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Adamas Trust (ADAM) Financials

Adamas Trust logo
$7.79 +0.29 (+3.87%)
Closing price 10/15/2026 04:00 PM Eastern
Extended Trading
$7.76 -0.04 (-0.45%)
As of 04:02 AM Eastern
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Annual Income Statements for Adamas Trust

Annual Income Statements for Adamas Trust

This table shows Adamas Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 67 55 76 79 145 -330 144 -341 -90 -104 101
Consolidated Net Income / (Loss)		 78 68 89 105 173 -288 173 -325 -43 -127 105
Net Income / (Loss) Continuing Operations		 78 68 89 105 173 -288 188 -341 -78 -94 138
Total Pre-Tax Income 		83 71 71 104 172 -287 176 -325 -43 -126 105
Total Revenue		 121 87 112 136 163 -20 250 -120 137 268 181
Net Interest Income / (Expense)		 76 65 58 79 128 127 128 129 67 401 149
Total Interest Income		 337 319 366 456 695 350 207 129 67 401 149
Investment Securities Interest Income		 337 319 366 456 695 350 207 258 259 - 602
Other Interest Income		 - - - - - - - -129 -192 - -453
Total Interest Expense		 261 255 308 377 567 223 79 0.00 0.00 0.00 0.00
Total Non-Interest Income		 44 22 54 57 35 -147 123 -249 70 -134 31
Other Service Charges		 9.43 - 14 12 2.13 0.69 5.52 -262 -39 29 17
Net Realized & Unrealized Capital Gains on Investments		 36 22 41 45 33 -148 117 -114 -31 -163 -78
Other Non-Interest Income		 -1.36 0.00 0.00 - - 0.41 - 126 141 - 93
Total Non-Interest Expense		 38 35 41 41 50 79 108 204 179 410 290
Other Operating Expenses		 39 35 41 41 50 54 89 77 155 370 267
Depreciation Expense		 - - - - - 0.39 19 127 25 40 23
Nonoperating Income / (Expense), net		 - 19 - 11 59 -188 34 - - 16 214
Income Tax Expense		 4.54 3.10 3.36 -1.06 -0.42 0.98 2.46 0.54 0.08 1.04 0.15
Preferred Stock Dividends Declared		 11 13 16 24 29 41 49 42 41 42 48
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.01 -3.41 1.91 -0.84 0.27 -4.72 -42 -29 -32 -11
Basic Earnings per Share		 $0.62 $0.50 $0.68 $0.62 $0.65 ($0.89) $1.52 ($3.61) ($0.99) ($1.14) $1.12
Weighted Average Basic Shares Outstanding		 108.40M 109.59M 111.84M 127.24M 221.38M 371.00M 94.81M 94.32M 91.04M 90.82M 90.43M
Diluted Earnings per Share		 $0.62 $0.50 $0.66 $0.61 $0.64 ($0.89) $1.51 ($3.61) ($0.99) ($1.14) $1.10
Weighted Average Diluted Shares Outstanding		 108.40M 109.59M 130.34M 147.45M 242.60M 371.00M 95.24M 94.32M 91.04M 90.82M 91.51M
Weighted Average Basic & Diluted Shares Outstanding		 108.40M 109.59M 111.91M 170.24M 377.47M 379.46M 381.28M 365.64M 91.23M 90.57M 90.47M
Cash Dividends to Common per Share		 $1.02 $0.96 $0.80 $0.80 $0.80 - $0.40 $1.60 $1.20 $0.80 $0.86

Quarterly Income Statements for Adamas Trust

This table shows Adamas Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 31 -68 -26 65 -74 61 -6.97 33 15 37 87
Consolidated Net Income / (Loss)		 87 -79 -18 43 -72 35 1.43 28 41 87 55
Net Income / (Loss) Continuing Operations		 33 -80 -24 40 -30 37 4.44 40 56 87 53
Total Pre-Tax Income 		87 -79 -18 43 -71 38 4.28 27 41 86 53
Total Revenue		 1.90 -23 31 128 165 -46 19 59 143 149 141
Net Interest Income / (Expense)		 17 18 19 20 362 33 36 37 43 172 50
Total Interest Income		 -23 18 19 108 274 130 141 37 -158 172 174
Total Interest Expense		 -39 0.00 0.00 88 -88 108 111 0.00 -214 0.00 124
Long-Term Debt Interest Expense		 - - - 88 - 103 110 - - - 124
Total Non-Interest Income		 -15 -41 12 108 -197 -68 -11 23 87 -23 91
Other Service Charges		 -45 -57 -6.08 73 - 5.09 5.03 1.48 4.91 53 47
Net Realized & Unrealized Capital Gains on Investments		 -3.13 -16 -13 35 -129 -90 -34 -9.49 56 -76 27
Other Non-Interest Income		 34 33 31 0.00 - 18 18 31 27 - 16
Total Non-Interest Expense		 -26 56 48 88 250 40 41 85 118 63 95
Other Operating Expenses		 -32 43 36 69 240 31 31 79 121 58 88
Depreciation Expense		 6.25 13 12 8.13 - 5.90 5.93 5.94 5.37 4.62 4.49
Amortization Expense		 - - - 2.35 - - - - - - 3.13
Impairment Charge		 - - - 7.82 - 3.91 3.91 - - - 0.16
Income Tax Expense		 0.13 -0.11 0.34 2.33 -1.52 0.65 -0.16 -0.30 -0.04 0.16 0.01
Other Gains / (Losses), net		 - - - 6.05 - - - - - - -0.23
Preferred Stock Dividends Declared		 10 10 10 10 10 12 12 12 12 12 12
Net Income / (Loss) Attributable to Noncontrolling Interest		 -9.18 -22 -8.49 -2.38 1.11 -5.09 -4.11 -5.04 2.84 38 -2.13
Basic Earnings per Share		 $0.35 ($0.75) ($0.29) $0.36 ($0.82) $0.33 ($0.04) $0.36 $0.47 $0.41 $0.48
Weighted Average Basic Shares Outstanding		 91.04M 91.12M 90.99M 90.58M 90.82M 90.58M 90.32M 90.41M 90.43M 90.35M 89.98M
Diluted Earnings per Share		 $0.35 ($0.75) ($0.29) $0.36 ($0.82) $0.33 ($0.04) $0.36 $0.45 $0.40 $0.47
Weighted Average Diluted Shares Outstanding		 91.04M 91.12M 90.99M 90.59M 90.82M 91.09M 90.32M 91.61M 91.51M 92.06M 92.35M
Weighted Average Basic & Diluted Shares Outstanding		 91.23M 91.23M 90.58M 90.58M 90.57M 90.30M 90.31M 90.31M 90.47M 89.86M 89.88M

