Adamas Trust Swings to Q4 Profit of $53.5M, Raises Dividend 15%
Adamas Trust reported Q4 net income of $53.5 million (45¢/share; 23¢ adjusted) on revenue of $170.7 million, reversing a year-earlier loss. Full-year profit reached $149 million ($1.10/share), with a $3.1 billion portfolio expansion, a 15% dividend hike and book value at $9.60 per share.
1. Q4 Financial Results
Adamas Trust posted fourth-quarter net income of $53.5 million, or $0.45 per share (adjusted EPS of $0.23), on revenue of $170.7 million, compared with a net loss in the same period last year. Adjusted revenue for the quarter was $43.2 million.
2. Full-Year 2025 Performance and Portfolio Expansion
For the full year, net income attributable to common stockholders totaled $149 million, or $1.10 per share, driven by a 44% increase in earnings available for distribution and $3.1 billion of portfolio growth. The board approved a 15% dividend increase and maintained book value per share at $9.60.
3. Capital and Liquidity Management
In 2025, the company purchased $4.4 billion of investment securities and $1.7 billion of residential loans, issued $197.5 million of senior notes due 2030 and completed four residential loan securitizations totaling $945.5 million. In January 2026, it issued $90 million of 9.25% notes, securitized $309.1 million of loans, redeemed $100 million of 5.75% notes and extended common and preferred share repurchase programs through March 2027.