Adamas Trust, Inc.
AI Valuation
AI-generated fair value estimate for this company.
AI Fair Value
$25.28
Market Price
$24.75
Undervalued By
2.1%
Method: Bond DCF to maturity: PV of 9.125% coupon ($2.28125/yr, $0.5703/qtr) on $25 par plus return of principal at maturity (April 1, 2030, ~3.5 years out), discounted at an 8.75% required yield
Reasoning: ADAMG is a $25-par senior note of Adamas Trust (formerly New York Mortgage Trust, common stock ADAM); 8.75% reflects an established, profitable mortgage REIT with growing book value (~$11.05/share) and an improving earnings trend, slightly below its 9.125% coupon, consistent with the note trading near/above par (~$25.33)