ADAMG: Adamas Trust's Most Attractive Baby Bond

Arbitrage TraderInvesting Group LeaderFollow5ShareSavePlay(6min)Comments(3)SummaryAdamas Trust manages $12.63 billion in assets with a market cap near $665 million and $11.08 billion in total debt.The portfolio is heavily weighted toward Agency RMBS, comprising 62% of holdings, with recourse leverage ratios of 4.7x overall and 7.7x for the agency portfolio.ADAM delivered a robust 1-year total return of 27%, though its 10-year total return stands at 3.7%.Exchange-traded debt and preferred stocks have nominal values of $347.5 million and $556.8 million, respectively, reflecting a complex capital structure.This idea was discussed in more depth with members of my private investing community, Trade With Beta. Learn More » bergamont/iStock via Getty Images In this article, we will exаmine the exchange-traded debt instruments and preferred stocks of Adamas Trust, Inc. (ADAM) - a mаnaged mоrtgage REIT with nearly $12.63 billion in total assets at the end of 2025 andThis article was written byArbitrage Trader15.73K FollowersFollowArbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and leads a team of 40 analysts. They identify mispriced investments in fixed-income and closed-end funds based on simple-to-understand financial logic. Denislav leads the investing group Trade With Beta, features of the service include: frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of 1200+ equities, IPO previews, hedging strategies, an actively managed portfolio, and chat for discussion. Learn more.Analyst’s Disclosure: I/we have a beneficial long position in the shares of ADAMG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.