Revenue: As of FY2026 Q2, the actual value is USD 188.41 M.

EPS: As of FY2026 Q2, the actual value is USD 0.47.

EBIT: As of FY2026 Q2, the actual value is USD 53.07 M.

Net Income

Net Income Attributable to Common Stockholders was $43,424 thousand in Q2 2026, an increase from $36,897 thousand in Q1 2026 and - $3,486 thousand in Q2 2025. The Investment Portfolio segment contributed $87,038 thousand to net income, while Constructive reported a net loss of - $667 thousand, and Corporate/Other had a net loss of - $42,947 thousand for the three months ended June 30, 2026. Overall, the company reported $43,424 thousand in net income attributable to common stockholders for the same period.

Earnings Available for Distribution (EAD)

Earnings Available for Distribution (EAD) attributable to Common Stockholders was $27,127 thousand in Q2 2026, up from $26,423 thousand in Q1 2026 and $20,024 thousand in Q2 2025. EAD per common share (basic) was $0.30 in Q2 2026, an increase from $0.29 in Q1 2026 and $0.22 in Q2 2025, representing a 36% year-over-year increase.

Net Interest Income

Total Net Interest Income was $50,209 thousand in Q2 2026, marking a 3.7% increase quarter-over-quarter. Adjusted Net Interest Income reached $50,274 thousand in Q2 2026, a 4.4% increase quarter-over-quarter.

Segment-wise Adjusted Net Interest Income for Q2 2026 included: Agency at $36,877 thousand (up from $35,265 thousand in Q1 2026), Single-Family Credit at $20,493 thousand (up from $20,262 thousand in Q1 2026), Multi-Family Credit at $1,714 thousand (up from $1,654 thousand in Q1 2026), and Corporate/Other at - $8,810 thousand (compared to - $9,015 thousand in Q1 2026).

Net Interest Spread

Total Net Interest Spread was 1.48% in Q2 2026, an increase from 1.44% in Q1 2026.

Segment-wise Net Interest Spread for Q2 2026 was: Agency at 1.75% (up from 1.65% in Q1 2026), Single-Family Credit at 1.57% (down from 1.60% in Q1 2026), Multi-Family Credit at 12.30% (up from 11.97% in Q1 2026), and Corporate/Other at - 2.40% (compared to - 2.64% in Q1 2026).

Income/Loss from Real Estate

Net Loss from Real Estate was - $2,289 thousand in Q2 2026, an improvement from - $2,602 thousand in Q1 2026. Income from real estate was $14,016 thousand, while expenses related to real estate were - $16,305 thousand in Q2 2026.

Other Income (Loss)

Total Other Income was $45,158 thousand in Q2 2026. This included realized losses of - $12,960 thousand, unrealized losses of - $8,499 thousand, gains on derivative investments of $48,789 thousand, mortgage banking activities of $16,208 thousand, loss from equity investments of - $231 thousand, impairment of real estate of - $161 thousand, and other income (primarily servicing fee income) of $2,012 thousand.

Operating Costs

Total Expenses were - $40,012 thousand in Q2 2026, comparable to - $40,031 thousand in Q1 2026. This comprised general & administrative expenses of - $25,613 thousand, portfolio operating expenses of - $6,427 thousand, loan origination costs of - $4,847 thousand, and financing transaction costs of - $3,125 thousand.

Book Value

GAAP Book Value per share was $10.16 in Q2 2026, an increase of 1.8% quarter-over-quarter from $9.98 in Q1 2026. Adjusted Book Value per share was $11.05 in Q2 2026, up 2.3% quarter-over-quarter from $10.80 in Q1 2026, and showed a 4.0% increase year-to-date.

Dividends

Adamas Trust, Inc. declared a common stock dividend of $0.27 per share for the second quarter, representing a 17.4% increase quarter-over-quarter and an 11.51% dividend yield based on the share price as of June 30, 2026. Cumulative common stock dividends declared since June 2004 totaled $1.5 billion.

Economic Return

Quarterly Economic Return was 4.5% in Q2 2026, with a year-to-date Economic Return of 11.04%. The Quarterly Economic Return on Adjusted Book Value was 4.81% in Q2 2026, and year-to-date was 8.65%.

Investment Portfolio

Total Investment Portfolio size reached $11.7 billion as of Q2 2026, an increase from $10.9 billion in Q1 2026 and $8.6 billion in Q2 2025. Capital allocation was 56% Single-Family Agency, 33% Single-Family Credit/Other, and 11% Multi-Family. The Investment Portfolio Asset Allocation as of Q2 2026 was 61% Single-Family Agency, 34% Single-Family Credit, 2% Multi-Family, and 3% Other.

Key investing activities in Q2 2026 included the acquisition of $1.5 billion in new single-family residential investments, comprising $798 million in Agency and $632 million in Business Purpose Loans (BPLs). A record $632 million of BPLs were acquired during the quarter, contributing to total single-family acquisitions of $1,478 million and net activity for the Single-Family Investment Portfolio of $878 million.

Liquidity & Financing

Warehouse capacity increased by $250 million during the quarter to $3.7 billion. The Company Recourse Leverage Ratio was 5.5x, and the Portfolio Recourse Leverage Ratio was 5.2x. Excess liquidity capacity stood at $400 million, consisting of $182 million in available cash and $218 million in additional financing for unencumbered and under-levered assets. Available cash was $182 million in Q2 2026, down from $199 million in Q1 2026.

Adamas Trust, Inc. issued $521.2 million in BPL-Rental securitizations across two transactions with an effective cost of 5.48%. A residential loan securitization with an outstanding principal balance of approximately $243.6 million was redeemed. Following the quarter, a $341 million BPL-Rental securitization was priced with a 5.73% effective cost.

Cash Flow

Specific cash flow figures, including operating cash flow and free cash flow, are not present in the provided Form 8-K filing, but are expected to be detailed in accompanying exhibits.

Outlook / Guidance

Management expects to continue executing its strategy in the second half of the year to build on current momentum, driving further shareholder value and reinforcing the intrinsic value of Adamas Trust, Inc. The company anticipates continued growth of its Agency portfolio in Q3 2026 and plans to redeploy proceeds from the natural run-off of the BPL-Bridge portfolio into better relative value opportunities across other core strategies.