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Adamas Trust, Inc. (ADAM)
NASDAQ:ADAM
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.16Last Year’s EPS
0.33Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a transformational 2025 with material portfolio expansion, strong profitability, improved liquidity and balance sheet resilience, and rapid scaling of the Constructive origination platform. Management acknowledged near-term integration costs, a modest sequential decline in EAD tied to scaling (J-curve), realized credit-related losses, spread compression that tempered purchase pace, and a contracting BPL-Bridge book due to competitive pressures. On balance, the company delivered substantial earnings growth, book value appreciation and multiple strategic wins that management expects will drive durable recurring earnings as integration completes.Company Guidance
Substantial Investment Portfolio Expansion
Expanded investment portfolio by $3.1 billion in 2025 and increased Agency RMBS exposure by ~$3.4 billion; Agency portfolio ended the year at $6.6 billion (doubled in 2025) representing 63% of the investment portfolio and ~56% of equity capital.
Strong Earnings and Dividend Growth
Earnings available for distribution (EAD) increased 44% year-over-year; GAAP net income for Q4 was $41.6 million ($0.46 per share). Generated over $100 million of net income in 2025 and increased the common dividend by 15%.
Book Value and Quarterly Coverage
GAAP book value and adjusted book value rose in Q4 by 4.3% and 2.4% respectively; quarterly EAD of $0.23 per share fully covered the dividend. Adjusted book value was reported up ~3%–4% quarter-to-date entering 2026.
Improved Returns and Net Interest Income
Full-year economic return on GAAP book value was 12.72% (11.01% on adjusted book value). Adjusted net interest income increased to $46.3 million in Q4 from $42.8 million in Q3; net interest spread remained stable at 152 basis points.
Constructive Acquisition Driving Origination Scale
Constructive originated $1.8 billion of loans in 2025, with $474 million in Q4 (largest quarter); 93% of originations were BPL-Rental. Constructive's production aligns with Adamas' criteria (weighted average FICO ~751, average LTV ~74%).
BPL-Rental Growth and Credit Quality
BPL-Rental portfolio nearly doubled from $770 million to $1.4 billion in 2025. Portfolio borrower metrics: average FICO ~748, average LTV ~71%, average DSCR 1.36x; delinquencies low at 1.4%.
Liquidity and Balance Sheet Flexibility
Year-end available cash of $206 million and total liquidity capacity of ~ $420 million. Issued longer-dated unsecured notes and redeemed near-term notes, resulting in no corporate debt maturities for the next three years and improved financing flexibility.
Total Shareholder Return and Market Opportunity
Generated a cumulative total stockholder return of 36% in 2025 and grew book value. Management highlighted a meaningful market discount (shares traded at ~31% below book), which they view as upside opportunity as execution continues.
ADAM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ADAM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $8.04 | $8.29 | +3.11% |
Oct 29, 2025 | $6.64 | $6.69 | +0.72% |
Aug 01, 2025 | $6.18 | $6.31 | +2.12% |
Apr 30, 2025 | $5.34 | $5.78 | +8.18% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Adamas Trust, Inc. (ADAM) report earnings?
Adamas Trust, Inc. (ADAM) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Adamas Trust, Inc. (ADAM) earnings time?
Adamas Trust, Inc. (ADAM) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ADAM EPS forecast?
ADAM EPS forecast for the fiscal quarter 2026 (Q1) is 0.16.