Adamas Trust, Inc. reported a significant increase in its financial performance for the first quarter of 2026, with net income attributable to common stockholders rising to $36.9 million, or $0.41 per share, compared to $30.3 million, or $0.33 per share, in the same period last year. The company's total revenue for the quarter reached $172.1 million, up from $129.7 million in the prior year, driven primarily by a 33% increase in interest income, which totaled $172.1 million. This growth was attributed to increased investments in Agency RMBS and business purpose loans, alongside a rise in net interest income, which amounted to $48.4 million, compared to $33.1 million in the previous year.
The company’s total assets grew to approximately $12.8 billion as of March 31, 2026, up from $12.6 billion at the end of 2025. This increase was largely due to the expansion of its investment portfolio, which included $1.0 billion in new single-family residential investments during the quarter. Notably, Adamas Trust also completed a residential loan securitization that generated approximately $308.5 million in net proceeds, which were used to repay outstanding repurchase agreements. The company’s capital allocation strategy remains focused on liquidity and income generation, with Agency RMBS representing a significant portion of its investments.
Operationally, Adamas Trust's subsidiary, Constructive, funded approximately $400.8 million in business purpose loans during the quarter, reflecting its growing role in the company's earnings. The integration of Constructive, which was fully acquired in July 2025, has enhanced the company's origination capabilities and diversified its income streams. The company also reported a quarterly dividend of $0.23 per share, yielding an annualized rate of 12.5% as of March 31, 2026.
In terms of liabilities, Adamas Trust reported total liabilities of $11.3 billion, up from $11.2 billion at the end of 2025. The increase was primarily due to higher repurchase agreements and warehouse facilities, which totaled $7.0 billion as of March 31, 2026. The company’s leverage ratios remained stable, with a Company Recourse Leverage Ratio of 5.2x and a Portfolio Recourse Leverage Ratio of 4.9x. The company emphasized its commitment to maintaining a strong liquidity position, with $199.0 million in cash and cash equivalents available as of the end of the quarter.
Looking ahead, Adamas Trust expressed optimism about its ability to navigate evolving market conditions and capitalize on investment opportunities. The company plans to continue its disciplined portfolio growth strategy while leveraging its integrated operating platform to enhance earnings. However, it acknowledged potential challenges posed by market volatility, interest rate fluctuations, and geopolitical tensions, which could impact its investment performance and overall financial condition.
About NEW YORK MORTGAGE TRUST INC
New York Mortgage Trust, Inc. is a real estate investment trust focused on acquiring, financing, and managing mortgage-related residential assets, including single-family and multi-family loans, mortgage-backed securities, and credit-sensitive investments. It seeks to generate long-term stable distributions through net interest spreads and capital gains, leveraging diverse funding sources and strategic asset management in the U.S. housing and credit markets.
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