Adamas Trust

ADAM

Market cap $788M

Adamas Trust has issued a new 9.25% Senior Note due 2031, offering a 9.54% yield to maturity at $25.05. ADAMO's IPO credit spread is over 50 bps lower than ADAMH's, signaling improved underwriter confidence compared to six months ago. ADAMO offers the longest duration among ADAM's baby bonds and is priced in line with sector peers, not under distress.

Adamas Trust, Inc. 8% RED PFD D, ticker ADAMN, offers high yield but exhibits the weakest payment and coverage ratios among peer mREIT preferreds, resulting in a Sell rating. ADAMN's payment ratio stands at 2.7x and the coverage ratio at 1.6x, well below the 10x comfort threshold for risk mitigation. While ADAMN features a superior floating rate formula to some peers, its risk of missed payments and principal loss is materially higher.

NEW YORK, Jan. 06, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company”) announced today the pricing of an underwritten public offering of $90 million aggregate principal amount of its 9.250% senior notes due 2031 (the “Notes”). The Company has granted the underwriters a 30-day option to purchase up to an additional $13.5 million aggregate principal amount of the Notes to cover over-allotments. The offering is expected to close on January 13, 2026, subject to the satisfaction of customary closing conditions.

NEW YORK, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company” or “Adamas”) announced today that its Board of Directors (the “Board”) declared a regular quarterly cash dividend of $0.23 per share on shares of its common stock for the quarter ending December 31, 2025. The dividend will be payable on January 28, 2026 to common stockholders of record as of the close of business on December 22, 2025.

Adamas Trust hiked its common share dividend by 14% and grew its adjusted book value by 12 cents sequentially during the third quarter. ADAM currently covers its common share dividend by 104% and grew EAD by 2 cents per share sequentially to $0.24 per share. The mREIT's Series G preferreds offer a current yield of 9.3% and are trading at a 25% discount to their liquidation value.

Dividends matter. So do losses. Look at a couple of charts and call it a day. Most people don't want to go through all the history, but we can sum up over a decade in a few images. When we compare prices and book value over time, we can see that the huge dividends were not enough. They still are not enough.

Adamas Trust, Inc. ( ADAM ) Q3 2025 Earnings Call October 30, 2025 9:00 AM EDT Company Participants Kristi Mussallem Jason Serrano - CEO & Director Kristine Nario - Secretary, CFO & Principal Accounting Officer Nicholas Mah - President Conference Call Participants Bose George - Keefe, Bruyette, & Woods, Inc., Research Division Jason Weaver - JonesTrading Institutional Services, LLC, Research Division Presentation Operator " Kristi Mussallem " Jason Serrano CEO & Director " Kristine Nario Secretary, CFO & Principal Accounting Officer " Nicholas Mah President " Bose George Keefe, Bruyette, & Woods, Inc., Research Division " Keefe, Bruyette, & Woods, Inc., Research Division Jason Weaver JonesTrading Institutional Services, LLC, Research Division " JonesTrading Institutional Services, LLC, Research Division [":p id="A00"name="Unknown Analyst" type="A" />" Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Adamas Trust Third Quarter 2025 Results Conference Call.

NEW YORK, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three and nine months ended September 30, 2025.

NEW YORK, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company”) is scheduled to report financial results for the three and nine months ended September 30, 2025 after the close of market on October 29, 2025. Adamas Trust's executive management will host a conference call and audio webcast at 9:00 a.m., Eastern Time, on Thursday, October 30, 2025. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details.

Adamas Trust, Inc. offers compelling value in its baby bonds, which yield nearly 10% and trade below or around par. ADAM's strong credit metrics, high asset quality, and 20-year dividend history support the safety of its baby bonds. The baby bonds (ADAMG, ADAMH, ADAMI) provide better risk-adjusted returns than ADAM's preferred stocks, with lower duration and credit risk.