Adamas Trust Prices $90 Million 9.25% Senior Notes Offering

New York, NY – Adamas Trust, Inc. has officially announced the pricing of a new public offering of senior unsecured notes totaling $90 million, marking a significant capital markets development for the investment trust.

Details of the Senior Notes Offering

The company’s offering consists of senior unsecured notes carrying a fixed interest rate of 9.250% per year. These notes are scheduled to mature on April 1, 2031, providing investors with a defined timeline and predictable interest payments.

Adamas Trust has also granted the underwriters a 30-day option to purchase additional notes worth up to $13.5 million. This feature, known as an “over-allotment option,” allows the underwriters to expand the size of the offering if demand from investors is strong.

Interest Payments and Redemption Rights

Interest on the senior notes will be paid quarterly in cash, offering investors a regular income stream. The first scheduled payment is set for April 1, 2026.

Although the notes mature in 2031, Adamas Trust may choose to redeem them earlier. The company can redeem the notes, in whole or in part, at its discretion beginning April 1, 2028, which gives the issuer financial flexibility in managing its capital structure.

Listing on Nasdaq Global Select Market

Adamas Trust has applied to list the new senior notes on the Nasdaq Global Select Market under the trading symbol “ADAMO”. If the application is approved, trading in the new notes is expected to begin within 30 days after the initial issuance.

Use of Proceeds

The net proceeds from this public offering are intended for general corporate purposes. This may include acquiring targeted assets, repaying portions of existing debt, and other strategic financial activities that support the company’s long-term growth and portfolio objectives.

Underwriters and Registration

The offering was underwritten by a syndicate of major financial institutions, including Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC.

The issuance was made through an existing shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (SEC) on September 16, 2025. The prospectus and related supplemental documents will be filed with the SEC and made available to investors according to regulatory requirements.

About Adamas Trust

Adamas Trust, Inc. is an internally-managed real estate investment trust (REIT) that seeks to deploy capital across complementary businesses to generate long-term shareholder value. By balancing portfolio management with a diversified operating platform, the company aims to pursue profitable opportunities in both real estate and capital markets.

Investment and Market Context

This senior notes offering comes at a time when investors are evaluating fixed-income instruments with attractive yields. A 9.25% annual interest rate is considered relatively high in today’s fixed income environment, which may appeal to income-seeking investors looking for structured payments over several years.

The notes’ senior unsecured status means they are paid ahead of equity holders in the event of any financial restructuring, though they do not have specific collateral backing them. Listing the notes under the symbol “ADAMO” on Nasdaq is expected to help with tradability and secondary market access for investors.

Outlook and Closing

The offering is expected to close on or around January 13, 2026, subject to customary closing conditions. Once completed, the capital raised through this transaction is expected to strengthen the company’s financial position and support its strategic goals moving forward.

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