Adamas Trust, Inc., which rebranded from New York Mortgage Trust, Inc. in September 2025, operates as a mortgage real estate investment trust (mREIT) focused on the U.S. residential housing market. The company's business model centers on acquiring, financing, and managing a diversified portfolio of credit-sensitive and traditional fixed-income mortgage assets. Its primary revenue sources are net interest income—generated from the spread between its interest-earning assets and its borrowing costs—as well as realized capital gains from its investment portfolio.
The company operates through two main segments: Investment Portfolio and Constructive. Its targeted investments encompass a wide range of assets, including residential loans (such as business purpose loans), structured multi-family property investments (like preferred equity and mezzanine loans), agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and single-family rental properties. Adamas Trust recently expanded its direct origination capabilities through the acquisition of Constructive Loans, LLC, a leading originator of business purpose loans for residential real estate investors.
Geographically, the company's investments and operations are concentrated entirely within the United States. In a highly competitive mREIT sector, Adamas Trust differentiates itself through a multi-dimensional investment and operating platform that balances credit and interest rate risks. By actively managing its leverage and asset mix—such as shifting toward Agency RMBS during volatile rate environments—the company aims to deliver stable, long-term distributions to its stockholders across various economic cycles while maintaining its qualification as a REIT.
