Adamas Trust, Inc. Reports Third Quarter 2026 Results, Maintains Focus on Disciplined Portfolio Management
Adamas Trust reported a Q3 2026 GAAP basic loss per share of $1.89 as rising rates and volatility drove a 21.9% quarter-over-quarter decline in book value per share to $7.93. Underlying earnings held up: EAD of $0.30 per share rose 25% year-over-year and fully covered the newly raised $0.30 quarterly dividend, a 15.4% annualized yield. Leverage declined, with Company Economic Recourse Leverage at 4.8x versus 5.5x last quarter. The company deployed $1.6 billion into new single-family residential investments, grew the BPL-Rental portfolio to $2.6 billion UPB, and cut its TBA short hedge positions by 76% after quarter-end on receding Agency spread tail risks.
Key figures
- Revenue Yoy
- 13%
- Ead yoy
- +25%
- Ead per share
- 0.3
- Economic return
- -19.00%
- Dividend per share
- 0.3
- Warehouse capacity
- $3.8 billion
- Net interest income
- 48797000
- Book value per share
- 7.93
- Book value qoq change
- -21.9%
- Dividend increase qoq
- +11.1%
- New investments acquired
- $1.6 billion
- Annualized dividend yield
- 15.4%
- Adjusted net interest income
- 51500000
- Adjusted book value per share
- 8.88
- Adjusted book value qoq change
- -19.6%
- Company economic recourse leverage
- 4.8x
- Portfolio economic recourse leverage
- 4.4x
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.