Adamas Trust came into this Q3 2026 earnings release already under pressure, with the share price down over the past quarter and then dropping a further 8.9% to US$6.54 on the latest trading day. The stock traded as if the story had broken, yet the headline was different. Earnings available for distribution, the real lifeblood for a mortgage REIT, covered the quarterly dividend at US$0.30 per share, even as adjusted book value per share slid and a US$171 million loss was reported under generally accepted accounting principles. That gap between income stability and bruised book value is what the market is now trying to price.

Love that Adamas Trust still covered its dividend but worried about the hit to book value…