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Adamas Trust, Inc. Reports Second Quarter 2026 Results, Delivers Fourth Consecutive Quarter of Book Value Growth

NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three and six months ended June 30, 2026.

Financial Highlights for Second Quarter 2026:

•GAAP basic earnings per share of $0.48;

•Earnings available for distribution (or "EAD") (1) per common share of $0.30, up 36.4% year-over-year and 3.4% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum;

•Quarterly economic return (2) of 4.51%; Quarterly economic return on adjusted book value (1)(2) of 4.81%;

•Book value per share of $10.16, up 1.8% quarter-over-quarter;

•Adjusted book value (1) per share of $11.05, up 2.3% quarter-over-quarter;

•Total net interest income of $50.2 million, up 3.7% quarter-over-quarter; Total adjusted net interest income (1) of $50.3 million, up 4.4% quarter-over-quarter;

•Declared second quarter common stock dividend of $0.27 per share, representing a 11.5% annualized yield (3);

•Cumulative stockholder return (4) of 31.2% for the quarter; 58.5% over the last twelve months; and

•Company Recourse Leverage Ratio of 5.5x; Portfolio Recourse Leverage Ratio of 5.2x.

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “The second quarter marked another significant step forward in Adamas' evolution. Over the past eighteen months, we have built a larger and more diversified investment platform, strengthened our earnings power, sharpened our competitive edge with the addition of Constructive, and preserved the financial flexibility to keep growing across market environments. This quarter's results, with sustained growth in earnings, book value, and our investment portfolio, reflect the efficacy and durability of our business model. As we move into the second half of the year, we believe that continued execution of our strategy will build on this momentum, driving further shareholder value and reinforcing the intrinsic value of the Company.”

(1) Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Non-GAAP Financial Measures."

(2) Economic return on book value and economic return on adjusted book value are based on the periodic change in GAAP book value and adjusted book value, respectively, per common share plus dividends declared per common share, if any, during the period.

(3) Annualized yield is calculated using the current quarter dividend declared on common stock (annualized) and the closing share price of the Company's common stock on June 30, 2026.

(4) Cumulative stockholder return includes common stock price appreciation and common stock dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date.

Business Highlights:

Investing & Origination Activity

•Acquired $1.5 billion of new single-family residential investments during the quarter, including $798.3 million of Agency investments and $632.3 million of business purpose loans (5)

•Expanded Agency investment portfolio to $7.2 billion, with 89% of holdings in specified pools and an average coupon of 5.48%

•BPL-Rental portfolio grew to $2.3 billion in UPB, supported by strong credit fundamentals, including average FICO of 750, average LTV of 71% and average DSCR of 1.35x

•Constructive originated $427.6 million of business purpose loans in the quarter, surpassing $6.9 billion in cumulative originations since inception in 2017 (6)

•Received approximately $11.4 million in proceeds from the redemption of a Mezzanine Lending investment

Financing & Capital

•Issued $521.2 million of BPL-Rental securitizations across two transactions with a 5.48% effective cost (7)

•Redeemed a residential loan securitization with an outstanding principal balance at the time of redemption of approximately $243.6 million

•Increased warehouse capacity to $3.7 billion, up $250.0 million in the quarter

Stockholder Value

•Raised common stock dividend to $0.27, an increase of 17.4%

•$1.5 billion in cumulative common stock dividends declared since June 2004

Subsequent Events

•Priced $341 million BPL-Rental securitization with a 5.73% effective cost (7)

(5) Acquired business purpose loans include $381.5 million of loans originated by Constructive and transferred at fair value to the Company's investment portfolio.

(6) Origination amounts represent total loan commitments.

(7) Effective cost represents the weighted average yield at issuance of all tranches sold in the securitizations, weighted by the issuance proceeds of each tranche, and reflecting the modeling assumptions set forth in the related offering documents.

Capital Allocation

The following table sets forth our allocated capital at June

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Adamas Trust, Inc. Reports First Quarter 2026 Results

NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2026.

Financial Highlights:

•GAAP basic earnings per share of $0.41

•Earnings available for distribution (or "EAD") (1) per common share of $0.29, up 45% year-over-year and 26% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum

•Quarterly economic return (2) of 6.35%; Quarterly economic return on adjusted book value (1)(2) of 3.76%

•Book value per share of $9.98, up 4.0% quarter-over-quarter

•Adjusted book value (1) per share of $10.80, up 1.6% quarter-over-quarter

•Total net interest income of $48.4 million, up 12.1% quarter-over-quarter; Total adjusted net interest income (1) of $48.2 million, up 3.9% quarter-over-quarter

•Declared first quarter common stock dividend of $0.23 per share, representing a 12.50% annualized yield (3)

•Cumulative stockholder return (4) of 4.06% for the quarter; 28.58% over the last twelve months

•Company Recourse Leverage Ratio of 5.2x; Portfolio Recourse Leverage Ratio of 4.9x

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “Adamas delivered strong first quarter results, with continued growth in earnings and book value despite a volatile macro environment. We delivered GAAP earnings of $0.41 per share and EAD of $0.29 per share, well ahead of our dividend, highlighting the strength and scalability of our platform. Our diversified strategy, pairing Agency RMBS with a growing credit and origination business, has performed as designed, generating stable book value and expanded earnings. We also saw meaningful contribution and operating leverage from our Constructive platform during the quarter. We are energized by the flexibility of our balance sheet and its ability to drive long-term stockholder value.”

(1) Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Non-GAAP Financial Measures."

