Company Overview and Structure

Adamas Trust, Inc., formerly known as New York Mortgage Trust, Inc., is a Real Estate Investment Trust (REIT) incorporated in Maryland and headquartered at 90 Park Avenue, 23rd Floor, New York, NY. The company officially changed its name to Adamas Trust, Inc. on January 10, 2025, signifying a strategic rebranding and potential shift in focus or business direction. This change may be significant for shareholders and could impact market perception and valuation.

Financial Reporting and XBRL Highlights

The annual report for the fiscal year ending December 31, 2025, was filed on February 20, 2026. The document is presented in XBRL format, detailing extensive financial and operational data spanning a wide range of asset classes, liabilities, and equity components. The report includes detailed segmentation of stock classes, preferred stock series, senior notes, and various investment vehicles, which is crucial for understanding the company’s capital structure and risk profile.

Capital Structure and Stock Highlights

• Common Stock: Par value of \$0.01 per share.
• Preferred Stock: Multiple series of fixed-to-floating rate cumulative redeemable preferred stocks with varying par values and liquidation preferences, including Series D, E, F, and G. Each series is defined with detailed terms, voting thresholds, and liquidation preferences, such as \$2,500 per share for certain series.
• Senior Notes: Multiple tranches of senior unsecured notes with maturities stretching from 2029 to 2031 and coupon rates ranging from 9.125% to 9.875%.
• Stock Split: The report notes a stock split conversion ratio of 0.25, indicating a 4-for-1 reverse split. This is highly price sensitive and could materially affect share values and trading liquidity.
• Voting Rights: Affirmative votes of 66.67% (two-thirds) of outstanding shares are required for certain material and adverse changes to preferred stock terms, highlighting the importance of shareholder governance.

Business Segments and Investment Vehicles

Adamas Trust holds diversified assets including agency and non-agency mortgage-backed securities, mezzanine loans, preferred equity investments, and joint venture equity interests in multifamily and single-family properties. The company also consolidates various variable interest entities (VIEs), including Constructive Loans LLC and others, reflecting complex investment structures that could affect risk exposure and income streams.

• Geographical Concentration: The report provides granular breakdowns of investment exposures by state, including significant holdings in Ohio, Pennsylvania, New Jersey, Florida, Texas, Arkansas, Indiana, New York, and Illinois. This geographic diversification may impact performance depending on regional real estate and economic trends.
• Investment Types: Includes agency RMBS, non-agency RMBS, preferred equity, joint ventures, and unconsolidated VIEs. The report also details investments in multifamily loans, single-family equity, mezzanine loans, and other assets.

Derivative and Hedging Activities

Adamas Trust actively manages interest rate and market risks through various derivative instruments, including interest rate swaps, caps, U.S. Treasury and commodity futures, stock options, and “to-be-announced” (TBA) securities. Most derivatives are not designated as hedging instruments for accounting purposes, indicating a trading approach to risk management. The company uses both CME Term SOFR and Secured Overnight Financing Rate (SOFR)-linked borrowings and is a primary beneficiary of several subordinated borrowing trusts.

Equity Method Investments and VIEs

The report discloses detailed investments in unconsolidated entities and joint ventures, including multifamily and single-family properties, as well as preferred equity investments. The company tracks its equity method investments with explicit references to specific LLCs, apartment complexes, and property partnerships. The consolidation and unconsolidation of VIEs, as well as joint venture interests, can significantly affect reported income, assets, and liabilities.

Potentially Price Sensitive Information

• Stock Split: The 4-for-1 reverse stock split (conversion ratio 0.25) is a major event that will impact share count, per-share metrics, and could influence trading patterns and investor sentiment.
• Name Change and Rebranding: The transition from New York Mortgage Trust, Inc. to Adamas Trust, Inc. may signal strategic changes, expansion, or repositioning, which could be interpreted positively or negatively by the market.
• Complex Capital Structure: The existence of multiple preferred stock series, senior notes, and VIEs adds complexity to the capital stack, which may affect risk and return perception for investors.
• Geographic and Asset Diversification: The company’s spread across multiple states and asset types could buffer against localized downturns but also expose it to wider macroeconomic swings.
• Derivative Exposure: Active trading in derivatives rather than hedging may increase earnings volatility and market risk.

What Shareholders Should Watch

• The effect of the reverse stock split on share price and liquidity.
• Any strategic shifts accompanying the name change and rebranding.
• Performance of underlying real estate assets, especially in key states.
• Changes in capital structure, debt maturities, and preferred stock terms.
• Risk management outcomes from derivative trading activities.
• Updates regarding VIE consolidation and unconsolidated investments.

Conclusion

The annual report of Adamas Trust, Inc. reveals several material developments that could impact share value and investor sentiment. Most notably, the reverse stock split and corporate rebranding stand out as key events, while the company’s asset and liability complexity, derivative trading, and geographic diversification offer both opportunities and risks. Investors should closely monitor these factors and await further guidance from management.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors are urged to conduct their own due diligence and consult with financial advisors before making any investment decisions. The information herein is based on public filings and may be subject to further updates or corrections.