Adamas Trust, Inc.(ADAM)Earnings, Financials & Key Ratios
ADAM•NASDAQ•REIT / Real Estate
$8.83
$799M mkt cap·8.0× P/E·Price updated May 6, 2026
AboutAdamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets in the United States. The company's targeted residential loans, including business purpose loans; agency RMBS; non-agency residential mortgage-backed securities (RMBS); structured multi-family property investments, such as preferred equity in, and mezzanine loans to owners of multi-family properties; and other mortgage-, residential housing- and credit-related assets and strategic investments; and commercial mortgage-backed securities (CMBS). It also owns and manages single-family rental properties. The company qualifies as a real estate investment trust for federal income tax purposes. 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.Show more
- Revenue$806M+44.1%
- FFO$189M+9594.6%
- FFO/Share2.06+9522.3%
- FFO Payout64.62%+101.7%
- FFO per Share2.06+9522.3%
- NOI Margin43.81%+2.8%
- FFO Margin23.43%+6687.6%
- ROE10.49%+357.0%
- ROA1.36%+282.7%
- Debt/Assets87.06%+125.7%
- Net Debt/EBITDA60.80
- Book Value/Share15.63+0.6%
ADAM Key Insights
Adamas Trust, Inc. (ADAM) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FFO growing 4489.6% TTM
- ✓Sustainable FFO payout ratio of 64.6%
- ✓Trading at only 0.6x book value
✗Weaknesses
- ✗High debt to equity ratio of 7.7x
- ✗Weak 3Y average ROE of 1.2%
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ADAM Price & Volume
Adamas Trust, Inc. (ADAM) stock price & volume — 10-year historical chart
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ADAM Growth Metrics
Adamas Trust, Inc. (ADAM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years40.34%
3 Years80.01%
TTM46.08%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM340.28%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM196.61%
Return on Capital
10 Years-0.36%
5 Years-0.19%
3 Years0.35%
Last Year3.3%
ADAM Recent Earnings
Adamas Trust, Inc. (ADAM) EPS & revenue vs analyst estimates — last 3 quarters
●Beat EPS 2/3 qtrs (67%)●Beat Revenue 0/3 qtrs (0%)
Q2 2026Latest
Apr 29, 2026EPS
$0.29
Est $0.24
+20.8%
Revenue
—
Est $65M
Q1 2026
Feb 18, 2026EPS
$0.23
Est $0.24
-4.2%
Revenue
$14M
Est $65M
-78.5%
Q3 2025
Jul 30, 2025EPS
$0.22
Est $0.20
+10.0%
Revenue
$18M
Est $47M
-62.4%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $0.29vs $0.24+20.8% | —vs $65M |
| Q1 2026 | Feb 18, 2026 | $0.23vs $0.24-4.2% | $14Mvs $65M-78.5% |
| Q3 2025 | Jul 30, 2025 | $0.22vs $0.20+10.0% | $18Mvs $47M-62.4% |
Based on last 3 quarters of dataView full earnings history →
ADAM Peer Comparison
Adamas Trust, Inc. (ADAM) competitors in Residential credit and whole-loan REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SACH | 51.32M | 1.07 | 27.30 | -18.16% | 16.66% | 3.56% | 1.59 | |
 LOAN | 48.61M | 4.25 | 8.67 | 32.68% | 69.99% | 12.22% | 0.52 | |
 GPMT | 70.87M | 1.49 | -1.28 | 187.77% | -30.49% | -7.1% | 2.12 | |
 TPVG | 225.54M | 5.57 | 4.57 | 36.55% | 13.09% | 1.33 | ||
 RC | 330.14M | 2.04 | -0.78 | -92.98% | -16.58% | 3.12 | ||
