ADAMAS TRUST, INC. 8-K

What Happened
Adamas Trust, Inc. announced on January 13, 2026 that it completed a public offering of $90.0 million aggregate principal amount of 9.250% Senior Notes due April 1, 2031. The offering closed under an underwriting agreement dated January 6, 2026, and the Notes were issued at 100% of principal. Interest is 9.250% per year, payable quarterly in cash beginning April 1, 2026. The company granted the underwriters a 30‑day option to purchase up to an additional $13.5 million of Notes to cover over‑allotments.

Key Details

• Principal amount: $90.0 million; underwriters’ 30‑day overallotment option: $13.5 million.
• Coupon: 9.250% per year; interest payable quarterly (Jan 1, Apr 1, Jul 1, Oct 1), first payment April 1, 2026.
• Maturity and call: expected maturity April 1, 2031; callable by the company on or after April 1, 2028 at 100% of principal plus accrued interest.
• Net proceeds: approximately $86.6 million after underwriting discounts, commissions and estimated expenses; intended use: general corporate purposes, which may include acquiring targeted assets and/or repaying existing debt.
• Debt ranking: senior unsecured obligations, pari passu with the company’s other unsecured debt but effectively subordinated to any secured debt and structurally subordinated to subsidiaries’ liabilities.

Why It Matters
This transaction increases Adamas Trust’s outstanding unsecured debt and commits the company to a relatively high fixed interest cost (9.25%), which will raise cash interest payments starting in 2026. The roughly $86.6 million in net proceeds can provide liquidity for asset acquisitions or debt repayment as stated, but investors should note the added leverage and how these notes rank relative to other obligations (senior unsecured and structurally subordinated to subsidiary debt). The notes’ terms (maturity, coupon, callability) are key inputs for assessing future interest expense, refinancing risk, and overall credit profile.