Annual Cash Flow Statements for Adamas Trust

This table details how cash moves in and out of Adamas Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 44 -47 57 2.95 12 183 33 43 -50 -1.62 13
Net Cash From Operating Activities		 38 36 54 24 35 111 139 92 30 14 134
Net Cash From Continuing Operating Activities		 38 36 54 22 35 111 139 92 30 14 134
Net Income / (Loss) Continuing Operations		 136 78 68 105 173 -288 188 -341 -78 -94 138
Consolidated Net Income / (Loss)		 136 78 68 105 173 -288 188 -341 -78 -94 138
Depreciation Expense		 - - - - - 0.39 19 127 25 40 23
Amortization Expense		 -2.67 0.54 7.65 -29 -56 14 32 26 28 20 17
Non-Cash Adjustments to Reconcile Net Income		 -103 -40 -33 -49 -83 375 -97 294 72 63 -56
Changes in Operating Assets and Liabilities, net		 5.49 -3.87 11 -1.99 3.57 9.26 -3.70 -15 -17 -15 12
Net Cash From Investing Activities		 -125 251 69 -642 -769 2,118 -133 -509 -1,220 -2,244 -2,897
Net Cash From Continuing Investing Activities		 -125 251 69 -642 -769 2,118 -133 -509 -1,220 -2,235 -2,897
Purchase of Property, Leasehold Improvements and Equipment		 - 0.00 0.00 -0.46 -0.13 -0.21 -46 -209 -50 -25 -8.15
Purchase of Investment Securities		 -476 -373 -582 -1,307 -2,372 -1,237 -2,041 -1,939 -2,603 -4,077 -6,103
Divestitures		 - 0.00 0.00 0.00 0.00 561 36 137 222 159 202
Sale and/or Maturity of Investments		 361 563 645 665 1,599 2,794 1,918 1,531 1,291 1,642 3,082
Other Investing Activities, net		 -10 60 5.45 - 0.00 - 0.00 0.00 -27 67 -70
Net Cash From Financing Activities		 131 -334 -66 621 746 -2,046 27 460 1,140 2,229 2,776
Net Cash From Continuing Financing Activities		 131 -334 -66 621 746 -2,046 27 460 1,140 2,229 2,776
Issuance of Debt		 0.00 0.00 166 1.15 -4.02 649 530 973 -149 1,356 1,141
Issuance of Preferred Equity		 0.00 87 0.00 0.00 215 0.00 211 - 0.00 0.00 5.03
Repayment of Debt		 -173 -231 -287 -223 -1,053 -359 -481 -253 -251 -530 -848
Repurchase of Preferred Equity		 - - -16 - 0.00 0.00 -183 0.00 -2.44 0.00 0.00
Repurchase of Common Equity		 - - - - - 0.00 0.00 -44 -8.62 -3.49 -1.50
Payment of Dividends		 -93 -123 -118 -122 -188 -147 -195 -193 -171 -117 -122
Other Financing Activities, Net		 100 -99 176 705 972 -2,702 147 -23 1,722 1,523 2,601
Cash Interest Paid		 352 307 301 430 623 292 72 161 250 345 448
Cash Income Taxes Paid		 8.30 4.92 4.06 1.71 0.02 1.52 0.30 2.67 0.23 -0.03 0.22

Quarterly Cash Flow Statements for Adamas Trust

This table details how cash moves in and out of Adamas Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -25 60 -23 -36 -2.97 -55 -7.28 31 45 23 -56
Net Cash From Operating Activities		 13 -13 -0.99 -0.92 29 26 39 6.92 62 -17 106
Net Cash From Continuing Operating Activities		 13 -13 -0.99 -0.92 29 26 39 6.92 62 -17 106
Net Income / (Loss) Continuing Operations		 33 -80 -24 40 -30 37 4.44 40 56 87 53
Consolidated Net Income / (Loss)		 33 -80 -24 40 -30 37 4.44 40 56 87 53
Depreciation Expense		 6.25 13 12 8.13 6.88 5.90 5.93 5.94 5.37 4.62 4.49
Amortization Expense		 6.12 2.31 6.67 5.70 5.55 4.75 4.18 4.44 3.21 5.38 6.55
Non-Cash Adjustments to Reconcile Net Income		 -22 57 5.91 -46 45 -24 16 -37 -12 -99 43
Changes in Operating Assets and Liabilities, net		 -10 -5.21 -1.72 -9.59 1.48 1.63 8.39 -6.27 9.13 -14 -0.90
Net Cash From Investing Activities		 -397 -254 -572 -834 -584 -794 -360 -1,595 -148 -67 -301
Net Cash From Continuing Investing Activities		 -397 -254 -572 -834 -575 -794 -357 -1,593 -155 -67 -301
Purchase of Investment Securities		 -615 -592 -930 -1,333 -1,211 -1,844 -933 -2,377 -951 -907 -1,260
Divestitures		 39 4.82 14 96 50 8.65 12 122 59 145 26
Sale and/or Maturity of Investments		 298 300 349 468 505 1,112 598 661 711 636 942
Other Investing Activities, net		 -62 33 3.36 -57 86 -71 -34 0.65 34 59 -8.60
Net Cash From Financing Activities		 360 327 551 799 552 714 313 1,619 131 107 138
Net Cash From Continuing Financing Activities		 360 327 551 799 552 714 313 1,619 131 107 138
Issuance of Debt		 -149 501 303 311 240 411 -1.80 640 98 395 518
Repayment of Debt		 276 -182 -159 -134 415 -141 -199 -428 -206 -494 -391
Payment of Dividends		 -38 -31 -29 -29 -29 -29 -30 -30 -33 -33 -33
Other Financing Activities, Net		 270 39 439 650 -74 473 542 1,436 271 244 44
Cash Interest Paid		 75 75 82 92 96 100 108 114 126 130 125
Cash Income Taxes Paid		 -0.04 -0.15 -0.25 - 0.07 0.01 0.40 0.10 -0.29 -0.00 0.15

