Adamas Trust (ADAM)
Holder of agency-guaranteed mortgage bonds and single-family credit through its own loan originator.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 19, 2026 | UBS | Reiterate | Rating: —Target: — | Target: $9.50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $212.3M · Total debt $11.32B · Total assets $12.96B · Shareholders' equity $1.47B
- Revenue
- $227.7M
- Operating income
- $180.9M
- Net income
- $55.2M
HistoryDividendAnnual yield
| Insiders | 1.00% | 899.0K shares | |
|---|---|---|---|
| 4 holders · as of Jun 12, 2026 | |||
| Other | 99.00% | 88.98M shares | |
| remainder | |||
89.88M company shares as of Sep 22, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jason T. SerranoInsiderdirector, officer: Chief Executive Officer | 0.43% | 389,714 | filed Jan 28, 2026 |
Nicholas MahInsiderofficer: President | 0.28% | 251,456 | filed Jan 28, 2026 |
Kristine Rimando Nario-EngInsiderofficer: Chief Financial Officer | 0.17% | 156,546 | filed Jan 28, 2026 |
Michael B. ClementInsiderdirector | 0.11% | 101,309 | filed Jun 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Adamas Trust | $8.78 | −1.53% | $801.6M | 5.3 | 8.3 | 0.8 | −32.7% |
| MFA Financial | $8.52 | +0.77% | $862.7M | 7.0 | 6.6 | 1.1 | −4.4% |
| Rithm Capital | $9.64 | +0.96% | $5.33B | 15.9 | 4.3 | 0.9 | +205.4% |
| Redwood Trust | $4.07 | +0.62% | $507.5M | — | 4.3 | 0.4 | +68.5% |
| AGNC | $10.00 | +0.30% | $11.44B | 5.1 | 6.6 | 3.7 | — |
| Annaly Capital Management | $21.39 | +0.35% | $16.06B | 5.3 | 6.9 | 2.2 | −50.1% |
| Ellington Financial | $12.69 | +0.59% | $1.58B | 7.7 | 6.6 | 2.3 | +184.1% |
| PennyMac Mortgage Investment Trust | $9.00 | +1.30% | $774.4M | 6.2 | 7.1 | 0.5 | +1,323.8% |
| Median | 6.6 | 6.6 | 1.1 | +126.3% |