**Adamas Trust Inc. Reports Fiscal Year 2025 Results**
Adamas Trust Inc., formerly New York Mortgage Trust Inc., has released its financial results for the fiscal year ended December 31, 2025, showcasing a net income attributable to common stockholders of $101.1 million, or $1.12 per share. This marks a significant turnaround from the previous year, which saw a net loss of $103.8 million. The company's earnings available for distribution (EAD) per common share, a non-GAAP measure, also experienced substantial growth, increasing by 141% year-over-year to $0.89 per share. The company's GAAP book value per share increased 3.4% to $9.60, and adjusted book value per share rose 2.7% to $10.63.
The company's financial performance was driven by strategic developments, including the acquisition of the remaining 50% interest in Constructive Loans, LLC, a business purpose loan originator, on July 15, 2025. This acquisition resulted in the full consolidation of Constructive's financial results beginning in the third quarter. Constructive originated approximately $1.8 billion of loans during the year, with $864.9 million originated after the acquisition. The company also completed the wind-down of its multi-family joint venture equity investments during the year.
Key operational developments included a record level of investment activity, with the investment portfolio expanding by approximately $3.1 billion, or 42%, to $10.5 billion. Acquisitions totaled $6.1 billion, primarily concentrated in Agency RMBS and business purpose loans. The company also completed four securitizations of performing, re-performing, and business purpose loans, generating approximately $945.5 million in net proceeds. As of December 31, 2025, the company's recourse leverage ratio was approximately 5.0 to 1, and the portfolio recourse leverage ratio was approximately 4.7 to 1.
Looking ahead, Adamas Trust Inc. intends to maintain a disciplined approach to portfolio growth, focusing on high-quality, income-producing assets. The company expects to capitalize on market opportunities and scale recurring earnings, supported by the integration of Constructive's origination platform. In January 2026, the company completed the issuance of $90.0 million of 9.250% Senior Notes due 2031, receiving $86.6 million in net proceeds. In February 2026, the company redeemed its 2026 Senior Notes for a total payment of $101.5 million, recognizing a loss on extinguishment of debt of approximately $0.3 million. The Board of Directors also approved extensions of the common stock and preferred stock repurchase programs, expiring on March 31, 2027.
About NEW YORK MORTGAGE TRUST INC
New York Mortgage Trust, Inc. is a real estate investment trust focused on acquiring, financing, and managing mortgage-related residential assets, including single-family and multi-family loans, mortgage-backed securities, and credit-sensitive investments. It seeks to generate long-term stable distributions through net interest spreads and capital gains, leveraging diverse funding sources and strategic asset management in the U.S. housing and credit markets.
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