olivLaw · US equity research
Adamas Trust, Inc. ADAMN
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Adamas Trust is an internally managed REIT that invests in residential mortgage-related assets, mainly Agency RMBS and business purpose loans for real estate investors through its subsidiary Constructive. The investment portfolio reached 10.5 billion USD at the end of fiscal 2025, and in the second quarter of 2026 the company acquired 1.5 billion USD of new investments, showing where it is expanding now.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Adamas Trust, Inc. (ADAMN) stock was 21.22 USD (−2.41% on the day), with market capitalisation 1.9 bn USD, dividend yield 4.86%, beta 0.17, 52-week range 21.22–25.11 USD. Latest reported quarter (Q3 2026): net income of -159.1 m USD (−455.1% YoY), diluted EPS -1.89 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 24.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 21.44 – 23.99
- below the lower band · %B -0.09 · band width 11.2%
- SMA 50 / 200
- 23.91 / 23.37
- mixed trend
- MACD (12, 26, 9)
- -0.61 / -0.51
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.4% | −2.3% | −10.1 pp | — |
| 3 months | −11.5% | −0.8% | −10.7 pp | — |
| 6 months | −10.1% | +4.7% | −14.8 pp | — |
| Year to date | −2.1% | +10.2% | −12.2 pp | — |
| 1 year | −2.1% | +10.3% | −12.4 pp | −0.1% |
| 3 years | +6.6% | +73.0% | −66.4 pp | +10.9% |
| 5 years | −18.2% | +61.8% | −80.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Operating income | -31.8 m | 37.7 m | 4.3 m | 39.5 m | 56.3 m | 86.7 m | 53.1 m | -162.2 m |
| Depreciation & amortisation | 6.9 m | 5.9 m | 5.9 m | 5.9 m | 5.4 m | 4.6 m | 4.5 m | 4.5 m |
| Pre-tax income | — | — | — | 39.5 m | — | — | — | -162.2 m |
| Income tax | -1.5 m | 648.0 k | -161.0 k | -298.0 k | -44.0 k | 159.0 k | 13.0 k | -22.0 k |
| Net income | -31.4 m | 42.2 m | 8.5 m | 44.8 m | 53.5 m | 48.6 m | 55.2 m | -159.1 m |
| Diluted EPS | -0.35 ≈ | 0.33 | -0.04 | 0.36 | 0.58 ≈ | 0.40 | 0.47 | -1.89 |
| Operating cash flow | 29.1 m | 25.8 m | 39.2 m ≈ | 6.9 m ≈ | 62.1 m | -16.7 m | 105.9 m ≈ | -37.1 m ≈ |
| Capex | 3.5 m | — | — | — | — | — | — | — |
| Dividends paid | 18.1 m | 18.5 m | 18.2 m ≈ | 18.1 m ≈ | 20.8 m | 21.4 m | 20.8 m ≈ | 24.3 m ≈ |
| Share repurchases | 0 | 0 | 1.5 m ≈ | 0 ≈ | 0 | 5.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 102.9 m | 173.7 m | -288.5 m | 193.2 m | -298.6 m | -48.7 m | -62.0 m | 149.0 m |
| Net income YoY | +11.9% | +68.9% | −266.1% | unavailable | −254.6% | unavailable | unavailable | unavailable |
| Diluted EPS | 0.61 | 0.64 | -0.89 | 1.51 | -3.61 | -0.99 | -1.14 | 1.10 |
| Diluted EPS YoY | −7.6% | +4.9% | −239.1% | unavailable | −339.1% | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 23.7 m | 35.0 m | 110.5 m | 92.9 m | -117.6 m | -20.5 m | -10.6 m | 125.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 210.3 m USD
- Financial debt
- 735.8 m USD
- Net debt
- 525.5 m USD
- Equity
- 1.4 bn USD
- Total assets
- 12.6 bn USD
- Debt / equity
- 0.52x
- Current ratio
- unavailable
- ROE
- 10.5%
- ROA
- 1.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating income | -287.3 m | 190.9 m | -340.1 m | -77.7 m | -92.9 m | 137.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 386.0 k | 19.3 m | 126.8 m | 24.6 m | 39.8 m | 23.1 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | -286.9 m ≈ | 210.2 m ≈ | -213.3 m ≈ | -53.1 m ≈ | -53.1 m ≈ | 160.9 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 223.1 m | 79.3 m | 129.4 m | 192.1 m | — | — | SEC (XBRL)· 23 Feb 2024verified |
