10-K · February 20, 2026
Adamas Trust (formerly New York Mortgage Trust) is repositioning toward higher-quality, agency-backed and Constructive-sourced single-family credit assets while reducing multi-family equity exposure. The company…
Earnings analysis · 10-Q
ADAM earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Adamas Trust (ADAM) reported strong Q1 2026 results with a revenue of $48.4 million, surpassing estimates, and an EPS of $0.41, exceeding expectations of $0.24. The company experienced a year-over-year growth of 45% in…
Read full summary
Adamas Trust (ADAM) reported strong Q1 2026 results with a revenue of $48.4 million, surpassing estimates, and an EPS of $0.41, exceeding expectations of $0.24. The company experienced a year-over-year growth of 45% in earnings available for distribution. Investment securities portfolio expanded amid robust loan origination activities but faced challenges from unrealized losses due to rising interest rates.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
- Segment
- Investment Portfolio
- Segment
- Constructive
What stood out
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Revenue Growth
Q1 2026 revenue reached $48.4 million, up from $33.1 million YoY, exceeding estimates.
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EPS Beat
Diluted EPS reported at $0.41, a significant increase from $0.33 in Q1 2025.
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Strong Loan Originations
Constructive funded approximately $400.8 million in business purpose loans.
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Increased Book Value
GAAP book value per share increased 4.0% to $9.98.
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Dividend Declaration
Quarterly dividend declared at $0.23, representing a 12.50% annualized yield.
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Robust Cash Position
Cash and cash equivalents stood at $199.0 million, highlighting strong liquidity.
What to watch
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High Leverage Ratio
Company Recourse Leverage Ratio at 5.2x as of March 31, 2026, indicating high debt levels.
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Market and Interest Rate Volatility
Increased interest rate volatility resulted in unrealized losses of $62.6 million on investment securities.
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Liquidity Risk
Potential margin calls due to declines in collateral value could affect liquidity.
Management's outlook
No quantitative guidance provided; stated focus on disciplined portfolio growth.
Earlier filings 4
10-Q · May 2, 2025
New York Mortgage Trust reported a sharp operational turnaround in 2025Q1: net income was $37,065,000 and net income attributable to common stockholders was $30,285,000 (diluted EPS $0.33) versus a net loss of…
10-Q · November 1, 2024
Q3 2024 showed a sharp operating turnaround: NYMT reported net income attributable to common stockholders of $32,410 (thousands) and diluted EPS of $0.36 for the quarter versus a loss of $(94,819) and EPS $(1.04) in Q3…
10-Q · August 2, 2024
Q2 2024 results show mixed performance: net interest income improved to $19,044 (from $15,136 in Q2 2023) and diluted loss per common share narrowed to $(0.29) (from $(0.41)), but operating and other items produced a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.