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ADAMN

Adamas Trust, Inc.

ADAMN

Adamas Trust, Inc. • NASDAQ
$22.24 ▲ 0.00% (+0.00)
Market Cap $2.01 B
52w High $23.13
52w Low $19.21
Dividend Yield 2.00%
P/E 0
Volume 2.78K
Outstanding Shares 90.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $174.011M ▲ $0 ▼ $44.82M ▲ 25.757% ▲ $0.36 ▲ $45.423M ▲
Q2-2025 $156.818M ▼ $48.085M ▼ $8.546M ▼ 5.45% ▼ $-0.039 ▼ $14.383M ▼
Q1-2025 $187.179M ▲ $52.83M ▼ $42.155M ▲ 22.521% ▲ $0.33 ▲ $48.358M ▲
Q4-2024 $129.592M ▼ $69.849M ▲ $-31.389M ▼ -24.221% ▼ $-0.46 ▼ $-19.373M ▼
Q3-2024 $181.786M $50.871M $42.849M 23.571% $0.36 $56.617M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $185.285M ▼ $12.402B ▲ $10.997B ▲ $1.391B ▲
Q2-2025 $1.419B ▼ $10.552B ▲ $9.156B ▲ $1.381B ▼
Q1-2025 $4.824B ▲ $10.004B ▲ $8.586B ▲ $1.402B ▲
Q4-2024 $3.996B ▲ $9.217B ▲ $7.806B ▲ $1.395B ▼
Q3-2024 $3.58B $8.906B $7.434B $1.444B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $4.44M ▼ $39.219M ▲ $-359.965M ▲ $313.463M ▼ $-7.283M ▲ $39.219M ▲
Q1-2025 $37.065M ▲ $25.819M ▼ $-794.225M ▼ $713.783M ▲ $-54.623M ▼ $25.819M ▲
Q4-2024 $-30.279M ▼ $29.116M ▲ $-584.265M ▲ $552.176M ▼ $-2.973M ▲ $25.663M ▲
Q3-2024 $40.467M ▲ $-922K ▲ $-834.055M ▼ $798.824M ▲ $-36.153M ▼ $-922K ▲
Q2-2024 $-24.082M $-993K $-572.131M $550.543M $-22.581M $-993K

Five-Year Company Overview

Income Statement

Income Statement Adamas Trust is still in a transition phase when it comes to earnings. Revenue has been inching up over the last few years, but this has not yet translated into stable profits. The company moved from being profitable earlier in the decade to posting losses more recently, with negative operating income and net income for several years in a row. That suggests margin pressure, higher funding or credit costs, and restructuring effects. In short, the business is generating income but not enough to comfortably cover its operating and financing costs, which makes future execution especially important.

Balance Sheet

Balance Sheet The balance sheet shows a company that is growing in size but also relying more heavily on borrowing. Total assets have expanded steadily, but debt has risen faster than equity, and book equity has been drifting down. Cash on hand is relatively modest compared with the size of the balance sheet, which is typical for a mortgage finance vehicle but leaves limited room for error if markets become stressed. Overall, Adamas operates with high leverage, which is normal in this sector but amplifies both upside and downside when conditions change.

Cash Flow

Cash Flow Cash flow from operations has remained positive but thin, and it has been trending slightly lower over time. Free cash flow has largely tracked operating cash flow, as the company’s capital spending needs are modest. This suggests the business is not burning large amounts of cash, but it also is not generating a strong cash cushion. The current cash flow profile looks adequate for day‑to‑day needs in normal conditions, but it could be tested in a prolonged downturn or if credit losses spike.

Competitive Edge

Competitive Edge Adamas Trust is trying to reposition itself as a more resilient, high‑discipline mortgage REIT. Its edge is built around three pillars: a more conservative tilt toward agency mortgage securities, a diversified mix that also spans non‑agency and commercial assets, and an actively managed portfolio run by an experienced team. The full control of its loan origination arm, Constructive Loans, gives it proprietary deal flow and tighter control over underwriting, which is an important differentiator versus peers that buy only in the open market. At the same time, the company competes in a crowded, rate‑sensitive industry where leverage is high and funding conditions can change quickly, so its competitive position is promising but still needs to be proven through a full interest rate and credit cycle.

Innovation and R&D

Innovation and R&D Innovation at Adamas is more about process, data, and structure than about traditional research and development. The adoption of advanced compliance and risk tools like AURA points to a disciplined, data‑driven approach to risk management and regulatory complexity. The integration of a loan origination platform through Constructive Loans is another key innovation, effectively turning Adamas into a hybrid player that both originates and invests in loans. Management also emphasizes technology‑enabled efficiency and a willingness to rebalance the portfolio as markets move. Future innovation will likely show up in new loan products, broader use of analytics in underwriting, and further refinement of its portfolio mix rather than in headline‑grabbing tech projects.

Summary

Adamas Trust looks like a classic turnaround and repositioning story in the mortgage REIT space. Financially, the firm has grown its asset base but has struggled to convert that growth into consistent profits, and losses in recent years, combined with higher leverage and modest cash balances, underline its risk profile. Strategically, however, the company is taking clear steps to strengthen its foundation: rebranding to signal a focus on resilience, shifting toward safer agency exposure, vertically integrating into loan origination, and investing in risk and compliance technology. The key question for the coming years is whether this new model can deliver steadier earnings and better risk‑adjusted returns across cycles. Execution quality, credit performance, and interest‑rate conditions will be the main factors determining how this transition plays out.