Annual Balance Sheets for Adamas Trust

This table presents Adamas Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9,056 8,952 12,056 14,738 23,483 4,656 5,658 6,241 7,401 9,217 12,639
Cash and Due from Banks		 62 84 95 104 119 293 290 245 187 167 210
Trading Account Securities		 1,673 969 1,423 1,596 5,173 4,033 4,016 3,804 5,245 7,870 11,368
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 0.00 25 25 25 25 - - - - 0.00 22
Other Assets		 7,321 7,258 10,020 13,013 17,986 329 1,353 2,192 1,969 1,180 1,038
Total Liabilities & Shareholders' Equity		 9,056 8,952 12,056 14,738 23,483 4,656 5,658 6,241 7,401 9,217 12,639
Total Liabilities		 8,176 8,100 11,080 13,557 21,278 2,348 3,227 4,377 5,773 7,806 11,208
Long-Term Debt		 45 6,763 9,491 11,325 17,996 1,841 2,511 2,640 2,798 7,561 11,003
Other Long-Term Liabilities		 7,264 416 313 101 177 102 161 1,000 504 245 206
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - 0.00 66 64 28 12 3.02
Total Equity & Noncontrolling Interests		 881 851 976 1,180 2,205 2,308 2,365 1,800 1,600 1,399 1,427
Total Preferred & Common Equity		 881 848 972 1,179 2,206 2,301 2,341 1,767 1,580 1,395 1,427
Preferred Stock		 159 159 290 290 505 505 538 538 535 535 540
Total Common Equity		 721 689 682 890 1,701 1,796 1,803 1,229 1,044 859 886
Common Stock		 736 750 752 1,015 1,825 2,347 2,360 2,284 2,298 2,290 2,295
Retained Earnings		 -12 -63 -76 -103 -149 -551 -559 -1,053 -1,254 -1,431 -1,409
Noncontrolling Interest		 0.00 3.09 4.14 0.90 -0.70 6.37 24 33 20 4.06 0.50

Quarterly Balance Sheets for Adamas Trust

This table presents Adamas Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 6,170 6,279 6,938 7,447 8,229 8,906 10,004 10,552 12,402 12,790 12,964
Cash and Due from Banks		 228 232 228 227 236 195 177 160 185 209 212
Trading Account Securities		 3,769 4,040 4,850 5,482 6,411 7,309 8,654 9,227 11,124 11,659 11,892
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 - - - - - - - - 22 22 22
Other Assets		 2,174 2,007 1,859 1,737 1,582 1,402 1,173 1,165 1,070 900 838
Total Liabilities & Shareholders' Equity		 6,170 6,279 6,938 7,447 8,229 8,906 10,004 10,552 12,402 12,790 12,964
Total Liabilities		 4,347 4,525 5,321 5,927 6,764 7,434 8,586 9,156 10,997 11,333 11,492
Long-Term Debt		 2,569 2,527 2,443 3,182 3,346 3,499 3,836 4,010 10,823 11,149 11,317
Other Long-Term Liabilities		 990 854 884 233 466 324 264 238 174 184 175
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 54 35 21 20 23 22 13 13 14 4.08 2.53
Total Equity & Noncontrolling Interests		 1,769 1,719 1,596 1,499 1,442 1,450 1,405 1,384 1,391 1,454 1,469
Total Preferred & Common Equity		 1,738 1,691 1,575 1,485 1,432 1,444 1,402 1,381 1,391 1,456 1,472
Preferred Stock		 538 537 535 535 535 535 535 539 540 540 540
Total Common Equity		 1,200 1,154 1,040 950 896 909 867 842 850 916 932
Common Stock		 2,280 2,300 2,308 2,290 2,282 2,280 2,285 2,283 2,280 2,309 2,307
Retained Earnings		 -1,079 -1,144 -1,266 -1,341 -1,385 -1,371 -1,419 -1,441 -1,430 -1,393 -1,375
Noncontrolling Interest		 31 28 20 14 9.75 5.99 2.98 2.67 0.29 -2.72 -2.99

