Adamas Trust Inc (NAS:ADAM)

Q2 2026 Adamas Trust Inc Earnings Call Transcript

Jul 30, 2026 / 01:00 PM GMT

Release Date Price: $8.94 (+3.35%)

Transcript 10-Q8-K

Key Points

Positve

Adamas Trust Inc (ADAM) reported its ninth increase in earnings available for distribution (EAD) over the past 10 quarters, with EAD growing 36% year-over-year to $0.30 per share, well above the increased quarterly dividend of $0.27.
GAAP book value increased 1.8% and adjusted book value increased 2.3% in Q2 2026, marking the fourth consecutive quarter of book value growth despite a volatile market environment.
The company expanded its investment portfolio by over $800 million to $11.7 billion, representing 36% growth year-over-year, driven by disciplined capital allocation and a record $632 million in business purpose loans sourced through its Constructive platform.
Constructive, the vertically integrated origination platform, demonstrated strong performance with $428 million in originations, less than 1% delinquency on its BPL rental loans, and is on track to achieve a 15% annual ROE through identified cost savings and improved financing.
The company's stock significantly outperformed the broader mortgage REIT index by approximately 46% on a total return basis over the past year, reflecting market recognition of its diversified strategy and narrowing discount to book value.

Negative

Adamas Trust Inc (ADAM) experienced a meaningful bear flattener of the Treasury curve during Q2, creating a challenging market backdrop that required active portfolio management.
Higher interest rates at the end of the quarter led to $8.5 million in net unrealized losses on portions of the investment portfolio, including agency RMBS and certain residential loans.
The company's estimated quarter-to-date adjusted book value was down approximately 2.3% as of July 28, 2026, indicating near-term volatility in equity value.
Agency leverage increased from 7.8 times to 8.3 times in Q2, driven by higher investment activity and a larger TBA position, which carries higher implied leverage and risk.
The multi-family portfolio wind-down is progressing slowly, with only one payoff in the core portfolio during the quarter, and the company faces uncertainty in timing of resolutions despite structural protections.

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

ADAM.OQ - Adamas Trust Inc
Q2 2026 Adamas Trust Inc Earnings Call
Jul 30, 2026 / 01:00PM 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 Aamus Trust second quarter 2026 results conference call during today's present mode.

Following the presentation, the conference will be open.

For questions.

If you have any questions, please pressar followed by 11 on your touchtone phone.

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

If you are using speaker equipment, we do ask that you please lift the handset before making your selection.

This conference is being recorded on Thursday, July 30th, 2026.

I would now like to turn the call over to Christy Massalon, Investor Relations, please go ahead.

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