Company: ADAMM
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081920
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Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-22
Form: 424B5
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TABLE OF CONTENTS

Filed Pursuant to Rule 424(b)(5)
Registration No. 333-281046 PROSPECTUS SUPPLEMENT
(To Prospectus Dated August 5, 2024) $25,000,000 9.875% SENIOR NOTES DUE 2030 We are offering to sell $25,000,000 aggregate principal amount of our 9.875% Senior Notes due 2030 directly to certain institutional investors (the “Investors”) pursuant to this prospectus supplement and the accompanying prospectus and a securities purchase agreement, dated as of August 22, 2025, between us and the Investors (the “Purchase Agreement”), as more fully described herein. The notes offered hereby will be part of the same series as the $90.0 million aggregate principal amount of our 9.875% Senior Notes due 2030 that we issued on July 8, 2025 (the “initial notes”). The notes offered hereby will have the same CUSIP number as, and will trade interchangeably with, the initial notes. In this prospectus supplement, we refer to the notes offered hereby and the initial notes together as the “notes.” The notes bear interest at a rate equal to 9.875% per year, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on October 1, 2025. The notes will mature on October 1, 2030. The notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess thereof. We may redeem the notes, in whole or in part, at any time on or after October 1, 2027 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to, but excluding, the redemption date. Upon a Change of Control Repurchase Event, we will be required to make an offer to repurchase all outstanding notes at a price in cash equal to 101% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the repurchase date. See “Description of the Notes — Offer to Repurchase Upon a Change of Control Repurchase Event.” The notes will be our senior unsecured obligations and will rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the notes, equal in right of payment to our existing and future unsecured indebted