| Income tax | 981.0 k | 2.5 m | 542.0 k | 75.0 k | 1.0 m | 145.0 k | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -288.5 m | 193.2 m | -298.6 m | -48.7 m | -62.0 m | 149.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | -0.89 | 1.51 | -3.61 | -0.99 | -1.14 | 1.10 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 371.0 m | 95.2 m | 94.3 m | 91.0 m | 90.8 m | 91.5 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 293.2 m | 289.6 m | 244.7 m | 187.1 m | 167.4 m | 210.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 0 | — | — | — | 0 | 22.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 252.0 k | 17.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 4.7 bn | 5.7 bn | 6.2 bn | 7.4 bn | 9.2 bn | 12.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 220.0 m | 1.0 bn | 542.5 m | 934.1 m | 573.2 m | 735.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 2.3 bn | 3.2 bn | 4.4 bn | 5.8 bn | 7.8 bn | 11.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 2.3 bn | 2.4 bn | 1.8 bn | 1.6 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 110.8 m | 138.9 m | 91.8 m | 30.0 m | 14.1 m | 134.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 206.0 k | 46.1 m | 209.4 m | 50.4 m | 24.6 m | 8.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 110.5 m ≈ | 92.9 m ≈ | -117.6 m ≈ | -20.5 m ≈ | -10.6 m ≈ | 125.9 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | 2.1 bn | -132.9 m | -508.8 m | -1.2 bn | -2.2 bn | -2.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -2.0 bn | 27.4 m | 460.1 m | 1.1 bn | 2.2 bn | 2.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 105.5 m | 151.6 m | 151.8 m | 128.8 m | 74.9 m | 75.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 0 | 0 | 44.4 m | 8.6 m | 3.5 m | 1.5 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 56.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
57% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.01 – 36.60 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)13.93 – 18.73 (Mid 15.98)
- Peers: P/B11.01 – 36.60 (Mid 27.56)31 companies used · median multiple 2.0x · quartiles 0.8x – 2.6xABR, ACR, ACRE, BFS, DLR, DRH, ESS, EXR, GLPI, HHH, HST, ILPT, IOR, KIM, KRC, LXP, MAA, MKZR, NHP, O, PLD, PSA, REFI, SQFT, SUI, TPTS, UDR, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 56.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -0.1% | 24 (vs peers) | 12% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 9.4x | 8 (vs peers) | 27% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.5x | 62 (vs peers) | 35% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 4.9% | 61 (vs peers) | 27% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial8/100 · 1/2 factors with a value
- Growth· partialunavailable · 0/1 factors with a value
- Quality· partial24/100 · 1/2 factors with a value
- Returns· partial61/100 · 1/2 factors with a value
- Valuation· partial62/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ADAMAS TRUST, INC. (ADAMN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: ROE -0.1%; net debt/EBITDA 9.4x.
The estimated value range is 12.47–27.67 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 21.77 USD, the price of 21.21 USD leaves a potential of 2.6% (value / price − 1) and a margin of safety of 2.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 56.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROE: -0.1%
- Net debt / EBITDA: 9.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Revenue CAGR 3Y, Interest coverage, P/E (TTM), Payout ratio (EPS).
