ADAMAS TRUST, INC. — Form 8-K
Filed October 28, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Adamas Trust reported Q3 2026 results with GAAP loss of $1.89/share driven by $472M unrealized losses on Agency RMBS amid rising rates (10Y yield reached ~4.25% from ~3.8%). EAD per share of $0.30 (up 25% YoY) fully covered the raised dividend of $0.30/share (11% increase). Book value fell 21.9% QoQ to $7.93/share; adjusted book value fell 19.6% to $8.88/share. Company acquired $1.6B single-family investments ($1.2B Agency, $390M BPLs), issued $341M BPL-Rental securitization at 5.73% cost, $115M non-Agency re-securitization, and $90M senior notes (9.6% due 2031). TBA short positions taken defensively in Q3 were 76% reduced post-quarter. Company Economic Recourse Leverage at 4.8x; Portfolio ratio at 4.4x.
Why this rating
Significant unrealized losses from rate environment and leverage are real but offset by stable distributions and disciplined capital deployment. At ~$596M market cap, losses and capital movements are material but not existential.
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