Adamas Trust (ADAM) Registration Filing summary

Company overview and business model

• Internally managed REIT focused on acquiring, investing in, financing, and managing primarily mortgage-related single-family and multi-family residential assets.

• Seeks to deliver long-term stable distributions through net interest spread and capital gains from a diversified investment portfolio.

• Investment portfolio includes credit-sensitive single-family and multi-family assets, Agency RMBS, non-Agency RMBS, CMBS, and structured multi-family property investments.

• May opportunistically acquire other mortgage-, residential housing-, and credit-related or alternative investments, subject to REIT and Investment Company Act requirements.

• Elected to be taxed as a REIT since 2004, aiming to avoid federal income tax on distributed REIT taxable income.

Financial performance and metrics

• As of July 25, 2024, 90,579,449 shares of common stock and multiple series of preferred stock are outstanding.

• Common stock last traded at $6.52 per share; preferred stock series traded between $19.17 and $23.52 per share; 2029 Notes traded at $25.10 per note.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be added to general corporate funds, used for new investments, debt repayment, or other corporate purposes.

• Specific allocation of proceeds will be detailed in the relevant prospectus supplement at the time of offering.