Annual Metrics And Ratios for Adamas Trust

This table displays calculated financial ratios and metrics derived from Adamas Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 109,401,721.00 109,569,315.00 111,854,023.00 141,214,528.00 262,621,039.00 377,744,476.00 379,286,475.00 - - - 90,307,776.00
DEI Adjusted Shares Outstanding		 109,401,721.00 109,569,315.00 111,854,023.00 141,214,528.00 262,621,039.00 377,744,476.00 379,286,475.00 - - - 90,307,776.00
DEI Earnings Per Adjusted Shares Outstanding		 0.71 0.62 0.79 0.74 0.66 -0.76 0.46 - - - 1.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -34.83% -28.00% 29.28% 21.09% 19.85% -112.20% 1,359.30% -148.16% 213.58% 95.62% -32.53%
EBITDA Growth		 -40.61% -28.72% 20.44% -10.54% -10.08% -247.31% 328.55% -188.90% 105.60% -956.77% 15.29%
EBIT Growth		 -42.11% -37.52% 37.92% 30.95% 21.32% -187.84% 242.84% -328.98% 86.91% -235.20% 23.12%
NOPAT Growth		 -42.72% -36.78% 37.44% 38.83% 20.39% -161.34% 301.21% -262.56% 86.91% -235.20% -9.67%
Net Income Growth		 -42.72% -13.40% 31.09% 18.32% 64.99% -266.71% 160.10% -287.74% 86.91% -199.44% 182.02%
EPS Growth		 -58.11% -19.35% 32.00% -7.58% 4.92% -239.06% 160.10% -287.74% 72.58% -15.15% 196.49%
Operating Cash Flow Growth		 -3.24% 48.18% -45.52% -17.57% 45.18% 215.53% 25.42% -33.93% -67.37% -53.02% 852.60%
Free Cash Flow Firm Growth		 194.55% -4,741.84% 53.50% 10.88% -178.81% 329.77% -104.48% 103.61% -5,918.92% -29.00% -64.13%
Invested Capital Growth		 -3.75% 392.69% 37.59% 24.63% 54.09% -79.81% 20.72% -4.66% 31.60% 30.09% 38.57%
Revenue Q/Q Growth		 -25.72% -0.63% 10.88% -17.79% 14.59% 34.40% 42.56% -164.63% 299.23% 155.99% 6.42%
EBITDA Q/Q Growth		 -30.48% 8.68% 9.11% -50.40% 135.86% -1,222.30% 4,450.24% -362.48% 105.17% -378.81% 60.50%
EBIT Q/Q Growth		 -29.97% 3.82% 16.24% -37.82% 60.29% -521.77% 449.33% -260.37% 82.24% -368.36% 50.28%
NOPAT Q/Q Growth		 -32.62% -16.23% -4.07% -35.55% 48.26% 41.35% 449.09% -260.37% 73.02% -445.54% -1,681.99%
Net Income Q/Q Growth		 -32.62% 14.76% 25.34% -16.89% 47.63% 4.85% -25.83% -17.65% 73.10% -508.05% 1,164.76%
EPS Q/Q Growth		 -40.38% 19.05% 22.22% -24.69% 42.22% 2.20% -25.83% -17.65% 46.77% -5,800.00% 746.15%
Operating Cash Flow Q/Q Growth		 -3.22% 2.96% -17.20% 8.77% 11.52% 29.82% 23.85% -36.39% 18.46% 815.72% 32.61%
Free Cash Flow Firm Q/Q Growth		 221.75% 3.37% -219.51% -131.94% 57.16% 19.96% -176.71% 102.99% -260.69% 12.98% 2.24%
Invested Capital Q/Q Growth		 -5.46% -3.89% 18.21% 1,011.83% 15.03% 0.28% 14.73% -8.00% 13.93% 4.55% 1.68%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 68.93% 68.23% 63.57% 46.96% 35.24% 0.00% 77.22% 0.00% 7.03% -30.79% -38.66%
EBIT Margin		 68.48% 59.42% 63.39% 68.56% 69.40% 0.00% 56.68% 0.00% -31.06% -53.22% -60.64%
Profit (Net Income) Margin		 64.72% 77.84% 78.93% 77.12% 106.17% 0.00% 69.24% 0.00% -31.11% -47.62% 57.89%
Tax Burden Percent		 94.51% 95.62% 124.50% 101.02% 100.24% 100.47% 98.60% 100.17% 100.18% 100.82% 99.86%
Interest Burden Percent		 100.00% 136.99% 100.00% 111.36% 152.62% 288.98% 123.90% 100.00% 100.00% 88.76% -95.60%
Effective Tax Rate		 5.49% 4.38% 4.72% -1.02% -0.24% 0.00% 1.40% 0.00% 0.00% 0.00% 0.14%
Return on Invested Capital (ROIC)		 4.42% 0.96% 0.67% 0.71% 0.61% 0.00% 2.78% 0.00% -0.49% -1.26% -1.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.42% 1.39% 0.89% 0.80% 0.96% 0.00% 4.04% 0.00% -0.79% -1.69% 1.28%
Return on Net Nonoperating Assets (RNNOA)		 4.77% 6.84% 9.03% 9.01% 9.61% 0.00% 4.53% 0.00% -1.95% -7.13% 8.38%
Return on Equity (ROE)		 9.19% 7.80% 9.69% 9.72% 10.21% -12.78% 7.31% -15.14% -2.44% -8.39% 7.36%
Cash Return on Invested Capital (CROIC)		 8.24% -131.55% -30.97% -21.22% -41.96% 132.29% -15.99% 0.54% -27.78% -27.41% -33.36%
Operating Return on Assets (OROA)		 0.84% 0.57% 0.68% 0.70% 0.59% 0.00% 2.75% 0.00% -0.62% -1.71% -1.00%
Return on Assets (ROA)		 0.80% 0.75% 0.84% 0.78% 0.90% 0.00% 3.36% 0.00% -0.62% -1.53% 0.96%
Return on Common Equity (ROCE)		 7.93% 6.35% 7.27% 7.08% 7.82% -9.90% 5.55% -10.69% -1.59% -5.25% 4.52%
Return on Equity Simple (ROE_SIMPLE)		 8.86% 7.97% 9.11% 8.89% 7.84% -12.53% 7.40% -18.41% -2.70% -9.14% 7.33%
Net Operating Profit after Tax (NOPAT)		 78 49 68 94 113 -69 140 -227 -30 -100 -109
NOPAT Margin		 64.72% 56.82% 60.40% 69.25% 69.57% 0.00% 55.89% 0.00% -21.74% -37.25% -60.56%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.43% -0.23% -0.09% -0.35% 1.94% -1.26% 3.04% 0.30% 0.43% -2.30%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 31.52% 40.58% 36.61% 30.52% 30.60% 0.00% 43.32% 0.00% 131.06% 153.22% 160.64%
Earnings before Interest and Taxes (EBIT)		 83 52 71 93 113 -99 142 -325 -43 -142 -110
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 83 59 71 64 57 -85 193 -172 9.62 -82 -70
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.91 1.39 1.52 1.60 1.87 1.63 1.80 0.60 0.65 0.64 0.72
Price to Tangible Book Value (P/TBV)		 0.91 1.44 1.58 1.65 1.90 1.63 1.80 0.60 0.65 0.64 0.74
Price to Revenue (P/Rev)		 5.44 11.02 9.23 10.48 19.57 0.00 12.99 0.00 4.97 2.05 3.53
Price to Earnings (P/E)		 9.78 17.51 13.57 17.99 22.00 0.00 22.54 0.00 0.00 0.00 6.31
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.15% 15.99% 13.20% 6.51%
Earnings Yield		 10.23% 5.71% 7.37% 5.56% 4.54% 0.00% 4.44% 0.00% 0.00% 0.00% 15.84%
Enterprise Value to Invested Capital (EV/IC)		 0.93 1.02 1.02 1.03 1.06 1.18 1.21 0.86 0.92 0.95 0.96
Enterprise Value to Revenue (EV/Rev)		 13.31 100.46 106.95 110.89 146.88 0.00 26.59 0.00 46.38 31.73 66.30