(2) Economic return on book value and economic return on adjusted book value are based on the periodic change in GAAP book value and adjusted book value, respectively, per common share plus dividends declared per common share, if any, during the period.

(3) Annualized yield is calculated using the current quarter dividend declared on common stock (annualized) and the closing share price of the Company's common stock on March 31, 2026.

(4) Cumulative stockholder return includes common stock price appreciation and common stock dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date.

Business Highlights:

Investing & Origination Activity

•Acquired $1.0 billion of new single-family residential investments during the quarter, including $510.1 million of Agency investments and $487.2 million of business purpose loans (5)

•Expanded Agency investment portfolio to $6.8 billion, with 96% of holdings in specified pools and an average coupon of 5.50%

•BPL-Rental portfolio grew to $1.8 billion in UPB, supported by strong credit fundamentals, including average FICO of 748, average LTV of 71% and average DSCR of 1.35x

•Constructive originated $422.2 million of business purpose loans in the quarter, surpassing $6.5 billion in cumulative originations since inception in 2017 (6)

•Sold a property within our Cross-collateralized mezzanine lending investment, resulting in a net gain attributable to Adamas of $13.8 million

Financing & Capital

•Issued $90.0 million of 9.250% senior unsecured notes due 2031

•Redeemed $100.0 million of 5.75% senior unsecured notes due 2026

•Completed a $310.4 million BPL-Rental securitization at a 4.88% effective cost (7)

•Subsequent to quarter end, completed an additional $261.5 million BPL-Rental securitization at a 5.54% effective cost (7)

Stockholder Value

•Repurchased 612,464 shares of common stock at an accretive price of $8.17 per share

•$1.5 billion in cumulative common stock dividends declared since June 2004

(5) Acquired business purpose loans include $252.6 million of loans originated by Constructive and transferred at fair value to the Company's investment portfolio.

(6) Origination amounts represent total loan commitments.

(7) Effective cost represents the weighted average yield at issuance of all tranches sold in the securitization, weighted by the issuance proceeds of each tranche, and reflecting the modeling assumptions set forth in the related offering documents.

Capital Allocation

The following table sets forth our allocated capital at March 31, 2026 (dollar amounts in thousands):

Investment Portfolio (1)

Constructive Corporate/OtherTotal

Investment securities available for sale and TBAs (2) $7,108,203 $— $—

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Adamas Trust, Inc. Reports Fourth Quarter

and Full Year 2025 Results

NEW YORK, February 18, 2026 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months and year ended December 31, 2025, respectively.

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “2025 was a pivotal year for Adamas, defined by substantial investment portfolio expansion, greater profitability and our strategic acquisition of Constructive. Over the course of the year, we increased quarterly EAD by 44%, generated more than $100 million in net income, expanded the portfolio by $3.1 billion, and raised the dividend by 15%, all while increasing book value. Through the disciplined execution of our strategy, we increased Company recurring income, enhanced liquidity and established a more durable earnings foundation. We begin 2026 with meaningful momentum and strong conviction in our ability to further grow EAD and create long-term value for our stockholders.”

Summary of Fourth Quarter and Full Year 2025:

(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2025For the Year Ended December 31, 2025

Net income attributable to Company's common stockholders $41,605 $101,106

Net income attributable to Company's common stockholders per share (basic) $0.46 $1.12

Earnings available for distribution attributable to Company's common stockholders (1) $20,414 $80,624

Earnings available for distribution per common share (1) $0.23 $0.89

Yield on average interest earning assets (1) (2) 6.23 %6.36 %

Interest income$170,680 $601,948

Interest expense$127,510 $452,647

Net interest income$43,170 $149,301

Net interest spread (1) (3) 1.52 %1.46 %

Book value per common share at the end of the period$9.60 $9.60

Adjusted book value per common share at the end of the period (1) $10.63 $10.63

Economic return on book value (4) 6.85 %12.72 %

Economic return on adjusted book value (5) 4.62 %11.01 %

Dividends per common share$0.23 $0.86

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Fourth Quarter 2025

•Purchased approximately $412.1 million of investment securities, including $346.7 million of Agency RMBS.

•Acquired approximately $462.4 million of residential loans.

Full Year 2025 Investing Activities

•Purchased approximately $4.4 billion of investment securities, including $4.1 billion of Agency investments.

•Acquired approximately $1.7 billion of residential loans.

•Exited remaining multi-family joint venture equity investments in disposal group.

•Received approximately $79.2 million in proceeds from redemptions of Mezzanine Lending investments.

•Acquired the outstanding 50% ownership interests in Constructive that were not previously owned by the Company through the consummation of a membership interest purchase agreement on July 15, 2025.

Full Year 2025 Financing Activities

•Completed the issuance of $82.5 million in aggregate principal amount of our 9.125% Senior Notes due 2030 in an underwritten public offering. The total net proceeds to us from the offering of the notes, after deducting the underwriters' discount and commissions and offering expenses, were approximately $79.3 million.

•Completed the issuance of $115.0 million in aggregate principal amount of our 9.875% Senior Notes due 2030 in public offerings. The total net proceeds to us from the offerings of the notes, after deducting the underwriters' discount and commissions and offering expenses, as applicable, were approximately $111.4 million.

•Completed four securitizations of residential loans, resulting in approximately $945.5 million in aggregate net proceeds to us after deducting expenses associated with the securitization transactions.

•Exercised our right to optional redemptions of three residential loan securitizations with aggregate outstanding principal balances of $424.6 million at the time of redemption.

•Increased common stock dividend declared