Adamas Trust, Inc (ADAM) Fair Value & Analysis
Real Estate · US · Market cap $841M
Adamas Trust, Inc
ADAM · US
Fair value as of: Jul 25, 2026
From 10 valuation models · updated 16 days ago
Fair value updated Jul 25, 2026, revised from $22.41 to $21.48 (−4.1%) since Jun 26, 2026. Share price +9.4% over the past month.
A solid business, screening 119% undervalued on our models.
What matters now
- The price is below even our cautious bear case ($16.11). The market is more pessimistic than our downside scenario.
- Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 25, 2026.
How to read this chart
60‑month range $4.32 – $10.34 · fair‑value band $16.11 – $21.48 · the $9.82 price screens below the $21.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 25, 2026.
Analysis
Adamas Trust, Inc (ADAM) currently trades at $9.82, while our model-based Fair Value estimate is $21.48, implying the stock looks roughly 118.7% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Adamas Trust, Inc generated revenue of $323M at a net margin of 48.1%. Revenue grew 10.7% year over year. It earns a return on equity of 13.0%. Net debt stands at $10.8B. Fundamentals as of Jul 25, 2026
Our scenario range runs from $16.11 (bear case) to $21.48 (bull case); at $9.82, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 75% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at 119%, ADAM screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 10 models by family
Widest divergence: Multiples ($22.23) versus Asset-Based ($10.64). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 25, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 74
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Adamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States. The company operates through two segments: Investment Portfolio and Constructive.
Full company description
Adamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States. The company operates through two segments: Investment Portfolio and Constructive. The Investment Portfolio segment manages a diversified portfolio primarily consisting of mortgage-related single-family and multifamily residential investments, including agency residential mortgage-backed securities (RMBS), non-agency RMBS, residential loans, such as business purpose loans, performing, re-performing, non-performing, and seasoned performing, multifamily loans, preferred equity investments, joint venture equity investments, multifamily investments, mezzanine lending, cross-collateralized mezzanine lending, and single-family rental. The Constructive segment is a business purpose loan lender specializing in rental and transitional loans for real estate investors; and origination and sale of loans. The company provides structured multi-family property investments; other mortgage-, residential housing- and credit-related assets and strategic investments; and commercial mortgage-backed securities (CMBS). It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Adamas Trust, Inc. was formerly known as New York Mortgage Trust, Inc. and changed its name to Adamas Trust, Inc. in September 2025. Adamas Trust, Inc. was incorporated in 2003 and is headquartered in New York, New York.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Adamas Trust, Inc reported revenue of $806M in FY2025 versus $380M in FY2021, a compound +20.6%/yr. Reported net income was $149M in FY2025, compounding −6.3%/yr from FY2021.
Watch ADAM: get an alert when its fair value changes →
Peer Group
REIT - Mortgage · 40 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Mortgage median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Mortgage stocks, each showing price versus our Fair Value estimate (as of Jul 25, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Annaly Capital Management, Inc NLY | $22.45 | $22.84 | +2% |
| AGNC Investment Corp AGNC | $10.56 | $12.03 | +14% |
| Starwood Property Trust, Inc STWD | $16.52 | $14.93 | -10% |
| Rithm Capital Corp RITM | $9.12 | $20.75 | +128% |
| Blackstone Mortgage Trust, Inc BXMT | $16.69 | $14.84 | -11% |
| Dynex Capital, Inc DX | $12.60 | $7.67 | -39% |
| ARMOUR Residential REIT, Inc ARR | $16.13 | $20.28 | +26% |
| Ellington Financial Inc EFC | $13.37 | $13.45 | +1% |
| Apollo Commercial Real Estate Finance, Inc ARI | $6.76 | $13.56 | +101% |
| Orchid Island Capital, Inc ORC | $6.54 | $6.26 | -4% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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