Enterprise Value to EBITDA (EV/EBITDA)		 19.31 147.23 168.25 236.11 416.83 0.00 34.44 0.00 659.74 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 19.44 169.06 168.72 161.75 211.66 0.00 46.92 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 20.57 176.81 177.07 160.12 211.14 0.00 47.59 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 44.16 161.95 409.17 623.21 681.46 48.64 47.90 49.07 211.89 603.71 89.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.03 0.00 0.00 0.00 0.00 0.30 0.00 155.43 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.97 9.03 11.03 11.40 9.23 0.97 1.26 1.81 3.24 5.36 7.69
Long-Term Debt to Equity		 0.05 7.95 9.72 9.59 8.16 0.80 1.03 1.42 1.72 2.52 7.69
Financial Leverage		 1.08 4.93 10.10 11.23 9.99 5.01 1.12 1.50 2.48 4.22 6.53
Leverage Ratio		 11.54 10.40 11.50 12.43 11.29 6.24 2.18 2.77 3.91 5.47 7.69
Compound Leverage Factor		 11.54 14.25 11.50 13.84 17.23 18.02 2.70 2.77 3.91 4.85 -7.35
Debt to Total Capital		 49.17% 90.03% 91.69% 91.94% 90.22% 49.33% 55.76% 64.43% 76.39% 84.27% 88.50%
Short-Term Debt to Total Capital		 46.58% 10.79% 10.87% 14.56% 10.43% 8.91% 10.08% 14.06% 35.83% 44.72% 0.00%
Long-Term Debt to Total Capital		 2.60% 79.24% 80.82% 77.37% 79.79% 40.42% 45.68% 50.37% 40.57% 39.56% 88.50%
Preferred Equity to Total Capital		 9.19% 1.87% 2.47% 1.98% 2.24% 11.08% 9.79% 10.27% 7.76% 5.97% 4.35%
Noncontrolling Interests to Total Capital		 0.00% 0.04% 0.04% 0.01% 0.00% 0.14% 1.65% 1.85% 0.70% 0.18% 0.03%
Common Equity to Total Capital		 41.63% 8.07% 5.81% 6.08% 7.54% 39.45% 32.79% 23.45% 15.14% 9.58% 7.13%
Debt to EBITDA		 10.25 129.75 150.95 210.86 354.58 -26.57 15.87 -19.66 547.73 -91.74 -157.59
Net Debt to EBITDA		 9.51 128.34 149.61 209.24 352.51 -23.10 14.37 -18.24 528.28 -89.71 -154.58
Long-Term Debt to EBITDA		 0.54 114.19 133.05 177.46 313.60 -21.78 13.00 -15.37 290.86 -43.06 -157.59
Debt to NOPAT		 10.92 155.81 158.86 142.99 179.61 -32.32 21.92 -14.86 -177.11 -75.82 -100.60
Net Debt to NOPAT		 10.13 154.12 157.45 141.89 178.56 -28.10 19.85 -13.78 -170.83 -74.15 -98.68
Long-Term Debt to NOPAT		 0.58 137.13 140.02 120.34 158.85 -26.49 17.96 -11.61 -94.05 -35.59 -100.60
Noncontrolling Interest Sharing Ratio		 13.64% 18.57% 24.97% 27.11% 23.48% 22.50% 24.06% 29.43% 34.91% 37.37% 38.56%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 145 -6,754 -3,140 -2,799 -7,803 17,929 -804 29 -1,686 -2,175 -3,570
Operating Cash Flow to CapEx		 0.00% 0.00% 9,909.46% 5,290.37% 0.00% 53,764.56% 301.60% 43.84% 59.42% 57.09% 1,643.86%
Free Cash Flow to Firm to Interest Expense		 0.56 -26.52 -10.19 -7.42 -13.77 80.38 -10.14 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.14 0.21 0.10 0.06 0.06 0.50 1.75 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.14 0.21 0.09 0.06 0.07 0.50 1.17 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.01 0.01 0.01 0.01 0.00 0.05 0.00 0.02 0.03 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,732 8,535 11,744 14,636 22,553 4,554 5,497 5,241 6,897 8,973 12,433
Invested Capital Turnover		 0.07 0.02 0.01 0.01 0.01 0.00 0.05 0.00 0.02 0.03 0.02
Increase / (Decrease) in Invested Capital		 -67 6,803 3,208 2,893 7,916 -17,999 943 -256 1,656 2,075 3,461
Enterprise Value (EV)		 1,605 8,720 12,002 15,067 23,920 5,387 6,654 4,504 6,347 8,495 11,975
Market Capitalization		 655 957 1,035 1,424 3,187 2,923 3,249 737 681 549 638
Book Value per Share		 $6.59 $6.29 $6.10 $6.30 $6.48 $4.76 $4.75 $3.31 $11.51 $9.49 $9.82
Tangible Book Value per Share		 $6.59 $6.06 $5.87 $6.12 $6.38 $4.76 $4.75 $3.31 $11.51 $9.49 $9.57
Total Capital		 1,732 8,535 11,744 14,636 22,553 4,554 5,497 5,241 6,897 8,973 12,433
Total Debt		 852 7,684 10,768 13,456 20,348 2,246 3,065 3,377 5,269 7,561 11,003
Total Long-Term Debt		 45 6,763 9,491 11,325 17,996 1,841 2,511 2,640 2,798 3,549 11,003
Net Debt		 790 7,601 10,672 13,352 20,229 1,953 2,776 3,132 5,082 7,394 10,792
Capital Expenditures (CapEx)		 0.00 0.00 0.30 0.46 -3.46 0.21 46 209 50 25 8.15
Net Nonoperating Expense (NNE)		 0.00 -18 -21 -11 -60 219 -33 98 13 28 -214
Net Nonoperating Obligations (NNO)		 852 7,684 10,768 13,456 20,348 2,246 3,065 3,377 5,269 7,561 11,003
Total Depreciation and Amortization (D&A)		 0.54 7.65 0.20 -29 -56 15 51 153 52 60 40
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.62 $0.50 $0.00 $0.00 $0.65 ($0.89) $0.38 ($3.60) ($0.99) ($1.14) $1.12
Adjusted Weighted Average Basic Shares Outstanding		 108.40M 109.59M 0.00 0.00 221.38M 371.00M 379.23M 94.32M 91.04M 90.82M 90.43M
Adjusted Diluted Earnings per Share		 $0.62 $0.50 $0.00 $0.00 $0.64 ($0.89) $0.38 ($3.60) ($0.99) ($1.14) $1.10
Adjusted Weighted Average Diluted Shares Outstanding		 108.40M 109.59M 0.00 0.00 242.60M 371.00M 380.97M 94.32M 91.04M 90.82M 91.51M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 109.36M 111.84M 0.00 0.00 377.47M 379.46M 381.28M 91.41M 91.23M 90.57M 90.47M
Normalized Net Operating Profit after Tax (NOPAT)		 77 49 68 65 79 -52 140 -227 -30 -100 -109
Normalized NOPAT Margin		 63.55% 56.82% 60.40% 47.99% 48.58% 0.00% 55.89% 0.00% -21.74% -37.25% -60.56%
Pre Tax Income Margin		 68.48% 81.40% 63.39% 76.35% 105.91% 0.00% 70.23% 0.00% -31.06% -47.23% 57.97%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.32 0.20 0.23 0.25 0.20 -0.45 1.79 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.30 0.19 0.22 0.25 0.20 -0.31 1.76 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.32 0.20 0.23 0.25 0.21 -0.45 1.21 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.30 0.19 0.22 0.25 0.21 -0.31 1.18 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 157.07% 174.67% 120.56% 116.10% 108.74% -50.84% 112.47% -59.39% -400.93% -91.54% 116.65%
Augmented Payout Ratio		 157.07% 174.67% 120.56% 116.10% 108.74% -50.84% 112.47% -73.04% -421.16% -94.28% 118.09%

