Key Highlights

  • The forward Dividend Yield is 19.42%, with a quarterly dividend of USD 0.30 per common share declared.
  • Management said Earnings available for distribution were USD 0.30 per share, a non-GAAP measure and a 25% year-over-year increase.
  • GAAP Book Value per share declined 21.9% to USD 7.93, and adjusted book value declined 19.6% to USD 8.88.
  • Total net interest income was USD 48.8 million for the third quarter, compared with USD 36.6 million a year earlier.

Adamas Trust, Inc. (NASDAQ:ADAM) carries a forward dividend yield of 19.42%. The Board of Directors declared a quarterly dividend of USD 0.30 per share. Management said earnings available for distribution, a non-GAAP measure, remained steady at USD 0.30 per share for the third quarter of 2026, and GAAP book value per share was USD 7.93.

Dividend Program and Shareholder Returns

The Board of Directors declared a quarterly dividend of USD 0.30 per share. Management said earnings available for distribution were USD 0.30 per share, consistent with the prior quarter and equal to the recently increased dividend, which increased 11% this quarter.

Management said the USD 1.20 per share annual dividend represents 13.5% of the September 30 adjusted book value. The trailing twelve month dividend yield is 16.67%, shown for information.

Preferred stock dividends were USD 11.8 million for the quarter, compared with USD 12.1 million a year earlier, and USD 35.3 million for the nine months, compared with USD 36.0 million.

About the Company

Adamas Trust, Inc. is a Mortgage REIT listed on the Nasdaq Stock Market that invests in mortgage-related assets, including Agency and Credit strategies and real estate. Total Assets were USD 13,524.2 million at September 30, 2026, compared with USD 12,638.8 million at December 31, 2025. Repurchase agreements and Warehouse facilities were USD 7,460.1 million, compared with USD 6,753.4 million.

Third-Quarter Net Loss and Per-Share Results

Net loss was USD 162.1 million for the third quarter, compared with Net Income of USD 39.8 million in the third quarter of 2025. Net loss attributable to the company's common stockholders was USD 171.0 million, or USD 1.89 per basic share, compared with net income of USD 32.7 million, or USD 0.36 per basic share.

For the nine months, net loss was USD 22.5 million, compared with net income of USD 81.3 million. Net loss attributable to common stockholders was USD 90.7 million, or USD 1.01 per basic share, compared with net income of USD 59.5 million, or USD 0.66.

Net Interest Income and Real Estate Income Lines

Interest income was USD 181.2 million for the quarter, compared with USD 160.6 million, and interest expense was USD 132.4 million, compared with USD 124.0 million. Total net interest income was USD 48.8 million, compared with USD 36.6 million, and USD 147.4 million for the nine months, compared with USD 106.1 million.

Total income from real estate was USD 13.3 million for the quarter, compared with USD 19.1 million, with rental income of USD 11.3 million, compared with USD 16.6 million.

Book Value, Leverage and Liquidity Measures

Management said GAAP book value per share declined 21.9% to USD 7.93 and adjusted book value per share, a non-GAAP measure, decreased 19.6% to USD 8.88, resulting in negative quarterly economic returns of 19.00% on GAAP book value and 16.92% on adjusted book value.

Management said total excess liquidity capacity increased to USD 447 million, that company economic recourse leverage was 4.8 times and Agency recourse leverage was 5.9 times, and that 60-plus day delinquencies in BPL Rental declined 10 basis points to 1.4%.

Management said Agency current coupon spreads to Treasuries widened from 107 basis points to 125 basis points over the quarter, and that the Agency portfolio accounted for 78% of the decline in adjusted book value.

Outlook

Adamas's 19.42% forward dividend yield and the USD 0.30 per share quarterly dividend are the dividend facts on record. Earnings available for distribution per share, GAAP and adjusted book value per share, recourse leverage, and excess liquidity capacity are the relevant considerations.