Adamas Trust, Inc. Announces Pricing of Public Offering of Senior Notes

Adamas Trust (Nasdaq: ADAM) priced an underwritten public offering of $90.0 million aggregate principal amount of 9.250% senior notes due April 1, 2031, with a 30-day overallotment option for an additional $13.5 million.

Rhea-AI Summary

Adamas Trust (Nasdaq: ADAM) priced an underwritten public offering of $90.0 million aggregate principal amount of 9.250% senior notes due April 1, 2031, with a 30-day overallotment option for an additional $13.5 million. The offering is expected to close on January 13, 2026, subject to customary conditions.

The notes are senior unsecured obligations that pay interest quarterly starting April 1, 2026, may be redeemed on or after April 1, 2028, and the company has applied to list them on Nasdaq under the symbol ADAMO. Net proceeds will be used for general corporate purposes, including possible asset acquisitions or repayment of indebtedness.

Positive

• Offered $90.0 million senior notes due April 1, 2031
• 30-day overallotment option for $13.5 million
• Notes pay a fixed 9.250% coupon quarterly
• Expected closing on January 13, 2026
• Applied to list notes on Nasdaq (ADAMO)

Negative

• Creates a fixed annual interest obligation at 9.250%
• Notes are senior unsecured, increasing unsecured funded debt
• Quarterly cash interest payments begin April 1, 2026

Argus Jan 7 session

+1.22% close to close Open Argus

Details

News Market Reaction – ADAM

On Jan 7, the first trading day after this news, ADAM closed 1.22% above the previous close.

Data tracked by StockTitan Argus for the Jan 7 session.

Market Context

This announcement details the pricing of $90 million of 9.250% senior notes due 2031, with a $13.5 m...

Analysis

This announcement details the pricing of $90 million of 9.250% senior notes due 2031, with a $13.5 million over-allotment option and quarterly cash interest starting April 1, 2026. It follows recent dividends and Q3 2025 results that highlighted ongoing capital markets activity. Investors may focus on how the new senior unsecured debt affects leverage, interest expense, and flexibility, alongside future earnings and dividend coverage metrics.

Key Figures

Senior notes offering: $90 million Over-allotment option: $13.5 million Coupon rate: 9.250% +3 more

Senior notes offering

$90 million

Aggregate principal amount of 9.250% senior notes due 2031

Over-allotment option

$13.5 million

Additional principal amount underwriters may purchase within 30 days

Coupon rate

9.250%

Interest rate on the senior notes, payable quarterly in cash

Maturity date

April 1, 2031

Stated maturity of the senior notes

First interest payment

April 1, 2026

First scheduled quarterly interest payment date

First call date

April 1, 2028

Date after which notes may be redeemed at company option

Historical Context

3 past events · Latest: Dec 11

3 events

1. Dec 11

   Dividend declaration

   24h Move

   +1.0%

   Board declared common and preferred stock cash dividends for Q4 2025.

2. Oct 29

   Earnings release

   24h Move

   +0.7%

   Reported Q3 2025 results with earnings, dividends, and capital markets activity.

3. Oct 21

   Conference call notice

   24h Move

   +1.6%

   Announced timing and access details for upcoming Q3 2025 call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior notes, over-allotments, Nasdaq Global Select Market, senior unsecured obligations, +2 more

6 terms

senior notes financial

"the pricing of an underwritten public offering of $90 million aggregate principal amount of its 9.250% senior notes due 2031"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

over-allotments financial

"a 30-day option to purchase up to an additional $13.5 million ... to cover over-allotments"

An over-allotment is a temporary extra batch of shares that the underwriters of a stock offering are allowed to sell beyond the original amount, with the right to buy those shares back later. Think of it as spare tickets sold to meet demand and then reclaimed if needed to keep the market orderly; it helps stabilize the stock price after an offering and can affect short-term supply and potential dilution, which matters to investors tracking price and ownership stakes.

Nasdaq Global Select Market financial

"applied to list the Notes on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “ADAMO”"

A Nasdaq Global Select Market listing is the highest tier of stocks on the Nasdaq exchange, reserved for companies that meet the strictest financial, reporting and governance standards. For investors, it acts like a premium quality label—signaling larger, more transparent and better-governed companies that tend to offer greater liquidity and lower perceived risk compared with lower-tier listings, making it easier to buy, sell and evaluate shares.

senior unsecured obligations financial

"The Notes will be senior unsecured obligations of the Company and pay interest quarterly"

Senior unsecured obligations are loans or bonds that a company promises to pay back with its own money, but without any special guarantees or collateral. If the company runs into financial trouble, these debts are paid after other debts with priority, meaning they are less protected but still important. They matter because they show how risky it is to lend money to a company.

prospectus supplement regulatory

"only by means of a prospectus and a related prospectus supplement, which will be filed with the SEC"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

registration statement regulatory

"pursuant to the Company’s existing shelf registration statement, which was declared effective"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW YORK, Jan. 06, 2026 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company”) announced today the pricing of an underwritten public offering of $90 million aggregate principal amount of its 9.250% senior notes due 2031 (the “Notes”). The Company has granted the underwriters a 30-day option to purchase up to an additional $13.5 million aggregate principal amount of the Notes to cover over-allotments. The offering is expected to close on January 13, 2026, subject to the satisfaction of customary closing conditions.

The Company has applied to list the Notes on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “ADAMO” 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 April 1, 2026. The Notes will mature on April 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 April 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, 2024 under “Item 1A. Risk Factors” and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 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 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What amount and maturity did Adamas Trust (ADAM) price in the January 2026 offering?

Adamas Trust priced $90.0 million of 9.250% senior notes maturing on April 1, 2031.

When is the expected closing date for Adamas Trust's (ADAM) senior notes offering?

The offering is expected to close on January 13, 2026, subject to customary closing conditions.

What is the coupon and interest payment schedule for ADAM's new notes?

The notes carry a 9.250% fixed coupon, with quarterly cash interest payments on Jan 1, Apr 1, Jul 1, Oct 1, commencing April 1, 2026.

Is there an option to increase the size of Adamas Trust's (ADAM) notes offering?

Yes; underwriters have a 30-day option to purchase up to an additional $13.5 million of notes to cover over-allotments.

How does Adamas Trust (ADAM) plan to use proceeds from the senior notes offering?

Net proceeds are intended for general corporate purposes, which may include acquiring targeted assets and/or repaying existing indebtedness.

Will ADAM's new senior notes trade on an exchange and under what symbol?

The company has applied to list the notes on the Nasdaq Global Select Market under the symbol ADAMO and expects trading to begin within 30 days after issuance if approved.