---
schema_version: "secwatch.filing_event.v1"
accession: "0001273685-26-000027"
form_type: "8-K"
ticker: "ADAM"
cik: "0001273685"
company_name: "ADAMAS TRUST, INC."
filed_at: "2026-02-18T23:59:59+00:00"
generated_at: "2026-05-16T01:57:55.840507+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Adamas Trust Q4 net income $41.6M ($0.46 EPS); FY net income $101.1M; EAD per share $0.23

## Summary
- FY 2025 net income $101.1M ($1.12 EPS); Q4 net income $41.6M ($0.46 EPS).
- Earnings available for distribution (EAD) per share $0.23 (Q4) and $0.89 (FY).
- Portfolio expanded by $3.1B; quarterly EAD up 44% YoY; dividend raised 15%.
- Book value per share $9.60; adjusted book value $10.63; economic return on BV 12.72% for FY.
- Completed strategic acquisition of Constructive; CEO cites stronger recurring income and liquidity.

## SEC filing metadata
- accession: 0001273685-26-000027
- form_type: 8-K
- ticker: ADAM
- cik: 0001273685
- company_name: ADAMAS TRUST, INC.
- filed_at: 2026-02-18T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1273685/000127368526000027/0001273685-26-000027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1273685/000127368526000027/nymt-20260218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001273685-26-000027
- JSON: https://secwatch.observer/filing/0001273685-26-000027.json
- Plain text: https://secwatch.observer/filing/0001273685-26-000027.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.