Adamas Trust

CEO Jason Serrano brings deep structured credit experience and has led the strategic pivot toward scalable earnings and book stability. Execution in 2025–Q1 2026 was solid, with higher EAD, dividend coverage, and improved book metrics. Compensation appears meaningful and equity‑linked, and insider RSU grants continue.

We consider the team capable and aligned for the REIT model, though the opportunity set they operate in remains cyclical and competitive, limiting our ceiling for this score.