Quarterly Metrics And Ratios for Adamas Trust

This table displays calculated financial ratios and metrics derived from Adamas Trust's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - 90,567,445.00 90,298,221.00 90,313,984.00 90,307,776.00 90,474,341.00 89,861,108.00
DEI Adjusted Shares Outstanding		 - - - - - 90,567,445.00 90,298,221.00 90,313,984.00 90,307,776.00 90,474,341.00 89,861,108.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 0.38 0.02 0.31 0.45 0.96 0.61
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 100.94% -179.42% 22.23% 222.32% 8,567.80% -78.27% -38.38% -53.60% 8.26% 424.09% 645.51%
EBITDA Growth		 125.50% -277.16% 110.86% 194.78% -281.46% -18.62% -1,175.25% -129.00% 145.23% 226.54% 578.30%
EBIT Growth		 116.19% -447.84% 24.10% 157.65% -408.60% -9.71% -23.13% -164.91% 128.73% 199.35% 307.51%
NOPAT Growth		 536.08% -343.66% 24.10% 183.19% -157.71% -53.86% -98.29% -164.97% 148.58% 203.59% 370.42%
Net Income Growth		 396.84% -447.60% 22.59% 133.30% -183.44% 144.33% 107.86% -35.70% 155.35% 148.54% 3,769.71%
EPS Growth		 168.63% -781.82% 29.27% 134.62% -334.29% 144.00% 86.21% 0.00% 154.88% 21.21% 1,275.00%
Operating Cash Flow Growth		 55.48% -15.14% -883.17% -103.25% 122.62% 296.64% 4,049.55% 850.65% 113.22% -164.74% 170.02%
Free Cash Flow Firm Growth		 -763.95% -274.66% -244.47% -512.99% -35.38% -25.04% -9.61% -47.59% -61.59% -6.58% 5.82%
Invested Capital Growth		 31.60% 39.25% 43.09% 41.76% 30.09% 35.02% 32.86% 42.48% 38.57% 29.43% 23.99%
Revenue Q/Q Growth		 -95.20% -352.37% 155.01% 316.48% 29.18% -130.64% 146.76% 213.62% 140.98% 4.15% -5.28%
EBITDA Q/Q Growth		 169.97% -2,147.50% 101.69% 4,803.55% -233.97% -2.78% 84.38% -32.27% 313.03% 187.58% -40.97%
EBIT Q/Q Growth		 139.46% -772.64% 77.77% 325.04% -311.22% -0.31% 74.60% -18.63% 195.05% 246.95% -46.96%
NOPAT Q/Q Growth		 277.88% -212.30% 77.77% 424.71% -223.41% -66.37% 70.84% -6.39% 194.12% 245.94% -38.02%
Net Income Q/Q Growth		 167.24% -260.21% 77.32% 336.15% -268.50% 147.31% -95.91% 1,831.98% 47.92% 112.42% -36.25%
EPS Q/Q Growth		 133.65% -314.29% 61.33% 224.14% -327.78% 140.24% -112.12% 1,000.00% 25.00% -11.11% 17.50%
Operating Cash Flow Q/Q Growth		 -53.91% -200.39% 92.44% 7.15% 3,257.92% -11.32% 51.90% -82.35% 796.99% -126.92% 733.59%
Free Cash Flow Firm Q/Q Growth		 -286.79% -30.06% -12.48% -5.87% 14.58% -22.80% 1.35% -42.55% 6.43% 19.07% 12.92%
Invested Capital Q/Q Growth		 13.93% 4.59% 7.61% 10.55% 4.55% 8.55% 5.89% 18.55% 1.68% 1.39% 1.44%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 2,089.60% 0.00% 3.58% 42.18% -43.75% 0.00% -62.52% -26.37% 23.31% 64.36% 40.11%
EBIT Margin		 1,440.23% 0.00% -58.04% 31.36% -51.28% 0.00% -115.97% -43.87% 17.30% 57.64% 32.28%
Profit (Net Income) Margin		 4,544.54% 0.00% -59.15% 33.54% -43.75% 0.00% 7.54% 46.47% 28.53% 58.19% 39.16%
Tax Burden Percent		 99.85% 99.86% 101.92% 100.14% 101.21% 98.17% 112.73% 101.09% 100.11% 100.10% 103.99%
Interest Burden Percent		 316.03% 100.00% 100.00% 106.81% 84.30% -41.10% -5.77% -104.80% 164.70% 100.84% 116.66%
Effective Tax Rate		 0.15% 0.00% 0.00% 5.43% 0.00% 1.83% -12.73% -1.09% -0.11% 0.18% 0.02%
Return on Invested Capital (ROIC)		 102.47% 0.00% -0.10% 0.45% -1.02% 0.00% -3.45% -0.72% 0.29% 1.93% 1.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 102.47% 0.00% -0.22% 0.49% -1.37% 0.00% -3.10% -0.12% 0.46% 1.94% 1.64%
Return on Net Nonoperating Assets (RNNOA)		 253.70% 0.00% -0.67% 1.85% -5.77% 0.00% -16.49% -0.77% 3.04% 13.15% 11.58%
Return on Equity (ROE)		 356.17% 0.00% -0.77% 2.30% -6.80% 0.00% -19.94% -1.49% 3.33% 15.08% 13.20%
Cash Return on Invested Capital (CROIC)		 -27.78% -34.45% -36.93% -34.15% -27.41% -29.90% -28.17% -35.10% -33.36% -25.11% -19.67%
Operating Return on Assets (OROA)		 28.90% 0.00% -0.13% 0.41% -1.65% 0.00% -2.94% -0.70% 0.29% 1.90% 1.37%
Return on Assets (ROA)		 91.18% 0.00% -0.13% 0.44% -1.41% 0.00% 0.19% 0.74% 0.47% 1.92% 1.66%
Return on Common Equity (ROCE)		 231.83% 0.00% -0.49% 1.45% -4.26% 0.00% -12.11% -0.91% 2.05% 9.35% 8.16%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -9.80% -9.80% 2.16% 0.00% -1.01% 0.40% -0.71% 0.00% 10.73% 14.27%
Net Operating Profit after Tax (NOPAT)		 87 -56 -12 40 -50 -85 -25 -26 25 86 53
NOPAT Margin		 4,544.54% 0.00% -40.63% 31.67% -30.26% 0.00% -130.73% -44.35% 17.32% 57.53% 37.65%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.53% 0.11% -0.04% 0.35% -1.71% -0.34% -0.60% -0.17% -0.01% -0.02%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 -1,340.23% 0.00% 158.04% 68.64% 151.28% 0.00% 215.97% 143.87% 82.70% 42.36% 67.72%
Earnings before Interest and Taxes (EBIT)		 27 -80 -18 40 -85 -86 -22 -26 25 86 45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 40 -65 1.10 54 -72 -76 -12 -16 33 96 57
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.65 0.66 0.59 0.63 0.64 0.60 0.65 0.69 0.72 0.73 0.90
Price to Tangible Book Value (P/TBV)		 0.65 0.66 0.59 0.63 0.64 0.60 0.65 0.71 0.74 0.75 0.93
Price to Revenue (P/Rev)		 4.97 57.99 32.37 5.48 2.05 2.07 2.31 3.48 3.53 1.77 1.69
Price to Earnings (P/E)		 0.00 0.00 0.00 299.10 0.00 20.63 12.45 48.97 6.31 8.60 4.92
Dividend Yield		 15.99% 14.38% 15.41% 12.64% 13.20% 0.00% 0.00% 3.52% 6.51% 9.38% 10.23%
Earnings Yield		 0.00% 0.00% 0.00% 0.33% 0.00% 4.85% 8.04% 2.04% 15.84% 11.63% 20.32%
Enterprise Value to Invested Capital (EV/IC)		 0.92 0.92 0.92 0.94 0.95 0.95 0.96 0.96 0.96 0.96 0.98
Enterprise Value to Revenue (EV/Rev)		 46.38 612.91 435.30 77.00 31.73 36.87 41.40 69.43 66.30 32.37 25.11
Enterprise Value to EBITDA (EV/EBITDA)		 659.74 0.00 0.00 272.37 0.00 0.00 0.00 0.00 0.00 119.56 73.48
