Real Estate · REIT - Mortgage
Price
$9.51
Market Cap
$854.6M
Employees
70
Beta
1.25
Avg Volume
784,265
CEO
Jason T. Serrano
Business Description
Adamas Trust, Inc. is a U.S.-based entity primarily focused on the acquisition, investment, financing, and management of assets connected to single-family and multi-family residential mortgages. Its diverse portfolio includes targeted residential loans (which cover business purpose loans), agency and non-agency residential mortgage-backed securities (RMBS), structured multi-family property investments like preferred equity and mezzanine loans to property owners, and other assets related to mortgages, housing, and credit, along with strategic investments and commercial mortgage-backed securities (CMBS). Furthermore, the company extends its operations to owning and managing single-family rental properties. Qualifying as a Real Estate Investment Trust (REIT) for federal income tax purposes, Adamas Trust avoids federal corporate income taxes, provided it distributes a minimum of 90% of its taxable earnings to its stockholders. Established in 2003, the company's headquarters are located in New York, New York. It was formerly known as New York Mortgage Trust, Inc. until it officially changed its name to Adamas Trust, Inc. in September 2025.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
8.49
Stock Price: $9.51
EPS (Diluted): 1.12
EPS (Diluted): 1.12
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.46
Stock Price: $9.51
Total Equity: $1.43B
Shares: 91,510,000
Total Equity: $1.43B
Shares: 91,510,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
64.52
Market Cap: $854.58M
Total Debt: $11.00B
Cash: $210.33M
EBITDA: $177.51M
Total Debt: $11.00B
Cash: $210.33M
EBITDA: $177.51M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$11.5B
Market Cap: $854.58M
Total Debt: $11.00B
Cash: $210.33M
Total Debt: $11.00B
Cash: $210.33M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
43.8%
Gross Profit: $352.88M
Revenue: $805.53M
Revenue: $805.53M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
17.1%
Operating Income: $137.80M
Revenue: $805.53M
Revenue: $805.53M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
18.5%
Net Income: $149.05M
Revenue: $805.53M
Revenue: $805.53M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
10.4%
Net Income: $149.05M
Total Equity: $1.43B
Total Equity: $1.43B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
1.1%
Operating Income: $137.80M
Tax Rate: 0.1%
Equity: $1.43B
Total Debt: $11.00B
Cash: $210.33M
Tax Rate: 0.1%
Equity: $1.43B
Total Debt: $11.00B
Cash: $210.33M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.03
Current Assets: $210.33M
Current Liabilities: $6.75B
Current Liabilities: $6.75B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
7.71
Short-Term Debt: $6.75B
Long-Term Debt: $4.25B
Total Debt: $11.00B
Total Equity: $1.43B
Long-Term Debt: $4.25B
Total Debt: $11.00B
Total Equity: $1.43B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$8.80
Revenue: $805.53M
Shares: 91,510,000
Shares: 91,510,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$15.59
Total Equity: $1.43B
Shares: 91,510,000
Shares: 91,510,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.38
Operating CF: $134.04M
CapEx: -$8.15M
Shares: 91,510,000
CapEx: -$8.15M
Shares: 91,510,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
18.5%
Last Dividend: N/A
Stock Price: $9.51
Stock Price: $9.51
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $149.05M
