ADAM earnings analysis
What we found in ADAM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Adamas Trust (ADAM) reported strong Q1 2026 results with a revenue of $48.4 million, surpassing estimates, and an EPS of $0.41, exceeding expectations of $0.24. The company experienced a year-over-year growth of 45% in earnings available for distribution. Investment securities portfolio expanded amid robust loan origination activities but faced challenges from unrealized losses due to rising interest rates.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Q1 2026 revenue reached $48.4 million, up from $33.1 million YoY, exceeding estimates.
- EPS Beat
- Diluted EPS reported at $0.41, a significant increase from $0.33 in Q1 2025.
- Strong Loan Originations
- Constructive funded approximately $400.8 million in business purpose loans.
- Increased Book Value
- GAAP book value per share increased 4.0% to $9.98.
- Dividend Declaration
- Quarterly dividend declared at $0.23, representing a 12.50% annualized yield.
- Robust Cash Position
- Cash and cash equivalents stood at $199.0 million, highlighting strong liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Leverage Ratio
- Company Recourse Leverage Ratio at 5.2x as of March 31, 2026, indicating high debt levels.
- Market and Interest Rate Volatility
- Increased interest rate volatility resulted in unrealized losses of $62.6 million on investment securities.
- Liquidity Risk
- Potential margin calls due to declines in collateral value could affect liquidity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.4
- Segment
- Investment Portfolio
- Segment
- Constructive
What they said about what is next.
No quantitative guidance provided; stated focus on disciplined portfolio growth.
The filing reads better than the one before it.
What came before.
- 10-K · February 20, 2026
- Adamas Trust (formerly New York Mortgage Trust) is repositioning toward higher-quality, agency-backed and Constructive-sourced single-family credit assets while reducing multi-family equity exposure. The company…
- 10-Q · May 2, 2025
- New York Mortgage Trust reported a sharp operational turnaround in 2025Q1: net income was $37,065,000 and net income attributable to common stockholders was $30,285,000 (diluted EPS $0.33) versus a net loss of…
- 10-Q · November 1, 2024
- Q3 2024 showed a sharp operating turnaround: NYMT reported net income attributable to common stockholders of $32,410 (thousands) and diluted EPS of $0.36 for the quarter versus a loss of $(94,819) and EPS $(1.04) in Q3…
- 10-Q · August 2, 2024
- Q2 2024 results show mixed performance: net interest income improved to $19,044 (from $15,136 in Q2 2023) and diluted loss per common share narrowed to $(0.29) (from $(0.41)), but operating and other items produced a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ADAM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever