At a glance
Adamas Trust Inc is worth $702.6M, about 7 times its fiscal 2025 earnings. It pays a 13.24% dividend yield, and returned $640.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +28.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Adamas Trust, called New York Mortgage Trust until September 3, 2025, is a real estate investment trust (REIT): a company that avoids most corporate income tax by paying out most of its taxable income as dividends. Most REITs own buildings. Adamas mainly owns mortgage-related assets, such as home loans and mortgage-backed securities (bonds backed by pools of mortgages). Its own staff run it, rather than an outside manager.
Much of its profit comes from the gap between what its assets earn in interest and what it pays to borrow. Borrowed money makes that gap larger. It holds Agency RMBS, which are home-loan bonds guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. It also holds credit assets, where it bears the risk that borrowers fail to repay. Since 2022 it has shrunk its apartment-property investments and moved money toward single-family assets.
Adamas reports two segments. The investment portfolio produces the bulk of revenue and income. Constructive, fully owned since July 15, 2025, lends to residential property investors in 48 states. Its business purpose loans finance homes that investors renovate and resell or rent out. It earns revenue by making these loans and selling them, though Adamas keeps some. In its annual report filed February 20, 2026, the company said it was favoring Agency RMBS and higher-quality business purpose loans to better withstand economic stress.
Price history
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ADAM +28.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was —, and net income was $-159.1M (-455.1%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 10.4% watch |
|---|---|
| Return on assets (FY2025) | 1.2% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $-288.5M | $110.5M |
| FY2021 | — | $193.2M | $92.9M |
| FY2022 | — | $-298.6M | $-117.6M |
| FY2023 | — | $-48.7M | $-20.5M |
| FY2024 | — | $-62.0M | $-10.6M |
| FY2025 | — | $149.0M | $125.9M |
Valuation snapshot
| Market value | $702.6M |
|---|---|
| P/E ratio | 7.1 |
| Dividend yield | 13.24% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADAM price data to Oct 28, 2026 | +17.1% | +28.8% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (16 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.3% | Jun 30, 2025 |
What could go wrong
- Constructive deal adds lending risks. Since taking full ownership of Constructive in July 2025, Adamas makes loans directly. That adds regulation, lawsuit and integration risk, and the deal may not deliver the hoped-for returns.
- Loan defaults and junior bond losses. Adamas owns home loans, loans to property investors and subordinated mortgage-bond slices, which absorb losses before senior holders. Defaults, falling home prices or slow, costly foreclosures can cause losses.
- Heavy borrowing magnifies losses. As of June 30, 2026, total debt was about $8.8 billion against roughly $1.5 billion of shareholder equity. With that much borrowing, small declines in asset values can erase a large share of equity.
- Lenders can demand more collateral fast. Adamas finances part of its holdings with repurchase agreements, short-term loans secured by its securities. If those securities fall in value, lenders can require more collateral, draining cash or forcing sales at poor prices.
- Rate swings can squeeze its profit spread. Its borrowing costs can change faster than the income its assets earn. When rates move sharply, the gap between them, a main profit source, can narrow or turn negative, and bond values can fall.
- Reported profits swing with asset prices. Most investments are carried at market value, so price moves flow straight into reported profit. Adamas posted net losses in 2020, 2022, 2023 and 2024, including $298.6 million in 2022.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Adamas pays a high dividend but has no streak of increases. Adjusted for a 1-for-4 reverse stock split in 2023, dividends per share fell from about $1.61 in 2022 to $1.41 in 2023 and $0.83 in 2024. They stayed there in 2025. That is an average decline of 6.2% a year from 2020. Dividends paid equaled 50.7% of 2025 net income and 60% of free cash flow (cash left after running the business). But the company posted net losses in 2020, 2022, 2023 and 2024. The dividend yield was 13.24% as of October 28, 2026. Buybacks were modest: $58 million over 2021–2025, against $583 million in dividends.
Price history covers only about a year, so it cannot show how the shares held up in the 2008, 2020 or 2022 downturns. In the year to October 28, 2026, the share price rose 28.8%, with a worst drop of 25.5%. A single stock carries more risk than a diversified fund.
Questions investors ask
Is Adamas Trust the same company as New York Mortgage Trust?
Yes. New York Mortgage Trust, Inc. changed its name to Adamas Trust, Inc. on September 3, 2025. It is the same internally managed REIT, meaning its own staff run it. It invests in home loans, mortgage-backed securities and related assets. It also fully owns Constructive, a lender to residential real estate investors. The stock trades on Nasdaq under the symbol ADAM. Per-share figures here are adjusted for a 1-for-4 reverse stock split in 2023, which combined every four shares into one.
How does Adamas Trust make money?
Mostly by earning more interest on its mortgage assets than it pays on the money it borrows to hold them. Its investment portfolio produces the bulk of its revenue and income. That portfolio includes Agency RMBS (home-loan bonds guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae), residential loans and other credit-sensitive assets. Its second segment, Constructive, makes business purpose loans to residential real estate investors in 48 states. These loans fund renovation projects and rental homes. Constructive earns revenue by selling the loans, though Adamas keeps some.
Has Adamas Trust cut its dividend?
Yes. Adjusted for the 2023 reverse split, dividends per share were about $1.61 in 2022, $1.41 in 2023 and about $0.83 in 2024. The 2025 total was essentially unchanged at about $0.83. Regular dividends shrank by an average of 6.2% a year from 2020 to 2025. The dividend yield was 13.24% as of October 28, 2026. Because they come from a REIT, these dividends generally don't qualify for the lower tax rates on dividends from regular corporations.
How much debt does Adamas Trust have?
A lot, because borrowing is central to how it earns money. As of June 30, 2026, Adamas reported total debt of $8.77 billion, total assets of $12.96 billion and shareholder equity of $1.47 billion, with $212 million in cash and investments. Part of its borrowing uses repurchase agreements, which are short-term loans secured by its securities. Lenders can demand more collateral if those securities fall in price. Borrowing makes both gains and losses larger.
What is Adamas Trust's P/E ratio?
It was 7.1 as of October 28, 2026, based on 2025 diluted earnings of $1.10 per share. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. The company's stock market value was about $699 million. A low P/E can look inexpensive, but Adamas's profits swing with the value of its holdings: it posted net losses in 2020, 2022, 2023 and 2024. Net income for the quarter ended June 30, 2026 was $55.2 million, up 545.7% from a year earlier.