ADAMAS TRUST, INC. 8-K

What Happened

• On June 12, 2026, Adamas Trust, Inc. entered into an Equity Distribution Agreement with JonesTrading Institutional Services LLC, BTIG, LLC and B. Riley Securities, Inc. to sell, from time to time, up to $250,000,000 aggregate offering price of its common stock through an at‑the‑market (ATM) program under its existing Form S-3 registration (File No. 333-290073).
• The Offered Stock (common stock, $0.01 par value) may be sold on Nasdaq Global Select Market or other venues, in broker transactions, to market makers, in block trades, privately negotiated transactions, or sold to an agent as principal under a separate agreement. A prospectus supplement was filed with the SEC on June 12, 2026.

Key Details

• Maximum aggregate offering size: $250,000,000 of common stock.
• Sales agents: JonesTrading Institutional Services LLC, BTIG, LLC and B. Riley Securities, Inc.
• Agent compensation: up to 2.0% of gross proceeds for shares sold through each agent.
• Use of proceeds: general corporate purposes, including acquiring mortgage-, residential housing- and credit-related assets and working capital.
• No firm commitment: the company is not required to sell, and agents are not required to buy; the company or agents may suspend the program at any time.

Why It Matters

• This ATM program gives Adamas Trust a flexible, on‑demand way to raise capital by selling shares into the market as needed, rather than through a single large offering.
• For investors, the program can lead to dilution if the company sells shares; the timing, amount and market price of future sales will determine the actual impact.
• Because sales are at market prices and agents have no purchase obligation, there is no guaranteed amount or timing of proceeds — but the program provides the company a ready mechanism to fund acquisitions or working capital when management chooses.