Adamas Trust

Positives: internally managed REIT; adjusted book rose to $10.80 per share by March 31, 2026; quarterly dividend covered by EAD; redemption of $100 million 2026 notes; terming out funding via securitizations; issuance of 9.25% 2031 senior notes.

Constraints: company recourse leverage 5.2x, portfolio recourse 4.9x; reliance on short‑dated repo with 30–90 day maturities and margin requirements; exposure to delinquency trends in re‑performing and non‑performing loans; potential dilution from a $250 million ATM.

Liquidity and capital markets access are solid today, but vulnerability rises in stress.