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.