 KREF | 422.45M | 6.57 | -6.26 | -22.72% | -23.56% | -8.4% | 3.83 | |
 TRTX | 664.08M | 8.59 | 15.07 | 123.25% | 23.2% | 5.7% | 3.08 | |
 PFSI | 4.54B | 86.94 | 9.35 | 173.81% | 12.02% | 5.35 |
Compare ADAM vs Peers
Adamas Trust, Inc. (ADAM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ADAM Income Statement
Adamas Trust, Inc. (ADAM) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Revenue | 147.98M | 380.19M | 138.11M | 500.8M | 558.92M | 805.53M |
| Revenue Growth % | - | 156.93% | -63.67% | 262.61% | 11.6% | 44.12% |
| Property Operating Expenses | 12.34M | 79.28M | 129.42M | 192.13M | 320.63M | 452.65M |
| Net Operating Income (NOI) | 135.64M▲ 0% | 300.91M▲ 121.8% | 8.69M▼ 97.1% | 308.67M▲ 3451.6% | 238.28M▼ 22.8% | 352.88M▲ 48.1% |
| NOI Margin % | 91.66% | 79.15% | 6.29% | 61.63% | 42.63% | 43.81% |
| Operating Expenses | 0 | 109.97M | 348.8M | 386.39M | 331.2M | 215.08M |
| G&A Expenses | 0 | 45.44M | 47.67M | 44.82M | 42.78M | 66.29M |
| EBITDA | -66.75M | 242.32M | -187.15M | -25.6M | -32.88M | 177.51M |
| EBITDA Margin % | -45.11% | 63.74% | -135.51% | -5.11% | -5.88% | 22.04% |
| Depreciation & Amortization | 0 | 51.39M | 152.96M | 52.12M | 60.04M | 39.7M |
| D&A / Revenue % | 0% | 13.52% | 110.75% | 10.41% | 10.74% | 4.93% |
| Operating Income | -66.75M▲ 0% | 190.93M▲ 386.1% | -340.11M▼ 278.1% | -77.72M▲ 77.1% | -92.92M▼ 19.5% | 137.8M▲ 248.3% |
| Operating Margin % | -45.11% | 50.22% | -246.26% | -15.52% | -16.62% | 17.11% |
| Interest Expense | 0 | 79.28M | 129.42M | 192.13M | 317.43M | 452.65M |
| Interest Coverage | - | 2.41x | -2.63x | -0.40x | -0.29x | 0.30x |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -287.26M▲ 0% | 190.93M▲ 166.5% | -340.11M▼ 278.1% | -77.72M▲ 77.1% | -92.92M▼ 19.5% | 137.8M▲ 248.3% |
| Pretax Margin % | -194.13% | 50.22% | -246.26% | -15.52% | -16.62% | 17.11% |
| Income Tax | 981K | 2.46M | 542K | 75K | 1.04M | 145K |
| Effective Tax Rate % | -0.34% | 1.29% | -0.16% | -0.1% | -1.11% | 0.11% |
| Net Income | -288.51M▲ 0% | 193.2M▲ 167.0% | -298.61M▼ 254.6% | -48.66M▲ 83.7% | -62.03M▼ 27.5% | 149.05M▲ 340.3% |
| Net Margin % | -194.97% | 50.82% | -216.21% | -9.72% | -11.1% | 18.5% |
| Net Income Growth % | - | 166.96% | -254.56% | 83.7% | -27.46% | 340.29% |
| Funds From Operations (FFO) | -288.51M▲ 0% | 244.59M▲ 184.8% | -145.64M▼ 159.5% | 3.46M▲ 102.4% | -1.99M▼ 157.5% | 188.75M▲ 9594.6% |
| FFO Margin % | -194.97% | 64.33% | -105.46% | 0.69% | -0.36% | 23.43% |
| FFO Growth % | - | - | -159.55% | 102.37% | -157.54% | 9594.57% |
| FFO per Share | -3.11 | 2.57 | -1.54 | 0.04 | -0.02 | 2.06 |
| FFO Payout Ratio % | -50.8% | 61.99% | -104.19% | 3727.96% | -3769.87% | 64.62% |
| EPS (Diluted) | -3.55▲ 0% | 1.52▲ 142.8% | -3.60▼ 336.8% | -0.99▲ 72.5% | -1.14▼ 15.2% | 1.10▲ 196.5% |
| EPS Growth % | - | 142.82% | -336.84% | 72.5% | -15.15% | 196.49% |
| EPS (Basic) | -3.55 | 1.52 | -3.60 | -0.99 | -1.14 | 1.12 |
| Diluted Shares Outstanding | 92.75M | 95.24M | 94.32M | 91.04M | 90.81M | 91.51M |
ADAM Balance Sheet
