Adamas Trust 9.250% Senior Notes Due 2031

ADAMO

Adamas Trust's baby bond ADAMG recently exhibited a pricing distortion versus ADAMH and ADAMO, creating a swap opportunity. Relative value analysis showed ADAMH offered superior yield and was underpriced compared to ADAMG and ADAMO, despite similar risk profiles. After the alert, pricing relationships corrected: ADAMG and ADAMO declined, ADAMH rose, normalizing spreads and reducing the swap's attractiveness.

A 17-year bull run has conditioned investors to believe the market always recovers quickly, ignoring historical decades of zero net returns. The market is pricing major common equities at extreme historical multiples. The 15% Failure Cliff: Historical Monte Carlo modeling reveals that a 100% equity allocation carries a staggering one-in-six chance of retirement bankruptcy over 30 years.

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