Adamas Trust, Inc. Equity Distribution Agreement

Adamas Trust, Inc. has entered into an equity distribution agreement with JonesTrading Institutional Services LLC, BTIG, LLC, and B. Riley Securities, Inc. as sales agents. Through this agreement, the company can offer and sell shares of its common stock, with a maximum aggregate offering price of up to $250,000,000. These sales will be conducted as "at-the-market" offerings, through ordinary broker transactions on the Nasdaq Global Select Market, or other permitted methods. The agents are entitled to compensation of up to 2.0% of the gross proceeds from sales they facilitate. The company intends to use the net proceeds for general corporate purposes, including acquiring assets such as mortgage- and housing-related assets, and for general working capital. The shares will be issued under the company's Form S-3 registration statement. The agreement includes standard representations, warranties, and covenants typical of such offerings, and outlines procedures for sales, suspension of sales, and termination of the agreement.