--- title: "Adamas Trust Pref Share ADAMZ 7 Perp 01/15/27 | 10-Q: FY2026 Q1 Revenue: USD 267.58 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284941857.md" datetime: "2026-05-01T21:15:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284941857.md) - [en](https://longbridge.com/en/news/284941857.md) - [zh-HK](https://longbridge.com/zh-HK/news/284941857.md) --- # Adamas Trust Pref Share ADAMZ 7 Perp 01/15/27 | 10-Q: FY2026 Q1 Revenue: USD 267.58 M Revenue: As of FY2026 Q1, the actual value is USD 267.58 M. EPS: As of FY2026 Q1, the actual value is USD 0.4. EBIT: As of FY2026 Q1, the actual value is USD 38.31 M. ### Overall Financial Performance For the three months ended March 31, 2026, ADAMAS TRUST, INC. reported a net income of $86,566 thousand, an increase from $37,065 thousand in the same period of 2025. Net income attributable to the Company’s common stockholders was $36,897 thousand, up from $30,285 thousand year-over-year. Total net interest income increased to $48,411 thousand in 2026 from $33,098 thousand in 2025. The Company experienced a net loss from real estate of - $2,602 thousand in 2026, compared to - $2,235 thousand in 2025. Total other income significantly rose to $80,947 thousand in 2026 from $31,952 thousand in 2025. Income from operations before income taxes was $86,725 thousand in 2026, up from $37,713 thousand in 2025. ### Segmented Financial Data #### Investment Portfolio Segment - **Investment Securities Available for Sale, at Fair Value**: Totaled $6,960,313 thousand as of March 31, 2026, compared to $6,904,781 thousand as of December 31, 2025. This included Agency RMBS ($6,629,977 thousand), Non-Agency RMBS ($30,160 thousand), and U.S. Treasury securities ($300,176 thousand) as of March 31, 2026. - **Residential Loans, at Fair Value**: Stood at $4,498,027 thousand as of March 31, 2026, up from $4,358,175 thousand as of December 31, 2025. This included residential loans ($761,251 thousand), Consolidated SLST ($1,138,067 thousand), and residential loans held in securitization trusts ($2,598,709 thousand) as of March 31, 2026. Residential loans with an aggregate fair value of $108,205 thousand and an unpaid principal balance of $135,024 thousand were greater than 90 days past due as of March 31, 2026. - **Multi-family Loans, at Fair Value**: Totaled $55,910 thousand as of March 31, 2026, slightly up from $55,476 thousand as of December 31, 2025. The Company reduced the fair value of one multi-family loan to zero due to property developments, its financing, and market conditions. - **Equity Investments, at Fair Value**: Amounted to $23,468 thousand as of March 31, 2026, down from $24,711 thousand as of December 31, 2025. Income from equity investments was $721 thousand for the three months ended March 31, 2026, compared to $3,589 thousand for the same period in 2025. - **Unrealized Gains (Losses), Net**: For the three months ended March 31, 2026, the Company recognized - $62,568 thousand in net unrealized losses, a decrease from $118,203 thousand in net unrealized gains for the same period in 2025. This included - $63.7 million in net unrealized losses on investment securities available for sale in 2026. - **Gains (Losses) on Derivative Instruments, Net**: The Company recorded $87,814 thousand in net gains in 2026, a significant improvement from - $46,802 thousand in net losses in 2025. - **Repurchase Agreements and Warehouse Facilities**: Totaled $7,019,017 thousand as of March 31, 2026, up from $6,753,417 thousand as of December 31, 2025. The weighted average interest rate for repurchase agreements secured by investment securities was 3.82% as of March 31, 2026. - **Collateralized Debt Obligations (CDOs)**: Totaled $3,468,944 thousand as of March 31, 2026, compared to $3,511,802 thousand as of December 31, 2025. This included Consolidated SLST at fair value ($983,717 thousand), residential loan securitizations at fair value ($2,068,484 thousand), residential loan securitizations at amortized cost, net ($353,041 thousand), and Non-Agency RMBS re-securitization at fair value ($63,702 