Expected Moves

Given Adamas Trust, Inc.’s high leverage (over $11 billion of debt against roughly $1.43 billion of equity), the market will watch for any equity, preferred, or significant debt refinancing transactions in late 2026. A well-structured raise that term-extends funding or reduces refinancing risk with limited dilution could keep the stock near $27.5, but a large common equity issuance or expensive refinancing could drive a repricing toward $27.50.