Want to see ADAM full AI Analyst Report?
Top Page
Adamas Trust
(NASDAQ:ADAM)
Select Model
Select Model
Rating:63Neutral
Price Target:
$9.00
▲(4.05% Upside)
Action:Reiterated
Date:07/30/26
ADAM scores as moderately attractive, led by favorable valuation (low P/E and high yield) and a positive earnings/capital deployment outlook with book value growth. The score is held back primarily by elevated balance-sheet leverage and mixed near-term technicals (below 20/50-day averages), alongside mortgage-spread and funding-market volatility risks highlighted on the call.
Positive Factors
Earnings Growth & Book Value Expansion
Sustained EAD growth that exceeded the dividend and sequentially rising GAAP and adjusted book values indicate improving core earnings power and capital preservation. That durable earnings / book-value momentum supports sustainable distributions and underpins reinvestment capacity over coming quarters.
Negative Factors
Very High Leverage
Extremely elevated leverage materially amplifies sensitivity to funding costs, spread moves and asset-value declines. For a mortgage REIT this structural capital mix constrains flexibility, increases refinancing vulnerability, and raises the likelihood that market stress could force defensive asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Earnings Growth & Book Value Expansion
Sustained EAD growth that exceeded the dividend and sequentially rising GAAP and adjusted book values indicate improving core earnings power and capital preservation. That durable earnings / book-value momentum supports sustainable distributions and underpins reinvestment capacity over coming quarters.
Read all positive factors
Adamas Trust (ADAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$815.04M
Dividend Yield10.58%
Average Volume (3M)882.24K
Price to Earnings (P/E)5.3
Beta (1Y)0.84
Revenue Growth42.50%
EPS Growth793.53%
CountryUS
Employees221
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)1.71
Shares Outstanding89,861,110
10 Day Avg. Volume756,288
30 Day Avg. Volume882,242
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.46
Price to Sales (P/S)0.82
P/FCF Ratio5.24
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$9.81Price Target Upside13.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.49
Revenue Forecast (FY)$268.69M
Adamas Trust Business Overview & Revenue Model
Company Description
Adamas Trust, Inc. is a U.S.-based entity primarily focused on the acquisition, investment, financing, and management of assets connected to single-family and multi-family residential mortgages. Its diverse portfolio includes targeted residential ...
How the Company Makes Money
null...
Adamas Trust Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial momentum: strong sequential and year-over-year earnings growth (EAD +26% QoQ, +45% YoY), book value gains, successful capital deployment (> $1B deployed), Constructive moving to profitability and improved liquidity and hedging outcomes. These positives were partially offset by macro-driven volatility (wide agency spread swings), modest compression in net interest spread, securitization spread volatility, and a persistent market valuation discount on the equity. On balance, the company demonstrated resilience, executed on strategic priorities, and advanced earnings scalability despite a challenging market environment.Positive Updates
Strong Earnings Growth
GAAP net income attributable to common stockholders of $36.9M, GAAP EPS $0.41 and Earnings Available for Distribution (EAD) $0.29 per share — EAD increased 26% quarter-over-quarter and 45% year-over-year, while EAD exceeded the $0.23 dividend.
Negative Updates
Market Volatility and Spread Swings
Geopolitical developments (Middle East/Iran) drove heightened volatility: agency current coupon spreads tightened to ~94 bps in January then widened to a peak of ~131 bps in late March before settling ~124 bps at quarter end, increasing repricing risk and hedging complexity.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings Growth
GAAP net income attributable to common stockholders of $36.9M, GAAP EPS $0.41 and Earnings Available for Distribution (EAD) $0.29 per share — EAD increased 26% quarter-over-quarter and 45% year-over-year, while EAD exceeded the $0.23 dividend.
