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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Adamas Trust
Adamas Trust (ADAM) investor relations material
Adamas Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
2025 marked a strategic inflection point with significant portfolio expansion, accelerating profitability, and the full acquisition of Constructive, resulting in a 44% increase in quarterly EAD, over $100 million in net income, a $3.1 billion portfolio expansion, and a 15% dividend increase, while growing book value.
Entered 2026 with strong momentum, enhanced liquidity, and a durable earnings foundation, aiming for further EAD growth and long-term value creation.
Financial highlights
Q4 2025 GAAP net income attributable to common stockholders was $41.6 million ($0.46 per share); full year net income was $101.1 million; EAD for Q4 was $20.4 million ($0.23 per share), and $80.6 million ($0.89 per share) for the year.
Book value per share at year-end was $9.60; adjusted book value per share was $10.63; economic return on book value was 6.85% for Q4 and 12.72% for the year.
Total interest income for Q4 was $171 million (+6.3% QoQ); adjusted net interest income was $46.3 million; net interest spread was 1.52% for Q4.
Dividend per common share was $0.23 for Q4 and $0.86 for the year, with a 15% increase in 2025.
2025 cumulative total stockholder return was 36.41%.
Outlook and guidance
2026 priorities include disciplined asset selection, active portfolio management, and further integration of Constructive to accelerate EAD growth and close the valuation gap.
Agency RMBS capital allocation projected to grow to 60%-70% of equity capital in 2026; adjusted book value up 3%-4% quarter-to-date in Q1 2026.
Dividend sustainability and long-term capital preservation remain core priorities.
Constructive's path to 15% equity return target
Balancing Agency vs. BPL-Rental capital deployment
Strategy to narrow market discount to book value
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Next Adamas Trust earnings date
Q1 202630 Apr, 2026
Adamas Trust
Next Adamas Trust earnings date
Q1 202630 Apr, 2026
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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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