfolio operating expenses | 6,427 | 7,354 | 12,565 | 14,560 | |||||||||||
Loan origination costs | 4,847 | — | 8,872 | — | |||||||||||
Financing transaction costs | 3,125 | 750 | 8,507 | 6,232 | |||||||||||
Total general, administrative and operating expenses | 40,012 | 19,890 | 80,047 | 44,993 | |||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAXES | 53,066 | 4,279 | 139,789 | 41,992 | |||||||||||
Income tax expense (benefit) | 13 | (161 | ) | 172 | 487 | ||||||||||
NET INCOME | 53,053 | 4,440 | 139,617 | 41,505 | |||||||||||
Net loss (income) attributable to non-controlling interests | 2,129 | 4,106 | (35,836 | ) | 9,196 | ||||||||||
NET INCOME ATTRIBUTABLE TO COMPANY | 55,182 | 8,546 | 103,781 | 50,701 | |||||||||||
Preferred stock dividends | (11,758 | ) | (12,032 | ) | (23,461 | ) | (23,902 | ) | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 43,424 | $ | (3,486 | ) | $ | 80,320 | $ | 26,799 | ||||||
Basic earnings (loss) per common share | $ | 0.48 | $ | (0.04 | ) | $ | 0.89 | $ | 0.30 | ||||||
Diluted earnings (loss) per common share | $ | 0.47 | $ | (0.04 | ) | $ | 0.87 | $ | 0.29 | ||||||
Weighted average shares outstanding-basic | 89,979 | 90,324 | 90,165 | 90,453 | |||||||||||
Weighted average shares outstanding-diluted | 92,348 | 90,324 | 92,202 | 91,222 | |||||||||||
ADAMAS TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||
Interest income | $ | 174,393 | $ | 172,065 | $ | 170,680 | $ | 160,633 | $ | 140,901 | |||||||||
Interest expense | 124,184 | 123,654 | 127,510 | 124,047 | 104,454 | ||||||||||||||
Total net interest income | 50,209 | 48,411 | 43,170 | 36,586 | 36,447 | ||||||||||||||
Total net loss from real estate | (2,289 | ) | (2,602 | ) | (3,292 | ) | (3,878 | ) | (3,014 | ) | |||||||||
Total other income (loss) | 45,158 | 80,947 | 52,568 | 48,604 | (9,264 | ) | |||||||||||||
Total general, administrative and operating expenses | 40,012 | 40,031 | 36,123 | 41,825 | 19,890 | ||||||||||||||
Income from operations before income taxes | 53,066 | 86,725 | 56,323 | 39,487 | 4,279 | ||||||||||||||
Income tax expense (benefit) | 13 | 159 | (44 | ) | (298 | ) | (161 | ) | |||||||||||
Net income | 53,053 | 86,566 | 56,367 | 39,785 | 4,440 | ||||||||||||||
Net loss (income) attributable to non-controlling interests | 2,129 | (37,965 | ) | (2,840 | ) | 5,035 | 4,106 | ||||||||||||
Net income attributable to Company | 55,182 | 48,601 | 53,527 | 44,820 | 8,546 | ||||||||||||||
Preferred stock dividends | (11,758 | ) | (11,704 | ) | (11,922 | ) | (12,118 | ) | (12,032 | ) | |||||||||
Net income (loss) attributable to Company's common stockholders | 43,424 | 36,897 | 41,605 | 32,702 | (3,486 | ) | |||||||||||||
Basic earnings (loss) per common share | $ | 0.48 | $ | 0.41 | $ | 0.46 | $ | 0.36 | $ | (0.04 | ) | ||||||||
Diluted earnings (loss) per common share | $ | 0.47 | $ | 0.40 | $ | 0.45 | $ | 0.36 | $ | (0.04 | ) | ||||||||
Weighted average shares outstanding - basic | 89,979 | 90,353 | 90,399 | 90,406 | 90,324 | ||||||||||||||
Weighted average shares outstanding - diluted | 92,348 | 92,060 | 91,986 | 91,614 | 90,324 | ||||||||||||||
Yield on average interest earning assets (1) | 6.03 | % | 6.07 | % | 6.23 | % | 6.34 | % | 6.48 | % | |||||||||
Net interest spread (1) | 1.48 | % | 1.44 | % | 1.53 | % | 1.51 | % | 1.50 | % | |||||||||
Earnings available for distribution attributable to Company's common stockholders (1) | $ | 27,127 | $ | 26,423 | $ | 20,414 | $ | 21,991 | $ | 20,024 | |||||||||
Earnings available for distribution per common share - basic (1) | $ | 0.30 | $ | 0.29 | $ | 0.23 | $ | 0.24 | $ | 0.22 | |||||||||
Book value per common share | $ | 10.16 | $ | 9.98 | $ | 9.60 | $ | 9.20 | $ | 9.11 | |||||||||
Adjusted book value per common share (1) | $ | 11.05 | $ | 10.80 | $ | 10.63 | ... |