Adamas Trust Inc. 9.250% Senior Notes Due 2031 (ADAMO)

Key Financials

AI Analysis

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

I approach ADAMO as a credit instrument, not an equity, so my first question is whether the 9.250% coupon compensates for the risk of a real estate issuer that has only recently turned profitable. The filed record shows real improvement: fiscal 2023 net loss of $48.7M and diluted EPS -$0.99, fiscal 2024 net loss of $62.0M and EPS -$1.14, then fiscal 2025 net income of $149.0M and EPS $1.10. Recent quarters continue that arc: fiscal Q3 2025 net income $44.8M and EPS $0.36, fiscal Q1 2026 $48.6M and $0.40, fiscal Q2 2026 $55.2M and $0.47. That is a genuine turnaround, and FairStock’s computed Lynch category is TURNAROUND—returned to profit after a loss within the last three years. But I have no revenue, no cash-flow data, no debt-to-equity, no interest coverage, no asset coverage, and no covenant data in the filed figures. FairStock’s P/E, P/B, ROE, and score are N/A, so price-based valuation is not available. Net income and EPS alone cannot tell me whether a senior note is safe. The quoted price is $24.13 as of 2026-10-16, near the low end of the $23.78-$27.40 52-week range; that may reflect credit caution, but I cannot compute a valuation without yield-to-maturity and balance-sheet detail. A moat is not evident from the data, and for a noteholder the margin of safety comes from asset coverage and cash flow, not brand. I would want to see revenue, interest coverage, liquidity, and covenant compliance before treating the 9.250% coupon as adequate compensation. The trend is encouraging; the credit work is incomplete.

In plain English: Adamas Trust Inc. 9.250% Senior Notes Due 2031 are debt from a real estate company, not common stock. The business looks stronger than it did in fiscal 2023 and fiscal 2024: fiscal 2025 net income was $149.0M after losses in those years, and recent quarterly net income has risen. At $24.13 on 2026-10-16, the note is near the bottom of its 52-week range, but without revenue or balance-sheet data I cannot say whether the price is cheap, fair, or expensive.

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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