thousand) as of March 31, 2026. - **Senior Unsecured Notes**: Totaled $339,648 thousand as of March 31, 2026, compared to $360,437 thousand as of December 31, 2025. The Company redeemed its 2026 Senior Notes in full on February 2, 2026, recognizing a loss on extinguishment of debt of approximately - $0.3 million. #### Constructive Segment (Residential Loans Held for Sale) - **Residential Loans Held for Sale, at Fair Value**: Amounted to $121,607 thousand as of March 31, 2026, significantly up from $80,707 thousand as of December 31, 2025. The principal balance of loans originated was $400,810 thousand for the three months ended March 31, 2026. - **Mortgage Banking Activities, Net**: Generated $15,330 thousand in income for the three months ended March 31, 2026, compared to $0 thousand in 2025. This includes $9,216 thousand in gains on residential loans held for sale, net. - **Mortgage Servicing Rights (MSRs)**: The balance at the end of the period was $19,965 thousand as of March 31, 2026, compared to $20,893 thousand as of December 31, 2025. Servicing fee income was $2,109 thousand for the three months ended March 31, 2026, compared to $1,979 thousand in 2025. - **Commitments**: As of March 31, 2026, the Company had commitments to fund up to $133.2 million of additional advances on existing business purpose loans and short-term commitments to originate business purpose loans in the amount of $101.7 million. #### Consolidated Real Estate VIEs - **Real Estate, Net**: Totaled $465,846 thousand as of March 31, 2026, down from $553,496 thousand as of December 31, 2025. Real estate held for sale, net was $27,668 thousand as of March 31, 2026. - **Rental Income**: Decreased to $12,625 thousand for the three months ended March 31, 2026, from $17,534 thousand in 2025. - **Other Real Estate Expenses**: Decreased to $8,726 thousand in 2026 from $10,988 thousand in 2025. - **Mortgages Payable on Real Estate, Net**: Decreased to $276,032 thousand as of March 31, 2026, from $332,131 thousand as of December 31, 2025. - **Disposal Group Activity**: During the three months ended March 31, 2026, a joint venture equity investment entity sold one of its multi-family apartment communities for approximately $130.7 million, repaying a related mortgage payable of approximately $55.0 million. This sale generated a net gain of approximately $52.3 million. The Company recognized net impairment losses of - $2.2 million on single-family rental properties for the three months ended March 31, 2026. ### General, Administrative and Operating Expenses - **General and administrative expenses**: Increased to $24,487 thousand in 2026 from $12,414 thousand in 2025. - **Portfolio operating expenses**: Decreased to $6,137 thousand in 2026 from $7,206 thousand in 2025. - **Loan origination costs**: Were $4,025 thousand in 2026, compared to $0 thousand in 2025. - **Financing transaction costs**: Were $5,382 thousand in 2026, slightly down from $5,482 thousand in 2025. ### Future Outlook and Strategy ADAMAS TRUST, INC. is an internally-managed REIT focused on deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management. The Company plans to continue repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties and reallocating capital to targeted assets. Additionally, the Company is engaged in originating business purpose loans for residential real estate investors through its wholly-owned subsidiary, Constructive Loans, LLC. ### Related Stocks - [ADAMZ.US](https://longbridge.com/en/quote/ADAMZ.US.md) ## Related News & Research - [Gabelli Equity Trust declares $0.15 per share cash distribution for Q3 2026](https://longbridge.com/en/news/295684402.md) - [Can Gold Make a New High in 2026?](https://longbridge.com/en/news/295569739.md) - [REG - UIL Limited UIL Finance Ltd - Purchase of 2026 ZDP Shares](https://longbridge.com/en/news/295955673.md) - [Eidesvik Offshore to present Q2 2026 results in digital briefing](https://longbridge.com/en/news/295931470.md) - [Investors House to release H1 2026 results](https://longbridge.com/en/news/295920631.md)