Adamas Trust 3Q 2026: Revenue $194.5M, Net loss $171M, EPS $(1.89) — 10-Q Summary
Adamas Trust reported 3Q 2026 revenue of $194.5M, down 0.9% YoY, and a net loss of $171M, compared to a profit of $32.7M a year earlier. Diluted EPS was $(1.89). The company acquired $1.2B in Agency investments and $394.5M in residential loans, and scaled its Constructive platform. Management expects market volatility and plans disciplined growth.
How this was made

The 30-second read
Why it matters
The disclosed loss and modest revenue decline suggest short‑term headwinds, but the strategic asset acquisitions may offer longer‑term upside.
Market read
The earnings release provides new data for traders tracking mortgage REITs and rate‑sensitive credit assets.
What to watch
Management's plan to scale the Constructive platform may improve future cash flow.
Background
Adamas Trust is a mortgage REIT that reported its Q3 2026 results via a 10‑Q filing.
Ticker impact
Adamas Trust disclosed Q3 2026 revenue of $194.5M and a net loss of $171M in its 10‑Q filing.
likely downward pressure as the market prices in the sizable net loss
Quarterly loss of $171M is material for a micro‑cap REIT, but the asset acquisitions provide a potential upside catalyst.
Market effects
Highlights stress in the agency mortgage REIT sector amid rising rates.
Primarily affects U.S. mortgage‑backed securities market.
Limited to investors in U.S. mortgage REITs.
Counterpoint
The new agency asset purchases could position Adamas for a rebound if rates stabilize.
Key entities
- companyAdamas Trust
Mortgage REIT reporting Q3 2026 results.