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Side-by-side financial comparison of Ares Commercial Real Estate Corp (ACRE) and ADAMAS TRUST, INC. (ADAM). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $13.2M, roughly 3.3× Ares Commercial Real Estate Corp). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -29.2%, a 153.2% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -24.5%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -15.9%).
Ares Commercial Real Estate Corp is a specialty finance company focused on the commercial real estate sector. It offers a full suite of customized financing solutions including senior mortgage loans, subordinated debt and preferred equity, primarily serving middle-market commercial property owners and operators across the United States.
ACRE vs ADAM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $13.2M | $43.2M |
| Net Profit | $-3.9M | $53.5M |
| Gross Margin | — | — |
| Operating Margin | -29.2% | — |
| Net Margin | -29.2% | 124.0% |
| Revenue YoY | -24.5% | 61.6% |
| Net Profit YoY | 63.8% | 270.5% |
| EPS (diluted) | — | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.2M | $43.2M | ||
| Q3 25 | $14.1M | $36.6M | ||
| Q2 25 | $12.6M | $36.4M | ||
| Q1 25 | $14.9M | $33.1M | ||
| Q4 24 | $17.5M | $26.7M | ||
| Q3 24 | $16.7M | $20.2M | ||
| Q2 24 | $16.8M | $19.0M | ||
| Q1 24 | $18.7M | $17.9M |
| Q4 25 | $-3.9M | $53.5M | ||
| Q3 25 | $4.7M | $44.8M | ||
| Q2 25 | $-11.0M | $8.5M | ||
| Q1 25 | $9.3M | $42.2M | ||
| Q4 24 | $-10.7M | $-31.4M | ||
| Q3 24 | $-5.9M | $42.8M | ||
| Q2 24 | $-6.1M | $-15.6M | ||
| Q1 24 | $-12.3M | $-57.9M |
| Q4 25 | -29.2% | — | ||
| Q3 25 | 33.0% | — | ||
| Q2 25 | -87.8% | 11.7% | ||
| Q1 25 | 64.4% | — | ||
| Q4 24 | -61.0% | -119.0% | ||
| Q3 24 | -35.3% | — | ||
| Q2 24 | -36.5% | -124.7% | ||
| Q1 24 | -65.9% | -448.8% |
| Q4 25 | -29.2% | 124.0% | ||
| Q3 25 | 33.0% | 122.5% | ||
| Q2 25 | -87.8% | 23.4% | ||
| Q1 25 | 62.5% | 127.4% | ||
| Q4 24 | -60.9% | -117.5% | ||
| Q3 24 | -35.3% | 211.7% | ||
| Q2 24 | -36.5% | -81.9% | ||
| Q1 24 | -65.9% | -324.1% |
| Q4 25 | — | $0.45 | ||
| Q3 25 | — | $0.36 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $-0.46 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $-0.29 | ||
| Q1 24 | — | $-0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.3M | $210.3M |
| Total DebtLower is stronger | $948.2M | $735.8M |
| Stockholders' EquityBook value | $509.6M | $1.4B |
| Total Assets | $1.6B | $12.6B |
| Debt / EquityLower = less leverage | 1.86× | 0.52× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $210.3M | ||
| Q3 25 | $84.9M | $185.3M | ||
| Q2 25 | $90.0M | $160.4M | ||
| Q1 25 | $125.5M | $177.1M | ||
| Q4 24 | $63.8M | $167.4M | ||
| Q3 24 | $68.9M | $195.1M | ||
| Q2 24 | $70.6M | $235.5M | ||
| Q1 24 | $99.5M | $226.9M |
| Q4 25 | $948.2M | $735.8M | ||
| Q3 25 | — | $766.6M | ||
| Q2 25 | — | $653.0M | ||
| Q1 25 | — | $654.4M | ||
| Q4 24 | $718.5M | $573.2M | ||
| Q3 24 | — | $699.4M | ||
| Q2 24 | — | $800.7M | ||
| Q1 24 | — | $1.0B |
| Q4 25 | $509.6M | $1.4B | ||
| Q3 25 | $521.0M | $1.4B | ||
| Q2 25 | $523.7M | $1.4B | ||
| Q1 25 | $542.1M | $1.4B | ||
| Q4 24 | $540.1M | $1.4B | ||
| Q3 24 | $563.8M | $1.4B | ||
| Q2 24 | $582.3M | $1.4B | ||
| Q1 24 | $601.1M | $1.5B |
| Q4 25 | $1.6B | $12.6B | ||
| Q3 25 | $1.4B | $12.4B | ||
| Q2 25 | $1.4B | $10.6B | ||
| Q1 25 | $1.5B | $10.0B | ||
| Q4 24 | $1.8B | $9.2B | ||
| Q3 24 | $1.9B | $8.9B | ||
| Q2 24 | $2.1B | $8.2B | ||
| Q1 24 | $2.1B | $7.4B |
| Q4 25 | 1.86× | 0.52× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | 1.33× | 0.41× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.56× | ||
| Q1 24 | — | 0.67× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.6M | $62.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.16× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.6M | $62.1M | ||
| Q3 25 | $3.8M | $6.9M | ||
| Q2 25 | $4.9M | $39.2M | ||
| Q1 25 | $8.0M | $25.8M | ||
| Q4 24 | $7.1M | $29.1M | ||
| Q3 24 | $8.4M | $-922.0K | ||
| Q2 24 | $8.7M | $-993.0K | ||
| Q1 24 | $11.4M | $-13.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $25.7M | ||
| Q3 24 | — | $-8.6M | ||
| Q2 24 | — | $-8.6M | ||
| Q1 24 | — | $-19.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 96.1% | ||
| Q3 24 | — | -42.3% | ||
| Q2 24 | — | -44.9% | ||
| Q1 24 | — | -107.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 12.9% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 39.7% | ||
| Q1 24 | — | 33.5% |
| Q4 25 | — | 1.16× | ||
| Q3 25 | 0.82× | 0.15× | ||
| Q2 25 | — | 4.59× | ||
| Q1 25 | 0.86× | 0.61× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.02× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACRE
Segment breakdown not available.
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
