Adamas Trust Inc Dossier
Qualitative Analysis
Business overview
Adamas Trust, Inc. (formerly known as New York Mortgage Trust, Inc. until its rebranding in September 2025) is an internally managed real estate investment trust (REIT) headquartered in New York, NY. The company acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States. It operates through two primary segments: Investment Portfolio and Constructive. The Investment Portfolio segment manages a diversified portfolio consisting of agency and non-agency residential mortgage-backed securities (RMBS), business purpose loans, multifamily loans, preferred equity, and joint venture equity investments. The Constructive segment operates through its wholly-owned subsidiary, Constructive Loans, LLC, specializing in originating and selling rental and transitional business purpose loans for real estate investors.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Transition Constructive into a full earnings contributor by further integrating Constructive into the Company, scaling origination volumes, improving profitability, and leveraging operational efficiencies.
Expected impact: Create measurable and recurring EAD expansion that enhances dividend coverage and diversifies income sources.
Selectively disposing of non-core properties and assets while recycling capital into higher-growth markets and higher relative value opportunities.
Expected impact: Optimize property-level expenses, mitigate headwinds from higher financing costs, and support long-term cash flow growth.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To advance Adamas' business purpose lending strategy. Constructive is a leading originator of business purpose loans (BPLs) for residential real estate investors, which helps diversify income sources and drive EAD growth.
Financial impact: Contributed to a 26% increase in Earnings Available for Distribution (EAD) quarter-over-quarter in Q1 2026, achieving about a 13% Return on Equity (ROE).
Strategic Partnerships
Enables the company to offer up to $250,000,000 of common stock through an at-the-market program to fund asset acquisitions and general working capital.
Terms: Agent fees up to 2.0% of gross proceeds.