ADAMZ Nasdaq Earnings call
Adamas Trust, Inc. (ADAMZ) · Q2 2026 results and valuation
Share price: $16.30 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 13.5% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+13.5%
Net income vs Q1 2026
Outlook given
Net income 55.2M vs 48.6M
Revenue −26.6%
Against the same quarter last year (Q2 2025) it is +545.7%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 67% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance
ADAMZ expanded its investment portfolio by more than $800 million to $11.7 billion, a 36% increase from a year ago.
Valuation
Is Adamas Trust, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $26.80 a share — the stock trades 39% below it. Today's price assumes 4.0% growth a year.
Current price
$16.30
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+4.0% for 10 yrs
Fair value / share
$26.80
Buy below
$20.10
Price vs fair value
Undervalued 39%
Price vs buy-below price
Undervalued 19%
Read between the lines
-
Key theme
If Adamas Trust continues improving earnings quality, book value stability and operating efficiency quarter after quarter, it believes shareholder value will follow…
Source quote
“If we continue improving earnings quality, book value stability and operating efficiency quarter after quarter, we believe shareholder value will follow... Our objective is simple: make Adamas a stronger company each sequential quarter. As such, the second quarter continued Adamas' strong momentum and capped an excellent first half of 2026.”
-
Guidance
In aggregate, Constructive has identified approximately $3 million of annual cost savings across its loan origination process, and Adamas Trust expects that the implementation of these improvements to occur…
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Mortgage banking income increased to $16.2 million, benefiting from stronger gains on loan sales and higher origination fee income.”
“Net interest income increased to $50.2 million during the quarter, while adjusted net interest income increased to $50.3 million, reflecting continued portfolio expansion across agency investments and BPL rental loans.”
“We delivered on another quarter of earnings growth, increased book value and expanded our investment portfolio and continue to make progress on scaling constructive into a larger contributor to recurring...”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:ADAMZ, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 105.1M | 143.1M | −26.6% | 52.4M | +100.7% |
| Net income | 55.2M | 48.6M | +13.5% | 8.5M | +545.7% |
| EPS | 0.94 | 0.80 | +18.2% | -0.08 | Turned profit |
| P/E today 9.8 | 11.3 | 15.1 | −3.8 | 98.7 | −87.4 |
Topics
Most discussed now
- New Adamas Trust does see a pretty consistent level of the pipeline.
- Adamas Trust's earnings are supported by 3 complementary businesses: a high-quality Agency RMBS portfolio, a growing residential credit…
- The benefits of Adamas Trust's integration with Constructive paired with a robust origination pipeline are becoming increasingly evident…
- More broadly, Adamas Trust believes that directing incremental capital to the best relative value opportunities across its core strategies…
- Given current market spreads, Adamas Trust expects that its 56% capital allocation to agencies to remain largely unchanged with new…
Faded since Q1 2026
- Fading The change in net interest spread reflects the continued transition of Adamas Trust's portfolio toward Agency RMBS and BPL rental loans,...
- Dropped Agency current coupon spreads to treasuries reached multiyear tights of 94 basis points in late January, driven by the administration's...
- Dropped It was a quarter where both recurring income or EAD and nonrecurring items worked in Adamas Trust's favor.
- Fading Its investment portfolio reached $10.9 billion at the end of the first quarter, with further growth expected as Adamas Trust continues...
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Director or officer change; Shareholder vote results; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K