Adamas Trust, Inc
Adamas Trust, Inc. is an internally managed U.S. REIT that allocates capital across residential real estate credit and mortgage-related fixed-income investments to generate recurring earnings and long-term value. The portfolio spans credit-sensitive single-family and multi-family exposures as well as Agency RMBS, combining real estate and capital markets execution. Through its wholly owned subsidiary Constructive, the company also originates business purpose loans to residential real estate investors, adding an operating platform alongside the investment portfolio. The company rebranded from New York Mortgage Trust, Inc. to Adamas Trust, Inc. on September 3, 2025.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueAgency residential mortgage-backed securities and related TBA activity used to generate spread and roll income with lower credit risk.
Short-duration, higher-coupon loans originated to residential real estate investors for business purposes.
Single-family and multi-family credit exposures where returns depend on borrower/property performance and credit conditions.
Preferred/common equity positions in multi-family joint ventures, including structures with redeemable non-controlling interests.
Other mortgage/structured fixed-income positions held and financed within the broader investment portfolio.
Customers
As a mortgage REIT, Adamas Trust’s economic “customers” are primarily capital providers and financing counterparties rather than traditional end-users: it raises equity capital from public shareholders and uses secured financing to invest in mortgage and real estate credit assets. On the operating side, Constructive originates business purpose loans to residential real estate investors, who borrow to acquire, renovate, or operate residential properties. The company also interacts with broker-dealers, dealers, and market counterparties when transacting in Agency RMBS and TBA markets. For its multi-family equity and mezzanine-related structures, the company partners with third-party investors in joint ventures, including holders of non-controlling interests with redemption features.
Borrow business purpose loans originated by Constructive to finance residential investment properties and projects, valuing speed, certainty of execution, and loan terms.
Dealers and market counterparties that facilitate Agency RMBS and TBA trading and provide liquidity and pricing for portfolio repositioning.
Banks and financial institutions offering repurchase agreements tied to collateral fair values, enabling leverage and portfolio scale.
Third-party investors participating in multi-family JV structures, sometimes with put rights that create redemption obligations for the company.
Equity investors providing permanent capital and expecting distributions and book value preservation through disciplined portfolio management.
Strategy
Since 2023, the company has repositioned its portfolio to increase recurring income and reduce sensitivity to credit deterioration, emphasizing Agency RMBS and short-duration, higher-coupon business purpose loans. Management has also focused on optimizing financing structures, which is central to mortgage REIT returns given reliance on secured funding and collateral haircuts. The acquisition of Constructive expanded the operating platform and supports higher acquisition/origination volumes through a broader network of originator partnerships. Overall, the strategy is a capital rotation approach aimed at improving liquidity, strengthening the platform, and capturing opportunities across real estate and capital markets.
Shifting mix toward Agency RMBS and higher-coupon, short-duration loans targets more durable earnings through cycles.
Mortgage REIT performance depends on secured funding availability, haircuts, and rates linked to SOFR; better structures reduce forced sales risk.
Origination capabilities and partner networks can increase volume and control over asset sourcing versus relying solely on secondary markets.
Geography
Adamas Trust is headquartered in New York, New York and maintains additional offices in Charlotte, North Carolina; Woodland Hills, California; and Oakbrook Terrace, Illinois. The investment strategy is U.S.-focused, with underlying collateral tied to U.S. residential real estate and U.S. mortgage markets. Reported disclosures highlight state-level concentration examples within certain real estate holdings (e.g., Texas appearing in property-level tables), but the filings provided do not include an authoritative revenue-by-geography split. Geographic exposure matters primarily through regional housing fundamentals, property cash flows, and local economic conditions that influence credit performance and valuations.
Risks
Adamas Trust is exposed to interest rate and spread volatility because it finances mortgage and fixed-income assets with secured borrowings whose costs move with benchmarks such as SOFR, while asset values can reprice quickly. Liquidity and counterparty risks are material: repurchase agreement financing is collateral-based, and adverse market moves can trigger margin calls or force asset sales at unfavorable prices. Credit risk remains relevant in credit-sensitive single-family and multi-family exposures and in business purpose loans, where borrower/property performance can deteriorate in a housing downturn. The company also faces regulatory-structure risk, as maintaining an exemption from registration under the Investment Company Act constrains operations and a failure could require major changes to leverage and portfolio composition. Operational risks include cybersecurity threats to IT systems and reliance on third-party vendors supporting business processes.
- Repurchase agreement counterparty default / inability to roll financingImpact: HighLikelihood: Medium
If a counterparty fails to return collateral or financing cannot be replaced, the company may surrender collateral and realize losses.
- Loss of exemption from Investment Company Act registrationImpact: HighLikelihood: Low
Could force asset sales, change operations, or require registration, limiting leverage and affecting distributions and business model sustainability.
- Cybersecurity threats to IT systems and third-party vendor ecosystemImpact: MediumLikelihood: Medium
Systems supporting decision-making and business processes are susceptible; incidents could disrupt operations and require costly remediation.
Accounting
Judgemental itemsMarket inputs and model assumptions can materially change reported income and book value, especially in stressed liquidity conditions.
Consolidating entities such as real estate VIEs and other consolidated vehicles changes balance sheet size and leverage metrics versus economic exposure.
Fair value is determined using market assumptions and discounted cash flows with a discount rate applied to estimated future property cash flows, affecting book value.
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Last updated: 24/09/2026