Adamas Trust, Inc. Reports Third Quarter 2026 Results, Maintains Focus on Disciplined Portfolio Management
Key Highlights
- ➤GAAP basic loss per share reached $1.89 in third quarter 2026
- ➤EAD per common share $0.30, up 25% year-over-year
- ➤Book value per share $7.93, down 21.9% quarter-over-quarter
- ➤Declared $0.30 common dividend, representing a 15.4% annualized yield
- ➤Acquired $1.6 billion of new single-family residential investments during quarter
Expert Statements
Jason Serrano, Chief Executive Officer of Adamas Trust, Inc.
“The third quarter presented a challenging market environment, with the rise in interest rates and volatility resulting in a decline in adjusted book value primarily driven by lower valuations for our Agency mortgage securities. As market volatility intensified in the quarter, we proactively managed spread and convexity risks in our Agency securities portfolio through short TBA positions, lowering net Agency exposure. Since quarter-end, we have significantly reduced these TBA short positions reflecting our view of receding Agency spread tail risks. Our underlying business fundamentals remain strong, supported by solid credit performance, substantial liquidity, and earnings available for distribution that fully covered our recently increased dividend. Importantly, the repricing of mortgage assets has created some of the most attractive investment opportunities we have seen in several quarters. We entered the fourth quarter with financial flexibility and continued focus on disciplined portfolio management to provide long-term shareholder value.”
NEW YORK, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three and nine months ended September 30, 2026.
Financial Highlights for Third Quarter 2026: * GAAP basic loss per share of $1.89; * Earnings available for distribution (or "EAD") (()(1)() )per common share of $0.30, up 25% year-over-year, reflecting continued portfolio expansion; * Quarterly economic return (()(2)()) of (19.00)%; Quarterly economic return on adjusted book value ((1)(2) )of (16.92)%; * Book value per share of $7.93, down 21.9% quarter-over-quarter; * Adjusted book value ((1)) per share of $8.88, down 19.6% quarter-over-quarter; * Total net interest income of $48.8 million, down 2.8% quarter-over-quarter; Total adjusted net interest income ((1)) of $51.5 million, up 2.4% quarter-over-quarter; * Declared third quarter common stock dividend of $0.30 per share, representing a 15.4% annualized yield (()(3)()); * Cumulative stockholder return (()(4)()) of (14.2)% for the quarter and 26.6% over the last twelve months; and * Company Economic Recourse Leverage Ratio ((1)) of 4.8x; Portfolio Economic Recourse Leverage Ratio( (1) )of 4.4x. Management Update To Our Stockholders
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