Adamas Trust Inc (NASDAQ: ADAM) is an internally-managed real estate investment trust that invests in mortgage-related single-family and multi-family residential assets. Revenue comes from net interest income on a leveraged portfolio of Agency RMBS, residential loans, non-Agency RMBS, and rental income from single-family and multi-family properties, supplemented by gains on asset sales. Through its wholly-owned subsidiary Constructive, the company also originates business purpose loans for residential real estate investors, including short-term bridge loans with terms of 12 to 24 months collateralized by residential properties. The company changed its name from New York Mortgage Trust, Inc. to Adamas Trust, Inc. on September 3, 2025. As of December 31, 2025, the company carried a recourse leverage ratio of approximately 5.0 to 1, with maximum target total debt leverage not to exceed 6 to 1. The portfolio includes preferred equity interests of approximately $144.1 million and an approximately 27% common equity interest in an entity owning nine multi-family properties across six states, as of December 31, 2025.

Revenue model

Net interest income from leveraged positions in Agency RMBS, non-Agency RMBS, and residential loans; rental income from single-family and multi-family properties; fee and interest income from business purpose loan origination through Constructive; and realized capital gains from asset sales.

Products and services

Agency fixed-rate RMBS and Agency ARMs (guaranteed by Fannie Mae or Freddie Mac); Agency IOs; non-Agency RMBS (senior, mezzanine, and subordinated tranches); business purpose bridge loans (12 to 24 month terms); business purpose rental loans for non-owner occupied residential properties; single-family rental homes; multi-family property investments; structured multi-family mezzanine and preferred equity investments; consolidated securitization trusts including Freddie Mac-sponsored Consolidated SLST.

Customers and end markets

Residential real estate investors (business purpose loan borrowers via Constructive); families eligible for the U.S. Department of Housing and Urban Development Housing Choice Vouchers program (single-family rental tenants in Chicago IL, Baltimore MD, and Houston TX); capital markets counterparties for RMBS and securitization products.

Value-chain role

Portfolio investor and loan originator; acts as primary beneficiary and consolidator of VIEs owning real estate and securitization trusts; co-manager of multi-family property entities; direct lender through Constructive subsidiary.

Geographic exposure

United States; single-family rental operations specifically in Chicago IL, Baltimore MD, and Houston TX; multi-family property investments in six states as of December 31, 2025.

Source: SEC 10-K, filed 2026-02-20

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