Adamas Trust has filed a prospectus with the Securities and Exchange Commission (SEC) for a mixed shelf offering. The specific size of the proposed issuance was not disclosed in the filing.

The submission marks the company's move to register securities for potential future sale under a shelf registration framework. Mixed shelf offerings typically allow issuers to sell various types of securities, including equity and debt instruments, over a defined period.

No further details regarding the coupon rates, tenor, or specific allocation of the securities were provided in the initial disclosure.

Adamas Trust, Inc. (NASDAQ: ADAM) priced an underwritten public offering of $90 million aggregate principal amount of its 9.600% senior notes due 2031 on August 12, 2026. The company also granted the underwriters a 30-day option to purchase up to an additional $13.5 million in notes to cover over-allotments.

The offering is expected to close on August 14, 2026, subject to customary closing conditions. Adamas Trust intends to use the net proceeds for general corporate purposes, which may include acquiring targeted assets and repaying existing indebtedness.

Offering Terms

The notes are senior unsecured obligations of the company and will pay interest quarterly in cash on January 1, April 1, July 1, and October 1 of each year, commencing October 1, 2026. The instruments mature on October 1, 2031.

Adamas Trust may redeem the notes, in whole or in part, at any time or from time to time at its option on or after October 1, 2028. The company has applied to list the notes on the Nasdaq Global Select Market under the symbol "ADAMK". If approved, trading is expected to begin within 30 days after issuance.

Underwriting and Regulatory Details

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 for the offering.

The transaction was conducted pursuant to the company’s existing shelf registration statement, declared effective by the US Securities and Exchange Commission (SEC) on September 16, 2025. The offering was made only by means of a prospectus and a related prospectus supplement filed with the SEC.