Latest revenue
$601.9M
as of 2025-12-31
Latest net income
$149.0M
as of 2025-12-31
Net margin
24.8%
as of 2025-12-31
ActaClear Score
Computed from 5 years of SEC fundamentals + latest market data, ranked within Real Estate Investment Trusts (287 peers). 10 = best in industry, 5 = median, 0 = worst. Refreshed Jun 6, 2026.
Fair value · DCF
DCF: 10-year forecast of free cash flow, discounted at the company's WACC, with a Gordon-growth terminal at year 10. FCF is proxied by last fiscal-year net income (proper FCF needs CFO − CapEx by year, which we don't store yet). Drag the slider to test your own growth thesis — the dominant assumption in any DCF is what comes next, not what the math does with it. Beta defaults to 1.0 when not reported.
Community sentiment
Where do you think ADAM is heading?
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $806.5M
- Enterprise value
- $-5.81B
- P/E (trailing)
- 5.4×
- Forward P/E
- —
- P/B
- 0.55×
- Dividend yield
- 9.9%
- 52-wk high
- $9.32
- 52-wk low
- $6.45
- Beta
- —
- Shares out
- 89.9M
5-year trend
What this company does
Adamas Trust is a mortgage REIT that invests in residential loans, mortgage-backed securities, multi-family loans, and related real estate assets. It earns money primarily through net interest income—the spread between yields on its $11.6 billion loan and securities portfolio and the cost of repurchase agreements, CDOs, and other borrowings—supplemented by gains on derivatives and mortgage banking. The company has pivoted into residential loan origination and sales, generating $15.3 million of mortgage banking revenue this quarter versus zero a year ago, while shrinking its real estate holdings.
Generated from ADAM's filing dated 2026-02-20
Key risks
- High leverage: $7.0B repurchase/warehouse facilities and $3.5B CDOs against just $1.45B equity, roughly 7.8x debt-to-equity.
- Mark-to-market volatility: Q1 2026 swung to $62.6M unrealized losses vs. $118.2M gains prior year; offset by $87.8M derivative gains.
- Accumulated deficit of $1.39B and preferred dividends of $11.7M/quarter pressure common dividend coverage amid declining real estate income (-29% YoY).
Generated from ADAM's filing dated 2026-02-20
Profitability
Operating margin
22.9%
198.9%Net margin
24.8%
260.2%Return on equity
10.4%
334.9%Return on assets
1.2%
275.2%Leverage
Debt / equity
7.86×
40.1%Long-term debt / equity
0.25×
3.9%Debt / assets
88.7%
4.5%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | — | — | $48.6M | +15.3% | — |
Q4 2025 2025-12-31 | — | — | $53.5M | +27.1% | — |
Q3 2025 2025-09-30 | — | — | $44.8M | +246.3% | — |
Q2 2025 2025-06-30 | — | — | $8.5M | +154.8% | — |
Q1 2025 2025-03-31 | — | — | $42.2M | +172.8% | — |
Q4 2024 2024-12-31 | — | — | $42.1M | — | — |
Q3 2024 2024-09-30 | — | — | $-30.6M | +63.7% | — |
Q2 2024 2024-06-30 | — | — | $-15.6M | -157.0% | — |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Real Estate Investment Trusts · SIC 6798
Your notes
Keep private notes on ADAM — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ADAM
Institutional value
$224.6M
Total shares held
31.6M
Distinct holders
113
-68 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 13.3M | $97.7M | -149.6K (-1.1%) | Trimmed |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 3.8M | $27.9M | — | New |
| 3 | Invesco Ltd. | 3.2M | $23.3M | -4.2K (-0.1%) | Trimmed |
| 4 | Allspring Global Investments Holdings, LLC | 2.9M | $21.1M | -498.0K (-14.8%) | Trimmed |
| 5 | VANGUARD PORTFOLIO MANAGEMENT LLC | 1.6M | $12.1M | — | New |
| 6 | VANGUARD FIDUCIARY TRUST CO | 551.6K | $4.1M | — | New |
| 7 | Bank of New York Mellon Corp | 493.3K | $3.6M | -25.5K (-4.9%) | Trimmed |
| 8 | JPMORGAN CHASE & CO | 428.8K | $3.1M | -154.4K (-26.5%) | Trimmed |
| 9 | PRINCIPAL FINANCIAL GROUP INC | 408.3K | $3.0M | +7.9K (+2.0%) | Added |
| 10 | WOLVERINE ASSET MANAGEMENT LLC | 313.0K | $2.3M | -85.0K (-21.4%) | Trimmed |
| 11 | Public Sector Pension Investment Board | 300.4K | $2.2M | +9.4K (+3.2%) | Added |
| 12 | JANE STREET GROUP, LLC | 270.5K | $2.0M | +102.2K (+60.7%) | Added |
| 13 | RHUMBLINE ADVISERS | 227.1K | $1.7M | +3.4K (+1.5%) | Added |
| 14 | WELLS FARGO & COMPANY/MN | 206.9K | $1.5M | -66.9K (-24.4%) | Trimmed |
| 15 | UBS Group AG | 201.0K | $1.5M | -119.3K (-37.2%) | Trimmed |
| 16 | Legal & General Group Plc | 197.1K | $1.5M | -21.3K (-9.8%) | Trimmed |
| 17 | Nuveen, LLC | 196.9K | $1.4M | +1.3K (+0.7%) | Added |
| 18 | Swiss National Bank | 169.2K | $1.2M | +0 (+0.0%) | No change |
| 19 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 167.7K | $1.2M | +16.2K (+10.7%) | Added |
| 20 | SEI INVESTMENTS CO | 161.5K | $1.2M | +23.4K (+16.9%) | Added |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Unrealized losses of $62.6M were masked by $87.8M derivative gains—how durable is this hedge offset if rates rally and basis widens?
- 2
With repo/warehouse funding at $7.0B against $1.45B equity, leverage exceeds 4.8x—what's your liquidity cushion if margin calls accelerate?
- 3
G&A nearly doubled YoY to $24.5M plus $4.0M new loan origination costs—what's the steady-state run-rate and ROE target?
Refreshed when ADAM files a new report · last from 2026-02-20
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