Adamas Trust, Inc. Announces Pricing of Public Offering of Senior Notes
Rhea-AI Summary
Adamas Trust (Nasdaq: ADAM) priced an underwritten public offering of $90 million aggregate principal amount of 9.600% senior unsecured notes due 2031. Underwriters have a 30-day option to buy up to an additional $13.5 million of notes.
The notes are expected to close on August 14, 2026, pay cash interest quarterly starting October 1, 2026, and mature on October 1, 2031. Adamas has applied to list the notes on Nasdaq under the symbol ADAMK and plans to use net proceeds for general corporate purposes, including targeted asset acquisitions and/or debt repayment.
Positive
- $90 million senior notes offering priced, with $13.5 million over-allotment option
- Fixed-rate 9.600% senior unsecured notes maturing in 2031
- Quarterly cash interest payments starting October 1, 2026
- Potential Nasdaq listing of notes under symbol ADAMK
- Use of proceeds may include acquiring targeted assets and repaying debt
Negative
- New 9.600% coupon debt will increase interest expense for the company
- Issuance adds up to $103.5 million of senior unsecured obligations if fully exercised
- Notes are redeemable only on or after October 1, 2028, limiting near-term refinancing flexibility
News Explained
Although the notes have a stated maturity of
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 06 | Senior notes offering | Positive | +1.2% | Priced $90 million senior notes with an additional $13.5 million overallotment option |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The tag-specific prior senior-notes offering was followed by a 1.22% positive price reaction.
Key Terms
underwritten public offering financial
senior unsecured obligations financial
shelf registration statement regulatory
prospectus supplement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company”) announced today the pricing of an underwritten public offering of
The Company has applied to list the Notes on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “ADAMK” and, if the application is approved, expects trading in the Notes on Nasdaq to begin within 30 days after the Notes are first issued.
The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, acquiring the Company’s targeted assets and/or repayment of existing indebtedness.
The Notes will be senior unsecured obligations of the Company and pay interest quarterly in cash on January 1, April 1, July 1 and October 1 of each year, commencing October 1, 2026. The Notes will mature on October 1, 2031, and may be redeemed, in whole or in part, at any time, or from time to time, at the Company’s option on or after October 1, 2028.
Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC acted as joint book-running managers of the offering.
The offering was made pursuant to the Company’s existing shelf registration statement, which was declared effective by the Securities and Exchange Commission (the “SEC”) on September 16, 2025. The offering of these securities was made only by means of a prospectus and a related prospectus supplement, which will be filed with the SEC. Copies of the prospectus and prospectus supplement related to this offering may be obtained, when available, by contacting:
Morgan Stanley & Co. LLC
180 Varick St., 2nd Floor
New York, New York 10014
Attn: Prospectus Department
Toll-Free: 1-800-584-6837
Keefe, Bruyette & Woods, Inc.
787 Seventh Avenue, 4th Floor
New York, New York 10019
Toll-Free: 1-800-966-1559
Piper Sandler & Co.
1251 Avenue of the Americas, 6th Floor
New York, New York 10020
Attn: Debt Capital Markets
Email: fsg-dcm@psc.com
RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, New York 10281
Email: rbcnyfixedincomeprospectus@rbccm.com
Toll-Free: 1-866-375-6829
UBS Investment Bank
11 Madison Avenue
New York, New York 10010
Attn: Prospectus Department
Toll-Free: 1-833-481-0269
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, Minnesota 55402
Attn: WFS Customer Service
Email: wfscustomerservice@wellsfargo.com
Toll-Free: 1-800-645-3751
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any sale of such Notes or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Adamas Trust, Inc.
Adamas Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. Adamas is an internally-managed REIT focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve numerous risks and uncertainties. The Company’s actual results may differ from the Company’s beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of the Company’s future performance, taking into account information currently available to the Company. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Completion of the offering on the terms described and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to the Company. These forward-looking statements are subject to risks and uncertainties, including, without limitation, market conditions and those described under the heading “Risk Factors” in the prospectus supplement relating to the offering and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 under “Item 1A. Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports the Company files with the SEC, including reports on Forms 10-Q and 8-K. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
For Further Information
AT THE COMPANY
Investor Relations
Phone: 212-792-0107
Email: InvestorRelations@adamasreit.com
