Adamas Trust

Adamas now reports EAD to better reflect recurring earnings, which improved through 2025 and Q1 2026, with TTM EAD per share near $0.98 and dividends of $0.23 per quarter. Still, earnings, book value, and liquidity are sensitive to rate volatility, prepayments, credit performance in seasoned and business‑purpose loans, and repo haircuts.

The firm hedges with swaps and TBAs, yet mark‑to‑market and basis risks remain. We consider the enterprise moderately cyclical and below our preferred predictability threshold.