Adamas Trust, Inc. entered into an equity distribution agreement with JonesTrading Institutional Services LLC, BTIG, LLC, and B. Riley Securities, Inc. The company may offer and sell up to $250,000,000 of its common stock from time to time through these agents. Sales will be conducted as at-the-market offerings under Rule 415 of the Securities Act. The company intends to use the net proceeds for general corporate purposes, including acquiring mortgage-, residential housing-, and credit-related assets and for working capital. This agreement replaces a prior equity distribution agreement dated August 10, 2021, with B. Riley Securities, Inc.