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Adamas Trust (ADAM) investor relations material

Adamas Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Earnings available for distribution exceeded dividends, reflecting strong capital allocation, liquidity, and recurring income growth.

  • Completed full acquisition of Constructive Loans, accelerating expansion into business purpose lending and diversifying revenue streams.

  • Investment portfolio grew to $8.6B, with nearly $800M deployed into single-family and business purpose loans in Q2.

  • Exited all remaining multifamily JV equity positions, focusing future growth on single-family and BPL strategies.

  • Net income attributable to common stockholders was $26.8M for H1 2025, with EAD per share of $0.42 for the period.

Financial highlights

  • EAD per share rose 10% QoQ to $0.22 in Q2; adjusted net interest income per share up 10% QoQ and 47% YoY to $0.44.

  • Book value per share at $9.11 and adjusted book value at $10.26, both down slightly QoQ.

  • Net interest spread increased to 1.50% in Q2, driven by lower financing costs.

  • Interest income rose 55% YoY in Q2 2025, with net interest income for H1 2025 at $69.5M.

  • Dividend declared at $0.20 per share for the seventh consecutive quarter.

Outlook and guidance

  • Portfolio positioned to benefit from lower short-term rates and a potential steepening yield curve.

  • Agency RMBS and BPL rental loans are key growth areas, with Constructive expected to deliver ~15% annual equity return.

  • Continued scaling of the investment portfolio with disciplined capital deployment and minimal new multifamily allocation.

  • Management remains committed to balanced capital allocation and leveraging technology for efficiency.

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Frequently asked questions

New York Mortgage Trust Inc. is a real estate investment trust (REIT) focused on investing in and managing residential mortgage-related assets. The company’s portfolio includes residential mortgage-backed securities (RMBS), loans, and other financial instruments linked to residential properties. New York Mortgage Trust aims to generate income through a diversified approach to real estate finance, emphasizing risk-adjusted returns. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.

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