Adamas Trust Inc. 9.125% Senior Notes Due 2029 (ADAMI)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Adamas Trust Inc. 9.125% Senior Notes due 2029 first as a credit, not as an equity. The reported turnaround is real: fiscal 2023 net income was -$48.7M with diluted EPS -$0.99, and fiscal 2024 was -$62.0M with EPS -$1.14. Then fiscal 2025 net income turned to $149.0M, or $1.10 per diluted share. Recent quarters are also positive: fiscal Q3 2025 net income $44.8M and EPS $0.36; fiscal Q1 2026 net income $48.6M and EPS $0.40; fiscal Q2 2026 net income $55.2M and EPS $0.47. Fiscal Q2 2025 was a partial exception—$8.5M net income but -$0.04 diluted EPS—so I would want to understand the per-share claim. FairStock labels this a TURNAROUND because it returned to profit after a loss within the last three years. I see no durable moat evidence in the supplied figures; revenue is n/a, and FairStock’s P/E, P/B, ROE, ROCE, and D/E are N/A. The note price was $24.74 on 2026-10-16, inside the 52-week range of $24.07-$25.58 and closer to the high end. The coupon is high at 9.125% and maturity is 2029, but without interest coverage, debt, covenants, or revenue, I cannot establish a Graham-style margin of safety. The turnaround is encouraging, but not yet proven through a full cycle.

In plain English: Adamas Trust Inc. is a real estate company that has 9.125% senior notes due in 2029. The business looks stronger than before because it reported a profit in fiscal 2025 after losses in fiscal 2023 and fiscal 2024, and recent quarters were also profitable. At $24.74, the note sits near the top of its 52-week range and key valuation data are missing, so the price looks fair-to-full rather than clearly cheap.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer