Q4 2025 Adamas Trust Inc Earnings Call Transcript

Feb 19, 2026 / 02:00 PM GMT

Release Date Price: $8.29 (+3.11%)

Transcript 10-K8-K

Key Points

Positve

Adamas Trust Inc (ADAM) reported a significant 44% increase in earnings available for distribution year over year.
The company achieved a 36% cumulative total stockholder return in 2025.
Adamas Trust Inc (ADAM) expanded its investment portfolio by $3.1 billion, enhancing its balance sheet resilience.
The acquisition of Constructive has strategically positioned the company for stable spread income and scalable origination economics.
The company has maintained a strong liquidity position with $206 million of available cash and approximately $420 million of total liquidity capacity.

Negative

Adamas Trust Inc (ADAM) shares traded at a 31% discount to book value, indicating market undervaluation.
The company experienced a slight decline in quarterly earnings available for distribution by $0.01 per share sequentially.
Integration and scaling costs related to Constructive have temporarily impacted earnings.
The BPL Bridge portfolio is expected to decline throughout 2026 due to a lack of compelling opportunities.
The company recorded $14.9 million in realized losses primarily related to discounted payoffs and resolution activity on certain non-performing residential loans.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ADAM.OQ - Adamas Trust Inc
Q4 2025 Adamas Trust Inc Earnings Call
Feb 19, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning ladies and gentlemen and thank you for standing by.

Welcome to the atomist Trust 4th quarter, 2025 results conference call.

During today's presentation, all parties will be stationed but will be open for questions.

If you have a question, please press.

The star followed by 11 on your touchtone phone.

If you would like to withdraw your question, please press star 11 again.

If you are using

Using speaker equipment, we do ask that you please lift your handset before making selection.

This conference is being recorded on Thursday, February 19, 2026.

I would now like to turn the conference over to Christi Mule Investor relations.

Ma'am,

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