Adamas Trust prices $90M of 9.600% Senior Notes due 2031 at $25 minimum denomination

Filed August 12, 2026 · ~2 min read

Key Changes

• high

  Adamas Trust is offering $90 million of 9.600% Senior Notes due October 2031, with quarterly interest payments beginning October 2026. The notes are sold in $25 minimum denominations, making them accessible to retail investors.

  The Offering verify on EDGAR →
• medium

  Net proceeds of $86.6 million will fund general corporate purposes including asset acquisitions and debt repayment. Some underwriters are current lenders; if proceeds repay their loans, they receive back a portion of the capital they helped raise.

  Use of Proceeds verify on EDGAR →
• high

  The notes are unsecured and effectively subordinated to $11.1 billion of secured debt (97% of the company's $11.4 billion total debt). In bankruptcy, secured creditors have priority to collateral before unsecured noteholders can be paid.

  Risk Factors verify on EDGAR →