Adamas Trust, Inc. (ADAM)
NASDAQReal EstateReit - MortgageSnapshot 2026-09-04
$9.75+0.52%
Close 2026-09-04 · 1-day change
NASDAQReal EstateReit - MortgageSnapshot 2026-09-04
Intact: The reason to own it still holds.
Adamas Trust raises dividends steadily, now $0.27 per share in 2026-Q2. Operating income jumped from $4.3M to $86.7M in one year. Net income grew from $8.5M to $48.6M in the same period. The stock trades cheap with a PE of 8.3 and a 9.5% dividend yield.
Revenue is expected to decline sharply by over 50% next year. The sector faces headwinds that could pressure income. Dividend growth may stall if earnings weaken.
The price is about 26% below our fair value near $12. Analysts expect over 50% revenue decline, but we see earnings and dividends improving. The market underestimates the income growth.
Breaks if: dividend per share falls below $0.27 by 2026-Q2
Continue to raise the quarterly common stock dividend to reflect earnings strength and support stable distributions.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
ADAM represents a durable compounder with a focus on increasing dividends and improving operating income. The current thesis state is intact, supported by recent strong financial performance despite some volatility in management execution.
The market seems to price ADAM as cheap compared to its peers, with a low expectations gap. However, the fragility in execution quality suggests that the stock may not fully reflect the risks associated with its volatile management.
Fundamentals are likely to show continued improvement as management is on track with its priorities of increasing dividends and enhancing net income. However, there is a near-term risk of missing earnings expectations, especially given the high miss rate in the industry.
The thesis hinges on several key factors, including the potential for the Federal Reserve to cut interest rates and the performance of sector bellwethers like AGNC, DX, and ARR. A reversal in guidance from ADAM would also significantly impact credibility and market perception.
The most important moves since the prior daily snapshot.
Our read on the company is unchanged since the prior snapshot.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 5 quarters including 2026-Q1 through 2026-Q2 and subsequent dividend declarations. Dividend per share increased from $0.23 in 2026-Q1 to $0.27 in 2026-Q2 and further to $0.30 declared for the next quarter. Management consistently links dividend increases to earnings strength and financial position, delivering on this capital allocation priority.
“Declared second quarter common stock dividend of $0.27 per share, representing a 11.5% annualized yield”
“Declared first quarter common stock dividend of $0.23 per share, representing a 12.50% annualized yield”
“Increased common stock dividend declared to $0.23 per common share for the final two quarters of 2025”
Breaks if: EPS guidance falls below $0.27 for 2026-Q2 or below $0.41 for 2026-FY
Breaks if: net income falls below $48.6 million by 2026-Q1
Drive net income growth supported by portfolio expansion and earnings momentum.
Management stated enhancing net income as a priority in 4 quarters from 2025-Q3 to 2026-Q2. Net income increased from $44.8 million in 2025-Q3 to $55.2 million in 2026-Q2, demonstrating delivery on this growth priority through portfolio expansion and earnings momentum.
“Net income of $55.2 million”
“Net income of $48.6 million”
“Net income of $53.5 million”
“Net income of $44.8 million”
Breaks if: operating income falls below $86.7 million by 2026-Q1
Sustain growth in operating income through portfolio expansion and earnings momentum.
Management emphasized improving operating income in 4 quarters from 2025-Q3 to 2026-Q2. Operating income increased from $39.5 million in 2025-Q3 to $53.1 million in 2026-Q2, showing a positive trajectory. This reflects delivery on the priority of sustaining earnings growth through portfolio expansion and operational execution.
“Operating income of $53.1 million, net income of $55.2 million”
“Operating income of $86.7 million, net income of $48.6 million”
“Operating income of $56.3 million, net income of $53.5 million”
“Operating income of $39.5 million, net income of $44.8 million”
Over the next 1 to 3 years, ADAM's performance will depend on management's ability to maintain execution quality and navigate sector challenges. Not investment advice.