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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Claros Mortgage Trust, Inc. (CMTG). Click either name above to swap in a different company.
Claros Mortgage Trust, Inc. is the larger business by last-quarter revenue ($46.7M vs $43.2M, roughly 1.1× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -468.9%, a 592.9% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -22.4%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -10.9%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
ADAM vs CMTG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $46.7M |
| Net Profit | $53.5M | $-219.2M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 124.0% | -468.9% |
| Revenue YoY | 61.6% | -22.4% |
| Net Profit YoY | 270.5% | -117.7% |
| EPS (diluted) | $0.45 | $-1.56 |
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 | $43.2M | $46.7M | ||
| Q3 25 | $36.6M | $46.1M | ||
| Q2 25 | $36.4M | $51.6M | ||
| Q1 25 | $33.1M | $43.4M | ||
| Q4 24 | $26.7M | $60.2M | ||
| Q3 24 | $20.2M | $64.9M | ||
| Q2 24 | $19.0M | $64.5M | ||
| Q1 24 | $17.9M | $58.8M |
| Q4 25 | $53.5M | $-219.2M | ||
| Q3 25 | $44.8M | $-9.5M | ||
| Q2 25 | $8.5M | $-181.7M | ||
| Q1 25 | $42.2M | $-78.6M | ||
| Q4 24 | $-31.4M | $-100.7M | ||
| Q3 24 | $42.8M | $-56.2M | ||
| Q2 24 | $-15.6M | $-11.6M | ||
| Q1 24 | $-57.9M | $-52.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -124.7% | — | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | -468.9% | ||
| Q3 25 | 122.5% | -20.7% | ||
| Q2 25 | 23.4% | -351.9% | ||
| Q1 25 | 127.4% | -181.3% | ||
| Q4 24 | -117.5% | -167.2% | ||
| Q3 24 | 211.7% | -86.7% | ||
| Q2 24 | -81.9% | -17.9% | ||
| Q1 24 | -324.1% | -89.7% |
| Q4 25 | $0.45 | $-1.56 | ||
| Q3 25 | $0.36 | $-0.07 | ||
| Q2 25 | $-0.04 | $-1.30 | ||
| Q1 25 | $0.33 | $-0.56 | ||
| Q4 24 | $-0.46 | $-0.72 | ||
| Q3 24 | $0.36 | $-0.40 | ||
| Q2 24 | $-0.29 | $-0.09 | ||
| Q1 24 | $-0.75 | $-0.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $173.2M |
| Total DebtLower is stronger | $735.8M | $3.2B |
| Stockholders' EquityBook value | $1.4B | $1.5B |
| Total Assets | $12.6B | $4.7B |
| Debt / EquityLower = less leverage | 0.52× | 2.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $173.2M | ||
| Q3 25 | $185.3M | $339.5M | ||
| Q2 25 | $160.4M | $209.2M | ||
| Q1 25 | $177.1M | $127.8M | ||
| Q4 24 | $167.4M | $99.1M | ||
| Q3 24 | $195.1M | $113.9M | ||
| Q2 24 | $235.5M | $148.2M | ||
| Q1 24 | $226.9M | $232.5M |
| Q4 25 | $735.8M | $3.2B | ||
| Q3 25 | $766.6M | $3.7B | ||
| Q2 25 | $653.0M | $4.0B | ||
| Q1 25 | $654.4M | $4.7B | ||
| Q4 24 | $573.2M | $4.9B | ||
| Q3 24 | $699.4M | $5.1B | ||
| Q2 24 | $800.7M | $5.3B | ||
| Q1 24 | $1.0B | $5.5B |
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.4B | $2.0B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $1.5B | $2.2B |
| Q4 25 | $12.6B | $4.7B | ||
| Q3 25 | $12.4B | $5.4B | ||
| Q2 25 | $10.6B | $5.8B | ||
| Q1 25 | $10.0B | $6.7B | ||
| Q4 24 | $9.2B | $7.0B | ||
| Q3 24 | $8.9B | $7.3B | ||
| Q2 24 | $8.2B | $7.6B | ||
| Q1 24 | $7.4B | $7.8B |
| Q4 25 | 0.52× | 2.06× | ||
| Q3 25 | 0.55× | 2.09× | ||
| Q2 25 | 0.47× | 2.29× | ||
| Q1 25 | 0.47× | 2.42× | ||
| Q4 24 | 0.41× | 2.44× | ||
| Q3 24 | 0.48× | 2.44× | ||
| Q2 24 | 0.56× | 2.46× | ||
| Q1 24 | 0.67× | 2.47× |
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 | $134.0M | $-30.5M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-30.5M | ||
| Q3 25 | $6.9M | $8.8M | ||
| Q2 25 | $39.2M | $-5.8M | ||
| Q1 25 | $25.8M | $-35.8M | ||
| Q4 24 | $14.1M | $84.5M | ||
| Q3 24 | $-922.0K | $39.2M | ||
| Q2 24 | $-993.0K | $5.5M | ||
| Q1 24 | $-13.1M | $21.5M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 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
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
