Adamas Trust, Inc. (ADAM) SEC Filings & Earnings Calls

Insider selling risk

“Howard Amster sold 1,365,600 shares in open market transactions from June 25 to August 20, 2026.”

Insider selling risk

“Howard Amster sold 1,365,600 shares in open market transactions from June 25 to August 20, 2026.”

Increased leverage from new debt issuance; interest expense burden at 9.600% coupon.

“9.600% Senior Notes Due 2031” · word for word

High interest rate on new debt (9.600%) may increase interest expense and leverage.

“9.600% Senior Notes due 2031” · word for word

Forward-looking statements highlight risks including interest rate changes, credit spreads, and market volatility.

“Risk factors listed: changes in interest rates, credit spreads, prepayment rates, default rates, etc.”

Interest Rate Risk

“Higher interest rates reduced valuations across a majority of our assets during the quarter ended June 30, 2026” · word for word

Regulatory Risk

“generally prohibits large institutional investors that have investment control of 350 or more single-family homes from purchasing additional single-family homes” · word for word

Credit Risk

“We recognized $13.0 million of net realized losses primarily related to (1) valuation adjustments on foreclosed properties and related receivables” · word for word

Geopolitical Risk

“Geopolitical de-escalation and lower oil prices provided relief to markets by quarter-end, though inflation rose to its highest level in three years due to energy price shocks” · word for word

Leverage ratios (5.5x recourse, 5.2x portfolio) indicate moderate financial risk; interest rate sensitivity could impact portfolio

“Company Recourse Leverage Ratio of 5.5x; Portfolio Recourse Leverage Ratio of 5.2x” · word for word

Concentration in single-family residential investments exposes company to housing market downturn risk

“Acquired $1.5 billion of new single-family residential investments; Agency portfolio $7.2B; BPL-Rental portfolio $2.3B”

Potential dilution from ATM offering; no obligation to sell shares, but if executed, existing shareholders may face dilution.

“Company may offer and sell shares of common stock having a maximum aggregate offering price of up to $250,000,000”

Potential dilution from increased share authorization for equity awards; deferred compensation plan may increase compensation costs.

“increased the number of shares of the Company’s common stock that may be issued under the 2017 Plan by 9,000,000 shares” · word for word

Interest Rate Sensitivity

“We recognized net unrealized losses in 2026 primarily driven by increases in interest rates and wider Agency and credit spreads, which reduced the fair value of our investment securities and residential loans.” · word for word

Geopolitical Risk

“Financial markets experienced heightened volatility and generally negative performance during the first quarter of 2026, as investors reacted to escalating geopolitical conflicts and tensions, elevated energy prices, and uncertainty regarding the timing and extent of future monetary policy easing by the Federal Reserve.” · word for word

Regulatory Risk (Single-Family Rental)

“In March 2026, the U.S. Senate passed a bill which would place certain prohibitions on institutional investors that own 350 or more single-family homes from purchasing certain additional single-family homes (the 'Senate Bill').” · word for word

Credit Spread Widening

“At the end of the first quarter of 2026, investment grade spreads widened 11 basis points and high-yield credit spreads widened 47 basis points as compared to the start of the first quarter of 2026.” · word for word

Economic Recession Risk

“Concerns regarding an economic recession – a significant decline in economic activity that is spread across the economy and that lasts more than a few months, as defined by the National Bureau of Economic Research – in the U.S. grew somewhat in the first quarter of 2026 due to, among other things, heightened uncertainty around geopolitical conflicts and the ” · word for word

Leverage ratios (5.2x recourse) indicate moderate financial risk; interest rate sensitivity remains.

“Company Recourse Leverage Ratio of 5.2x; Portfolio Recourse Leverage Ratio of 4.9x” · word for word

Equity Dilution Risk

“As of April 1, 2026, assuming maximum payout of currently outstanding awards that may be earned under our 2024, 2025 and 2026 Long-Term Equity Incentive Programs, only 1,752,539 shares of our common stock remained available for issuance under the Stock Plan.” · word for word

Key Person Dependency

“The Compensation Committee has determined to increase total compensation at target performance under the 2025 Long-Term EIP to $3,864,000, $2,232,000 and $1,100,000 for Mr. Serrano, Mr. Mah and Ms. Nario-Eng, respectively”

Interest Rate Sensitivity

“An increase in interest rates may have an adverse effect on the market price of our securities and our ability to make distributions to our stockholders.” · word for word

REIT Qualification Risk

“If our subsidiary REIT failed to qualify as a REIT, we could be subject to higher taxes and could fail to remain qualified as a REIT.” · word for word

Constructive Integration Risk

“Constructive segment generated ($8.5M) loss from operations in its first partial year of consolidation.”

Real Estate Portfolio Losses

“Net loss from real estate was ($12.4M) in 2025, though improved from ($42.8M) in 2024.”

Interest rate sensitivity: net interest spread could compress if rates decline or funding costs rise

“Net interest spread 1.52% (Q4), 1.46% (FY); yield on average interest earning assets 6.23% (Q4), 6.36% (FY)”

High cost of debt: 9.25% coupon increases interest expense and may pressure net income; refinancing risk if rates remain high.

“Notes bear interest at 9.250% per year”

Leverage increase

“As of September 30, 2025, our Company Recourse Leverage Ratio and Portfolio Recourse Leverage Ratio increased to 5.0x and 4.7x, respectively, from 3.8x and 3.6x as of June 30, 2025.” · word for word

Multi-family real estate exposure

“According to RealPage Analytics, effective rents for professionally managed apartments fell 0.3% in the third quarter of 2025.”

Interest rate and economic uncertainty

“Uncertainty about how the Federal Reserve may adjust its monetary policy or the target range for the federal funds rate in response to such macroeconomic trends and the continued independence of the Federal Reserve may limit or undermine business activity.” · word for word

Interest rate sensitivity and credit risk from residential loan portfolio.

“Net interest spread 1.50%; residential loans $4.15B.”