Adamas Trust
Holder of agency-guaranteed mortgage bonds and single-family credit through its own loan originator.
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Profile
Runs a hybrid mortgage-REIT balance sheet weighted toward agency-guaranteed residential mortgage bonds, with the remainder in single-family rental and bridge loans sourced partly through its own wholly-owned loan originator, an internally managed structure previously operating for two decades as New York Mortgage Trust.
Holds a balance sheet built around government-backed residential mortgage bonds, paired with credit exposure to single-family rental and bridge loans made to real-estate investors.
An internally managed structure with a compact operating team owns its loan-origination arm outright, sourcing part of what it holds in-house rather than relying only on outside originators.
Portfolio concentration sits mostly in agency-guaranteed securities, with the remainder spread across single-family credit and a small multi-family sleeve; earnings move with interest-rate spreads and repurchase-financing conditions.
Operated for two decades as New York Mortgage Trust before adopting its current name in 2025, with no change to its REIT structure or capital stack.
Company facts
Categories
Key statistics
Year to date +31.9% · Average volume (30d) 864.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| Aug 19, 2026 | UBS | Reiterate | Neutral | $9.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.24 | $0.47 | +96.8% | $65.9M | $12.0M | −81.8% | +3.35% |
| Apr 29, 2026Q1 FY26 | $0.12 | $0.40 | +238.1% | $63.9M | $12.6M | −80.2% | +15.87% |
| Feb 18, 2026Q4 FY25 | $0.24 | $0.23 | −4.2% | $65.4M | $14.1M | −78.5% | +3.11% |
| Jul 30, 2025Q2 FY25 | $0.20 | $0.22 | +10.0% | $47.3M | $17.8M | −62.4% | −6.08% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $187.2M | $156.8M | $226.5M | $235.6M | $266.8M | $227.7M | |
| Gross profit | $90.5M | $52.4M | $102.5M | $108.1M | $143.1M | $194.6M | |
| Operating income | $37.7M | $4.3M | $39.5M | $56.3M | $86.7M | $180.9M | |
| Net income | $42.2M | $8.5M | $44.8M | $53.5M | $48.6M | $55.2M | |
| Diluted EPS | $0.33 | $0.09 | $0.36 | $0.45 | $0.40 | $0.47 | |
| Gross margin | 48.4% | 33.4% | 45.2% | 45.9% | 53.6% | 85.5% | |
| Operating margin | 20.1% | 2.7% | 17.4% | 23.9% | 32.5% | 79.4% |
Fiscal years (4-quarter sums)FY18 $455.4M · FY19 $637.0M · FY20 $202.3M · FY24 $509.6M · FY25 $806.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $212.3M · Total debt $11.32B · Total assets $12.96B · Shareholders' equity $1.47B
Dividends
Last raised to $0.27 from $0.23 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 23, 2026 | Jun 23 | Jul 28 | $0.27 | raised from $0.23 |
| Mar 30, 2026 | Mar 30 | Apr 28 | $0.23 | |
| Dec 22, 2025 | Dec 22 | Jan 28 | $0.23 | |
| Sep 25, 2025 | Sep 25 | Oct 30 | $0.23 | raised from $0.20 |
| Jun 23, 2025 | Jun 23 | Jul 30 | $0.20 | |
| Mar 31, 2025 | Mar 31 | Apr 28 | $0.20 | |
| Dec 20, 2024 | Dec 20 | Jan 23 | $0.20 | |
| Sep 30, 2024 | Sep 30 | Oct 28 | $0.20 |
Ownership
Shares outstanding 89.86M · Float 83.84M · 93.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Jason T. Serrano · director, officer: Chief Executive Officer | 389.7K | 0.43% | Form 4 | Jan 28, 2026 |
| Nicholas Mah · officer: President | 251.5K | 0.28% | Form 4 | Jan 28, 2026 |
| Kristine Rimando Nario-Eng · officer: Chief Financial Officer | 156.5K | 0.17% | Form 4 | Jan 28, 2026 |
| Michael B. Clement · director | 101.3K | 0.11% | Form 4 | Jun 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- MFA Financial
Closest model twin — hybrid mREIT with a wholly-owned BPL originator
- Rithm Capital
Much larger diversified REIT/asset manager with a scaled BPL/RTL platform
- Redwood Trust
Hybrid credit REIT with wholly-owned CoreVest BPL originator
- AGNC
Largest pure-play Agency RMBS REIT — reference peer for Agency core
- Annaly Capital Management
Largest hybrid mortgage REIT — Agency, residential credit, and MSR platform
- Ellington Financial
Hybrid credit REIT with a minority-stake non-QM originator relationship
- PennyMac Mortgage Investment Trust
Externally-managed Agency-correspondent REIT with credit-sensitive strategies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Adamas Trust | $9.70 | −1.12% | $880.6M | 5.8 | 9.3 | 0.9 | −32.7% |
| MFA Financial | $8.82 | −0.11% | $901.5M | 7.4 | 6.9 | 1.2 | −65.6% |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| Redwood Trust | $4.65 | +0.84% | $580.3M | — | 4.9 | 0.4 | +68.5% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| Ellington Financial | $13.62 | +0.37% | $1.70B | 8.3 | 7.0 | 2.5 | +184.1% |
| PennyMac Mortgage Investment Trust | $9.34 | −0.16% | $814.5M | 6.5 | 7.4 | 0.5 | +1,323.8% |
| Median | 6.9 | 7.0 | 1.2 | +126.3% |