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 175.3 bn | 102.3 | 4.0% | 12.7% | +35.6% | +15% / +168% |
| PLDPrologis, Inc. | 120.9 bn | 32.7 | 7.1% | 42.5% | +7.2% | +1% / +13% |
| EQIXEquinix Inc | 98.4 bn | 59.7 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 87.3 bn | 26.4 | 90.6% | 30.7% | +5.1% | +4% / −10% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| DLRDigital Realty Trust, Inc. | 61.8 bn | 45.9 | 6.2% | 21.7% | +10.0% | +10% / +27% |
| ORealty Income Corporation | 54.5 bn | 42.0 | 3.3% | 21.5% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 45.9 bn | 163.1 | 1.9% | 4.0% | +18.5% | +8% / +89% |
| CCICrown Castle Inc. | 37.0 bn | 44.2 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.3 bn | 81.6 | — | 5.7% | +12.2% | +33% / +80% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.7 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 27.5 bn | 11.5 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +1% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.5 bn | 17.1 | 15.8% | 16.5% | +7.6% | +45% / +46% |
| ESSEssex Property Trust, Inc. | 17.1 bn | 40.8 | 8.0% | 22.7% | +6.4% | +1% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.7 | 5.8% | 27.8% | +5.1% | +21% / +30% |
| SUISun Communities, Inc | 13.9 bn | — | -12.8% | -32.4% | +2.0% | −9% / −10% |
| MAAMid-America Apartment Communities, Inc. | 13.8 bn | 35.7 | 6.8% | 17.6% | +0.8% | −13% / −5% |
| UDRUDR, Inc. | 11.7 bn | 24.3 | 14.8% | 28.6% | +2.4% | −1% / +8% |
| GLPIGaming and Leisure Properties, Inc. | 11.4 bn | 12.0 | 19.6% | 55.2% | +4.1% | −10% / −16% |
| HHHHoward Hughes Holdings Inc. | 4.7 bn | 15.8 | 7.7% | 12.3% | −15.8% | −13% / +11% |
| SKTTanger Inc | 4.3 bn | — | — | — | unavailable | +12% / +51% |
| KRCKilroy Realty Corp | 4.2 bn | 19.6 | 4.6% | 22.0% | −2.0% | −15% / +11% |
| LXPLxp Industrial Trust | 3.6 bn | 31.1 | 5.9% | 34.3% | −2.3% | +29% / +56% |
1- and 3-year price returns: for ADAMN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Adamas Trust is an internally managed REIT that invests in residential mortgage-related assets, mainly Agency RMBS and business purpose loans for real estate investors through its subsidiary Constructive. The investment portfolio reached 10.5 billion USD at the end of fiscal 2025, and in the second quarter of 2026 the company acquired 1.5 billion USD of new investments, showing where it is expanding now.
SWOT
Strengths
- Integrated origination platform through Constructive, with proprietary access to credit assets that supports the sourcing strategy.
- Large Agency RMBS holdings, considered less sensitive to credit deterioration.
- Steady growth in interest income and new investments over recent quarters.
Weaknesses
- High leverage could amplify losses if the value of assets declines.
- Reliance on repurchase agreements and warehouse lines creates exposure to credit market conditions.
- Earnings can be volatile because the company has elected fair value accounting for most investments.
Opportunities
- If the investor loan market stays active, Constructive could expand originations and revenue.
- Lower interest rates could support asset values and access to cheaper financing.
- BPL-Rental securitizations could open additional sources of capital.
Threats
- Rising interest rates could reduce portfolio value and the availability of target assets.
- Economic weakness could increase delinquencies and losses on loans held.
- Regulatory changes affecting Fannie Mae, Freddie Mac and Ginnie Mae could affect the business model.
Risks
- Asset valueshigh
Declines in the market value of investments can reduce earnings, book value and liquidity 1.
- Interest rate mismatchmedium
Assets and borrowings can reprice at different times, which can reduce net income when rates change 1.
- Credit riskhigh
Losses could exceed estimates if default rates rise or collateral values fall 1.
- Access to financingmedium
Financing terms could become less favorable, and collateral calls could reduce liquidity 1.
- Regulation and REIT statusmedium
Loss of REIT qualification or regulatory changes could affect distributions to stockholders 1.
