Adamas Trust, Inc. — Third Quarter 2026 Earnings Summary

Adamas Trust, Inc. reported a GAAP basic loss per share of $1.89 for the third quarter of 2026, driven by a 19.00% quarterly economic return and a decline in adjusted book value to $8.88 per share due to lower valuations of Agency mortgage securities. Despite the market volatility, the company maintained strong fundamentals with Earnings Available for Distribution (EAD) of $0.30 per share, which fully covered the increased quarterly dividend of $0.30. The firm acquired $1.6 billion in new single-family residential investments and expanded its BPL-Rental portfolio to $2.6 billion in unpaid principal balance while managing spread and convexity risks through short TBA positions.