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 194.22 96.09
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 279.00 0.00 0.00 1,799.93 0.00 0.00 200.96 61.69
Enterprise Value to Operating Cash Flow (EV/OCF)		 211.89 236.22 262.07 0.00 603.71 173.80 105.78 116.58 89.34 132.75 78.94
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.24 3.75 4.30 4.83 5.36 5.87 6.38 7.70 7.69 7.65 7.69
Long-Term Debt to Equity		 1.72 2.09 2.28 2.38 2.52 2.70 2.87 7.70 7.69 7.65 7.69
Financial Leverage		 2.48 2.71 3.10 3.74 4.22 4.77 5.32 6.23 6.53 6.77 7.05
Leverage Ratio		 3.91 4.07 4.51 5.13 5.47 5.94 6.56 7.41 7.69 7.93 8.20
Compound Leverage Factor		 12.35 4.07 4.51 5.48 4.61 -2.44 -0.38 -7.76 12.67 7.99 9.56
Debt to Total Capital		 76.39% 78.94% 81.13% 82.85% 84.27% 85.44% 86.46% 88.51% 88.50% 88.44% 88.49%
Short-Term Debt to Total Capital		 35.83% 34.82% 38.03% 42.08% 44.72% 46.05% 47.58% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 40.57% 44.12% 43.10% 40.77% 39.56% 39.38% 38.88% 88.51% 88.50% 88.44% 88.49%
Preferred Equity to Total Capital		 7.76% 7.42% 6.90% 6.24% 5.97% 5.50% 5.23% 4.42% 4.35% 4.29% 4.23%
Noncontrolling Interests to Total Capital		 0.70% 0.47% 0.42% 0.32% 0.18% 0.17% 0.15% 0.11% 0.03% 0.01% 0.00%
Common Equity to Total Capital		 15.14% 13.17% 11.55% 10.59% 9.58% 8.90% 8.16% 6.95% 7.13% 7.27% 7.29%
Debt to EBITDA		 547.73 -61.63 -77.58 240.52 -91.74 -88.25 -83.17 -61.24 -157.59 109.73 66.59
Net Debt to EBITDA		 528.28 -59.17 -74.68 233.92 -89.71 -86.37 -81.68 -60.19 -154.58 107.67 65.34
Long-Term Debt to EBITDA		 290.86 -34.44 -41.21 118.37 -43.06 -40.68 -37.40 -61.24 -157.59 109.73 66.59
Debt to NOPAT		 -177.11 -55.86 -64.28 246.37 -75.82 -966.77 1,627.58 -1,763.42 -100.60 184.44 55.91
Net Debt to NOPAT		 -170.83 -53.63 -61.88 239.61 -74.15 -946.20 1,598.30 -1,733.23 -98.68 180.98 54.86
Long-Term Debt to NOPAT		 -94.05 -31.22 -34.15 121.25 -35.59 -445.65 731.90 -1,763.42 -100.60 184.44 55.91
Noncontrolling Interest Sharing Ratio		 34.91% 0.00% 36.30% 36.91% 37.37% 0.00% 39.25% 38.85% 38.56% 38.02% 38.17%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,570 -2,089 -2,350 -2,488 -2,125 -2,611 -2,576 -3,672 -3,436 -2,781 -2,421
Operating Cash Flow to CapEx		 233.22% -219.27% -13.12% -12.07% 843.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -28.23 0.00 -25.44 -23.19 0.00 0.00 0.00 -19.50
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 -0.01 0.00 0.25 0.35 0.00 0.00 0.00 0.85
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 -0.10 0.00 0.25 0.35 0.00 0.00 0.00 0.85
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.00 0.00 0.01 0.03 0.03 0.03 0.02 0.02 0.03 0.04
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 6,897 7,214 7,763 8,582 8,973 9,740 10,314 12,228 12,433 12,606 12,789
Invested Capital Turnover		 0.02 0.00 0.00 0.01 0.03 0.03 0.03 0.02 0.02 0.03 0.04
Increase / (Decrease) in Invested Capital		 1,656 2,033 2,338 2,528 2,075 2,526 2,551 3,646 3,461 2,866 2,474
Enterprise Value (EV)		 6,347 6,668 7,164 8,052 8,495 9,215 9,862 11,783 11,975 12,147 12,487
Market Capitalization		 681 631 533 573 549 518 550 591 638 666 843
Book Value per Share		 $11.51 $10.42 $9.83 $10.03 $9.49 $9.57 $9.32 $9.42 $9.82 $10.12 $10.37
Tangible Book Value per Share		 $11.51 $10.42 $9.83 $10.03 $9.49 $9.57 $9.32 $9.17 $9.57 $9.88 $10.12
Total Capital		 6,897 7,214 7,763 8,582 8,973 9,740 10,314 12,228 12,433 12,606 12,789
Total Debt		 5,269 5,694 6,298 7,110 7,561 8,322 8,918 10,823 11,003 11,149 11,317
Total Long-Term Debt		 2,798 3,182 3,346 3,499 3,549 3,836 4,010 10,823 11,003 11,149 11,317
Net Debt		 5,082 5,467 6,063 6,915 7,394 8,145 8,757 10,638 10,792 10,940 11,104
Capital Expenditures (CapEx)		 5.61 5.99 7.57 7.64 3.45 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 24 5.68 -2.38 22 -120 -26 -54 -16 -0.97 -2.13
Net Nonoperating Obligations (NNO)		 5,269 5,694 6,298 7,110 7,561 8,322 8,918 10,823 11,003 11,149 11,317
Total Depreciation and Amortization (D&A)		 12 15 19 14 12 11 10 10 8.58 10 11
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.35 ($0.75) ($0.29) $0.36 ($0.82) $0.33 ($0.04) $0.36 $0.47 $0.41 $0.48
Adjusted Weighted Average Basic Shares Outstanding		 91.04M 91.12M 90.99M 90.58M 90.82M 90.58M 90.32M 90.41M 90.43M 90.35M 89.98M
Adjusted Diluted Earnings per Share		 $0.35 ($0.75) ($0.29) $0.36 ($0.82) $0.33 ($0.04) $0.36 $0.45 $0.40 $0.47
Adjusted Weighted Average Diluted Shares Outstanding		 91.04M 91.12M 90.99M 90.59M 90.82M 91.09M 90.32M 91.61M 91.51M 92.06M 92.35M
Adjusted Basic & Diluted Earnings per Share		 $0.35 $0.00 $0.00 $0.00 ($0.82) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 91.23M 91.23M 90.58M 90.58M 90.57M 90.30M 90.31M 90.31M 90.47M 89.86M 89.88M
Normalized Net Operating Profit after Tax (NOPAT)		 87 -56 -12 48 -50 -81 -13 -18 17 86 53
Normalized NOPAT Margin		 4,544.54% 0.00% -40.63% 37.47% -30.26% 0.00% -66.69% -30.71% 12.11% 57.53% 37.76%
Pre Tax Income Margin		 4,551.52% 0.00% -58.04% 33.49% -43.23% 0.00% 6.69% 45.97% 28.50% 58.13% 37.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.45 0.00 -0.84 -0.20 0.00 0.00 0.00 0.37
NOPAT to Interest Expense		 0.00 0.00 0.00 0.46 0.00 -0.83 -0.22 0.00 0.00 0.00 0.43
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.37 0.00 -0.84 -0.20 0.00 0.00 0.00 0.37
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.37 0.00 -0.83 -0.22 0.00 0.00 0.00 0.43
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -400.93% -105.39% -96.29% 402.58% -91.54% -813.91% 2,118.16% -1,197.66% 116.65% 80.88% 61.34%
Augmented Payout Ratio		 -421.16% -108.83% -102.35% 413.76% -94.28% -813.91% 2,145.57% -1,212.95% 118.09% 85.04% 63.73%

