ADAMLMEDIUM SIGNALMANAGEMENT10-K

ADAML underwent a corporate name change from New York Mortgage Trust and significantly broadened its strategic focus from mortgage-specific investments to a diversified real estate and capital markets platform.

The company has repositioned itself as a broader financial services entity focused on "strategically deploying capital across complementary businesses" rather than maintaining its previous narrow focus on mortgage-related assets. This strategic pivot suggests management believes diversification will provide better risk-adjusted returns, though it also introduces execution risk as the company expands beyond its traditional expertise areas.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

The company's balance sheet expanded meaningfully, with total assets growing 37% to $12.6B and liabilities increasing 44% to $11.2B, indicating substantial business growth or acquisition activity. Net interest income grew notably to $602M while interest expense rose proportionally, suggesting the company successfully deployed additional capital while maintaining spread discipline. Capital expenditures declined significantly from $24.6M to $8.2M, and share buybacks were reduced, indicating management is prioritizing growth investments over shareholder returns.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-66.9%
$24.6M→$8.2M

Capex reduced 66.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Share Buybacks
Cash Flow
-57%
$3.5M→$1.5M

Buyback activity reduced 57% — capital being redeployed elsewhere or cash conservation underway.

Net Interest Income
P&L
+50%
$401.3M→$601.9M

Net interest income grew 50% — benefiting from rate environment or loan book expansion.

Interest Expense
P&L
+48.5%
$129.4M→$192.1M

Interest expense surged 48.5% — significant debt increase or rising rates materially impacting earnings.

Total Liabilities
Balance Sheet
+43.6%
$7.8B→$11.2B

Liabilities grew 43.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+37.1%
$9.2B→$12.6B

Asset base grew 37.1% — expansion through organic growth, acquisitions, or capital deployment.

Total Debt
Balance Sheet
+28.4%
$573.2M→$735.8M

Debt rose 28.4% — additional borrowing for investment or operations; monitor coverage ratios.

Cash & Equivalents
Balance Sheet
+25.6%
$167.4M→$210.3M

Cash grew 25.6% — improving liquidity position supports investment and shareholder returns.

SG&A Expense
P&L
+16.6%
$35.2M→$41.1M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
federal income tax purposes focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets.
Our current investment portfolio includes credit sensitive single-family and multi-family assets, as well as other types of fixed-income investments such as Agency RMBS.
Through our wholly-owned subsidiary, Constructive, we also originate business purpose loans for residential real estate investors.
On September 3, 2025, we changed our name from New York Mortgage Trust, Inc.
Our targeted assets include (i) Agency RMBS, (ii) residential loans, including business purpose loans, (iii) non-Agency RMBS and (iv) certain other mortgage-, residential housing- and credit-related assets, as well as s trategic investments in companies from which we purchase, or may in the future purchase, our targeted assets .
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REMOVED
federal income tax purposes, in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets.
Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest spread and capital gains from a diversified investment portfolio.
Our investment portfolio includes credit sensitive single-family and multi-family assets, as well as more traditional types of fixed-income investments that provide coupon income, such as Agency RMBS.
We intend to focus on our core portfolio strengths of single-family and multi-family residential assets, which we believe will deliver better risk-adjusted returns over time.
Our targeted investments include (i) residential loans, including business purpose loans, (ii) Agency RMBS, (iii) non-Agency RMBS, (iv) structured multi-family property investments such as preferred equity in, and mezzanine loans to, owners of multi-family properties and (v) certain other mortgage-, residential housing- and credit-related assets and s trategic investments in companies from which we purchase, or may in the future purchase, our targeted assets .
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