Adamas Trust Preferred Yield Hits 7.1% With New Dividend

Adamas Trust Inc. 6.875% Series F preferred shares (ADAML) declared a quarterly dividend of $0.4297 per share, payable July 15 to holders of record July 1. The ex-dividend date is also July 1.

The payout puts the forward yield at 7.1%, a level that reflects the preferred's fixed-rate structure against a rate backdrop where the Fed has held its policy rate steady since January. Preferreds in the trust and finance space have traded with a yield premium to corporate bonds this year, and ADAML's coupon sits above the average for similarly rated REIT preferreds.

The dividend comes as Adamas Trust navigates a busy securitization pipeline. The company said it expects 5 to 6 BPL rental securitizations in 2026, with its Constructive segment turning profitable. That growth path supports the distribution coverage, though the preferred dividend is a fixed obligation, not a variable payout tied to earnings.

B. Riley Securities downgraded the stock despite a blowout earnings quarter, citing valuation after the run. The preferred series, which trades on the Nasdaq under ADAML, has a $25 liquidation preference. At the current price, the yield spread over 10-year Treasuries sits near 350 basis points, roughly in line with the sector median for REIT preferreds with similar credit profiles.

Adamas Trust also has two other preferred series outstanding: the ADAMH note and the ADAMN preferred, the latter offering a 10.5% yield. The Series F's 7.1% yield is lower but carries the same structural seniority in the capital stack.

The July 1 record date means the next ex-dividend window opens at the start of the third quarter. Holders buying before the ex-date will capture the current quarter's payment.