Adamas Trust (NASDAQ: ADAM), formerly New York Mortgage Trust (NYMT), rebranded in September 2025 as the capstone of its latest reinvention. It is a hybrid credit vehicle that has tried several identities (multifamily mezzanine specialist, distressed resi buyer, agency allocator) across a history of dividend reductions, currently repositioned toward agency MBS and residential credit after unwinding its multifamily equity experiment.
| Adamas Trust (ADAM) Snapshot | |
|---|---|
| Share Price (delayed) | $9.51 +0.74% |
| Market Cap | $855M |
| Annualized Dividend | $0.96 (Quarterly) |
| Dividend Yield | 10.09% |
| Sector | Mortgage ยท Residential Credit |
Market data updates automatically several times daily. Last price refresh: Aug 04, 2026.
Business Model
The September 2025 rebrand to Adamas Trust (ticker ADAM, from NYMT) accompanied full ownership of Constructive Loans, a business-purpose originator, signaling the pivot toward an internally-operated lending platform.
The current book blends agency MBS (liquidity and spread), business-purpose and residential credit loans, and the runoff of its multifamily mezzanine/preferred book, a strategy reset after the multifamily positions underperformed in the rate shock. Flexibility is the pitch; strategy churn is the record.
Dividend Reality
Serial reductions mark the long-term chart, with the current payout sized to the repositioned portfolio’s earnings and roughly covered in the present spread regime. The deep discount to book reflects a market waiting for any strategy to persist across a full cycle.
The Honest Risk Section
Strategy drift is itself the risk factor: each pivot crystallizes losses from the last thesis, and the multifamily unwind was the latest tuition payment. Leverage, credit beta, and small scale complete the standard stack. Covered today, unproven through a turn, graded accordingly.
Frequently Asked Questions
What happened to NYMT stock?
New York Mortgage Trust rebranded to Adamas Trust, Inc. on September 3, 2025; the common stock now trades on Nasdaq as ADAM, with all preferred series and notes similarly re-tickered.
What does Adamas Trust invest in now?
Agency MBS plus residential and business-purpose credit, while running off legacy multifamily mezzanine and preferred equity positions from its prior strategy.
Why does NYMT trade far below book value?
A history of dividend reductions and strategy pivots that crystallized losses; the discount is the market’s patience bill.
Analysis based on public disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.
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