Adamas Trust (formerly New York Mortgage Trust) is an internally managed mortgage REIT that invests in residential mortgage-related assets through two core strategies. First, Adamas holds a leveraged portfolio of Agency RMBS — primarily fixed-rate pools guaranteed by Fannie Mae and Freddie Mac — financed at roughly 7-8x leverage via repurchase agreements and interest rate swaps. This portfolio ended 2025 at approximately $6.6B, representing about 63% of total investment portfolio assets. Second, Adamas invests in Business Purpose Loans (BPL) — loans made to residential real estate investors rather than owner-occupants. BPL-Rental loans (30-year DSCR loans on non-owner-occupied rental properties) are the preferred credit strategy, while Adamas is deliberately reducing its BPL-Bridge exposure (short-term fix-and-flip loans) due to competition and tighter yields. Adamas fully acquired Constructive Loans in July 2025, a BPL originator operating in 48 states via wholesale channels that originated $1.8B of loans in 2025. Constructive operates an originate-to-distribute model, earning gain-on-sale income on loans sold to third-party institutional buyers while also supplying Adamas' own portfolio. Adamas finances BPL loans through securitizations, providing non-recourse, non-mark-to-market leverage. The company is winding down legacy multi-family mezzanine and preferred equity positions, redeploying that capital into Agency RMBS and BPL-Rental. As a REIT, Adamas distributes at least 90% of taxable income to shareholders.