Adamas Trust, Inc. (ADAM) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Total Assets | 4.66B | 5.66B | 6.24B | 7.4B | 9.22B | 12.64B |
| Asset Growth % | - | 21.54% | 10.29% | 18.6% | 24.54% | 37.12% |
| Real Estate & Other Assets | -21.38M | -489.25M | -287.14M | -2.17B | -3.97B | 428.77M |
| PP&E (Net) | 10.1M | 9.01M | 7.83M | 6.58M | 5.46M | 0 |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | 210.33M |
| Cash & Equivalents | 304.49M | 289.6M | 244.72M | 187.11M | 167.42M | 210.33M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | -304.49M | -574.42M | -419.05M | -2.28B | -4.16B | 0 |
| Intangible Assets | 0 | 39.77M | 0 | 2.38M | 21M | 22.4M |
| Total Liabilities | 2.35B | 3.23B | 4.38B | 5.77B | 7.81B | 11.21B |
| Total Debt | 2.22B | 2.52B | 2.65B | 2.81B | 3.56B | 11B |
| Net Debt | 1.92B | 2.23B | 2.4B | 2.62B | 3.39B | 10.79B |
| Long-Term Debt | 1.8B | 2.51B | 2.64B | 2.8B | 3.55B | 4.25B |
| Short-Term Borrowings | 405.53M | 0 | 0 | 0 | 0 | 6.75B |
| Capital Lease Obligations | 10.6M | 9.58M | 8.38M | 7.1M | 5.93M | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 6.75B |
| Accounts Payable | 0 | 9.05M | 10.63M | 23.65M | 41.02M | 0 |
| Deferred Revenue | 0 | 13.02M | 7.13M | 5.47M | 5.82M | 0 |
| Other Liabilities | -1.81B | -2.54B | -2.66B | -2.81B | -3.57B | 205.62M |
| Total Equity | 2.31B▲ 0% | 2.43B▲ 5.4% | 1.86B▼ 23.3% | 1.63B▼ 12.7% | 1.41B▼ 13.3% | 1.43B▲ 1.4% |
| Equity Growth % | - | 5.38% | -23.34% | -12.66% | -13.33% | 1.37% |
| Shareholders Equity | 2.3B | 2.34B | 1.77B | 1.58B | 1.39B | 1.43B |
| Minority Interest | 6.37M | 90.75M | 96.89M | 48.51M | 16.41M | 3.52M |
| Common Stock | 3.78M | 3.79M | 912K | 907K | 906K | 903K |
| Additional Paid-in Capital | 2.34B | 2.36B | 2.28B | 2.3B | 2.29B | 2.29B |
| Retained Earnings | -551.27M | -559.34M | -1.05B | -1.25B | -1.43B | -1.41B |
| Preferred Stock | 504.76M | 538.22M | 538.35M | 535.45M | 535.45M | 540.47M |
| Return on Assets (ROA) | -6.2% | 3.75% | -5.02% | -0.71% | -0.75% | 1.36% |
| Return on Equity (ROE) | -12.5% | 8.15% | -13.9% | -2.79% | -4.08% | 10.49% |
| Debt / Assets | 47.69% | 44.55% | 42.43% | 37.9% | 38.57% | 87.06% |
| Debt / Equity | 0.96x | 1.04x | 1.42x | 1.72x | 2.52x | 7.69x |
| Net Debt / EBITDA | - | 9.21x | - | - | - | 60.80x |
| Book Value per Share | 24.88 | 25.53 | 19.76 | 17.88 | 15.54 | 15.63 |
ADAM Cash Flow Statement
Adamas Trust, Inc. (ADAM) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Cash from Operations | 111.08M | 138.91M | 91.78M | 29.95M | 14.07M | 134.04M |
| Operating CF Growth % | - | 25.05% | -33.93% | -67.37% | -53.02% | 852.6% |
| Operating CF / Revenue % | 75.07% | 36.54% | 66.46% | 5.98% | 2.52% | 16.64% |
| Net Income | -288.51M | 188.48M | -340.65M | -77.8M | -93.95M | 149.05M |
| Depreciation & Amortization | 0 | 51.39M | 152.96M | 52.12M | 60.04M | 23.13M |
| Stock-Based Compensation | 0 | 10.24M | 11.89M | 8.82M | 6.07M | 0 |
| Other Non-Cash Items | 390.34M | -107.49M | 282.36M | 63.55M | 56.95M | -50.37M |
| Working Capital Changes | 9.26M | -3.7M | -14.79M | -16.75M | -15.04M | 12.24M |
| Cash from Investing | 2.12B | -132.95M | -508.77M | -1.22B | -2.24B | -2.9B |
