8-K: Adamas Trust Declares Q3 2025 Common & Preferred Dividends

Adamas Trust, Inc. announced its Board of Directors declared a regular quarterly cash dividend of $0.23 per share on common stock and cash dividends on its Series D, E, F, and G preferred stocks.

Summary

• The Board of Directors declared a regular quarterly cash dividend of $0.23 per share on common stock for the quarter ending September 30, 2025.
• The common stock dividend will be payable on October 30, 2025, to common stockholders of record as of the close of business on September 25, 2025.
• Cash dividends were also declared on the 8.000% Series D, 7.875% Series E, 6.875% Series F, and 7.000% Series G Cumulative Redeemable Preferred Stocks.
• These preferred stock dividends cover the dividend period that began on July 15, 2025, and ends on October 14, 2025.
• The cash dividend per share for Series D Preferred Stock is $0.50, for Series E is $0.7032991, for Series F is $0.4296875, and for Series G is $0.4375.
• The record date for all preferred stock dividends is October 1, 2025, with payment on October 15, 2025.

Sentiment

Score: 7

Explanation: The declaration of regular quarterly dividends for both common and preferred stock is a positive, albeit routine, announcement for a REIT, indicating stable operations and commitment to shareholder returns. It does not contain any unexpected negative or significantly transformative positive news.

Positives

• Declaration of a regular quarterly cash dividend on common stock ($0.23 per share) demonstrates consistent shareholder returns.
• Declaration of regular cash dividends on all four series of preferred stock (Series D, E, F, G) reinforces commitment to preferred shareholders.
• As an internally-managed REIT, Adamas Trust aims to generate durable earnings and long-term value for stockholders.

Risks

• Changes in the company's business and investment strategy.
• Inflation and changes in interest rates and the fair market value of the company's assets, including negative changes resulting in margin calls relating to the financing of assets.
• Changes in credit spreads.
• Changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae.
• General volatility of the markets in which the company invests.
• Changes in prepayment rates on the loans the company owns or that underlie its investment securities.
• Increased rates of default, delinquency or vacancy and/or decreased recovery rates on or at the company's assets.
• The company's ability to identify and acquire targeted assets, including assets in its investment pipeline.
• The company's ability to dispose of assets from time to time on terms favorable to it.
• Changes in relationships with the company's financing counterparties and its ability to borrow to finance its assets and the terms thereof.
• Changes in the company's relationships with and/or the performance of its operating partners.
• The company's ability to predict and control costs.
• Changes in laws, regulations or policies affecting the company's business.
• The company's ability to make distributions to its stockholders in the future.
• The company's ability to maintain its qualification as a REIT for U.S. federal income tax purposes.
• The company's ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended.
• Impairments and declines in the value of the collateral underlying the company's investments.
• Changes in the benefits the company anticipates from the acquisition of Constructive Loans, LLC.
• The company's ability to effectively integrate Constructive Loans, LLC into the company and the risks associated with the ongoing operation thereof.
• The company's ability to manage or hedge credit risk, interest rate risk, and other financial and operational risks.
• The company's exposure to liquidity risk, risks associated with the use of leverage, and market risks.
• Risks associated with investing in real estate assets and/or operating companies, including changes in business conditions and the general economy, the availability of investment opportunities and conditions in markets for residential loans, mortgage-backed securities, structured multi-family investments and other assets that the company owns or in which it invests.

Future Outlook

The company, as an internally-managed REIT, is focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders. The payment of future dividends is subject to various risks and uncertainties as detailed in the forward-looking statements.

Management Comments

• The Board of Directors declared a regular quarterly cash dividend of $0.23 per share on shares of its common stock for the quarter ending September 30, 2025.
• The Board declared cash dividends on the Company's 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.000% Series G Cumulative Redeemable Preferred Stock.

Industry Context

As a real estate investment trust (REIT), Adamas Trust is legally required to distribute at least 90% of its taxable income to shareholders annually in the form of dividends. The declaration of regular quarterly dividends is a standard and expected practice for REITs, reflecting their business model of generating income from real estate assets and passing it through to investors. This announcement aligns with typical REIT operational behavior.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results to assess the dividend rates against global benchmarks. Therefore, a direct comparison is not possible based solely on this document.

Stakeholder Impact

• Shareholders (Common and Preferred): Will receive regular cash dividends, providing income and reinforcing confidence in the company's financial stability.

Next Steps

• Payment of common stock dividend on October 30, 2025.
• Payment of preferred stock dividends on October 15, 2025.

Key Dates

Recommendation

The filing announces a routine quarterly dividend declaration, which is expected for a REIT. While positive for income-focused investors, it does not present new information that would significantly alter the investment thesis for a seasoned investor beyond maintaining current positions. The dividend rates are consistent with previous declarations, suggesting stability rather than a catalyst for significant price movement.

Keywords

REIT, dividend, common stock, preferred stock, Adamas Trust, real estate investment, financial reporting, NASDAQ, income investing, fixed-to-floating rate