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ADAMAS TRUST, INC. (ADAM) received an amended Schedule 13D from investor Howard Amster and a group of affiliated entities updating their ownership in the company’s common stock.
The reporting persons collectively report beneficial ownership of 4,381,764 shares of common stock, representing 4.9% of the class, based on 89,879,786 shares outstanding as of July 24, 2026. Amster’s beneficial ownership is held directly and through multiple entities, including Pleasant Lake Apartments entities, various Howard Amster charitable remainder and other trusts, Amster Limited Partnership, Ramat Securities Ltd., the Howard Amster Foundation, NewAx Inc., Pleasant Lake Skoien Investments LLC, and Horizon Group Properties Inc.
The amendment also details recent open‑market sales of ADAM common stock by Howard Amster between June 25, 2026 and August 20, 2026. These transactions were all sales executed on the open market at prices generally ranging from about $9.04 to $10.24 per share.
Adamas Trust, Inc. completed a public offering of $90 million aggregate principal amount of 9.600% Senior Notes due 2031 under its shelf registration. The Notes were issued at 100% of principal and sold to a syndicate of underwriters led by Morgan Stanley & Co. LLC and others, who also received a 30‑day option to buy up to an additional $13.5 million principal amount to cover over‑allotments.
The Notes pay cash interest at 9.600% per year, payable quarterly in arrears on January 1, April 1, July 1 and October 1, beginning October 1, 2026, and are expected to mature on October 1, 2031, unless earlier redeemed. The company may redeem them, in whole or in part, at par plus accrued and unpaid interest on or after October 1, 2028, with 30–60 days’ prior written notice. The Notes are senior unsecured obligations, ranking equal with Adamas Trust’s other unsecured, unsubordinated senior notes and effectively and structurally subordinated as described in the indenture. Net proceeds are expected to be about $86.6 million, to be used for general corporate purposes, including acquiring targeted assets and/or repaying existing indebtedness.
Adamas Trust, Inc. is issuing $90,000,000 aggregate principal amount of 9.600% Senior Notes due 2031, with an additional $13,500,000 available to underwriters under an over-allotment option. The notes pay 9.600% interest quarterly beginning October 1, 2026 and mature on October 1, 2031, and may be redeemed at par on or after October 1, 2028.
The notes are senior unsecured obligations ranking equally with $347.5 million of existing senior notes and effectively junior to secured and subsidiary-level debt within total consolidated indebtedness of about $11.4 billion as of June 30, 2026. Holders receive a 101% cash repurchase right upon a defined Change of Control Repurchase Event.
Adamas, an internally managed mortgage REIT focused on residential and mortgage credit assets, expects net proceeds of about $86.6 million (or $99.6 million if the option is fully exercised) for general corporate purposes, including acquiring targeted assets and/or repaying existing debt. The company has applied to list the notes on Nasdaq under the symbol “ADAMK”.
Adamas Trust, Inc. entered into an underwriting agreement on August 11, 2026 with Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC as representatives of the underwriters.
Under this agreement, the company agreed to sell $90 million aggregate principal amount of its 9.600% Senior Notes due 2031, with a 30-day option for the underwriters to purchase up to an additional $13.5 million aggregate principal amount to cover over-allotments. The notes are being issued off an effective Form S-3 shelf registration, using a base prospectus and preliminary and final prospectus supplements dated August 11, 2026.
The transaction is expected to close on August 14, 2026, subject to customary closing conditions. Adamas Trust made customary representations, warranties and covenants and agreed to indemnify the underwriters against certain liabilities, including under the Securities Act of 1933. The company also includes a detailed cautionary statement regarding forward-looking statements and cross-references risk factors in its Form 10-K filed on February 20, 2026.
Adamas Trust, Inc. is offering a new series of senior unsecured notes due October 1, 2031 under a prospectus supplement. The notes pay fixed quarterly interest, are issued in $25 denominations, and may be redeemed at the company’s option on or after October 1, 2028 at 100% of principal plus accrued interest.
