Company: ADAMM
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001104659-25-059349
Chunk: 19

Company: ADAMAS TRUST, INC.
Filing Date: 2025-06-13
Form: 424B5
Chunk 19
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 other liabilities have been paid. The rights of holders of our Outstanding Series of Preferred Stock to participate in the distribution of our assets will rank junior to the prior claims of our current and future creditors and any existing or future series or class of our Senior Stock. In addition, our Outstanding Series of Preferred Stock would effectively rank junior to all indebtedness and other liabilities of any existing or future subsidiaries. Such subsidiaries are or would be separate legal entities and have or will have no legal obligation to pay any amounts to us in respect of dividends due on our Outstanding Series of Preferred Stock. If we are forced to liquidate our assets to pay our creditors, we may not have sufficient assets to pay amounts due on any or all of our Outstanding Series of Preferred Stock then outstanding. We have incurred and may in the future incur substantial amounts of debt and other obligations that will rank senior to our Outstanding Series of Preferred Stock.

Future offerings of debt or Senior Stock may adversely affect the market price of our Outstanding Series of Preferred Stock. Moreover, under the terms of certain of our indebtedness, securitizations or structured financings, our operating flexibility may be constrained and, if we decide to issue debt or Senior Stock in the future, it is possible that these securities will be governed by an indenture or other instrument containing covenants or other provisions that will further restrict our operating flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our Outstanding Series of Preferred Stock and may result in dilution to owners of our Outstanding Series of Preferred Stock. We and, indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of our Outstanding Series of Preferred Stock will bear the risk of our future offerings reducing the market price of our Outstanding Series of Preferred Stock and diluting the value of their holdings in us.

Our Series D Preferred Stock and Series E Preferred Stock have not been rated.

We have not sought to obtain ratings for our Series D Preferred Stock and Series E Preferred Stock (collectively, the “Unrated Preferred Stock”), and our Unrated Preferred Stock may never be rated. It is possible, however, that one or more rating agencies might independently determine to assign ratings to our Unrated Preferred Stock or that we may elect to obtain ratings of our