Adamas Trust, Inc. (ADAM) Stock

Adamas Trust, Inc. (ADAM) is a Real Estate stock trading at $9.94 (as of 2026-08-21), with a market capitalization of $892.77M and a trailing P/E of 4.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Adamas Trust, Inc. invests in and manages U.S. residential mortgage- and housing-related assets, including various RMBS and structured multi-family property investments, and also holds commercial mortgage-backed securities. It also owns and manages single-family rental properties, and operates as a REIT for federal income tax purposes.

Understand Adamas Trust, Inc.: how it makes money

Adamas Trust, Inc. acquires, invests in, finances, and manages U.S. mortgage-related residential and structured credit assets, and it makes money mainly through net interest income from its mortgage asset portfolios and through mortgage banking income.

Profit is structurally driven by the net interest spread between the yield on interest-earning mortgage assets (including agency RMBS and residential credit exposures) and the funding cost, with mortgage banking income providing a smaller additional driver.

Business quality (Strong): The operating model looks like a spread-and-portfolio business, centered on agency RMBS and residential credit exposures, but the mix of mortgage-related assets implies continued sensitivity to credit performance and rate conditions.

Valuation: At 8× earnings, ADAM trades 76% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

The company reports a Net Interest Spread of 1.5 percent, linking period performance to spread capture on its mortgage asset base: A spread-focused model can benefit when asset yields exceed funding costs, and its reported spread provides a direct operating signal.
A substantial share of the portfolio is tied to agency strategies, with an Agency Residential Mortgage-Backed Securities Portfolio Balance of 6.6 USD_B: Agency exposure can provide more predictable cash flows versus purely credit-driven exposures, supporting the interest income engine.

Bear case

Net interest performance depends on the spread, and the company also holds residential credit exposures, including Business Purpose Loan Rental Asset Exposure of 1.8 USD_B: If spread compresses or credit conditions deteriorate, net interest income and overall results can be pressured.
The company participates in Mortgage- and credit-related assets beyond agency RMBS, including non-agency RMBS and structured investments: Broader mortgage credit exposure can increase the risk that losses or valuation pressure arise during adverse housing or credit environments.

Valuation — source: SEC EDGAR (first-party)
Price	$9.94
Market Cap	$892.77M
P/E Ratio	4.4
EV / EBITDA	4.9
Price / Book	0.61
Price / Sales	1.32
DCF Value (model)	$7.37
DCF Upside vs Price	-25.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$601.95M
Net Margin	24.8%
Revenue Growth (YoY)	23.8%
EPS Growth (YoY)	-1300.0%

Valuation vs Sector & Industry
Stock P/E	4.4
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-83.7%
vs Industry	-87.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($97.69M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Jason T. Serrano
Employees	70
Country	US
IPO Date	2025-09-03

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.