| Acquisitions (Net) | 0 | 27.91M | 6.9M | 102K | 0 | -16.73M |
| Purchase of Investments | -667.14M | -460.02M | -230.53M | -2.09B | -2.22B | -4.36B |
| Sale of Investments | 2.86B | 777.91M | 201.1M | 228.1M | 434.45M | 1.69B |
| Other Investing | -70.92M | -478.75M | -486.24M | 646.1M | -453.03M | -192.17M |
| Cash from Financing | -2.05B | 27.41M | 460.07M | 1.14B | 2.23B | 2.78B |
| Dividends Paid | -146.56M | -194.85M | -193.16M | -170.69M | -116.7M | -121.97M |
| Common Dividends | -146.56M | -151.62M | -151.75M | -128.8M | -74.94M | 0 |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | -44.4M | -8.62M | -3.49M | -1.5M |
| Other Financing | 0 | 146.77M | 166.2M | 1.72B | 1.52B | -775.98M |
| Net Change in Cash | 182.88M▲ 0% | 33.37M▼ 81.8% | 43.08M▲ 29.1% | -50.3M▼ 216.8% | -1.62M▲ 96.8% | 13.35M▲ 925.3% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 121.61M | 304.49M | 337.86M | 380.94M | 330.64M | 329.02M |
| Cash at End | 304.49M | 337.86M | 380.94M | 330.64M | 329.02M | 342.38M |
| Free Cash Flow | 110.88M▲ 0% | 138.91M▲ 25.3% | 91.78M▼ 33.9% | 29.95M▼ 67.4% | 4.6M▼ 84.6% | 125.89M▲ 2636.1% |
| FCF Growth % | - | 25.29% | -33.93% | -67.37% | -84.64% | 2636.06% |
| FCF / Revenue % | 74.93% | 36.54% | 66.46% | 5.98% | 0.82% | 15.63% |
ADAM Key Ratios
Adamas Trust, Inc. (ADAM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FFO per Share | -3.11 | 2.57 | -1.54 | 0.04 | -0.02 | 2.06 |
| FFO Payout Ratio | -50.8% | 61.99% | -104.19% | 3727.96% | -3769.87% | 64.62% |
| NOI Margin | 91.66% | 79.15% | 6.29% | 61.63% | 42.63% | 43.81% |
| Net Debt / EBITDA | - | 9.21x | - | - | - | 60.80x |
| Debt / Assets | 47.69% | 44.55% | 42.43% | 37.9% | 38.57% | 87.06% |
| Interest Coverage | - | 2.41x | -2.63x | -0.40x | -0.29x | 0.30x |
| Book Value / Share | 24.88 | 25.53 | 19.76 | 17.88 | 15.54 | 15.63 |
| Revenue Growth | - | 156.93% | -63.67% | 262.61% | 11.6% | 44.12% |
ADAM Frequently Asked Questions
Adamas Trust, Inc. (ADAM) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Adamas Trust, Inc. (ADAM) reported $806.2M in revenue for fiscal year 2025. This represents a 445% increase from $148.0M in 2020.
Adamas Trust, Inc. (ADAM) grew revenue by 44.1% over the past year. This is strong growth.
Yes, Adamas Trust, Inc. (ADAM) is profitable, generating $149.0M in net income for fiscal year 2025 (18.5% net margin).
Dividend & Returns
Yes, Adamas Trust, Inc. (ADAM) pays a dividend with a yield of 15.09%. This makes it attractive for income-focused investors.
Adamas Trust, Inc. (ADAM) has a return on equity (ROE) of 10.5%. This is reasonable for most industries.
Industry Metrics
Adamas Trust, Inc. (ADAM) generated Funds From Operations (FFO) of $188.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Adamas Trust, Inc. (ADAM) offers a 15.09% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
Explore More ADAM
Adamas Trust, Inc. (ADAM) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
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Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates