The ATM program creates a persistent dilution overhang that may cap near-term upside in ADAM common stock. Traders should monitor quarterly filings for actual ATM sales disclosures to gauge deployment pace and potential accretion from capital deployment. No immediate share sales are required, so near-term price action may be muted.
Price Chart
Executive Summary
Adamas Trust entered into an equity distribution agreement to sell up to $250M of common stock via an at-the-market (ATM) offering through JonesTrading, BTIG, and B. Riley Securities, replacing its prior ATM program. The $250M capacity represents approximately 30% of the current $819M market cap, providing significant capital flexibility for asset acquisitions and working capital. The filing is a routine capital markets update with moderate dilution overhang but no current execution.
Key Facts
- New ATM program for up to $250,000,000 of common stock, replacing prior agreement from August 2021
- Agents: JonesTrading, BTIG, and B. Riley Securities, each earning up to 2.0% of gross proceeds
- Proceeds intended for general corporate purposes including acquiring mortgage-related and credit assets
- Shares sold at-the-market on Nasdaq or in negotiated/block trades; no obligation to sell any amount
- Shelf Registration Statement (333-290073) effective since September 16, 2025
Financial Impact
Up to $250M in potential common stock issuance (~30% of market cap); actual dilution depends on execution pace and market conditions
Risk Factors
- Potential dilution if significant shares are sold under the ATM program
- Proceeds may be deployed into assets that fail to generate accretive returns
- Adverse selection risk if management times sales during weak stock price periods
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-073212 |
| Document: tm2617546d2_8k.htm | 0001104659-26-073212 |
| Document: tm2617546d2_ex5-1.htm | 0001104659-26-073212 |
| Document: 0001104659-26-073212-index-headers.html | 0001104659-26-073212 |
| Document: 0001104659-26-073212-index.html | 0001104659-26-073212 |
| Document: 0001104659-26-073212.txt | 0001104659-26-073212 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | Press Release | $7.53 | awaiting T+20 | — | $7.80 (+3.59%) |
Aug 12, 2026 10w ago | 424B5 | $10.16 $9.15 | ▲ +9.94% | ▲ +8.04% | $7.80 (+23.23%) |
Aug 12, 2026 10w ago | 8-K | $10.16 $9.15 | ▲ +9.94% | ▲ +8.04% | $7.80 (+23.23%) |
Aug 11, 2026 10w ago | Institutional Cluster | $10.16 $9.15 | ▼ −9.94% | ▼ −8.04% | $7.80 (−23.23%) |
Aug 11, 2026 10w ago | 424B5 | $10.23 $9.56 | ▼ −6.55% | ▼ −5.49% | $7.80 (−23.75%) |
Aug 11, 2026 10w ago | 8-K | $10.23 $9.56 | ▼ −6.55% | ▼ −5.49% | $7.80 (−23.75%) |
Jun 12, 2026 19w ago | 8-K | $9.31 $9.19 | ▼ −1.29% | ▼ −3.07% | $7.80 (−16.22%) |
Jun 11, 2026 19w ago | 8-K | $9.31 $9.19 | ▼ −1.29% | ▼ −3.07% | $7.80 (−16.22%) |
Mar 19, 2026 31w ago | Press Release | $7.12 $7.95 | ▲ +11.71% | ▲ +2.39% | $7.80 (+9.60%) |
US Market Status
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