Investment thesis
What would need to be true (bull case)
- If growth in earnings and book value continues, the company could show a durable business model 3.
- The Constructive platform could add proprietary origination and higher returns on credit assets 13.
- The focus on Agency RMBS could reduce the portfolio's sensitivity to credit deterioration in stress periods 1.
What to watch
- Development of book value per share and EADQ3 2026
- Level of the company recourse leverage ratioQ3 2026
- Integration of Constructive and origination volume2026
- Cost of BPL-Rental securitizations and access to financingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
The company operates as an internally managed REIT for U.S. federal income tax purposes and aims to generate durable earnings through disciplined portfolio management. Its portfolio includes credit sensitive assets tied to single-family and multi-family properties, as well as fixed-income investments such as Agency RMBS 1. On September 3, 2025 it changed its name from New York Mortgage Trust to Adamas Trust 1.
Since July 15, 2025 the company fully owns Constructive, a business purpose lender for real estate investors operating in 48 states 1. Constructive gives the company a proprietary source of credit assets and a scalable origination platform, and in the second quarter of 2026 it originated more than 400 million USD of new loans 3. The business is complemented by single-family rental properties and mezzanine lending 1.
The strategy focuses on assets with less price sensitivity to credit deterioration, such as Agency RMBS, and on higher quality business purpose loans, especially those sourced through Constructive 1. Management has gradually reduced exposure to multi-family properties, which is becoming a smaller part of the balance sheet 1.
Segments
Investment portfolio
This segment, which mainly includes residential mortgage-related assets, generates most of the company's revenues and interest income 1. At the end of the second quarter of 2026, Agency investments reached 7.2 billion USD, with an average coupon of 5.48% 3.
Constructive
The Constructive segment covers the origination of loans for real estate investors, earning revenue from the origination and sale of loans 1. During the second quarter of 2026, Constructive originated 427.6 million USD of business purpose loans, and the BPL-Rental portfolio grew to 2.3 billion USD in unpaid principal balance 3.
Market context
The company's market is linked to residential mortgage loans and mortgage-backed securities backed by government sponsored enterprises or agencies, and demand depends on interest rate levels and available financing 1. The company notes that elevated interest rates from early 2022 through late 2024 contributed to valuation declines in parts of its portfolio 1.
The market for business purpose loans for real estate investors is more expensive and riskier, where originators with proprietary platforms may have operating advantages 1. The company believes these operating barriers allow it to earn better risk-adjusted returns over time 1.
Trends
- Rising interest ratesheadwind
Demand for rate sensitive assets could fall if interest rates rise again, which would reduce the availability of some assets and increase financing costs 1. For this reason the company favors assets with shorter duration and higher coupons 1.
- Business purpose loanstailwind
Growth in BPL-Rental loans and related securitizations could support higher income if the market remains active 3. However, these loans carry different risks from traditional residential mortgage loans 1.
- Securitization financingmixed
Access to securitizations and warehouse lines can support portfolio growth, but financing terms may vary 23. The company reports expanded warehouse capacity in the second quarter of 2026 3.
- Full ownership of Constructivetailwind
Full control of Constructive could reduce reliance on third parties for new assets and could support returns over time 13.
Competitive position
The company notes that competition may prevent it from acquiring assets on favorable terms or at all 1. In investor loan and mortgage-backed securities markets several players may compete for the same assets 1.
The company's stated advantage rests on its proprietary Constructive origination platform and its access to credit sources through partnerships, which may reduce competitive pressure in some segments 13.
- Other mortgage REITs
Companies investing in the same types of mortgage assets that may compete for acquisitions, as described in the competition risks of the filing.
- Business purpose loan lenders
Independent originators of loans for renovation and rental that may compete directly with the Constructive platform.
- Institutional investors in mortgage securities
Funds and investors buying Agency RMBS and other securities that compete for the same acquisition opportunities.
- Banks and mortgage loan originators
Institutions that sell loans in the secondary market and can influence the price of assets available to the company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Adamas Trust, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Adamas Trust, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Adamas Trust, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.