Net Income: $149.05M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ADAM against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $380.2M | $138.1M | $500.8M | $558.9M | $805.5M |
| Cost of Revenue | $79.3M | $129.4M | $192.1M | $320.6M | $452.6M |
| Gross Profit | $300.9M | $8.7M | $308.7M | $238.3M | $352.9M |
| Operating Expenses | $110.0M | $348.8M | $386.4M | $331.2M | $215.1M |
| Operating Income | $190.9M | -$340.1M | -$77.7M | -$92.9M | $137.8M |
| Net Income | $193.2M | -$298.6M | -$48.7M | -$62.0M | $149.0M |
| EBITDA | $242.3M | -$187.1M | -$25.6M | -$32.9M | $177.5M |
| EPS | $1.52 | $-3.60 | $-0.99 | $-1.14 | $1.12 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $289.6M | $244.7M | $187.1M | $167.4M | $210.3M |
| Total Current Assets | $0 | $0 | $0 | $0 | $210.3M |
| Total Assets | $5.7B | $6.2B | $7.4B | $9.2B | $12.6B |
| Current Liabilities | $0 | $0 | $0 | $0 | $6.8B |
| Long-Term Debt | $2.5B | $2.6B | $2.8B | $3.5B | $4.2B |
| Total Liabilities | $3.2B | $4.4B | $5.8B | $7.8B | $11.2B |
| Total Equity | $2.3B | $1.8B | $1.6B | $1.4B | $1.4B |
| Retained Earnings | -$559.3M | -$1.1B | -$1.3B | -$1.4B | -$1.4B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $138.9M | $91.8M | $30.0M | $14.1M | $134.0M |
| Capital Expenditure | $0 | $0 | $0 | -$9.5M | -$8.2M |
| Free Cash Flow | $138.9M | $91.8M | $30.0M | $4.6M | $125.9M |
| Acquisitions (net) | $27.9M | $6.9M | $102,000 | $0 | -$16.7M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$44.4M | -$8.6M | -$3.5M | -$1.5M |
| Net Change in Cash | $33.4M | $43.1M | -$50.3M | -$1.6M | $13.4M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 8:42pm (12h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$219.7M $214.4M – $230.5M
|
$268.7M $262.1M – $281.9M
|
$273.9M $267.2M – $287.3M
|
$262.8M $256.4M – $275.7M
|
| EBITDA |
-$11.1M -$11.6M – -$10.8M
|
-$13.6M -$14.2M – -$13.2M
|
-$13.8M -$14.5M – -$13.5M
|
-$13.3M -$13.9M – -$12.9M
|
| Net Income |
$85.8M $81.8M – $89.9M
|
$107.2M $102.2M – $112.3M
|
$102.0M $97.2M – $106.8M
|
$201.7M $196.1M – $215.4M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -63.7% | +262.6% | +11.6% | +44.1% |
| Gross Profit Growth | -97.1% | +3,451.6% | -22.8% | +48.1% |
| Operating Income Growth | -278.1% | +77.1% | -19.5% | +248.3% |
| Net Income Growth | -254.6% | +83.7% | -27.5% | +340.3% |
| EBITDA Growth | -177.2% | +86.3% | -28.4% | +639.9% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-23 | $0.27 | 2026-06-11 | 2026-06-23 | 2026-07-28 |
| 2026-03-30 | $0.23 | 2026-03-19 | 2026-03-30 | 2026-04-28 |
| 2025-12-22 | $0.23 | 2025-12-11 | 2025-12-22 | 2026-01-28 |
| 2025-09-25 | $0.23 | 2025-09-15 | 2025-09-25 | 2025-10-30 |
| 2025-06-23 | $0.20 | 2025-06-12 | 2025-06-23 | 2025-07-30 |
| 2025-03-31 | $0.20 | 2025-03-20 | 2025-03-31 | 2025-04-28 |
| 2024-12-20 | $0.20 | 2024-12-20 | 2025-01-23 | |
| 2024-09-30 | $0.20 | 2024-09-30 | 2024-10-28 | |
| 2024-06-28 | $0.20 | 2024-06-28 | 2024-07-29 | |
| 2024-03-22 | $0.20 | 2024-03-25 | 2024-04-25 | |
| 2023-12-22 | $0.20 | 2023-12-26 | 2024-01-26 | |
| 2023-09-20 | $0.30 | 2023-09-21 | 2023-10-26 | |
| 2023-06-15 | $0.30 | 2023-06-16 | 2023-07-26 | |
| 2023-03-17 | $0.40 | 2023-03-20 | 2023-04-26 | |
| 2022-12-23 | $0.40 | 2022-12-27 | 2023-01-26 | |
| 2022-09-23 | $0.40 | 2022-09-26 | 2022-10-26 | |
| 2022-06-24 | $0.40 | 2022-06-27 | 2022-07-25 | |
| 2022-03-23 | $0.40 | 2022-03-24 | 2022-04-25 | |
| 2021-12-23 | $0.40 | 2021-12-27 | 2022-01-25 | |
| 2021-09-22 | $0.40 | 2021-09-23 | 2021-10-25 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ADAM — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30