Adamas Trust 6.875% Series F Preferred Stock

ADAML

Adamas Trust, Inc. offers both preferred stock, ADAML, and senior notes, ADAMI, each with similar call dates for investor consideration. ADAM operates as a diversified mREIT, investing in residential and multi-family mortgage assets, agency and non-agency RMBS, and CMBS.  The portfolio targets both credit-sensitive and distressed market assets. ADAML earns a Buy rating, supported by a potential 9.8% floating coupon and a 17.8% annualized return if called, despite low coverage ratios.

You can read all the published reports on inflation, jobs and guess what the Fed will do next. Or you could collect a rich income stream, no matter where interest rates are headed. We choose the latter, and are cash collectors across market conditions.

Adamas Trust, Inc. (ADAM) Q1 2026 Earnings Call Transcript

Adamas Trust, Inc. (ADAM) Q4 2025 Earnings Call Transcript

Adamas Trust (ADAM) offers a compelling 10.8% yield on its ADAMM preferred shares, standing out among its nine income options. Despite steady net interest income growth and expanding the investment portfolio, ADAM faces heightened leverage and liquidity risks if rates rise. I remain cautious on ADAM common shares due to persistent book value declines and a history of dividend cuts.

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.

Preferreds offer attractive post-tax yields and favorable tax treatment compared to corporate bonds, making them appealing income assets for investors. Active ETFs like FPE and FPEI, and select CEFs such as PFO and FFC, have outperformed passive ETFs, which struggle with high fees and index-related inefficiencies. Individual preferreds allow for targeted interest rate exposure, relative value opportunities, and avoidance of fund management fees.