Adamas Trust, Inc. Reports Fourth Quarter and Full Year 2025 Results

Core Insights - Adamas Trust, Inc. reported significant growth in 2025, marked by a 44% increase in quarterly Earnings Available for Distribution (EAD), over $100 million in net income, and a $3.1 billion expansion of its investment portfolio [2][3] Financial Performance - For the fourth quarter of 2025, net income attributable to common stockholders was $41.6 million, translating to $0.46 per share, while for the full year, net income reached $101.1 million or $1.12 per share [3] - The company generated $601.9 million in interest income for the year, with a net interest income of $149.3 million, reflecting a net interest spread of 1.46% [3][18] - The book value per common share remained stable at $9.60, with an adjusted book value of $10.63 [3] Investment Activities - In 2025, Adamas Trust purchased approximately $4.4 billion in investment securities, including $4.1 billion in Agency investments, and acquired $1.7 billion in residential loans [10] - The company exited its remaining multi-family joint venture equity investments and received $79.2 million from Mezzanine Lending investment redemptions [10] Capital Allocation - As of December 31, 2025, total investments amounted to $10.7 billion, with significant allocations in investment securities and residential loans [12] - The company reported a net capital allocation of $1.4 billion, with a recourse leverage ratio of 5.0x [12] Dividends and Shareholder Returns - Adamas Trust increased its common stock dividend to $0.23 per share for the last two quarters of 2025, marking a 15% increase [2][10] - The Board of Directors approved extensions of the common and preferred stock repurchase programs, with $188.2 million and $97.6 million remaining available for repurchase, respectively [11]