Financials Breakdown Chart

Key Financial Trends

Adamas Trust (NASDAQ: ADAM) showed a significant improvement in profitability through the first half of 2026, although the company remains highly leveraged and dependent on investment-market conditions. The supplied filings identify the legal entity as New York Mortgage Trust, Inc. and use the NYMT ticker in older periods, so investors should verify the company and ticker mapping before relying on these comparisons.

  • Profitability improved sharply. Continuing-operations net income increased from $4.4 million in Q2 2025 to $53.1 million in Q2 2026. Basic EPS also improved from a $0.04 loss to $0.48, while Q1 2026 basic EPS was $0.41.
  • Net interest income strengthened. Q2 2026 net interest income was $50.2 million, up from $36.4 million in Q2 2025 and $43.2 million in Q4 2025. This reflects a larger investment portfolio and stronger recurring interest revenue, despite elevated interest costs.
  • Operating cash flow rebounded. Net cash from operating activities rose to $105.9 million in Q2 2026, compared with negative $16.7 million in Q1 2026 and $39.2 million in Q2 2025. This was substantially above reported net income because of noncash adjustments.
  • The asset base continued to expand. Total assets reached $13.0 billion at June 30, 2026, up from $12.8 billion at March 31, 2026 and $10.6 billion at June 30, 2025. Trading securities increased to $11.9 billion from $9.2 billion a year earlier.
  • Common equity improved from the 2024 lows. Total common equity increased to $932.0 million in Q2 2026 from $842.0 million in Q2 2025 and $850.3 million in Q3 2025. Retained earnings also became less negative over this period.
  • Investment activity remains substantial. The company purchased $1.26 billion of investment securities in Q2 2026 while receiving $941.9 million from sales and maturities. This indicates active portfolio repositioning, but the earnings impact will depend on financing costs, market values and realized gains or losses.
  • Capital-market activity is a recurring source of liquidity. In Q2 2026, debt issuance of $518.0 million exceeded debt repayments of $390.6 million. Similar borrowing and repayment activity occurred throughout 2023-25, suggesting the business regularly relies on secured or wholesale funding markets.
  • Leverage remains very high. Long-term debt was $11.3 billion at June 30, 2026, compared with $4.0 billion at June 30, 2025. Total liabilities represented roughly 89% of total assets, leaving the company sensitive to funding costs, collateral values and refinancing conditions.
  • Interest costs are absorbing much of the income generated by investments. Q2 2026 interest expense was $124.2 million against $174.4 million of interest income, leaving only $50.2 million of net interest income. Cash interest paid was $124.5 million during the quarter, underscoring the company’s exposure to interest-rate movements.
  • Cash balances and overall liquidity remain under pressure. Net cash fell by $56.2 million in Q2 2026 after a $300.5 million investing cash outflow and a $138.5 million financing inflow. Cash and equivalents were only $212.3 million, or approximately 1.6% of total assets.

The broader trend is a recovery from the weak and volatile results reported during 2023 and 2024. The company posted large common-shareholder losses in several periods, including Q3 2023, Q1 and Q2 2024, and Q4 2024, before returning to positive common EPS in 2025 and 2026. However, gains and losses on investments remain volatile, and Q1 2026 included a $75.9 million net investment loss even as Q2 produced a $27.3 million gain.

Investors should also treat the historical comparisons cautiously because several 2024 and 2025 income-statement and cash-flow periods are marked as restated, while some standardized line items appear internally inconsistent. In particular, the Q2 2026 reported amounts for consolidated income, preferred dividends, noncontrolling interests and income attributable to common shareholders do not reconcile cleanly. These data-quality issues make the company’s leverage, recurring earnings and dividend coverage especially important items to verify in the latest filing.

10/16/26 03:39 AM ETAI Generated. May Contain Errors.

Adamas Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Adamas Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Adamas Trust's net income appears to be on a downward trend, with a most recent value of $104.56 million in 2025, rising from $78.01 million in 2015. The previous period was -$127.49 million in 2024. See Adamas Trust's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Adamas Trust's total revenue changed from $120.55 million in 2015 to $180.61 million in 2025, a change of 49.8%.

In the past 13 quarters, Adamas Trust's cash and equivalents has ranged from $160.45 million in Q2 2025 to $235.51 million in Q2 2024, and is currently $212.31 million as of their latest financial filing in Q2 2026.

Adamas Trust had total debt of $11.00 billion at the end of 2025, a 45.5% increase from 2024, and a 1,191.6% increase since 2015.

Over the last 10 years, Adamas Trust's book value per share changed from 6.59 in 2015 to 9.82 in 2025, a change of 48.9%.


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Financial statements for NASDAQ:ADAM last updated on 7/31/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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