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Adamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States. The company operates through two segments: Investment Portfolio and Constructive. The Investment Portfolio segment manages a diversified portfolio primarily consisting of mortgage-related single-family and multifamily residential investments, including agency residential mortgage-backed securities (RMBS), non-agency RMBS, residential loans, such as business purpose loans, performing, re-performing, non-performing, and seasoned performing, multifamily loans, preferred equity investments, joint venture equity investments, multifamily investments, mezzanine lending, cross-collateralized mezzanine lending, and single-family rental. The Constructive segment is a business purpose loan lender specializing in rental and transitional loans for real estate investors; and origination and sale of loans. The company provides structured multi-family property investments; other mortgage-, residential housing- and credit-related assets and strategic investments; and commercial mortgage-backed securities (CMBS). It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Adamas Trust, Inc. was formerly known as New York Mortgage Trust, Inc. and changed its name to Adamas Trust, Inc. in September 2025. Adamas Trust, Inc. was incorporated in 2003 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $353M | - | $149M | $134M | 16.8% | 47.7% | -340.3% |
| 2024 | $239M | - | $-62M | $5M | -7.2% | -21.6% | 27.5% |
| 2023 | $305M | - | $-49M | $30M | -4.7% | 3404.5% | -83.7% |
| 2022 | $9M | - | $-299M | $92M | -24.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8.69 | 304.58 | 238.90 | 352.88 |
| Operating Revenue | - | 8.69 | 304.58 | 238.90 | 352.88 |
| Selling General And Administration | - | 47.67 | 49.56 | 42.78 | 66.29 |
| Interest Income | - | 258.39 | 258.66 | 401.28 | 601.95 |
| Interest Expense | - | 129.42 | 192.13 | 317.42 | 452.65 |
| Net Interest Income | - | 128.97 | 66.53 | 83.86 | 149.30 |
| Other Non Operating Income Expenses | -26.67 | - | - | - | - |
| Pretax Income | - | -340.11 | -77.72 | -92.92 | 137.80 |
| Tax Provision | - | 0.54 | 0.08 | 1.04 | 0.14 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 3.55 | -22.20 | -6.68 | -0.01 |
| Net Income Continuous Operations | - | -340.65 | -77.80 | -93.95 | 137.66 |
| Net Income From Continuing And Discontinued Operation | - | -298.60 | -48.66 | -62.03 | 149.05 |
| Net Income From Continuing Operation Net Minority Interest | - | -298.60 | -48.66 | -62.03 | 149.05 |
| Net Income | - | -298.60 | -48.66 | -62.03 | 149.05 |
| Net Income Common Stockholders | - | -340.58 | -90.04 | -103.78 | 101.11 |
| Net Income Including Noncontrolling Interests | - | -340.65 | -77.80 | -93.95 | 137.66 |
| Normalized Income | - | -311.95 | 34.85 | -36.90 | 154.31 |
| Diluted NI Availto Com Stockholders | - | -340.58 | -90.04 | -103.78 | 101.11 |
| Basic Average Shares | - | 94.32 | 91.04 | 90.82 | 90.43 |
| Diluted Average Shares | - | 94.32 | 91.04 | 90.82 | 91.51 |
| Reconciled Depreciation | - | 152.96 | 52.12 | 60.04 | 39.70 |
| Total Unusual Items | - | 16.90 | -105.71 | -31.81 | -5.27 |
| Total Unusual Items Excluding Goodwill | - | 16.90 | -105.71 | -31.81 | -5.27 |
| Preferred Stock Dividends | - | 41.97 | 41.84 | 41.76 | 47.94 |
| Minority Interests | - | 42.04 | 29.13 | 31.92 | 11.39 |
| Special Income Charges | - | -0.24 | -105.71 | -59.64 | -10.65 |
| Gain On Sale Of Business | - | 0 | -16.16 | -8.52 | 0 |
| Other Special Charges | - | - | - | -0.62 | - |
| Write Off | - | 2.45 | 89.55 | 48.88 | 9.77 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Gain On Sale Of Security | - | -274.51 | 61.54 | 29.25 | 86.93 |
| Depreciation Amortization Depletion Income Statement | - | 126.82 | 24.62 | 39.82 | 23.12 |
| Depreciation And Amortization In Income Statement | - | 126.82 | 24.62 | 39.82 | 23.12 |
| General And Administrative Expense | - | 47.67 | 49.56 | 42.78 | 66.29 |
| Other Gand A | - | 7.98 | 49.56 | 7.98 | 13.41 |
| Salaries And Wages | - | 39.69 | 36.61 | 34.80 | 52.88 |
| Otherunder Preferred Stock Dividend | 6.16 | - | -0.47 | - | - |
| Average Dilution Earnings | 0 | - | - | - | - |
| Amortization | 13.59 | - | - | - | - |
| Amortization Of Intangibles Income Statement | 13.59 | - | - | - | - |
| Depreciation Income Statement | 5.66 | - | - | - | - |
| Professional Expense And Contract Services Expense | - | 4.77 | 4.75 | 5.89 | 6.36 |
| Other Non Interest Expense | - | 169.30 | 202.41 | 178.68 | 107.81 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Adamas Trust, Inc.this co. | ADAM | $818M | 5.49↓ discount | 0.92 | 16.8% | - |
| MFA Financial, Inc. | MFA | $945M | 5.35 | 0.52 | 9.7% | - |
| JBG SMITH Properties | JBGS | $901M | -6.48 | 0.78 | -12.0% | 22.01 |
| PennyMac Mortgage Investment Trust | PMT | $889M | 10.34 | 0.47 | 4.6% | - |
| Postal Realty Trust, Inc. | PSTL | $795M |
| - |
| - |
| - |
| - |
| - |
| 56.15 |
| 2.79 |
| 5.0% |
| 20.12 |
| Peakstone Realty Trust | PKST | $781M | -2.54 | 1.05 | -41.3% | 22.93 |
| Sky Harbour Group Corporation | SKYH | $733M | 38.96 | 5.74 | 14.7% | 73.86 |
| Invesco Mortgage Capital Inc. | IVR | $731M | 7.21 | 1.16 | 16.0% | - |
| BrightSpire Capital, Inc. | BRSP | $726M | -23.30 | 0.77 | -3.3% | -13935.72 |
| Peer Median | - | 6.28 | 0.91 | 4.8% | 22.01 | |