Upon a Change of Control Repurchase Event, holders can require the company to repurchase the notes at 101% of principal plus accrued interest. The notes rank pari passu with Adamas Trust’s existing senior unsecured notes and are effectively subordinated to secured and subsidiary debt. As of June 30, 2026, total consolidated indebtedness was $11.4 billion, including $347.5 million of senior unsecured notes. Net proceeds are intended for general corporate purposes, including acquiring targeted assets and/or repaying existing indebtedness. The company has applied to list the notes on Nasdaq under the symbol “ADAMK”.
Adamas Trust, Inc. declared a higher regular quarterly cash dividend on its common stock. The Board approved a $0.30 per share dividend for the quarter ending September 30, 2026, up from $0.27 per share for the prior quarter, an 11.1% increase.
The dividend will be payable on October 28, 2026 to common stockholders of record as of the close of business on September 22, 2026. Management stated that the higher dividend reflects the perceived strength of earnings and confidence in Adamas’ financial position and outlook, citing expected earnings performance, balance sheet and access to capital as support for both growth initiatives and stable stockholder distributions.
Adamas Trust, Inc., an internally managed real estate investment trust focused on credit-sensitive single-family and multi-family assets and Agency RMBS, reported sharply improved results for the period ended June 30, 2026. For the three months, net income attributable to common stockholders was $43,424 versus a loss of $3,486 a year earlier, with basic EPS of $0.48 compared with $(0.04). Net interest income rose to $50,209 from $36,447.
For the first six months of 2026, net income attributable to the company was $103,781, up from $50,701, and net income attributable to common stockholders reached $80,320 versus $26,799, with basic EPS of $0.89. Results reflected higher net interest income, strong $31,537 in mortgage banking activities from business purpose loan originations, and $136,604 in gains on derivative instruments, partly offset by $71,067 in unrealized losses and $23,640 in realized losses on investments.
At June 30, 2026, total assets were $12,963,898 and total equity was $1,469,470, with 89,879,786 common shares and 22,385,674 preferred shares outstanding. The company continued to securitize residential loans, completing three securitizations with aggregate net proceeds of approximately $826.4 million, and sold a multi-family community for approximately $130.7 million, generating a net gain of about $52.3 million.
Adamas Trust, Inc. reported second-quarter 2026 results for the three and six months ended June 30, 2026. GAAP basic earnings per share were $0.48, and earnings available for distribution per common share were $0.30, up 36.4% year-over-year and 3.4% quarter-over-quarter. Quarterly economic return was 4.51%, and cumulative stockholder return was 31.2% for the quarter and 58.5% over the last twelve months. Book value per share rose to $10.16 and adjusted book value per share to $11.05, both increasing sequentially, while total net interest income reached $50.2 million.
The company declared a second-quarter common dividend of $0.27 per share, implying an 11.5% annualized yield. The investment portfolio expanded to about $11.7 billion after acquiring $1.5 billion of new single-family residential investments and issuing $521.2 million of BPL-Rental securitizations. Company recourse leverage was 5.5x and portfolio recourse leverage 5.2x, with warehouse capacity increased to $3.7 billion to support its financing needs.
Norcutt Steven G reported acquisition or exercise transactions in this Form 4 filing.
ADAMAS TRUST, INC. director Steven G. Norcutt received a grant of deferred stock units as equity compensation. He was awarded 14,238 deferred stock units that may be settled one-for-one in common shares. These units vest immediately before the issuer’s next annual stockholder meeting in the following calendar year, provided he continues serving the company until that date. After this grant, he holds 51,378 deferred stock units in total. Settlement of the vested units has been deferred until the date of a Change in Control, as defined in the company’s 2017 Equity Incentive Plan.
Greenberg Audrey reported acquisition or exercise transactions in this Form 4 filing.
ADAMAS TRUST, INC. director Audrey Greenberg received an award of 14,238 deferred stock units (DSUs) as director compensation. These DSUs are granted under the Adamas Trust, Inc. 2017 Equity Incentive Plan and can be settled one-for-one into shares of common stock.
The DSUs will vest on the day immediately before the company’s next annual stockholders’ meeting held in the following calendar year, provided she continues serving the company. Settlement of vested DSUs is deferred until a change in control or the third anniversary of the grant. Following this grant, she holds 51,378 DSUs.