Adamas Trust (ADAM) Q4 2025 earnings summary

Executive summary

• 2025 marked a strategic inflection point with significant portfolio expansion, accelerating profitability, and the full acquisition of Constructive, resulting in a 44% increase in quarterly EAD, over $100 million in net income, a $3.1 billion portfolio expansion, and a 15% dividend increase, while growing book value.

• Entered 2026 with strong momentum, enhanced liquidity, and a durable earnings foundation, aiming for further EAD growth and long-term value creation.

Financial highlights

• Q4 2025 GAAP net income attributable to common stockholders was $41.6 million ($0.46 per share); full year net income was $101.1 million; EAD for Q4 was $20.4 million ($0.23 per share), and $80.6 million ($0.89 per share) for the year.

• Book value per share at year-end was $9.60; adjusted book value per share was $10.63; economic return on book value was 6.85% for Q4 and 12.72% for the year.

• Total interest income for Q4 was $171 million (+6.3% QoQ); adjusted net interest income was $46.3 million; net interest spread was 1.52% for Q4.

• Dividend per common share was $0.23 for Q4 and $0.86 for the year, with a 15% increase in 2025.

• 2025 cumulative total stockholder return was 36.41%.

Outlook and guidance

• 2026 priorities include disciplined asset selection, active portfolio management, and further integration of Constructive to accelerate EAD growth and close the valuation gap.

• Agency RMBS capital allocation projected to grow to 60%-70% of equity capital in 2026; adjusted book value up 3%-4% quarter-to-date in Q1 2026.

• Dividend sustainability and long-term capital preservation remain core priorities.