ADAMADAMAS TRUST, INC.

Real Estate Investment Trusts

Revenue: —
Operating margin: —
EBITDA: $161M; 403% YoY
Market cap: $591M
Employees: 221
Net debt / EBITDA: 3.1×; $496M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
90% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$591M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	$191M	−$340M	−$78M	−$93M	$138M	248%
Net income	$193M	−$299M	−$49M	−$62M	$149M	340%
Operating cash flow	$139M	$92M	$30M	$14M	$134M	853%
Capex	$46M	$209M	$50M	$25M	$8M	67%
Stock-based comp	$10M	$12M	$9M	$6M	$8M	35%
Buybacks	$0	$44M	$9M	$3M	$2M	57%
Dividends	$152M	$152M	$129M	$75M	$76M	0.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 25, 2026	Amster Howard	SCHEDULE 13D/A	4.9%	Passive
Feb 26, 2025	Amster Howard	SCHEDULE 13D	5.7%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$11M	91	114
FY2024	$4M	$1M	67	98
FY2023	$6M	$4M	83	98
FY2022	$5M	$4M	88	85
FY2021	$5M	$4M	111	116