Read all positive updates
Company Guidance
Management’s guidance emphasized continued EAD-driven earnings growth and disciplined capital deployment: EAD was $0.29 (up 26% QoQ and 45% YoY) versus a $0.23 dividend, and the Board is evaluating sustainable dividend growth while prioritizing book‑value preservation; GAAP EPS was $0.41, GAAP book value rose 4% to $9.98 and adjusted book value rose 1.6% to $10.80 (QTD adjusted BV estimated +2–2.5%). They plan to keep Agency RMBS ~56% of capital (agency portfolio $6.8B, agency leverage 7.8x) while accelerating residential credit (Q1 acquisitions >$1B: $510M agency, $502M residential credit including $400M BPL rental), grow the investment portfolio from $10.9B, and target 5–6 BPL rental securitizations this year (BPL rental exposure $1.8B); Constructive should scale origination (Q1 production $422M, mortgage‑banking income $15.3M, stand‑alone profit ~$2.5M, ROE ~13% vs 15% target). Financial posture remains conservative with $199M cash, ~$418M total liquidity, company recourse leverage 5.2x (portfolio recourse 4.9x), adjusted NII $48.2M (net interest spread 145 bps), consolidated G&A $24.5M and an expected 7–7.5% G&A ratio for 2026.Adamas Trust Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
41
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 906.19M | 805.53M | 558.92M | 500.80M | 138.11M | 380.19M |
| Gross Profit | 502.27M | 352.88M | 238.28M | 308.67M | 8.69M | 300.91M |
| EBITDA | 399.70M | 177.51M | -32.88M | -25.60M | -187.15M | 242.32M |
| Net Income | 202.13M | 149.05M | -62.03M | -48.66M | -298.61M | 193.20M |
Balance Sheet | ||||||
| Total Assets | 12.96B | 12.64B | 9.22B | 7.40B | 6.24B | 5.66B |
| Cash, Cash Equivalents and Short-Term Investments | 212.31M | 210.33M | 4.00B | 2.20B | 344.28M | 490.45M |
| Total Debt | 11.32B | 11.00B | 3.56B | 2.81B | 2.65B | 2.52B |
| Total Liabilities | 11.49B | 11.21B | 7.81B | 5.77B | 4.38B | 3.23B |
| Stockholders Equity | 1.47B | 1.43B | 1.39B | 1.58B | 1.77B | 2.34B |
Cash Flow | ||||||
| Free Cash Flow | 138.69M | 125.89M | 4.60M | 29.95M | 91.78M | 138.91M |
| Operating Cash Flow | 141.47M | 134.04M | 14.07M | 29.95M | 91.78M | 138.91M |
| Investing Cash Flow | -2.20B | -2.90B | -2.24B | -1.22B | -508.77M | -132.95M |
| Financing Cash Flow | 2.12B | 2.78B | 2.23B | 1.14B | 460.07M | 27.41M |
Adamas Trust Technical Analysis
Positive
8.65
Price Trends
8.99
Positive
8.38
Positive
7.70
Positive
Market Momentum
0.08
Negative
62.93
Neutral
92.13
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADAM, the sentiment is Positive. The current price of 8.65 is below the 20-day moving average (MA) of 9.01, below the 50-day MA of 8.99, and above the 200-day MA of 7.70, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 62.93 is Neutral, neither overbought nor oversold. The STOCH value of 92.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ADAM.
Adamas Trust Risk Analysis
Adamas Trust disclosed 76 risk factors in its most recent earnings report. Adamas Trust reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Adamas Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $815.04M | 5.30 | 14.08% | 11.10% | 42.50% | 793.53% | |
60 Neutral | $611.85M | 14.43 | 5.45% | 11.14% | 3.78% | -15.19% | |
51 Neutral | $410.72M | -2.12 | -16.70% | 11.58% | -19.57% | -397.76% | |
47 Neutral | $574.02M | -214.55 | 0.59% | 14.63% | -8.93% | 93.51% | |
44 Neutral | $236.26M | -0.45 | -31.42% | 10.54% | -56.96% | -78.75% | |
43 Neutral | $249.72M | -0.46 | -35.83% | ― | 79.83% | -27.98% |
* Real Estate Sector Average
ADAM
Adamas Trust
9.52
3.67
62.68%
RWT
Redwood
4.56
-0.45
-8.91%
RC
Ready Capital
1.55
-2.48
-61.55%
KREF
Kkr Real Estate Finance
7.44
-0.85
-10.27%
TRTX
Tpg Re Finance
7.89
-0.09
-1.18%
CMTG
Claros Mortgage Trust
1.75
-1.58
-47.45%
Adamas Trust Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Adamas Trust Posts Strong Q2 Earnings and Dividend Increase
Positive
Jul 29, 2026
Adamas Trust, Inc. reported solid second-quarter 2026 results on July 29, 2026, posting GAAP basic earnings per share of $0.48 and earnings available for distribution of $0.30 per share, up 36.4% year-on-year, as book value per share rose to $10.1...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Adamas Trust Launches $250 Million ATM Stock Program
Positive
Jun 12, 2026
On June 12, 2026, Adamas Trust, Inc. entered into an equity distribution agreement with JonesTrading Institutional Services LLC, BTIG, LLC and B. Riley Securities, Inc. to establish an at-the-market offering program for up to $250 million of its c...
Executive/Board ChangesDividendsShareholder Meetings
Adamas Trust Holds 2026 Annual Meeting, Declares Dividends
Positive
Jun 11, 2026
On June 11, 2026, Adamas Trust held its 2026 annual meeting of stockholders, where shareholders re-elected seven directors, approved on an advisory basis executive compensation, adopted an amendment to the company’s 2017 Equity Incentive Pla...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.