Adamas Trust

2025 actions were generally constructive: rotated into Agency RMBS and BPL, consolidated Constructive to add fee income and origination economics, completed multiple securitizations, redeemed near‑term notes, and modestly raised the dividend alongside book growth.

We view the Constructive buy‑in as strategically sensible, improving control of loan supply and optionality between hold vs. sell. Offsetting considerations include the use of an ATM equity program and the inherently high reinvestment needs of a levered fixed‑income book.

Overall, decisions have been rational for a mortgage REIT, but do not elevate the business into high‑ROIC territory.