Adamas Trust, Inc. Announces $90M Senior Notes Offering

What Happened

• On August 11, 2026, Adamas Trust, Inc. entered into an underwriting agreement to sell $90.0 million aggregate principal amount of its 9.600% Senior Notes due 2031 to a syndicate of underwriters led by Morgan Stanley and others.
• The company granted the underwriters a 30‑day option to purchase up to an additional $13.5 million of the Notes to cover over‑allotments. The offering is expected to close on August 14, 2026, subject to customary closing conditions. The Notes are registered under the company’s Form S-3 registration statement (File No. 333-290073). An underwriting agreement is filed as Exhibit 1.1 to the 8-K.

Key Details

• Principal amount: $90,000,000 of 9.600% Senior Notes due 2031.
• Overallotment option: up to $13,500,000 (30 days).
• Expected closing date: August 14, 2026 (subject to customary conditions).
• Underwriters’ lead agents include Morgan Stanley, Keefe Bruyette & Woods, Piper Sandler, RBC Capital Markets, UBS, and Wells Fargo.

Why It Matters

• This transaction will increase Adamas Trust’s outstanding debt and create a fixed interest expense at a 9.600% coupon through 2031, which is a material financing commitment investors should note.
• The offering provides the company with near‑term financing capacity (and potential additional proceeds if the overallotment is exercised); final proceeds, use of proceeds and the impact on the company’s leverage will be clearer after closing.
• The filing includes customary representations, indemnities and forward‑looking disclosures; closing remains subject to conditions and the usual underwriting terms.