Adamas Trust Inc. 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock $0.01 par value per share (ADAML)

FairStock Score: 65/100 — STEADY

Key Financials

AI Analysis

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

Mr. Market is offering Adamas Trust's Series F preferred at $23.51, a 6.875% coupon, and FairStock shows a 7.31% dividend yield as of the 2026-10-13 close. The issuer is a mortgage REIT with 221 employees, investing in agency and non-agency RMBS and residential loans. Its record is uneven: in fiscal 2023, period ended 2023-12-31, net loss was $48.7M; in fiscal 2024, period ended 2024-12-31, net loss was $62.0M; then in fiscal 2025, period ended 2025-12-31, net income was $149.0M. In fiscal Q2 2026, quarter ended 2026-06-30, net income was $55.2M and diluted EPS was $0.47. FairStock computes ROE 16.44%, P/B 2.27, D/E 7.69, Piotroski 4/9, and a FairStock score of 65/100. The latest quarter margin was 52.52%. FairStock labels it a TURNAROUND because it returned to profit after losses within the last three years. The cumulative preferred feature helps, but mortgage REITs are leveraged and rate-sensitive. With D/E at 7.69 and beta 1.30, a credit or rate shock could erase earnings. CET1, NIM, and combined ratio are not in the data, so I cannot underwrite asset quality or spread income. The moat is thin: portfolio selection and financing costs, not a wide franchise. Price is below the $25.20 52-week high, so the yield is decent, but not a fat margin of safety. It looks fair, not compelling.

In plain English: The company owns and manages mortgage-related residential investments. After losses in 2023 and 2024, it earned $149.0 million in fiscal 2025, period ended 2025-12-31, and $55.2 million in fiscal Q2 2026, quarter ended 2026-06-30, so the business looks recently improved but still unproven. The preferred shares pay a 6.875% dividend and trade at $23.51, giving a 7.31% yield; that looks fair for the risk, not clearly cheap or expensive.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · 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