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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.
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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